Study Offers 15 Steps Toward Effectively Getting SEGs
Millions of Americans who could join credit unions haven't, for a variety of reasons. A new
The study, published by the Filene Research Institute, is entitled, "15 Steps to an Effective SEG Program, was
The new research includes one-on-one interviews with credit unions; focus groups with credit unions; and surveys of
According to the Filene Institute, the 15 Steps monograph distills that research to a compendium of steps to an
The authors note the steps can be categorized into three main groupings.
The first of these groups involves the credit union's relationship with the sponsoring company or organization:
* Implement a written credit union/SEG agreement.
* Position the credit union as an employer profit enhancer.
* Appeal to key employer decision-makers.
* Explain the greater business services opportunity.
* Demonstrate that employees want financial education.
* Build effective employer support for the credit union.
* Target, specialize, and focus on selected SEGs.
A second major category of steps to an effective SEG program involves communication with and recruitment of
* Incent member enrollment, not contracts produced.
* Dedicate significant resources to the SEG program.
* Build employee awareness to achieve success.
* Offer a "can't miss" product to build membership.
* Use credit union ambassadors effectively.
Filene said the third grouping of steps to success involves reaching out to the wider community, and includes these
* Pursue a special SEG strategy if yours is a community credit union.
* "Join the country club."
* Sponsor activities that build community and awareness.
"Taken together, these 15 steps offer an organized, realistic, and affordable approach to building credit union
"With credit unions' enhanced powers comes increased responsibility as well," observed the Filene Institute's Hoel.