ORLANDO, Fla. With new data showing America’s credit unions added 800,000 members during Q1 of this year, Credit Union Journal’s Grow Show wrapped up, fittingly, with a discussion of effectively onboarding those members.
Andy Reed, manager of Business Development at American Airlines FCU in Fort Worth, Texas, shared strategies his credit union has deployed after noticing that although it had gone from 1% annual membership growth to 4% growth, “we also noticed as quickly as people were coming in the front door they were going out the back.”
“If you are not addressing acquisition, onboarding and engagement as one, single strategic plan, your growth plans are going to be adversely affected,” Reed said on Friday. “If not, you are running a revolving door.”
For attendees at Grow Show Reed outlined how AAFCU has created a methodic process aimed at slow, steady growth with a 30/60/90-day direct mail campaign for new members. That process includes checking offers, thank you gifts and personalized URLs.
Tom Berdan of Harland Financial Solutions reviewed 10 Strategies for Effective Onboarding, paying special attention to five of those. “Without targeting, attrition rates are very high, which is costly,” said Berdan, saying data indicate the attrition rate for credit unions is 13% annually.
“Onboarding is critical in the first 90 days, and you will have attrition in those first three months if you are not engaging,” said Berdan, before sharing with Grow Show attendees some specific ideas for reaching new members during those first three months.
In addition to Berdan and Reed, Grow Show wrapped up its final day with another agenda packed with growth strategies. Attendees heard from Bo McDonald on low-budget ideas that can drive big awareness; Eileen Cherry-Clark of Baxter CU on the ways it effectively markets and maintains SEGs, and Joseariel Gomez of Shastic on how some credit unions have begun using Facebook to make mortgage and auto loans.
