Credit unions are member-owned financial institutions that serve their members rather than profit from their borrowers. These organizations generally offer better savings and loan rates than most local banks.
Although banks and credit unions operate similarly, becoming a credit union member makes you a part-owner. This means your money enters into circulation to help other members in need. However, you shouldn’t be quick to apply for the first credit union you find. Sometimes, it’s best to see if what they have to offer is right up your alley.
Assessing a credit union’s Member Experience (MX)
While credit unions can be advantageous financial partners, they also have strict registration policies that vary from establishment to establishment. Aside from their amazingly low rates, you can rank credit unions on how well they treat their members. Their Member Experience (MX) quality will determine whether they’re a good fit for you.
In this article, we’ll share three factors that define a great Member Experience (MX) from a credit union.
1. Current members keep you in the loop
Credit unions are all about creating a welcoming environment. If senior members are welcoming, it’s generally a good sign that you’re in the right place. While the onboarding process should be pleasant, that doesn’t mean you should only gauge their friendliness. Instead, you should also consider how well they can disseminate objective information.
Credit unions reluctant to share the facts and figures of their operations are communities you shouldn’t trust completely. The more transparent a credit union is, the more you’ll foresee and project the benefits of staying with them.
2. Listening to conversations allows you to make better decisions
While a welcoming environment can be a good opportunity to get a feel of a credit union, the best way to see its benefits is by actively listening. A good credit union should have passive benefits while you’re being an active listener. See how senior members regularly interact when you’re not the topic of the room. Observe how they interpret and engage with opinions from veterans and recruits. Having a better understanding of their daily engagements will show you potential avenues to grow in this community.
3. You have an opportunity to receive feedback
Finding success in your career, financial choices, and personal achievements will be difficult without your peers’ support. Besides the pleasantries of saying hi and having a chat with other members, you should be open and encouraged to communicate your needs and expectations. This ensures that you’re in the right place to be around progressive individuals.
Sometimes, it’s better to receive opinions from people with different perspectives, especially if you’re facing a difficult time in your life. Listening to people with contrasting views prevents you from staying in an echo chamber of toxic positivity and a group-think mindset. An environment that welcomes diversity in thinking is always a safe place to be in.
Remember that it’s never too late to leave your partnership with a credit union, especially if you don’t experience the good membership conditions above. Even if you’re not the most capable of handling your finances, that doesn’t mean you should settle for less with your financial partners. Thankfully, there are plenty of credit unions in the market you can choose from, so you will be able to find one providing services that match all your preferences. If you’re looking for an accommodating credit union in Buffalo, NY, we’re the right company to call. At Good Neighbors Credit Union, we have the best savings account rates and money market account rates for our members’ benefit! Contact us now to become a member today!