THE GOOD NEWS...
The number of credit union members in the U.S. has increased byalmost 4.5 million over the past three years, thanks in part to the well-publicized bad behavior of banks.
THE SO-SO NEWS....
Only 33% of all U.S. adults are credit union members.
THE BAD NEWS...
About 8% of members leave their credit union each year.
According to a recent CUNA study, if fewer than 20% of your members have joined within the past four years, your growth may not be sufficient to outpace your attrition or to see any gains in product usage. To strengthen your credit union, you not only need to focus on attracting new members – it’s also crucial to find ways to improve retention and increase share of wallet among existing members. That means finding a way to increase the number of members who are loyal to your credit union. This is where internal culture comes in.
Stay tuned…
True... but the real story is much more challenging. Virtually ALL of membership growth has been limited to the 13 mega Credit Unions (those with assets over $5 billion) - read more: http://bankblog.optirate.com/q1-2011-credit-union-performance-update-are-cus-performing/ . The reality is that most Credit Unions with assets less than $1 billion have either lost members or member growth has plateaued.
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