A holistic look at member growth
The movement’s continuing growth in membership is accompanied by growing engagement.
Americans continue to join credit unions in record numbers. Each person joins for their own reasons, but together they’re energizing a movement that now accounts for more than one-third of the U.S. population.
They may be attracted to higher interest on their savings and lower interest on their loans than competing banks. They also may be attracted to the member-focused, not-for-profit model that often comes with a heavy dose of financial wellness.
Mergers and expanding fields-of-membership are a few ways that individual credit unions can grow their membership base. Quality member service and keeping up with technology also help the cause, and credit unions aren’t shy about making sure Americans know the difference this type of financial institution can make.
“We’re seeing credit unions investing time and energy into creating experiences beyond rates to attract new members,” says Alix Patterson, chief experience officer at Callahan & Associates.
continue reading »