Fibre Federal Builds Member Loyalty, Earns Non-Interest Income through IIA
February 19, 2013
February 19, 2013
Credit unions are always looking for ways to enhance the value of membership, and Fibre Federal Credit Union has been building that value for years through its partnership with Invest in America (IIA).
IIA is a powerful credit union member enhancement program that provides credit unions nationwide with the ability to offer members substantial discounts from domestic companies like General Motors, Sprint, Dell, TurboTax, Allied Moving and Storage, and more.
“Giving those members in the market for a new vehicle the opportunity to save some money was a no-brainer for us,” said Fibre’s Senior Vice President of Marketing Lesley Carrell. “We know that by presenting our members with money-saving opportunities we create stronger loyalty, which pays off through additional business and positive word of mouth.”
Fibre’s IIA involvement has grown along with the IIA program itself, and the credit union now offers its members discounts from GM, Sprint, Shop America and TurboTax. The credit union promotes the discounts on its homepage and statement inserts and through point-of-sale displays in branch lobbies. You can also find a page on the credit union’s website entirely devoted to IIA.
In the future, Fibre plans on going mobile with its IIA marketing. As it expands its member mobile services it will add IIA mobile marketing into the mix. Plus, it is planning on including IIA discount updates on its Facebook page.
Invest in America has been a big hit with Fibre’s membership and staff alike. Carrell said that members really appreciate the Credit Union Member Discount from GM and the Sprint Credit Union Member Discount, while the credit union’s staff “absolutely loves the Shop America partnership—especially at Christmas. I’ve used it myself. It’s so easy to use and a great way to earn cash back.”
Carrell explained that there are several reasons why IIA is a benefit to Fibre.
“It gives credit unions the opportunity to differentiate themselves in the market,” Carrell said. “It’s also a great way to build member loyalty. And by promoting the Sprint partnership, credit unions can earn significant non-interest income. We received a check in December. It doesn’t take much marketing real estate, so it’s easy to earn a return on investment.”
But according to Carrell, there’s also a more altruistic reason to be a part of IIA.
“I appreciate the fact that IIA supports ‘BizKid$’ by facilitating the opportunity for credit unions to donate a portion of their Sprint earnings to this award-winning TV show that teaches financial education to a preteen audience,” Carrell said. “We donate 10 percent of our earning because it aligns well with our community involvement efforts.”
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. To learn more about how the Association’s partnership with Invest in America can benefit your credit union, contact Director of Strategic Partnerships Craig Reed: 206.340.4789, email@example.com.