Savings and Credit Co-operative Societies (Saccos) are rewarding members with various gifts and unique treatment as they mark Customer Service Week, an international celebration of the importance of customer service and of the people who serve and support customers on a daily basis.
“We appreciate and celebrate our customers this week,” said the Kenya National Police DT Sacco, General-Manager Operations, Simon Tanui. Accompanied by the Sacco’s Marketing and Customer Care Manager James Mukui they gifted members with branded merchandise.
In recent years Customer Service Week has become more important than ever for Saccos that have greatly enhanced service delivery to match the competition in the financial sectors.
Across the country, Saccos will throughout the week gift their members as a way of celebrating them.
Since 1992 Customer Service Week has been celebrated annually during the first full week in October. It is a great morale booster for any busy organization helping build customer loyalty, retention, and attract more.
Various customer survey statistics show more than 50% of customers will consider a company’s customer service record when deciding who to purchase from, and 92% will switch to a competitor after 3 (or fewer) poor service experiences. And if that’s not enough of an ROI, 68% of customers said they would pay more for a product or service if the company provides good customer service.
Why joining a Sacco improves your financial well-being
Studies have shown that not-for-profit, member-owned Savings and Credit Co-operative Societies (Saccos) are consumers’ best financial partners. Co-operatives at large advance the welfare of the communities they serve.
For instance, a 2022 Credit Union National Association (CUNA) survey in the USA shows that, on average, Sacco (credit union) members are more financially resilient than bank consumers.
Sacco members are significantly more likely than nonmembers to use financial education services, which means their members are more likely to engage in practices that improve their economic well-being. Often Saccos organize education and training programmes to promote financial literacy and enlighten members on savings, borrowing and investment.
Most report that the financial institution they own has improved their financial well-being. A Sacco member is the owner, depositor and borrower.
As democratically controlled depository institutions, Saccos deliver big financial and non-financial benefits. Unlike banks, they have no stockholders, which means they return profits directly to members — not to outside investors.
The co-operatives management is firmly focused on maximizing service to members. Saccos are smaller, have a more local presence, and provides a more personal approach to consumer service.
Various studies show savings and credit societies members are two times more likely than nonmembers to say they have received personalized financial education. In the CUNA study, responses showed that members had taken action based on the advice they received and had established a financial buffer to shield them during tough times. Sacco members are also more likely to say that their financial institution has a “very positive” impact on their financial well-being than bank-only customers (44% to 29%).
Saccos exist to improve financial well-being for all. The specific wording varies, but the essence of this commitment is codified in each Society’s bylaws.
EARN HIGH RETURNS ON YOUR INVESTMENT
Investing in Savings and Credit Co-operative Societies (Saccos) pays off. Analysis of the latest Sacco financial reports indicates the institutions are rewarding their members with high annual returns on investment far above other financial institutions.
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