What’s your definition of primary financial institution?

Putting your focus on becoming your members’ primary financial institution begs the question, “How do you define a PFI?”

CUES member Dan Clarke, SVP/member experience with $5 billion Service Credit Union, Portsmouth, New Hampshire, posed this question to the CUESNet member community in December. (CUESNet is a benefit of CUES membership.)

“To get the ball rolling, I’ll go first,” Clarke wrote. “We currently define PFI as a member with a savings and checking account along with direct deposit and a loan. When we do surveys, we have found that members consider us their PFI but have no loans with us—either by choice (no debt) or because even though they don’t use us for loans we’re still their go-to financial institution (which is a little bit of a bummer for me—after all, we have loans!)

“This is one of those metrics that seem to widely vary between financial institutions (products per member, anyone)?” he added, inviting other CUES members into the discussion.

 

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