As they say, the best new customer is one you already have. Credit unions are no exception, and increasing member retention rates certainly qualifies as a key success factor. But member retention is about more than just maintaining your credit union’s membership numbers—it’s about improving your credit union’s bottom line. Don’t let opportunities slip by as your members hunt for auto loans, mortgages, and more from other financial institutions. Today we’ll learn more about developing a great member retention strategy to ensure your members look at you first to buy these products and services.
Telecommunication technology is constantly changing, in some cases every six months. With those changes come new services and cost savings. Unfortunately, some services you continue to pay for may become completely unnecessary.
Credit unions can take advantage of new services and cost savings only if they stay abreast of the telecommunication industry, constantly compare and contrast their providers’ solutions against their needs, and remain vigilant in scrutinizing the monthly telecom bills (all of them!).
If staff resources and expertise preclude you from doing so, consider having a consultant, at no charge, review your telecom bills and analyze your needs. At a minimum, you get confirmation that your telecom needs and expenses are on track. Best case scenario, you learn where you can save or improve what you are buying.
In this podcast, Ken Royer, COO of Integrated Communications Consulting Services, shares how they identified significant savings for their credit union clients.
Is it possible to offer an income-generating overdraft program while maintaining a high level of member service? Yes, and despite changing regulations surrounding overdraft programs, you can easily stay compliant too.
Studies show that consumers—your members—want the convenience and safety net that overdraft programs provide. Consumer demand is high, and often a driving factor in selecting a primary financial institution. With thoughtful approval guidelines, you can ensure only members with an ability to repay have access to the program. Explicit guidelines and procedures, plus the appropriate disclosures, help comprise a regulator-friendly offering.
Here's one more reason you should offer an overdraft program—the income from an overdraft program can be significant. Instituting a formal overdraft program can maximize your income while streamlining the process. Ultimately your members are better served.
In this podcast, Gerald Witcher, SVP Sales for IMPACT Solutions, explains how your credit union can increase income from overdraft programs, maintain compliance with upcoming changing regulations, and decide whether or not to outsource its overdraft program to a third party.
IMPACT Solutions is the NAFCU Services Preferred Partner for automated overdraft protection programs and related solutions.