Deepen Member Relationships Profitably

Credit union membership is at an all-time high, and with that comes new opportunities to build more and stronger connections to your membership. Now consider the fact that credit union members are three times more satisfied with the service they receive from credit unions versus banks. Yet only 19 percent of members consider their credit union to be their primary financial institution. How can you leverage those new opportunities and those strong satisfaction numbers to increase the connection and cross-selling opportunities and enhance the overall member experience?

Think about it. You do a great job of making available the products you consider to be “core,” such as savings, checking and loans that serve your members needs and earn their trust and loyalty. But are you making available all the products your members consider to be core? As members’ lives change, their financial product needs also change. Whether they are just starting a family or moving into retirement, these events cause them to need more or different financial products—namely protection products. They consider protection to be core even if you don’t.

You may already make available protection products, or maybe you are thinking of starting to make them available. At the same time, your members trust you to have their best interests in mind. That means you can’t just make protection products available. You also have to make them available at the right time to the right members. When you team up with the companies of the CUNA Mutual Group, you can do just that.

The MemberCONNECT program from CUNA Mutual Group makes available a comprehensive selection of insurance products and programs, including AD&D, Life, Auto, Homeowners and the Medicare Suite Program. These products are made available through multiple channels, such as through the mail, on a website, through a call center, and, for certain products, through face-to-face interaction. The channel may vary based on the preferences of the credit union member and what stage of the buying process they are in.

Using segmentation modeling and other consumer marketing techniques, messages are developed to target the best prospects—members who are in need and who are most likely to purchase the protection products made available. When the right combination is used, it creates a reliable source of recurring, non-interest income, making it a win-win for everyone.

The complete MemberCONNECT program is an excellent way to deepen member relationships and attain profitable growth for your credit union all while providing your members with a consistently high-quality member experience. Learn more today about the powerful benefits of the MemberCONNECT program.

To get started, contact your CUNA Mutual Group sales executive at 800.356.2644.

 

Strategic Link is the NWCUA’s wholly-owned service corporation, providing the Association’s member credit unions with exclusive high-quality, competitively-priced products and discounted services. Questions? Contact Sales & Marketing Associate Craig Reed: 206.340.4789, creed@nwcua.org.

Posted in Compliance, Compliance News.