Service Isn’t the Panacea, Value Matters as Well
Ask just about any financial institution how they are different and you will inevitably be told it is through “WOW service.” Service is the most commonly quoted differentiator, because many banks and credit unions believe there is little room left to differentiate through products and services. While the people factor certainly plays a huge role, standing apart from the pack these days means creating real value.
It is important to understand the credit union philosophy in order to grasp why they are driven to provide real value to their members. The difference can be seen in how they define people that do business with them and as a “member”, you essentially own the credit union.
Traditionally the value offered for being an owner has come in the form of better-than-market interest rates. However, lately credit unions have been looking to extend that value by increasing the types of rewards programs they offer.