Gaining the Competitive Advantage for Your Credit Union - Part 3: The Ultimate Reward

 by Amy Neale

Below is Part 3 of a four-part series we've done on Gaining the Competitive Advantage for Your Credit Union.

Does your credit union’s member rewards program begin and end with points earned for using its credit card? Time to think bigger than the competition. From your grocery store and pharmacy to big box chains, everyone is offering their customers rewards far beyond points.

Instead of offering your members a contingency-based program – they have to spend to earn – why not offer them a program that rewards them just for being a member? A program like this could boost your member loyalty while enabling your credit union to tie its core products to the rewards.

A good example of this idea in action is CU Solutions Group’s member discount program Invest in America (IIA). In a 2012 survey, participating credit unions were most satisfied with these IIA benefits: the ability to offer member discounts (80%), earning additional non-interest-income (69%) and increasing value of membership (68%).

The program that IIA participating credit unions were most satisfied with? The Sprint Credit Union Member Discount, which has 1,806 participating credit unions and has saved members more than $244 million since it began. 

So, you can set your credit union apart by offering your members and business members discounts on their wireless service, all while earning incentives for your credit union – just for promoting the discount to your members. A win-win for everyone!