LAS VEGAS-During NAFCU's Strategic Growth Conference here, Credit Union Journal asked attendees what strategic growth initiatives are working for their CUs so far this year.
Patty Veal, VP of marketing, Pen Air FCU, Pensacola, Fla.
Our credit union is looking at loan growth and wallet share as key focal points in our strategy for this year. In coming to this conference, it is interesting to see our peers are in the same boat. The challenges credit unions are facing are very common, no matter what the size of the credit union or the location, and that is because of the economy. We are trying to think out of the box to make growth happen. We are showcasing our products and accentuating the benefits for someone who might want to make the switch from a bank to a credit union. We are using new types of media, including social media, to get our message out. Our main promotions right now are mortgage products, auto loans and deposit accounts.
Deborah Kim, president and CEO, Hawaii State FCU, Honolulu
Our main initiatives are membership and loans. On the membership side, we used to do media advertising but now we are doing a bounty promotion. For those members who bring in family and friends to join, we give them a bonus. We see this as an investment in the membership by putting money in their pocket. This has been working very well so far. Our members are state and city workers and their families. Our members have been experiencing tough times because of reductions in pay and furloughs. We are helping every way we can.
Tina Bahmer, chief lending officer, Warren FCU, Cheyenne, Wyo.
We are trying to increase services per household. We had strong membership growth in 2009, from indirect lending and a promotion for our extreme checking product. But most of those are single-service households. We also are using technology to improve our ease of use on all of our channels. We want to use automation to streamline things. Our goal is 18% loan growth in 2010, which would match last year.
Bret Rigby, CFO, Deepwater Industries FCU, Deepwater, N.J.
From an asset perspective, we were the safe, sound and secure alternative in the marketplace when people lost confidence in banks, and membership grew 10%.
From a strategic perspective, our loans are down. We are developing a framework to move from product-oriented to life stage-oriented. We are looking to reach beyond millennials or Generation X or Y. Everybody has a car, everybody gets married, everybody has kids. Our next step strategically is to meet those life stages for our members. That might be offering products such as MatriMoney, or it might be something I just heard in a session here that suggested being in with Realtors from the beginning.
