Three Immediate Steps Credit Unions can Take to Stand Ready for the Next Crisis
July 21, 2020
Credit unions have faced a multitude of complex issues over the last seven months — COVID-19, civil unrest, and a rapid surge in unemployment. Many of these situations were unprecedented and difficult to navigate, even for the most prepared financial institutions.
The good news is credit unions are adjusting and taking this time to “future think” how they will handle crises moving forward. And even more importantly, credit unions are taking a closer look at what they stand for and re-aligning based on member and community needs.
ReputationUs, a reputation management firm and Strategic Link partner, offers three immediate steps credit union can take to enhance and protect their valuable reputations in today’s unpredictable environment.
Step 1: Prepare for the Next Crisis
Credit unions typically do not know when a crisis will hit or what the impact will be. However, they can take critical steps to prepare for the next one and mitigate potential harm to their operations and reputation. Successful preparation may involve creating an updated communications plan, building an internal task force comprised of multiple department leads, and conducting regular crisis scenario drills.
Step 2: Demonstrate Community Relevancy
Now more than ever, members value credit unions that are stewards in their respective communities. This is especially true now in the wake of social movements and diversity, equity, and inclusion efforts. The challenge is to be measurably relevant — to quantify impact beyond displaying support signs and posting encouraging messages on social media. Actions speak louder than words. Credit unions can demonstrate specific steps they are taking to keep employees and members safe, support important causes, and make a difference in their communities.
Step 3: Listen More … Talk Less
It may seem counterintuitive, but credit unions that scale back on marketing their products and services during this time show they sincerely care about their members’ well-being, financial and otherwise. This is a great time to stop, listen, and learn what members need now. There is no better compliment a credit union can receive than excellent member testimony.