MADISON, Wis. — Financial counseling is no longer a "luxury" for credit unions — it's absolutely essential to continue growing in a recession economy.
That's why Precision Information CEO Joe Saari plans to provide a "wealth of free tools, ideas and resources on how credit union executives can respond to this overwhelming demand in a cost-effective and efficient format that will help hem grow their businesses" at Credit Union Journal's upcoming Grow Show.
Financial institution customers across the board are coming to the realization that they need help with their personal finances and they expect their institutions to help them. It is up to credit unions to stay ahead of the game, Saari siad.
"(The public) doesn't want to just buy a financial product, they want somebody who is going to invest in them and their financial well being," said Saari.
One positive note in a maelstrom of negative news is that Americans are beginning to save again and pay down their debts. That leaves an opening for credit unions to provide a number of services that will not only help members but also start new conversations.
"Credit unions are seeing a tremendous demand for education, resources and credit counseling services on how they can get their debt under control," Saari pointed out. "Obviously that provides (cross-selling) opportunities for credit unions."
A five-year effort to educate members and employees alike led to a 325% growth in non-interest income at Desert Schools FCU. After 7,000 hours of training, staffers there are 2-3 times more efficient, Saari maintained and are more likely to cross-sell products appropriate for members' financial pictures because they have a better understanding of those products.
"What we have seen is that as the markets become more complex and consumers and employees become more confused, investing in financial knowledge in ones employees first and members second can improve sales," Saari added, pointing out employees "don't want to talk about products they don't understand."
The $3.2-billion CU reached 900 employees and between 30,000 to 50,000 members in its educational campaign and achieved its astounding revenue growth while investing in "only pennies per person," Saari noted. "Market-leading credit unions are going to seek opportunities to grow as the big banks and other institutions struggle with solvency and credibility. The Grow Show can help provide CUs tips and techniques on how to tap into the incredible loyalty that credit unions have."
In The Know to Grow
What: Credit Union Journal's
When: April 27-29
Where: Hotel del Coronado, San Diego
Who: For CU professionals desiring to grow their operations
Why: Because if you don't grow, well ...
