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Analyzing Membership For Strategic Planning. Thomas R. Gourdin Firefighters Credit Union. Members. Members. Savers. Members. Borrowers. Members. Transactors. Members. Savers. Borrowers. Transactors. (Only) Members. Potential Members. SB. Savers. Borrowers. SBT. BT. ST.
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Analyzing MembershipFor Strategic Planning Thomas R. Gourdin Firefighters Credit Union
Members Savers
Members Borrowers
Members Transactors
Members Savers Borrowers Transactors
(Only) Members Potential Members SB Savers Borrowers SBT BT ST Transactors
Impact On Credit Union by Category • Borrowers (has loan balance of $0.01+) • Revenue from loan interest • Expenses related to loan origination / servicing, loan losses • Savers (deposit balances > $500) • Provide funds to lend, invest • Dividend / interest expense • Transactors (checking account and/or credit card with trans) • Fee income, other operating income (interchange) • Expenses related to processing transactions, fraud losses • (Only) Members
Why Aren’t Members . . . • Savers? • They don’t save • They invest in accounts we don’t offer • Borrowers? • They don’t qualify • We don’t offer what they want / need? • Transactors? • We don’t offer ________ • Convenience
Ask If You Want To Know Why • Ask Staff • Ask Volunteers • Ask Members • Ask Potential Members
(Only) Members Potential Members SB Savers Borrowers SBT BT ST Transactors
What Category Do We Want Members To Be In? The Categories They Qualify To Be In And The Categories They Want To Be In Except (Only) Members
Analysis of Members Only • Adults who joined when they were minors • Adults who obtained a loan, paid it off, and nothing else • Minors
(Only) Members X Potential Members SB Savers Borrowers SBT BT ST Transactors
Actions Taken & Results • Adults who joined when they were minors • “On-boarding” campaign for 6 months • Reduced Adults Only Members by 42% • Adults with one loan, paid loan off, and nothing else • “On-boarding” campaign for 6 months before payoff • Slowed rate by 46% (kept borrowers, became transactors) • Minors • Kids Saver Account, quarterly marketing to “Parents of” • Reduced Minor Only Members by 23%
(Only) Members X Potential Members SB Savers Borrowers SBT BT ST Transactors
Adjustments & Results • Minors • Change Kids Saver Program • Market Checking / Debit Card to 16/17 year olds • Goal Is To Reduce Member Only Minors by 75% • Inactive Member Only Adults • Notice of Inactive Fee • Charge Inactive Fee • Started With 765 Member Only Adults • Currently Have 133 Member Only Adults
eStatements By Category • Costs • Printed / Mailed $0.74 • eStatement $0.10 • Marketing Messages • Transactors: “Low Fees”, Convenience, Speedy • Savers: “Help Us Keep Rates High” • Borrowers: “Help Us Keep Rates Low” • 42% => 57% (and climbing)