Welcome to: New Member Onboarding We will begin promptly at 1pm CT Want more? August 24: Increasing Member Loyalty Member loyalty is arguably the most important factor for credit unions today. It costs 5X more to find a new member than keep an existing one, yet it’s estimated we spend 44% more on acquisition than on retention. Hear from 4 credit unions who have harnessed the power of member loyalty. Register Now
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Welcome to: New Member Onboarding - CUNA Councils€¦ · Welcome to: New Member Onboarding We will begin promptly at 1pm CT Want more? August 24: Increasing Member Loyalty. Member
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Welcome to: New Member OnboardingWe will begin promptly at 1pm CT
Want more?August 24: Increasing Member Loyalty
Member loyalty is arguably the most important factor for credit unions today. It costs 5X more to find a new member than keep an existing one, yet it’s estimated
we spend 44% more on acquisition than on retention.
Hear from 4 credit unions who have harnessed the power of member loyalty.
5 Essential Onboarding Strategies for Credit Unions
Presenter:Sandi Carangi, CEO
About Us
• $75 Million in Assets• Nearly 10,000 members• Community Chartered
– Mercer County in Western Pennsylvania• Originally chartered as a teacher’s credit
union in 1957
Onboarding MethodologyRule #1: First 30 to 90 days are most important.
Ways to cross-sell without cross-selling: be helpful, share your expertise, answer questions.
Rule #2: Online banking and online bill pay are the ‘stickiest’ services.Source: Fiserv 2010 white paper: Developing a Successful Onboarding Program to Drive Customer Loyalty and Profitability.
5 Best Practices for Cross-Selling• Focus on what you know – a lot – you are the expert
(helping members save money and providing valuable tools)
• Selling without selling – education – handout information
• Generational markers – life stages • Overcoming objectives – courteous and helpful
translate to competent and knowledgeable • Follow up is crucial – create email template that
answer frequent questions, letting you fill in the blanks with information to members
Preferred Banking Method• Internet Banking (laptop or
PC) – 32% (31% in 2014) • Branches – 17% (21% in 2014) • ATMs – 13% (14% in 2014) • Mobile (cell phone, Blackberry,
PDA, iPad, etc.) – 12% (10% in 2014)
• Mail – 7% (6% in 2014) • Telephone - 5% (7% in 2014) • Don’t Know - 13% (11% in
2014)
ABA Survey: More Consumers Turning to Mobile Banking - Source: American Bankers Association (ABA), July 2015. http://www.aba.com/Press/Pages/081115MobileBankingSurvey.aspx
Preferred Banking Method of US Consumers, by Age - Source: American BAnkers Association (ABA) survey conducted by IpsosPublic Affairs as cited in press release, Sep 20, 2010. More Products = Greater Stickiness - Source: Bancography
Onboarding Strategy1. Timing is Everything
• Within one week• Within 30 days• Within 60 days• 90 days and beyond
3. Follow up is essential• Respond to requests within 24
hours or sooner• Preferred communication channel
Onboarding Strategy
4. Continue to build relationship –• Team effort• Teller pop-up screens• Family and co-worker incentives• Promotional handouts
Onboarding Strategy
5. Measure Results and Make Adjustments • Tracking system in place• 2 months/6 months/1 year• National average PPM is 2.2• PPM goal 3 – 4 • Know your credit union PPM PPM Source: Callahan & Associates 3/12
Onboarding Strategy
Only 40% of credit unions actively engage in onboarding initiatives
• Develop a process• Example letter • Example marketing materials
Sandi CarangiChief Executive OfficerMercer County Community Credit Union
Member loyalty is arguably the most important factor for credit unions today. It costs 5X more to find a new member than keep an existing one, yet it’s
estimated we spend 44% more on acquisition than on retention.
Hear from 4 credit unions who have harnessed the power of member loyalty.