3 Ways to Grow Membership
Many people choose credit union membership over dealing with large corporate banks for a more personalized, face-to-face experience. Credit unions are also often perceived to have a more prominent role in the local community than banks. However, a favorable public image alone is not enough for a credit union to retain its present members or grow its field of membership. Following the strategies listed can help credit unions grow their membership base, while retaining their personal-touch advantage over banks.
Communicate and Educate
Reach out to members with newsletters, email blasts, and other forms of communication, to keep them apprised of new services and products available through the credit union. Ask their opinion about the services they would like to have – and do whatever you can to follow up.
Sharing information on your credit union website about relevant topics in the financial sector or local events not only provides useful information, but helps you promote your services with your members and the general public alike. This type of communication provides a means of promoting your credit union without a hard sell – and helps to establish your institution as a thought leader.
Stay Current with Technology
Today’s credit union members are sophisticated and savvy. Services like online banking, mobile websites, and dedicated apps are mandatory – especially with younger demographic groups. Utilize technology to enhance your institution’s services. For instance, allow members to submit credit and loan applications online 24 hours per day – even if the applications are actually processed only during regular business hours.
Automate whenever Possible
It may seem counterintuitive to emphasize automation as a means of growing credit union membership. After all, many members turn to credit unions because of the impersonality of big banks. However, automation for functions such as coin counting or preliminary loan application processing actually frees your personnel to focus more attention on your members, while providing them with more efficient service. That’s a win-win in any book.
For more suggestions about how to combine technology and automation with the personal touch of a credit union to grow membership, give us a call today.