What is driving your core share growth: new or existing members?
In 2008, the credit union industry posted 7.7% growth in shares at June 30 over the year before and 1.25% member growth. Knowing where funds and members are coming from can help the marketing teams leverage opportunities in the local area. Are new branches driving your member growth? Consider the impact on shares: according to the FDIC, of the branches built in 2001, 60 percent have not yet reached a break-even level of deposits. Average shares per branch for the credit union industry stood at $32.5 million as of June 30, 2008.
Read the full article for other questions to consider:
- Where are the majority of members’ transactions currently conducted?
- Are your products and services channel dependent or channel independent?
- Do you effectively market cross-selling opportunities?
- Are you creating members for life?
Hear these five topics discussed in-depth at a CUtv event
on Thursday, October 30th. Join the conversation to share your great ideas and actions.