Knowledge and Numbers

An Iowa credit union is using data and the right attitude to generate solid member relationships.

 
 

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. Vice President of Branches Mark Koppedryer mentions some of the numbers presented here before diving into strategy.

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Oct. 3, 2011


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