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Customer Engagement Strategy for Credit Unions

Learn how to engage members effectively to increase loyalty and profits. Discover the Financial Partners Program's benefits and key statistics on customer retention. Find out how to cut defections and boost profitability. Get insights on onboarding and maintaining strong relationships with members.

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Customer Engagement Strategy for Credit Unions

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  1. Member Contact Strategy The Matrix

  2. The Statistics… • Cutting customer defections by just 5% has the effect of boosting profits between 25% and 95%. (Harvard Business Review.) • A 5% improvement in customer retention improves profitability by 25 to 100%. (Bain & Co.) • Onboarding • BAI research reveals that almost 75% of all cross-sales from new retail checking accounts take place within 90 days of account initiation.

  3. Loyalty versus Engagement • If you want loyalty • Engagement is the true objective • A journey, not a destination • Regular and rewarding interactions that deepen the relationship a member has with your credit union. • How does one successfully engage a member? • Permission, Relevancy and Frequency

  4. Who Does this Right? • Orbitz • Amazon • Google • Credit Unions?

  5. Financial Partners Program • Designed to capitalize on triggers • The correlation • Number of times a credit union communicates with a member and their propensity to remain with the credit union. • Low cost • Easily managed

  6. The Program cont’d • Strength of program is the lack of dependency on the retail delivery channel • Currently have ten different messages • Managed completely in-house

  7. One-Stop Access for Staff

  8. The Pieces

  9. The Pieces Continued

  10. Results

  11. Summary • Managed by a small staff • Process takes approximately five hours per month • Minimal monthly cost • Postage • Phase II • Integration with core system (Symitar) • Formalized on-boarding

  12. Contact Information

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