Thoughts to Ponder
1. Are your members happy with the service they receive from your credit union?
2. How well is your credit union utilizing resources, such as a call center services provider, to improve its operations?
3. What are the metrics your credit union should achieve to be on par with the bigger financial institutions?

1. Financial Performance: The Core of Success
Financial health is the foundation of a credit union’s success. The following are some metrics to track and analyze:
a. Net Worth Ratio: A healthy credit union should have a net worth ratio of at least 7% (NCUA, 2023). The metric calculates how capable the institution is in fighting financial pressures and continuing its operations.
b. Loan-to-Share Ratio: An optimal loan-to-share ratio of 70-80% signifies an excellent balance of loans given and deposits received. This shows asset utilization.
c. Operating Expenses to Assets Ratio: This ratio helps identify areas of inefficiency. Credit unions that partner with a call center services provider can significantly lower operational costs while maintaining high service levels.
2. Member Engagement: The Heart of a Credit Union
Credit unions are built on member trust and engagement. To measure success in this area, consider these factors:
a. Member Satisfaction Scores: Satisfied members are more likely to be loyal and recommend the credit union.
b. Retention Rates: Track how many members stay active year over year. High retention rates often suggest a strong relationship and efficient service.
c. Response Times: A call center services provider ensures that all the queries of members are handled promptly, thereby improving satisfaction and trust. For instance, members expect first-call resolutions within minutes.
3. Operational Excellence: The Backbone of Performance
Operational efficiency directly impacts the ability of a credit union to provide high-quality service at the same time as profitability. Here is how to measure it:
a. Efficiency Ratio: A ratio less than 50% means that the credit union is efficiently converting resources into income. A call center services provider can be a useful partner in overhead cost reduction and this metric improvement.
b. Call Center Metrics: Track metrics such as average handle time (AHT) and first-call resolution (FCR) to ensure your call center is meeting service standards. Efficient call handling translates to better member experiences.
c. Digital Adoption Rates: Track how many members use online banking and digital tools. A high adoption rate shows that your credit union is keeping pace with modern demands.