Help Your Credit Union Stand Out from the Crowd – Part 1: Member Loyalty

  by Amy Neale

In response to CUNA’s Member and Nonmember Survey Results, we thought we’d address three distinct ways you can help your credit union stand out from the competition. To do each section justice, we’re delivering it to you over a three-part blog series. Welcome to Part 1.

Member Loyalty

Now is the time to focus on rewarding member loyalty – when it’s at its highest national level in years. CUNA’s Member and Nonmember Survey shows that nearly 60% of members say their credit union is their primary financial institution (PFI). That’s up from 42% in 2009. Banks as a PFI have shrunk from 56% in 2009 to 38% today.

And with 57% of members “extremely likely” to recommend their credit unions to others, don’t you want to give them even more reasons to recommend you to their friends and family? The right member loyalty program can help accomplish that.  

Rewards

People like to do business with organizations that treat them well. While credit unions tend to inherently treat their members well, you need something to set you apart. That differentiation can come in the form of a member rewards or loyalty program.

When you hear “rewards program,” chances are you think of a credit card rewards program – and you’re not alone. Rewards point consultant Brian Kelly discovered in a study that 73% of Americans are enrolled in either a credit card rewards program or frequent traveler program.

While your credit union may have a successful credit card rewards program, it might be time to think above and beyond points when it comes to rewarding your members. It might be time to think of rewarding member engagement as well as credit card usage. This member engagement can come in the form of growing your credit union’s auto loan volume, wallet share and membership.

Does your member loyalty program help your credit union achieve these goals? Adding to or changing your rewards program could do just that. In addition to credit card rewards programs, there are programs out there that help members save. In this tight economy, it’s a surefire way to show your members that you’re putting their interests first. Can you think of a better way to grow member loyalty and help your credit union stand out from the competition?

Invest in America is an award-winning membership enhancement program from CU Solutions Group that can help your credit union grow. Click here to learn more.