Investing in Trust: Top Reasons Why Credit Unions Should Call Their Members
May. 2 2023

Investing in Trust: Top Reasons Why Credit Unions Should Call Their Members

90% of people say it’s “extremely” or “very important” that their financial institution identify itself clearly when calling, according to a Financial Industry Report by First Orion. Caller trust is more important than ever, especially for financial institutions. Scams and fraud are all too common. Credit unions, especially, need to build trust with their members to keep those long-term relationships strong. One great way credit unions can continue building that trust is by picking up the phone and calling their members. Let’s take a look at some of the top reasons why credit unions should prioritize making phone calls to their members.

1.Consumers Prefer Phone Calls for Urgent Matters

If something urgent comes up, like suspected fraud or information about a new loan, most people prefer to get a call from their bank or credit union, rather than an email. Actually, a study found that folks are twice as likely to choose a phone call over a text or other notification. By making phone calls the go-to for urgent matters, credit unions can make sure their members get important info quickly.

2. Scams and Fraud are Commonplace

It’s common to come across scams and fraudulent activities in the financial industry, which is unfortunate. Shockingly, over half of people have reported receiving scam or fraud calls from individuals pretending to be their bank. However, credit unions can play an essential role in building trust and providing reassurance to their members by reaching out to them through clearly identified phone calls. This way, members will feel more confident and secure knowing they are communicating with a trusted source and can take necessary actions quickly and without hesitation.

3. Call Identification is Key

When a credit union makes a phone call to a member, it is essential that the call is clearly identified with the institution’s name. By identifying themselves clearly, credit unions can build trust and help ensure that their members don’t fall prey to scams and fraudsters.

4. Phone Calls are the Top Communication Preference

A survey from First Orion in 2022 found that customers of banks, credit unions, and financial services rated the phone as their top preference for communication. In industries where sensitive information is frequently shared, phone calls provide a more personal and secure means of communication. By prioritizing phone calls, credit unions can ensure that they are meeting their members’ preferred communication methods.

5. Members May Miss Calls from Unrecognized Numbers

Phone calls are pivotal when it comes to banking, but unfortunately, almost two-thirds of people have reported missing a call from their bank because they didn’t recognize the number or who was calling. To address this problem, credit unions can make sure that their institution’s name and phone number are clearly displayed, increasing the likelihood of their members picking up important calls.

To provide the best possible service and build trust, credit unions can prioritize urgent matters and reach out to their members through phone calls. It’s important for credit unions to clearly identify themselves during these phone calls and use the communication methods their members prefer to ensure seamless interactions. These actions can help credit unions stand out in a crowded market and establish long-term relationships with their members.

Contact us today to learn more about how Smart Carrier’s Smart Caller ID Text-Only display can help you invest in trust.