Restoring Member Trust through the Front Line

Rebecca Doepke
October 21, 2009 | COMMENTS

One of the biggest challenges facing financial institutions today is the lack of consumer trust and confidence in the financial industry. In these uncertain times, members are seeking more personal service and an authentic experience.

As the most direct channel for interaction and communication with members, the front line is the key to rebuilding trust and the member relationship. To succeed in this current atmosphere, financial institutions need to focus on these strategic solutions to build a stronger relationship with members.

Local Connection

Many consumers have lost faith in the messages being dispersed by the financial industry today. Communications with broad, universal claims are falling flat. In response to this dismal market condition, credit unions need to set themselves apart in the financial marketplace by promoting their local connection to the community.

Highlight local sponsorships and philanthropies in your communications with members, whether it's through digital signage, newsletters or e-mails. Demonstrate your commitment to the community and make sure your employees are knowledgeable about these activities, and can speak on them in detail.

The value of local sponsorships and your philanthropy initiatives are also important to your staff. Today's workforce wants to work for a company that cares and is involved. HR experts report that companies that have philanthropy initiatives in place often experience a 30% reduction in turnover.

Financial institutions should also consider creating a member experience that showcases your heritage. For instance, a wall or display a collection of artifacts and photographs from the credit union's beginning visualizes and pays tribute to your history, while helping employees tell your story.

Employees should be able to discuss your roots in the community. If you can demonstrate you know the community because you are an active member of the community, a more personal bond can be created with the member. You can speak directly to their needs because you get who they are.

Stability

The front line needs to be able to talk about the health of your organization and how members can keep their own finances in good shape. Employees need to be able to convey that the credit union is in the position to help members in the economic downturn.

Financial education plays a key component in presenting a stable and strong institution. Employees need to be educated on financial matters, such as managing finances, increasing savings, regaining control of debt, and building stronger credit. Demonstrate that your members' financial success is important to the credit union, and you can guide them in achieving their financial goals.

A credit union's brand is also a critical factor in the presentation of a solid credit union. A united front and constant member experience must be established. A disconnect among your branches sends a subtle message to members that your organization's priorities are focused on different markets. Employees should be aware of all communications being presented to member.

Staff should also understand how you define your brand and be able to deliver on it within the member experience. A financial institution's brand needs to be united and connected across all communication channels.

Member Experience

Members are paying more attention to their experience within the branch through the call center and online. Statements, fees, and communications are being scrutinized under watchful eyes. Members are highly aware of every detail concerning their finances, where their money is going and how it's being handled.

To serve in this anxiety-ridden environment, the front line must stand confident in their ability to serve members. Establishing trust must be the goal to attain with every member interaction. How the member is greeted, treated, and how their needs are met all factor into the consumer's decision to trust.

Educating your staff on the credit union's core strengths, and teaching them how to create an engaging and fulfilling member experience is critical in the process of building trust. Contextualizing the credit union's values, products and service offering goes a long way in adding both employee and member confidence. For example, when the organization makes a significant business move, make sure your team knows why. The last thing you want is a member asking an employee why a product or service is gone, and have the employee shrug their shoulders and reply, “they decided to get rid of it.”

The front line should never be allowed to disconnect from the organization in this way. Providing a real and thoughtful answer makes a huge difference for members. When the front line has the reasoning behind decisions affecting members, they are able to present a clear and unified approach in their interactions.

Keep the lines of communication open between employees and members. Trust and knowledge go hand-in-hand. The more information and education the front line has, the better equipped it will be in restoring member trust and confidence.

Rebecca Doepke is the director of culture at NewGround. Contact her at 314-440-8420 or rdoepke@newground.com.