Should Credit Unions Focus on Member Acquisition or Attrition?

Credit unions targeting growth must balance member acquisition and attraction. Credit union marketing strategies work best when they operate on this principle. (In the long run, at least.)

Too many credit unions focus on member acquisition at the expense of attrition. Once they find a new member, they stop thinking about that member as a new lead. They miss opportunities to drive deeper engagement in new and existing members. There should be a seamless transition from acquisition-oriented marketing to upselling and cross-selling account types, credit cards, and other products and services.

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CU 2.0 Fintech Friday: Plinqit

It’s CU 2.0 Fintech Friday! Today, we look at Plinqit to see what services they’re providing to credit unions and their members.

This is our chance to chat with the people who push our industry forward. They bring new techniques, new technologies, and new points of view to the scene. (And we promise, we’ll try to avoid digital distractions for your credit union’s CEO!)

So, here’s the thing. Everybody has goals. Maybe it’s to run a faster mile, or learn to play guitar, or master the simple French omelet. Or, more likely, it’s to save money.

But all of those goals—especially saving money—are difficult. Things come up. We don’t have time. We don’t stick to our plan. We put things off. Until…

Well, until we reach our goals months later (or never at all.) And when it comes to saving money? That’s one of the hardest goals to stick with!

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How Data Analytics Can Improve Interchange Income

Non-interest income is an oft-neglected part of a credit union’s total income. And it makes sense, too—revenue from loan interest is generally lower, and it flies under the radar.

But what if you could increase interchange income? Would non-interest income still play second fiddle? Or would you pursue a program that could increase your profits from each member card transaction?

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Grading Classical Brand Archetypes for Credit Unions

Branding is important. It builds recognition and trust in consumers. It’s the reason people use words like Coke, Xerox, and Post-It instead of cola, photocopier, and sticky note. Branding is why the skate fashion company Supreme made a brick with their logo on it, instantly sold out of it at $30 a pop, and then saw those bricks go for $1,000 on the secondary market.

Many in the financial industry don’t quite realize the importance of branding. Or maybe, in a world of percentages, terms, and numbers, branding seems complicated and superfluous.

It’s not.

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