What is a good response to this post? For this discussion, I'll share a strategy that our company implemented several years ago. It was a significant undertaking, and I remember it well. Our company was going to upgrade our Automated Teller Machine (ATM) to an Interactive Teller Machine (ITM). However, this meant we had to change debit card processors to accomplish this. Changing debit card processors meant a disruption in services for our members as we transitioned from one company to the next. This transition meant that on the day of the transition, the old cards would no longer work, and members would need to start using the new cards they had received in the mail weeks prior. Our goal was to manage this transition as smoothly as possible. Our goal fits with the realities of the external environment and resources only to an extent. We had resources like mailing letters, advertising the change on the mobile app, online banking, and in-branch brochures on completing the transition seamlessly. However, the success or failure largely depended on the member’s ability and willingness to take the actions provided in the steps outlined for a smooth transition, which was to simply activate the new card and begin using it on a specific date. To implement this transition, along with the multitude of advertising, the company also increased call center representatives for the first few weeks following the transition, as heavy call volume was expected due to members’ current cards being shut off. Although some disgruntled members threatened to close their accounts due to chaos, overall, the transition was considered successful. Our membership has only increased since the transition took place, indicating overall satisfaction on behalf of the members. Strategy execution was a vital component of this transitional success because changing debit cards created a significant disruption for members. Alerting members of this change well in advance was a key component to this success. Simply mailing the new debit card with a letter would not have worked, as many people paid no attention to the letter and thought it was junk mail. Having one-on-one conversations with members as they came into the branch, explaining upcoming changes, and telling them to look for their new card in the mail soon was essential. Additionally, being available after the transition to help members make this change was critical. Members would need to destroy their old cards and begin using a new card, including any auto-payments such as Netflix, phone bills, etc. Without appropriate strategic execution, no matter how great the benefit, this could have been a massive failure for the credit union. Understanding the many components of a large transition like this was critical to the success of this strategic plan. This upgrade was meant to improve members' experience within the credit union, providing them with additional security and expanding their after-hours options.
What is a good response to this post?
For this discussion, I'll share a strategy that our company implemented several years ago. It was a significant undertaking, and I remember it well. Our company was going to upgrade our Automated Teller Machine (ATM) to an Interactive Teller Machine (ITM). However, this meant we had to change debit card processors to accomplish this. Changing debit card processors meant a disruption in services for our members as we transitioned from one company to the next. This transition meant that on the day of the transition, the old cards would no longer work, and members would need to start using the new cards they had received in the mail weeks prior.
Our goal was to manage this transition as smoothly as possible. Our goal fits with the realities of the external environment and resources only to an extent. We had resources like mailing letters, advertising the change on the mobile app, online banking, and in-branch brochures on completing the transition seamlessly. However, the success or failure largely depended on the member’s ability and willingness to take the actions provided in the steps outlined for a smooth transition, which was to simply activate the new card and begin using it on a specific date.
To implement this transition, along with the multitude of advertising, the company also increased call center representatives for the first few weeks following the transition, as heavy call volume was expected due to members’ current cards being shut off.
Although some disgruntled members threatened to close their accounts due to chaos, overall, the transition was considered successful. Our membership has only increased since the transition took place, indicating overall satisfaction on behalf of the members.
Strategy execution was a vital component of this transitional success because changing debit cards created a significant disruption for members. Alerting members of this change well in advance was a key component to this success. Simply mailing the new debit card with a letter would not have worked, as many people paid no attention to the letter and thought it was junk mail. Having one-on-one conversations with members as they came into the branch, explaining upcoming changes, and telling them to look for their new card in the mail soon was essential. Additionally, being available after the transition to help members make this change was critical. Members would need to destroy their old cards and begin using a new card, including any auto-payments such as Netflix, phone bills, etc.
Without appropriate strategic execution, no matter how great the benefit, this could have been a massive failure for the credit union. Understanding the many components of a large transition like this was critical to the success of this strategic plan. This upgrade was meant to improve members' experience within the credit union, providing them with additional security and expanding their after-hours options.
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