Keep Your Credit Union Moving Forward

by Amy Neale

It’s been a few weeks since the National Credit Union Administration (NCUA) released its second quarter report that showed significant loan growth for federally insured credit unions as well as a major upsurge in membership. So, I have one question for you: What has your credit union done to tap into this forward momentum?

Following Newton’s First Law of Motion – an object in motion stays in motion – now is the time to capitalize on the industry’s widespread growth. Although much of this growth has been with larger credit unions, the smaller asset-sized credit unions could also benefit by taking advantage of this seemingly prevalent goodwill. 

For many credit unions, the desire to maintain the industry’s forward momentum is there but many feel the time or resources aren’t. You’re in luck. CU Solutions Group has a few ideas to get you off the ground.

Making it Easy

Loan volume has grown 5.5% in the last four quarters, which means people are out there looking to borrow money. Your credit union needs to make it easy for current or potential members to:

• See what loans you have to offer
• Find out what your loan rates are
• Apply online

Don’t assume that if a member is looking to buy a house or car, or wanting to refinance, that your credit union will be their first and only stop. Most consumers take to the Web first, so you’ll want your website to be loan-friendly. That means spelling it out on your homepage where they need to click to find out more about mortgages, auto loans, etc. And have a link on your homepage that directs users to your credit union’s rate page. Don’t have one? You might want to add it, and a robust content management system build especially for credit unions in mind can help.

They days where people want to apply for a loan in person are quickly disappearing. To fully take advantage of this uptick in national credit union loan volume, you want to offer online loan applications to your members. And if the person seeking a loan isn’t a member, make sure they can apply for membership online as well.  

Many credit unions’ solution to this is having a PDF of the application on their website for the user to print, fill out and bring in – that’s not enough. You’re taking a lot for granted by taking this tactic. Keep their attention the moment you have it and let them be able to complete the whole loan application from their laptop, tablet or smartphone. 

Don’t let this positive forward momentum pass you by or you’ll find out firsthand the other part of Newton’s First Law of Motion – an object at rest stays at rest. Keep moving forward.

Working with a Credit Union Strategy Partner

As you may know, Membership Enhancement Solutions provides a value driven membership enhancement program called Invest in America (IIA). Participating credit unions are able to develop their membership enhancement strategies and align them to IIA’s strategy, which can present a real opportunity for auto loan, non-interest income and debit/credit card transaction growth. To assist in these efforts, Invest in America posts its marketing calendar online so you can plan your marketing activities accordingly.

IIA is in the early stages of a four-month long Web banner ad and online search media campaign that integrates seven key themes that focus on the program’s key partners. Monthly IIA marketing calendars, available in the LoveMyCreditUnion.org Partner Center, provide significant dates and recommended actions so your credit union can take full advantage of IIA’s major year-end campaign. For example, this month's calendar has the dates and suggested locations to post DIRECTV, GM and home improvement banners on your website which tie into the campaign. These banners can also be found in the Partner Center and can easily be placed in the appropriate areas of your website.

Ongoing Invest in America marketing efforts include weekly emails, blogs and social media posts whose subject matter is listed in the calendar. As part of this initiative, IIA sends weekly emails to those members who have opted in for additional program information. IIA also sends credit unions weekly emails that they can send to their members. Participating credit unions have come to rely on the marketing calendar to plan their marketing strategy, ensuring it aligns with the weekly IIA emails.

Membership Enhancement Solutions strives to provide you with valuable turnkey tools that enable you to align your marketing strategy with Invest in America’s. This alignment in turn optimizes your member enhancement efforts and ties them to your core services.

Related Services:  Invest in America, Credit Union Member Discount from GM, DIRECTV