TEXARKANA, Texas-Like other credit unions across the country, Red River Employees FCU has seen a strong increase in membership. It knows all too well its next challenge.
"Our biggest opportunity is continuing to get the membership in the door and getting them tied to your product; not just a loan, but to actually get the sticky services," said Sonya Jaynes, CFO at RREFCU here and a member of the executive committee for CUNA's CFO Council.
All of that starts with a quality marketing operation and continuing to raise consumer awareness, said Jaynes. "I think it's important that we stay on top or even one step ahead of what the banks are doing, and make our members or the consumers aware that we can do that too and we can do it cheaper and better."
Jaynes added that one avenue to growth lies in targeting members who aren't as closely tied to the CU, such as those who join via indirect lending. She suggested that CUs "have member advocates that contact new members from indirect and try to get them into the sticky products."
No matter how members come in, Jaynes reminded, it's crucial to focus on getting them in sticky products within that first 90 days. "If you don't get them in the first 90 days, your chances reduce drastically on getting them at all," she said.
