LA CROSSE, Wis. — Rate and turnaround time are generally credited for driving loan volume, but Governmental Employees Credit Union here believes its success has more to do with an old credit union standby.
GECU has made "friendly" its "middle name," helping to push the CU near the top of the Return to Borrower rankings from Callahan & Associates for credit unions between $20 million and $50 million in assets.
"I think we continue to be successful in our lending because we have an extremely friendly staff and our members have always come first and they always will," explained Sue A. Prinsen, CEO/president of the $41-million CU.
In fact as a result of members constantly telling Prinsen how friendly the credit union is, the decision was made several years ago to shorten its name to "GECU, The Friendly Credit Union."
"I also have banners with all the smiling faces of the staff hanging at different locations outside our credit union," Prinsen said. "This has been a tremendous marketing piece. Members recognize the face on the banner as the employee who helps them."
The friendly atmosphere and ensuring members recognize the employees as part of the value of belonging to a credit union helps GECU make its members feel at home.
And all of that has to happen from the very start, said Prinsen, who said relationship building begins on day one.
"Retaining their confidence and respect is what sets us apart from other credit unions," she said. "We personalize our service to members for their best interest, and not just for our bottom line."
Prinsen said that although the economy in general has slowed loan volume, the 4,300-member GECU has continued to see "great mortgage lending." She attributes the mortgage volume to the "historically low first mortgage rates and the honest and fair pricing that we give to our members."
"Word of mouth is our best advertising gimmick and it's free," Prinsen said. "With all the turmoil in the banking industry, it has been an excellent time for credit unions to absorb the consumer who has experienced a problem obtaining lending products or is experiencing high fees and rates."
She noted that although GECU did strengthen its underwriting guidelines, it has not led to a negative effect on volume or member perceptions.
