July 17, 2006


Comments

 
 
 
  • Share Branching has become a tremendous member retention vehicle for credit unions. For instance, in our stateside market we will have a total of 12 brick and mortar outlets for our members to use. By including the share branching outlets our members have access to more then 22 outlets! (These are locations only within our state) I’ve heard push back on share branching because of the fear of losing members to other CU’s or being sold products while their members are within other outlets. Hog-wash – In fact the vendors who supply the switch and technology for this type of service have “Cross Selling” to other CU members as the number one do not do. The truth is if your members are going to move out of your extended CU area you will most likely lose that member. If you offer share branching and the ability for that member to continue to conduct business with you, you’ll retain more members. We all know how hard it is to gain a new member. The benefit to your members is convenience and ease. Share branching should be marketed during your initial interviews with a new member explaining the other outlets they can use, whether on vacation or just happen to be closer to another outlet. A huge emphasis should be on educating your staff employees about the program and how to conduct a need based conversation with a member when they express interest in closing their account because they are moving. Membership retention. These are the best marketing sources you have.
    Mike
     
     
     
 
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