OSHTEMO, Mich.-Consumers CU is focusing on ways to retain members long-term, and has started to survey inactive account-holders as part of that strategy.
The $330-million credit union plans to contact members whose accounts have shown little activity over the last year, or exhibit a change in behavior, and probe for reasons why there has been a change. The anonymous poll, explained Marketing Manager Susan Balbaugh, will allow the 37,000-member CCU to spot trends in member behavior that could lead to retention problems down the road. "This is not an effort aimed at trying to fix every issue with members. We know we can't do that, nor do we want to do that. But this will help us see the bigger picture and hopefully address problems before they become an issue."
Consumers Credit Union has other short-term solutions to keep members from straying, such as an MCIF system to better target cross sales, and an on-boarding program that's set to start mid-year. It also has a history of serving members well, which led to 10% net new member growth last year. "According to our latest survey, 96% of our members are either highly satisfied or are satisfied, so we feel we have good chance of holding onto new members," Balbaugh said.
