Each year, TimeTrade conducts a survey of credit union members to take their pulse on issues related to the quality of service they receive when they visit a branch. The findings consistently show that credit union members still like to conduct their financial transactions at the branch, even with the increasing availability of online banking options.
And when they do take the time to go to a branch, they expect to receive exceptional service. Fortunately for the credit union industry, the survey respondents say they are receiving the high level of service they anticipate. More than 80 percent of members ranked their credit union a 4 or 5 on a scale of 5 for the quality of service they receive.
In general, the survey results show credit union members are more positive toward their institution than banking customers are, based on the results of the bank customer survey we conducted earlier this year. For example, on the question of quality of service, 45 percent of credit union members gave a rating of 5, compared to only 33 percent of bank customers.
Here are some other highlights of the credit union survey results:
- Nearly three-fourths of respondents visit a credit union branch five times a year or more.
- Member service is the top-rated factor when it comes to choosing which credit union to use.
- Almost 80 percent of members feel they have a personalized experience when they visit their credit union.
- While deposits and withdrawals are the reason for the vast majority of branch visits, 13 percent of respondents say they go to a credit union for notary public services.
- Long lines at teller windows, inconvenient hours, and long waits for other services (loans, mortgages, etc.) are members’ top dislikes about branch visits.
- More than 60 percent of members say they wait at least five minutes for service when they visit a branch—that includes 13 percent of respondents who say they wait more than 10 minutes.
- To reduce the wait, 62 percent of members would be happy to schedule an appointment to meet with the right person at a convenient time at the branch.
For the full results of the survey, download the free report.
If you’re reading this post, you’re probably familiar with TimeTrade and what we do. We’re in the business of helping all types of companies schedule meetings with their customers and prospects. And we strive to let them do this important task smoothly, quickly and easily. We proudly promote our omnichannel scheduling capabilities, as well as our ability to help our users deliver an outstanding customer experience.
So, naturally, we noticed this week’s announcement about a new customer experience innovation from two entities that many would consider to be strange bedfellows: Kohl’s and Amazon.
While Kohl’s is not as longstanding a retail brand as Macy’s or Sears, it’s no newcomer, either. Kohl’s has been selling its range of clothing, household goods and other items since 1962, and it is one of the top U.S. department stores by sales volume.
Amazon, on the other hand, is a new-age behemoth, selling a seemingly limitless inventory of products since it began as an online book store way back in 1994.
The joint activity of Kohl’s and Amazon involves Kohl’s offering free returns for Amazon customers starting next month at 82 stores in Chicago and Los Angeles. Kohl’s will pack the returned items and ship them to Amazon. Kohl’s will even designate parking spots for Amazon customers who are making returns.
This isn’t the first time Kohl’s and Amazon have teamed up. Recently Kohl’s announced it will create Amazon smart home experiences in some of its stores. These 1,000-square-foot areas in 10 Kohl’s locations will sell some of the most popular Amazon-brand gadgets, including the Echo voice-activated smart speaker device and the Fire TV stick.
Couple these efforts with other Amazon initiatives, the biggest of which was its $13.7 billion purchase of Whole Foods in June, and you are witnessing some of the most creative efforts in the retail sector to deliver a higher level of customer satisfaction.
The relationship between Kohl’s and Amazon is obviously intended to deliver benefits—and revenue—to both companies. But the real winners will be the customers of each retailer.
As a company that was built to help businesses—including many of the biggest retail brands—deliver an outstanding experience to every customer, every time, TimeTrade applauds these innovations that create news ways to deliver exceptional customer service.
That’s the key to success for every retailer, and every other type of business, that wants to thrive in today’s ultra-competitive marketplace.