TAMPA-USF FCU here says it has seen strong growth after launching a branding campaign with the help of its student advisory committee.
Bulls Run From bank Fees (and BullsRunFromBankFees.com) was launched in July 2011 and plays on the school's mascot-the University of South Florida Bulls. CEO Richard Skaggs noted that the project was one of many the $400-million CU has done in concert with the student board.
"One thing we kept hearing is to concentrate on the fact that the fees, if any, are low at the credit union, and that would resonate with the student base," said Skaggs. He added that student memberships and some loan products (such as student credit cards and private student loans) have "more than doubled" on a month-over-month basis since the campaign began.
Between its June and December 2011 Call Reports, unsecured credit card loans at USF FCU rose from 4,719 ($13.5 million) to 4,913 ($14.3 million). Additionally, about 2,000 share drafts were added during that time; during the same period one year earlier, the numbers were essentially flat.
Skaggs said that the response to the campaign has been so positive that there are already plans to continue it through the 2012-2013 academic year. Along with that, "we're going to increase the size of the student advisory committee to make sure that we're well represented across all disciplines within the university, because different disciplines will look at a different piece very differently," he said.
Six students currently sit on the committee, and Skaggs said it is expected to grow to about 10 students. The credit union is new to student lending, but the advisory board is working to help USF FCU expand its program, and working "to find if there are other products we can offer that might be tailored toward them. They're helping us also with retention-different avenues and ideas that they have on how to cut down on people that (leave the CU) after they graduate."
In its December 2011 Call Report, USF FCU lists 85 non-federally guaranteed student loans totaling nearly $545,000. That's a decrease of four loans from its June 2011 Call Report (before the Bulls Run campaign started) but an increase of about $360,000. USF FCU's September 2011 5300 lists 143 such loans totaling $451,000, signaling that even if the numbers fluctuate, the portfolio is on an upward trajectory.
In addition to helping USF FCU craft its message to younger consumers, the committee also assists with social media, crafting campaign materials, and developing and expanding potential themes.
No Graduation From CU
Because Bulls Run predated Bank Transfer Day, USF FCU was already in a strong marketing position for November's consumer shift away from the big banks. Additionally, a university-based Occupy movement-Occupy USF-gave the CU another outlet to talk about the differences between CUs and banks.
While many college-based CUs struggle to retain student-members after graduation, USF FCU has worked to boost retention via close ties with the school's alumni association.
"We have seen our ability to maintain the membership become more positive in the last few years, and I think one of the ways we're doing that is by letting people know all about the electronic avenues available to them after they leave," said Skaggs. "I think you have to build on the affinity that students build with their alma mater."
