Posts Tagged Membership growth

>75 Reasons to Become a Credit Union Member

Posted by on Friday, 12 September, 2008

An interesting topic caught my eye this week on the CUNA Marketing Council’s list serve. Michael Dukehart, Marketing and Business Development Manager at KEMBA Credit Union in Indiana was looking for feedback for a list he was working on.  A long list….but a good one.

The list details 75 reasons (!) to become a credit union member. I asked Michael for more information:
The list was thought up to go along with our 75 Anniversary celebration that is going on all October long.  We are just coming off a 2 month membership drive that includes a drawling for $750.  I did not want to lose out on the surge in referral interest so I came up with the list (with help from fellow employees and other credit union marketers).

It is going to be posted on a promotional webpage that will be linked from our e-newsletter and from one of the smaller graphics on our website.  Next week in our weekly meeting we will be going over the list with the entire staff to make sure that they understand everything on this list if any members or non-members come in asking questions.

Can you imagine a list like this posted up on the wall of a credit union? A floor to ceiling list reminding you of the credit union difference – pretty impressive.

Here is Kemba CU’s list in full (my favorite is #70):
1.      We are 75 Years Strong
2.      Individualized Customer Service
3.      Full Range of Deposit Choices
4.      Free Lollypops
5.      Over 4,530 Free ATM Locations & Growing
6.      Full range of Loan Options
7.      Great Rates on Savings Accounts
8.      Friendly and Helpful Staff
9.      Free Coffee
10.     Friendly, Awake and Helpful Staff
11.     Locally Owned
12.     Free Online Banking
13.     Over 3,400 Shared Branch Locations & Growing
14.     Member Owned
15.     Member Operated
16.     Member Oriented
17.     Not-For-Profit
18.     Competitive Mortgage Rates
19.     Community Involvement
20.     Low Fees
21.     Variety of Member Benefit Products
22.     Free Bank by Phone
23.     Great Rates on Money Market Accounts
24.     Youth Focused Accounts
25.     We Love Kids
26.     IRAs Available
27.     Discounted Movie Passes
28.     CD’s to fit your needs
29.     Low Minimum Balances for CDs
30.     Educational Financing Options
31.     Dog Treats in the Drive Up
32.     We Love Pets
33.     Free Coin Counting Machine
34.     Yearly Breakfast with Santa Event
35.     Great Auto Loan Rates
36.     Free Car Buying Service
37.     Investment Services Available
38.     Home Equity Lines of Credit Available
39.     Financial Counseling Services
40.     Loan Officers Who Look Out for You
41.     Low Cost VISA Gift Cards
42.     Discounted Theme Park Tickets
43.     $5 minimum Deposit to be a member
44.     Green Online Bill Pay and E-Statements
45.     Friendly and Knowledgeable Tellers
46.     Once a Member, Always a Member
47.     Experienced staff
48.     Security Responsive
49.     Personalized Club Accounts
50.     Deposits insured up to $250,000
51.     Online Applications
52.     Did we mention that our members are our owners?
53.     Nifty Newsletters
54.     Dedicated Board Members
55.     Free Checking
56.     Comfortable couches
57.     We smell good, usually
58.     VISA Credit Cards Options
59.     Free notary service
60.     Used cell phone collection site for Riley Hospital
61.     Member of the Better Business Bureau
62.     Free $1,000 accidental death insurance
63.     Low cost GAP insurance
64.     Mechanical Repair Coverage available
65.     Free medallion signature guarantee
66.     Free parking
67.     24-7 availability at
68.     Involved with Meals-on-Wheels
69.      Free Direct Deposit
70.      Next Door to a Giant Cow
71.      Loaner Umbrellas in the Lobby
72.      Clean bathrooms
73.      Always a person, never a number
74.      Did we mention locally owned for 75 years?
75.      To be a Cool Member Just Like You

>A Challenge for You

Posted by on Thursday, 11 October, 2007

>Hello fellow bloggers and YES Summit enthusiasts, it’s a pleasure to meet you all!!

