Since customers are also the owners of the Newfoundland and Labrador Credit Union, there’s even more reason to make sure they’re happy

Company: Newfoundland and Labrador Credit Union
Revenue: $ 24,485,569
Location: St. John’s, N.L.
2009 Rank: 61

Gale Joy, the marketing development consultant  with the Newfoundland and Labrador Credit Union (NLCU), knows firsthand what role customer service plays at the financial organization. In early July one of the NLCU’s owners (at a credit union, members are technically also owners) called to speak to the CEO, Allison Chaytor-Loveys. The owner wanted to tell Chaytor-Loveys about the exceptional service received from an employee.

“I received an email from Allison about it, thanking me for the kind of customer service I provide,” says Joy. “Now, how many CEOs would take the time to communicate directly with an employee and send a copy to the supervisor? And you know what? That’s not uncommon here.”

It’s part of what keeps Joy passionate about the company. “Years ago I would have thought that after 20 years with the same company, I’d be thinking about retiring,” she says. “Now I don’t even think about retiring. I love my job. As long as I feel I can contribute, I’ll be here.”

Speaking with Joy, it isn’t hard to understand why the NLCU has come out on top for customer service among this year’s TOP 101 companies. Twenty years ago she began in a secretarial role; today hers is one of the voices you’ll hear on the phone when you call the credit union from anywhere in Newfoundland and Labrador.

There are always three to four employees taking calls; each one takes an average of 100 to 150 per day. “When we take a call, we get right into how we can help,” says Joy. “We aim to solve any problem that comes to us and we seldom have to say, ‘We’ll get back to you’ or transfer a caller to somebody else. We want them to hang up with peace of mind.”

When Joy trains new employees to take calls, she focuses on the little things that make a big difference. “Sometimes it’s just the tone of your voice,” she says.

Chaytor-Loveys explains that customer service is a core value at the credit union: “The financial services industry is very competitive. The only thing that would differentiate us from anybody else is service.”

Customer service is entrenched in the NLCU’s mission statement and business model. “When you become a customer of NLCU, you’re also a shareholder, so the dynamic of service is second to none,” says Chaytor-Loveys. “It’s in our best interest to keep our owners happy. Therefore, literally, their success is our success.”

When she was choosing a career, Chaytor-Loveys had no intention of spending her life with a financial institution, much less becoming its CEO. She first started with the NLCU in 1973 and planned to work there for a few months before leaving to study nursing. “I immediately realized that this was a business that I could enjoy,” she says, “and where I could flourish if I chose to study and work hard.” Deciding against nursing, she continued her education in business studies at Memorial University; she has never regretted her decision.

“The credit union system is conducive to skilled people reaching positions of leadership,” she says. “Over the years I’ve had the opportunity to work with wonderful mentors, colleagues, and credit union owners. I’ve had the privilege of working in all areas—from teller work to lending, accounting, operations, and my current role as CEO.”

Back in 1973, the NLCU had just over $1 million in assets and only three employees. Today it is the largest credit union in Atlantic Canada, employing 123 people and contributing about $25 million to the provincial economy. And its customer-driven business model has influenced practices across the financial services industry.

Chaytor-Loveys takes great pride in pointing this out: “Credit unions were the first in the country to offer daily-interest savings accounts, ATM service, biweekly mortgage payments, online banking, loans to women on their own signature, mobile banking—and the list goes on.”

TOP 10 Customer Perspectives

1  Newfoundland and Labrador Credit Union (overall rank: 61)
2  The Johnson Corporation (7)
3  Bayview Credit Union Limited (73)
4  Halifax International Airport Authority (42)
5  Nubody’s Fitness Centres (63)
6  Premiere Executive Suites (87)
7  Ocean Nutrition Canada Limited (26)
8  Cooke Aquaculture Inc (15)
9  Armour Transportation Systems (18)
10 Credit Union Atlantic (74)