Posts Tagged ‘Customer Service’

Your Bank Going Down the Pooper? Join a Credit Union!

Tuesday, October 14th, 2008

The value of membership

I can’t say I really saw this whole crisis coming, but my former fellow credit union loan officers and I did see some of the horrible lending practices performed by banks this past year. I am very surprised the feds didn’t jump in sooner. I literally saw credit reports with no credit except for a mortgage. Who gives a mortgage to somebody with no credit?

And so we turn to credit unions! Most credit unions are much more cautious with their lending practices and are run by volunteer boards, who are elected by the credit union members. That means instead of your lending and banking institution working to make investors and other fat cats happy, your credit union is working to make you happy. The longer you are a member and the more you are involved, the better.

They will tell you all their members receive equal treatment. Wrong! But that’s a good thing. Read on…

With banks, you might get treated well if you have a large deposit or a large loan with them. Credit unions simply want to see that you have a committed involvement and partnership with them. Afterall, credit unions are basically a group of people pooling their money together and then lending from that pool to members of that group. If you contribute to that pool, you’re a valued member of the group. If you borrow from the pool and always pay the loan back as agreed, you’re a valued member.

Simple in concept, right? Right.

Service to the member

Ever go into a bank lobby and feel like a piece of meat? They just jump on you trying to sell you the product of the day. They are like little financial knats. Why? Because many of them are either paid on commission or are required to meet quotas. They have to sell you that 7% cash back checking account with all the fine print that you’ll never catch. Not designed to benefit you, but to make the bank and the investor’s pockets grow.

Now go to a credit union and although they still offer similar products, they listen to you and sell you what you need. All designed to benefit you, the member.

Get involved with your local credit union. You will probably find they even offer higher yields on savings and lower rates on loans.  Take all your savings there and all of your loans. You will be appreciated and you will receive better service. It’s just natural for them.

Pick Up the Phone – Customer Relationships

Monday, September 15th, 2008

For the last two months, I’ve been working in support at an Austin software company. My background for the previous ten years has been with credit unions and consumer lending. Being exposed to the other side of upgrades, installs, downed servers and even the occasional bug has been exhausting. The big surprise though has been the overall weak customer relationships. Thankfully, that is a higher priority for my new job, but I have been exposed to an industry that I don’t think grasps the concept as a whole.

Pick up the phone!

Seriously, it’s going to take an extra three minutes, five at the most, to pick up the phone and call that customer instead of emailing them. Take that time to invest in a relationship that will compound into buzz for your company and forgiveness for occasional whoopsies.

Customers will be content with your knowledge and strong product. Customers will be committed if they see you take time with them on each issue and feel they are a priority.

If you must email, write like you’re being graded

We all get in a hurry when hammering out those quick emails, but this is another place where extra effort and time can make a difference with your customers. It can be difficult – especially with those impatient clients – but a simple spell check and proof-read will help to keep your emails clear. Think back to high school. It sounds ridiculous, but you remember all of the book reports. You had to use proper paragraphs, no run-on sentences and you had to be descriptive.

The simplest things – poor punctuation, spelling, sentence structure – will be noticed. You know the phrases and spellings that look questionable when proof-reading. When in doubt, grab your dictionary or use a different word or phrase that sounds more natural to you.

If you find yourself questioning the quality of your writing, read a book or newspaper. It sounds elementary because it is. Better readers become better writers.

Did you say the magic word?

Please and thank you are obvious ingredients for emails or phone conversations, but take it a step further. Toss in a good joke (keep it professional, obviously). Ask about the weather or the kids. Find something to make the conversation, and thus the relationship, slightly more lighthearted.

Restate the customer’s concerns and close the call with a commitment of time or other expectation you will meet and make them feel like you have taken ownership of their problem. Make sure your commitment is always to make their problem your own personal problem.

You just did something you yourself expect from others

In summary, go beyond just providing service. Build relationships. Make your company one of the rarities. Your customers will thank you.