CARMEL, Ind.-Credit unions looking to grow their bottom lines should begin investing in ways to market to their current and potential members using sources and channels outside of traditional direct mail, according to Pete Hilger.
Hilger, president of Allied Solutions, a provider of technology-based insurance, marketing and lending products to financial institutions, said utilizing consumer intelligence tools that can identify members who have gone elsewhere for loans, "and who are likely paying higher rates" is a good way to drive new and existing member loyalty.
"Credit unions are challenged to keep loan volume up with increasing deposits-and they don't have big marketing budgets like so many major banks do," he said. "Using consumer intelligence processes combined with an interactive digital marketing solution can help increase all types of new loan and new member activity. This type of marketing is far less expensive than direct mail or outbound call strategies, not to mention far more effective."
