How many new members leave your credit union in the first 100 days?
This blog has been updated for 2020. New member acquisition costs and average attrition rates have changed some of the math involved, but the end result is largely the same. Is your credit union looking for new member growth? Are Millennials and Gen Z key to your long-term viability? If you are like most credit […]
One Way to Reduce New Member Churn at Your Credit Union
It can be hard to bring in new members to credit unions. And the reality is, that difficulty can be measured in dollars. Member acquisition costs can add up quickly. So, it’s critical to keep new members once you get them. Unfortunately, there’s no secret formula to reducing new member churn. Or is there?
Lead Scoring: Getting to Know Your Members
Lead scoring. You may have heard the term. Perhaps you’ve talked about it without knowing what it was even called. Fortunately, we’re here to bring you an introduction to lead scoring for credit unions. Many credit unions measure the success of a marketing campaign solely with “home run” metrics. For example, we measure car loan […]
Credit Union Member Growth
Credit union membership growth! How do you measure it? It seems like a simple question, just like “where can I get the best burger in town?” seems like a simple question. However, once different interpretations of what constitutes a new member—or a good burger come into play—things don’t stay so clear. I have been on […]
Do Your Credit Union Card Goals Match Your Members’ Needs?
A recent survey showed that credit unions and their members are looking for different things from their credit cards. In fact, 76% credit union card goals were aimed toward growth, while the rest prioritized member services. But here’s the rub: 100% of members polled listed “false declines” as their number one service issue for credit cards. […]
Three ways to better connect with your membership
As small niche financial institutions, it is imperative that we don’t lose sight of who we serve. It is essential to your credit union’s survival to be highly focused on your niche and to customize and personalize your credit union’s solutions. One of the most essential ingredients in this process is how to connect with […]
Being Relevant to our Members
In my last blog, I talked about cleaning up data. Ugh. It is hard work, and I was primarily focusing on core system data. Today I want to suggest thinking about new ways Credit Unions can use existing data. Most Credit Unions have a heartfelt mission of supporting member’s financial well-being. Yet in some ways […]
The Vanishing Credit Union Gets Bigger
By Robert McGarvey For Credit Union 2.0 The April CUNA Mutual Trends Report drops a paradoxical bomb that leaves us confused: are credit unions getting bigger? Or are they vanishing? First the good news: more of us belong to credit unions, reported CUNA Mutual. “Credit union membership growth was on a tear during the first two months […]
The 21st Century Credit Union Welcome
By Robert McGarvey for Credit Union 2.0 Sign up as a new member at your credit union – or pick any credit union – and what happens? Ask yourself a sharper question: what doesn’t happen? Think hard on that because the future of this new member relationship hangs in the balance. Amy Downs, CEO […]
Speaker Spotlight: Kirk Drake Helps Credit Unions Connect with Members
by Catalyst Corporate | Mar 20, 2018 Timing is everything, especially when it relates to a credit union’s long-term success, says Kirk Drake, co-founder of CU Wallet, LLC and CU 2.0 strategist. Drake, a featured speaker at Catalyst Corporate’s 2018 Future Forums, believes implementing technologies at the right time is key to a credit union’s sustainability. “Don’t […]