Member Loyalty Group

Early in my career at Baxter Credit Union, I committed a faux pas during an interaction with one of our partners (vendors others may call them – but most are truly partners at BCU.) Mike Valentine, the CEO, very pointedly called me on it. He could see my obvious unhappy reaction because he said “Feedback is a gift. Please take it as such.” It felt a lot more like a lump of coal than a gift at the time, but over the next few days I thought about his comments and he was absolutely right. Adjusting my approach in similar situations has served me well in the years since. He really did give me a gift by pointing out my “opportunity for improvement.”

I appreciate the time he took to help me. People are unbelievable busy. They have zillions of things vying for their time and energy. Those who invest their time to tell you how you can get better truly are giving you a gift. One of the big surprises in the Net Promoter Score results among Member Loyalty Group credit unions is the huge amount of constructive feedback provided by Promoters. These members love their credit union, rating it a 9 or 10 when asked if they would recommend it to a friend, colleague or family member. However, they know things aren’t perfect. They love their CU warts and all.

While many people focus on comments from Detractors, the volume and richness of the Promoter feedback often outweighs that of Detractors. Just like in your personal life, the people that care about you the most give you the best stuff. Promoters genuinely want to help their CU get better, so they will give very specific instructions on how to do that. This is especially true through the email channel where it is easier for members to provide really detailed advice – much more detailed than you often get from Detractors who aren’t as invested in your success. Just a few examples from Promoters:

“At the Hwy 20 location I absolutely hate leaning over the counter in the great room to do business – too impersonal and no privacy! Perhaps two personal banker cubbies could be created.”

“I would like to be able to make a credit card payment on a future date. It appears that the only way to do this now is through bill pay, which seems to take extra time and there is a lag between the payment date and when the credit union receives my payment.”

Often, the members really seem pained to have to correct you and want to be careful of people’s feelings:

“Make sure everyone knows what the procedure is for purchasing vehicles in Illinois…. I am not complaining though, I am completely satisfied with the process!!”

Their thoughtful observations are intended to help make you better. Multiply these examples by the thousands of responses that are generated annually by a good Net Promoter program and you have some very powerful information. Through careful listening and well-chosen actions a credit union can truly use this insight to mold services to match perfectly to their member needs and create real competitive advantage.

Our mothers always taught us that when someone gives you a gift, you should send them a thank you note. The same applies to our members who give us feedback. The best ways to thank them are to let them know you heard their suggestions and, where possible, do something about it