Significant Opportunity For SEG Penetration Remains
There is a lot of potential for SEG penetration out there.
Truth is, businesses and their employees need the products and services that credit unions provide. The problem is
The credit unions' job, says Bob Hoel of the Filene Research Institute, is to tell them.
Hoel, among the list of industry experts scheduled to speak at The Credit Union Journal's fourth annual
A Well-Crafted Strategy
"We think it's important to position the credit union to the sponsoring firm as offering a no-cost benefit," Hoel said.
The research included mail surveys conducted by CUNA's Market Research Department based on input from the
Hoel said that he and co-presenter, Michelle Bloedom of Baxter CU in Vernon Hills, Ill., will use that information to
The first step-make contact with the SEG's key decision-makers and, step by step, list the many ways the CU can
"Financially troubled employees cost employers $400 a year because of more health claims and absenteeism," Hoel
Hoel said the 15 steps have been divided into three categories:
* Establishing the relationship by promoting its benefits to employer, employee and the community.
The research points to CUNA's research of nonmembers, which indicated that the second most prevalent reason for
A 'Can't Miss' Product
* Maintaining CU/SEG relationship by dedicating significant resources to the SEG program to help build employee
For example, Step 11 suggests offering a "can't miss" product such as reduced fees, direct deposit, free unlimited
"Put a package together and it becomes very appealing, much more so than signing up at any other financial
* Become a visible and viable part of the community by joining local service organizations such as chambers of
Step 14, "Join the Country Club," for example, stresses the value of community involvement. Many surveyed said