BOSTON -
Several experts at Credit Union Journal's Business Development and SEG Conference at the Hyatt Hotel here stressed that, with few exceptions, the issue isn't new members but two bigger problems: household attrition and not getting sufficient business from current members.
"Retention is the primary driver of growth," Mark Riddle of Raddon Financial Group said. " It's not that you're not bringing in new households, it's that you are not retaining the households you already have."
Riddle wasn't alone in urging credit unions to pay more attention to the members they already have. "You have a huge opportunity internally that you are not mining today," said Harland Financial Solutions' Chris Braccia. "It costs 25% more to acquire a new member than retain a current member."
