PHILADELPHIA-Marketing and training staff to cross sell helped boost American Heritage FCU's loan growth to 12% for 2008, well above the predicted national average for credit unions overall.
Thomas Mies, VP, lending for the $726-million CU said he doesn't think American Heritage did anything different in 2008-instead it focused on the things it always does and endeavored to do them even better.
"There are two things I always look at," Mies said. "One is marketing. We are always out talking to our members and our SEGs. And if we have a promotion we are doing, we always make sure to put a poster about it in our SEG's lunchroom."
The second thing Mies stresses is training the credit union's staff to cross-sell. He said it is important that when a member sits with a credit union representative about a product, the representative is able to determine what other products may well suit the member, and offer those, too.
As for the loan products that contributed to the growth at American Heritage FCU, "auto lending was a big one," Mies said. "And we are not an indirect shop - that's all direct."
Other products contributing to the growth included credit cards, unsecured loans and home equity loans. "We did well across the board," he said.
American Heritage FCU has a CUSO that does its first mortgages, Mies said noting, "I know they had a strong 2008, as well."
For other credit unions hoping to increase their loan growth, Mies said he can't stress enough the importance of marketing.
"I think the member has to know that we are solid organizations, and that we are in the business of meeting their financial needs," he said.
Then once the member is there, he advises that the staff is trained well to find out what other loan products they may need.
For more information
www.amhfcu.org
www.tinkerfcu.org
www.ent.com
