The American financial services industry is evolving faster than ever, and many observers believe that only the most nimble competitors will survive the wave of consolidation and technological revolution currently sweeping the marketplace. In this environment, credit unions need a strategy to increase membership. For many credit unions, a key method to achieve that goal is to extend membership to the employees of select employee groups (SEGs).
What is the research about?
Filene, in cooperation with the National Credit Union Foundation, has assembled information available from a number of research studies dedicated to the SEGs issue, and created this digest of 15 steps to an effective relationship with partner companies and organizations. The report is designed to give credit union management and boards a simple, easy-to-implement blueprint for increasing membership, assets, service to members, and opportunity for long-term success.
What are the credit union implications?
Taken together, the 15 steps presented in this report, offer an organized, realistic, and affordable approach to building credit union membership through select employee groups. With credit unions’ enhanced powers comes increased responsibility as well. If credit unions are to continue their drive to become major players in the consumer finance industry, they must use sophisticated marketing techniques that will make membership attractive to the newly enfranchised millions now eligible for membership. This paper offers an array of tools with which to pursue that goal.
This report is sponsored by the National Credit Union Foundation under a grant from The Ford Foundation.