Lessons from the Airline Cancellation Debacle
A credit union can draw some lessons from the past year’s major airline cancellation debacle. Here are some potential takeaways:
- Communication is Key: Clear and timely communication with affected members is vital during any crisis or significant disruption. A credit union can learn the importance of being transparent with its members, informing them promptly about any issues, and providing timely and ongoing updates on resolving the situation.
- Contingency Planning: An airline cancellation debacle highlighted the importance of robust contingency plans. Credit unions can learn from such incidents and ensure they have comprehensive plans to handle emergencies, disasters, or unexpected events that could disrupt normal operations.
- Customer-Centric Approach: In times of crisis, customers may feel frustrated and anxious. A credit union can learn the value of adopting a member-centric approach, showing empathy, and going the extra mile to assist members affected by disruptions.
- Learn from Mistakes: If specific errors or shortcomings caused the airline cancellation debacle, a credit union can note those and ensure they proactively identify and address potential weaknesses in their processes and systems.
- Technology and Automation: Technology, staffing, and the weather all played a role in the airline debacle. Credit unions must invest in reliable and secure technological infrastructure. Process improvement, automation, and digital tools will streamline operations and enhance service delivery, mitigating a reoccurrence of the disruption.
- Collaboration with Partners: In a complex industry like the airline sector, collaboration between various stakeholders is essential. Credit unions can leverage their cooperative business model to strengthen their partnerships with other financial institutions, credit union service organizations, vendors, and service providers to ensure a seamless experience for their members.
- Rebuilding Trust: Incidents that negatively impact customers’ experiences can erode trust. A credit union can observe how airlines work to rebuild trust with their passengers and apply similar principles to regain the confidence of their members after any significant disruption. We must remember that any disruption weakens the bond of trust, and extra effort may be required to restore that trust.
It’s important to note that each industry has unique challenges and characteristics. Therefore, while credit unions can draw inspiration from other sectors’ experiences, they must adapt and tailor the lessons to their specific operations and customer base. Staying proactive, member-focused, and continuously learning from incidents will contribute to a credit union’s resilience and success.
