As you build your credit union business you will find that the competition increases. Consumers have many choices and as your business grows you will begin competing with the larger banks.
One of the methods that larger banks use to compete is to offer lower rates or cash upfront to their potential clients. This is the equivalent of a price war. Always remember: competing on price is one of the worst ways to expand your business over the long term. Giving away cash up front or offering cheaper services can suggest that your business quality is sub-par. Or it can make your potential clients expect that all the time so that when it changes, they will take their business somewhere else.
A far better approach is to differentiate your business with top-notch customer service. Members remember great service long after they have forgotten the inexpensive price that got them there in the first place. Here are three strategies that can help you:
Make Customer Service Readily Available
Make it as easy as possible for members to get in touch with your customer service reps. Everyone likes to be taken care of as quickly as possible. Having an easily-accessible customer service department helps that happen. Phone support is a good option. If you do not have a very large team to field inquiries, consider adding an interactive voice response system (IVR) to keep costs low while answering frequently asked questions automatically.
Remove Payment Barriers
Another good idea is to make it as easy as possible for members to make their payments. Offering a wide variety of payment methods, from credit/debit cards to mobile to ACH payments, makes payments easier which leads to happier members.
Resolve Disputes Quickly
Even the most helpful customer service departments will have to deal with dissatisfied consumers sooner or later. Regardless of what happens, how you deal with complaints can make or break your business. Always be friendly and cordial and work with the member to understand their situation. Do not get angry and lecture the member. Instead work with them to arrive at a mutually-agreeable resolution.
Your member support team is on the front lines fielding the majority of phone calls and emails. Truly effective customer service means that you will have happy members, which means a growing business in the future.
BillingTree provides payment processing software that offers a wide variety of payment methods from web portals to mobile payments to IVR systems. To find out more, contact BillingTree or call us at 877-424-5587.