Credit Union On Hold Message Marketing To Beat The Big Banks!
Even though we’re several years after the collapse of major banking institutions, Americans still don’t trust big banks with their money. A recent gallop poll showed that 74% of Americans have very little confidence in banks. Part of the distrust comes from the fact that banks are fundamentally profit institutions, meaning they’re more likely to take risks with your money, and will often sock users with high fees and have low rates on deposit accounts. Couple that with the “Too Big To Fail” banks poor customer service tactics, and treating consumers more like a number than a customer, certainly have more and more people considering their local credit unions.
This is great news for credit unions, but as credit unions have been inundated with new customers, their customer service rates have taken a hit. More members also means higher call volumes and longer wait times. Let’s face it, as much as you would like to answer every credit union member’s phone call right away, the reality is you aren’t always able to do so, and members are going to have some on-hold wait time. The good news is, you can use on-hold time to your advantage. How? With credit union on hold message marketing, that’s how!
With lacking consumer confidence and trust, combined with consumer frustration in dealing with the “big banks”, your credit union on-hold message can point out the many advantages of becoming a member. Big banks are notorious for levying major fees against customers for everything from overdrafts to monthly maintenance fees, and they’ve only gotten worse. Here’s a chance to educate consumers when joining your credit union they are a member and a stakeholder, versus with a bank you are simply just a number. And, since banks are “for-profit” institutions and their goal is to make money for the stockholders of the company, a credit union is not-for-profit entity and their goal is pass through the profits to the members. Advantage? Credit Union!
You can also inform potential members about how they’ll enjoy lower rates on home equity loans, mortgages, auto loans, and personal loans than they will find at a bank. At the same time, savings, checking, money market, and CD’s at credit unions have higher rates than a bank. Can you say: “advantage credit union!”
Your message on hold can also help to kill some common misconceptions about credit unions such as; credit unions have limited branch and ATM locations. Many credit unions belong to larger networks and give members access to plenty of locations and ATM’s, and members will not only enjoy easy access, but they are also fee free, unlike when use a bank issued ATM card at a third party and your fees are doubled. Some other misconceptions your on hold message marketing can clear up are that sure credit unions offer credit cards just like a typical bank, but what isn’t so typical are the exceptionally low APR rates they offer. Can you say: “advantage credit union!”
Credit unions offer many benefits over banks, and your marketing on hold message can effectively communicate these benefits. In addition, you can also include a variety of important content in your on hold message programming to engage callers with helpful information. It could be specific events that may be happening and going on that you want to invite members to attend, or it could be your latest promotions that you’re offering, or tools that will save members time such as mobile banking, online banking, online bill pay, telephone banking or downloading an available app, that provides access to numerous conveniences right at their fingertips from their mobile device.
Big banks try to be attractive, what with their vast array of credit products, flashy commercials and glossy logos, but credit unions are hard to beat. However, as your credit unions’ customer base grows, it’s crucial to ramp up resources to meet demand, and provide a great customer experience. Credit union on hold messaging is a vital tool in enhancing the caller experience, as well as help you successfully market your advantages over big banks, and the portfolio of services you offer.
Have questions about on hold message marketing for your credit union? Drop us a line in the comments section below, and we’ll be happy to answer them.