I bought a new barbecue last weekend. It was an interesting experience which might have relevance for mutual credit unions and building societies.
I thought all barbecues were the same until I started my online investigations. There are different sizes and designs, features and price points.
We chose 2 to look at it in person but we decided on the one we bought when the shop had it cooking out the front. Whilst the cook spoke to us he put on a sausage and a piece of steak and before too long he presented us some steak to eat. It was great and we were sold even before we went inside to discuss details!
Did we buy the “sizzle”? No, we had a practical demonstration of the benefits of the product.
Yes, we were ready to decide on the spot and it was a low value purchase compared to a 30 year home loan.
I have been talking to mutuals about what they can do to get customers to switch from banks.
It would be good if you can get potential customers to “taste” your product. Not all loans and deposits are the same and financial institutions are not all the same.
What can you demonstrate to show you and your products have that something extra that warrants a long term relationship change? And where do you demonstrate it?
Of course most transactions can now be made online but some decisions need face to face contact.
One regional bank is offering monthly cash prizes to customers opening up deposit accounts.
What services do you have that show the mutual difference?
Mutuals which have a “bond” relationship with members have a head start.