The Care and Feeding of New Members
What can marketers do to really get new members excited about the credit union, and maybe even turn them into credit union superfans? The first few months are the perfect time to solidify your CU’s relationship with new members and increase the number of account relationships.
After all, new members have the sharpest memories of the contrasts between banks and CUs, and for many of them, the CU helped them achieve something emotionally significant they couldn’t find at a bank – a home, reliable transportation, or a feeling of safety. And as with any new purchase or decision, people are most excited when it’s fresh.
Here are a few ideas to get the onboarding ball rolling:
Personal Welcome from the Boss
How cool would it be to get a personal email from the CEO after opening your new account, complete with her email and phone number? For more spread-out credit unions, you could also do something similar with the local branch manager’s information – basically make a personal connection, and let the new member know in a tangible way that they’re so important that they have a direct line to a decision-maker.
A related tactic might be to assign a Personal “Banker” (boy, do CUs really need a verb…), or maybe use the word “Concierge”, a real live resource and problem-solver they can contact directly.
Onboarding the Rate Watchers
New members gained through things like indirect loans, loan refi specials and “new money” certificate specials are a famously tough nut to crack, especially if they applied or opened their account online. They tend to quietly make their loan payments or collect their earnings and then vanish.
What can you do to build loyalty and forge stronger connection with members who may never see the credit union? For one, you’re going to have to show them the money. How much could they save or earn by bringing more of their financial lives to the credit union? And show them the tech; how much easier could their lives be by consolidating accounts and loans into one place?
And of course you need to be there later in the life of the loan or certificate. Get in touch two or three years into that auto loan so you’re top of mind when they trade, or even make an offer they can’t refuse for a flexible refi (lower payments, or pay off sooner). And for certificates, make sure there’s an offer in their inbox at the right time to retain that money, a few months before maturity. Maybe even add a sweetener like an extension if you’d like them to bring over more of their money, depending on capital needs at the time.
Welcome to the Neighborhood
For relocating new members brought in via mortgages or by their employer, the time to talk about everything else the CU offers may not be while they’re trying to rearrange everything else in their lives. But the credit union can still do a lot to help with the financing, closing, and moving process. Even little things, like on-site closings or flexible hours, can mean a lot.
So give them a little time to get settled, then let them know what the CU can offer to welcome the family to the neighborhood.
New Member Training
Some things are hard to figure out on your own or learn from a brochure or website. Instead of buzzing quickly through a rote account opening process, what can your member service people do to make sure new members really understand the credit union difference, and how to make the best use of the CU’s services? Put yourself in the members’ shoes – what do they need to know?
Seminars and webinars are a good way to tackle some financial topics, but what about the member who’s confused by the online banking – and a little embarrassed about it? Maybe some short screen capture videos on your website would be just the ticket.
Maybe a new member is feeling a little over her head in debt, and would love to sit down one on one or on Zoom and ask some questions. Perhaps you could offer to schedule free one-on-one sessions with your best member service people. Again, you’re forging a personal connection, taking responsibility, and probably listening to the new member in a way she’s never been listened to before.
Of course, there are many other ways of making new members feel welcome. Each new member is cause for celebration, and it’s important to let them know that. What are your ideas?
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