Find a Business
Featured >
Sunstate Federal Credit Union: Top Performer
SunState ranks within the top ten percent of credit unions nationally that are surveyed by the Raddon Financial Group, a financial services consulting firm out of Lombard IL. “This highly distinguished rating is beneficial to members and employees at the credit union”, said Bob Shibla, a consultant with Raddon Financial Group.
“From an independent consultant’s point of view, for a credit union to fall within the top ten percent, that is a prestigious honor,’’ Shibla said. “When we take a look at SunState, as an institution, they are in extremely good shape financially.’’
SunState participates in a strategic analysis program offered by Raddon Financial Group, where consultants compile semi-annual reports that are used to rate financial service institutions. Included in the report are a strategic overview of performance based on operational efficiency, margins, product analysis, branch management and member relationships.
Why is it important for SunState to take part in this program, and what are the benefits to members?
Based on the collected data and analysis, consultants at Raddon can offer the credit union new product ideas and services designed to meet the greatest needs of members. It has become an essential part of developing successful programs and is a great benchmark tool to help keep score of the credit union’s performance. The program also provides information that is used to keep track of where the credit union stands compared to other credit unions in the country.
The second recent recognition, which relates to excellent member service, places SunState as runner up – a mere one-tenth of a point behind the top spot – in service quality ratings assembled by Support Financial Resources Inc., in its quarterly PeerCompare Top Performer Results report. Based on national comparison scores, SunState’s high score is a reflection of the credit union’s long-standing focus on providing exemplary member service to members.
“SunState should be commended for their focus on member service quality and they will be rewarded with the impact this has on member loyalty,” said Rhonda Sheets, president of the Dayton, Ohio based company that measures member service quality for banks and credit unions.
SunState participates in a program known as Mystery Shopping, where, in the case of SunState, actual members provided specific, objective feedback on the services they receive during real transactions. About 150 members are retained to take part in the program. They give very specific, objective feedback based on services delivered at the “frontline,” which means during normal service experiences. Feedback such as this can significantly affect the credit union’s competitive positioning in the financial services industry.
“The program uses real members and real interactions in a real environment,” Sheets said. The Mystery Shopping program captures the voice of the member, and the reports are based on specific member encounters. Nearly 150 member service experiences at SunState were measured last quarter, and their overall performance in delivering service puts them in front of nearly 7,000 overall service experiences measured from over 70 institutions on the national level, as well as in the Virgin Islands and Puerto Rico. This prestigious recognition is based on scores measured by a highly standardized customer service model. SunState’s runner up score of 4.84 (out of a possible 5) is only one-tenth of a point from the top slot of 4.85.
“We fully expect SunState to come in as a top performer in the very near future,” Sheets said. The Mystery Shopper program was designed by Support Financial Resources Inc. for the financial services industry and has been recognized with a prestigious award in the credit union community for its excellence and application.
Why should a credit union take part in the Mystery Shopper program?
Financial institutions offer a variety of highly competitive services that are somewhat similar in the fact that they are based on current market rates and industry trends. Issues such as specialized products and branch locations are always important considerations. However, if the institution does not offer superior member service, it is more likely to lose members to the bank down the street in a time when supply is much greater than demand.
How does the Mystery Shopper program benefit members and what does this mean for SunState members? The relationship between member and employee is known as “emotional engagement,”, hopefully “positive emotional engagement”, which can be difficult to achieve in the financial services industry, according to Sheets. However, once a credit union, such as SunState reaches this level, a high degree of member satisfaction and loyalty will result. The bottom line is a happy, well treated member, and a financially sound credit union.
Superior member service is not a new concept at SunState, where members have experienced this type of service on a daily basis for 50 years. If you are not a member, and are looking for a change, why not turn to a credit union that has top performer ratings and offers you some of the friendliest, most personalized service around? Give SunState Federal Credit Union a chance the next time you are looking for a financial institution interested in making you happy.
Membership is open to anyone who lives, works, worships, or attends schools in Alachua, Columbia, Dixie, Gilchrist, and Levy Counties in Florida.