When members get confused about a financial product or service, they come to you. That works just fine in most situations, but how can you make them come to you before they have questions?
The mortgage process is a daunting one for anyone, and offering educational seminars on the ins and outs of the experience is an excellent way to differentiate your cooperative from your competitors. And make members inquisitive.
American Eagle Federal Credit Union ($1.3B, East Hartford, CT) has taken the value of education and turned it into a business generator. The credit union held a seminar in March at a branch location to discuss the value of homeownership, the basics of credit and the intricacies of the process of buying a home. Jennifer Cowles, VP of Lending at AEFCU, says the seminar was a valuable way to engage members and get them familiar with the credit union's mortgage lending staff.
AEFCU asked members what they wanted to hear about in advance of the seminar and used marketing channels from fliers to Facebook to promote the event. The result was approximately 20 people at the event, which led to several pre-approvals and two applications in process. And it was all just from taking the opportunity to teach.