SOUTHBRIDGE, Mass.-The same strategy that helped put an end to a three-year growth skid at Southbridge Credit Union is now being relied upon to retain new members.
SCU has worked to change its image from a "run of the mill" financial, simply promoting products and rate, to one that is involved in the community and interested in the financial well-being of its residents, explained Paul Raffa, business development manager, who added that shift could not have come at a better time. "That really helped. I think people were looking for a good alternative. If we were just like all the other financials I don't think we would be catching those leaving Bank of America and Sovereign. It was great timing."
Raffa added the goal is to avoid being seen as "one of the rest," which is what he attributed to the SCU's three years of negative member growth before showing a 4% jump in 2009. "It's about showing relevance to members. It's not about selling, it's more about giving out financial information and advice."
The $177-million credit union began running financial literacy seminars and conducting lunch and learns on financial management at local companies. It also made sure it had the right services in place to meet members' needs, adding remote check deposit, online account opening, mobile banking, and upgraded its bill pay.
That, Raffa, expects, along with the credit union's new image, will keep members coming back. But just to be certain, SCU has also added an on-boarding program that delivers a new postcard to members each week for ten weeks. "The cards are not sales oriented," Raffa said. "They talk about our community involvement, our financial education services, and other aspects of the credit union that they don't necessarily notice when they stop by."
