Targeted Marketing And Checking Account Design

Five can't-miss data points featured this week on CreditUnions.com.

 
 

This week, CreditUnions.com looks at targeted marketing messages, low credit score services, checking account improvements, and more.

Here are five data points you can't miss:

$20

That's the marketing expense per member at First South Financial Credit Union, compared with $15 for credit unions in its $500 million to $1 billion peer group.

But that’s because the credit union sees results. First South has reaped more than 2,000 responses to the offers it has made to more than 15,000 new members since spring 2011 and has improved retention, electronic services engagement, and accounts per household.

Learn more about how the credit union delivers the right messages to the right members in "First South Financial's Targeted Marketing Nets Big Returns."

$1.8 Million

In April 2015, Langley Credit Union launched a checking account product for members with sub-600 credit scores. At third quarter, according to annualized statistics, the credit union expects to derive $1.8 million in income from this checking account. Langley projects losses of approximately $132,000. 

Learn more about this product and how the credit union controls risks in "How Langley FCU Connects Financial Health To Products."

$1,089,106,717,167

That's the total value of share accounts across all credit unions in the U.S. at third quarter 2016, representing a 9.0% growth rate year-over-year. 

But performance can always be enhanced, which is why the latest Callahan Collection focuses on "Tips To Improve Checking Account Design."

$6,983

That's the median average share balance for credit unions. The average share balance for the industry increased 3.2% year-over-year. Credit unions in the top 20th percentile reported an average share balance of $10,004, while those in the bottom 20th percentile reported an average balance of $4,342.

Learn more about this side of the portfolio in "Shares By The Numbers."

2011

After 2016, 2011 is the last time that credit union investments were higher in the third quarter than the second. 

In fact, investments are unseasonably trending up, at a projected $371.5 billion for the third quarter of 2016.

Learn more about historical investment trends as well as current maturities in "Credit Union Investments Defied Expectations In 3Q 2016."

Happy Reading!

 
 

Nov. 28, 2016


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