Part 2 of 3 P’s: Product-Free, Personal, Passion
Forget product, place, price and promotion. This three-part series features credit union success stories that demonstrate the power of the new three P’s.
Last week in Part 1 of the 3 P’s Series, we focused on how Vancity Credit Union led with a Product free message. This week, we’ll transition to the second “P” which is Personal. Credit unions often compete on exceptional member service and the advantage of being local, but not all are seeing the return. Capital Communications Federal Credit Union ($511 million in Albany, NY) is one example that has year-end results of 16.40% share growth, 16.77% loan growth, and 8.33% member growth to back up their strategy.
The credit union’s growth success is the result of multiple strategies, including leveraging community partnerships for enhanced member service and technology for relevant new member cross-sale opportunities. But David Jurcynski, EVP and CFO, says that a major contributing factor to the credit union’s growth is personal service. “Employees just love to be advocates for the member.” Their efforts are recognized across the organization with “Red Carpet Moments” - events where employees go above and beyond great service. Watch and learn more about these special moments.
To learn about other credit unions that are seeing success by getting "personal" and demonstrating the credit union difference check out our webinar that answers the question: Do Members Care about Your Values?