Last week we introduced the idea that imagining a hierarchy of member needs might help you understand your members – and your role in members’ lives – on a deeper level.
In turn, you might use these insights to visualize, prioritize and communicate more effectively.
But where do we begin?
Maslow’s original Hierarchy of Needs begins with the basics. Basic needs include biological or physiological functions like eating, sleeping and breathing. In financial terms, basic needs might equate to basic transactions: shopping, paying bills, getting paid or squaring up informal debts. In the same way you can’t aspire to be successful or enlightened if you’re struggling to meet basic biological needs like breathing and eating, your members can’t establish fulfilling relationships with your credit union if they aren’t able to perform the basic transactions they need to function day to day.
The challenge: Meet your members’ basic needs with a robust menu of transaction options.
- CO-OP ATMs – The cash members need, whenever they need it.
- CO-OP Debit – Fast becoming the default for payments.
- CO-OP Credit – Key to PFI status with members.
- Checking – Not just for check writing, but as a hub for transactions.
- CO-OP Bill Pay – Sticky alternative to paper checks.
- Sprig by CO-OP – As mobile payments go mainstream, mobile options become necessary.
Why basics count: Transactions can equal revenue. They’re also one easy measure of engagement. But on a more fundamental level, without basic transactions your relationship with members has nowhere to go.
As payments become increasingly electronic – and mobile – we’re constantly confronted with decisions about which new payment options to adopt and which old ones to enhance. You can’t green light everything. But remember that keeping up with your members’ basic needs is the foundation for everything you do. Without a strong foundation, your member relationships are stuck at the lowest level – or may never happen at all.
Next up: Security