First impressions are historically critical to successful relationships, and for credit unions, that impression lasts 90 days. When a new member joins a credit union, the depth of the relationship is established within the first three months.
Veridian Credit Union ($1.7B, Waterloo, IA) has building strong, long-term relationships with members as one of its organizational goals. It tracks performance on member-centric statistics such as Return of the Member and member service usage to understand how its 157,656 members are engaging the credit union. And the numbers are promising.
70% of members have a checking account with Veridian.
25% have an auto loan.
30% have a credit card.
The credit union averages 3.3 services per member and opens 16,000 memberships a year.
To find out how Veridian onboards members so effectively, take a look at the clip below. Vice President of Branches Mark Koppedryer mentions some of the numbers presented here before diving into strategy.
For a full explanation of how to maximize onboarding opportunities, check out the full event, "The Honeymoon Period: Make the Most of Your Members' First 90 Days."