I would like to officially introduce myself as the third moderator for this year’s YES Summit. It’s great that you’ve had the chance to catch up with Courtney and Jason — but we all know that the best is saved for last…

… if by best you mean the last… and also newest to CreditUnionLand, with the most to learn about how our great CUs are recruiting and retaining GenY members.

I’m Brianne Gutoski, and look forward to meeting you all. I was hired with CUNA in January of 2007 after completing my degree in December. Jason mentioned how credit unions are the financial industry’s “best kept secret” and I could not agree more! In the past 9 months I have discovered the wonderful world of credit unions – a magical place where the members -not stockholders and management- are considered and revered. I was amazed that these establishments were not on the cover of every financial magazine.

Current experience has taught me that recent college grads are at a critical financial stage in their life. For the first time we have tangible income- a big difference from scrounging for laundry quarters in the couch cushions! However at the same time we have those dreaded student loans rearing their ugly heads (goodbye 6-month grace period!). Not to mention monthly bills, 401K (401-what? retirement already!?) CDs, bonds and of course, savings (including the emergency fund). Where will we turn for financial planning and management? Cue Aretha Franklin’s “Rescue Me.”.

If only we could devise a large CU light bulb to go off over everyone’s head when considering financial endeavors. However; since that’s not an option (although we could get in talks with Steve Jobs) we have to take this ‘light bulb’ to our future members.

“Where exactly are these future members?” you may ask. The easy answer is everywhere. When we categorize 18-30 year olds certain buzz words come to mind: tech-savvy, crack-berry, myspace, facebook, Second Life (or possibly someone using a blackberry to update their myspace blog titled ‘the expansion of facebook’ assuming the persona of their Second Life avatar). My point is that these people are online… a lot. There is one great thing about these online communities, especially for credit unions – they’re FREE! < Hallelujah > Let’s face it, no one can beat free marketing.

Yes, our blog mentions it often – but there’s nothing to lose. I challenge you to create a virtual page for your credit union (double dare). When finished, please let us know by posting a message here. If you’re already active in an online community let us know. Not only will we be happy to stop by your page and feature it here, but we’ll even be your online friend (remember networking is essential for exposure!). Good luck everyone, keep us posted!

>Growing your Membership with Young Adults: a Call to Action

Posted by on Tuesday, 9 October, 2007

>I’m really excited for the opportunity to post here on the YES CU Blog. Christopher Morris asked if I would consider posting and I couldn’t help but jump at the chance.

I’ll admit it; I’m not a seasoned blogger. I don’t spend time on YouTube… but I’m learning.

What I can tell you about is how important the 18-to-30 demographic is when it comes to addressing the challenge of membership growth.

Take a look at this – in 1985, 55% of credit union members nationwide fell within their prime borrowing years. This during a decade when credit unions experienced a 3.4% annual growth rate.

Compare that to 2006 – only 38% of members overall are in their prime borrowing years, and membership growth was only 1.9% for the first 6 months of 2006.

Addressing this decline isn’t getting any easier. A recent study shows that consumers now do business with an average of three different financial institutions.

For example, young adults looking for new car loans must navigate through more financing options today than in years past, often with little experience or knowledge of what they are agreeing to. Dealer financing, mega-banks, community banks, thrifts, and online lenders are just a few of the many options available.

And car buying is only one example. How does a young person know which option is best when it comes to purchasing a home or paying for higher education?

So, what can credit unions do to help 18-to-30s make the right decisions and gain them as members in the process? How do we make sure that a credit union is their only financial institution?

The CUNA board and I recognize that answering these questions is vital to addressing the issue of credit union growth and the future of credit unions.

In fact, the task force we’ve assembled to grapple with these affairs continues to make significant progress. They plan to deliver a final report to the board in March at CUNA’s GAC in Washington.

Of course, the task force is but one way to tackle the issue of membership growth. Undoubtedly creative thinking at credit unions and marketplace innovations will lead to new solutions for attracting the younger generation.

We’ll be looking closely to see what bubbles up. I’m encouraged by the fact that this is becoming so widely recognized as a priority. It will continue to be one of mine, I promise you that.