Visions of sugarplums dance in the heads of children while they drift through dream world on Christmas Eve, waiting for Santa to arrive. Just like a bride dreams of her favorite wedding or we all dream of the perfect house. What about credit unions, though? They have dreams too! Lending growth, credit union independence, and happy members are just as worthy as sugar plums! Let’s take a closer look at each.
It’s no secret. Lending is the lifeblood of any credit union. Healthy lending yields a healthy bottom line and member confidence. To make not just the holiday dream a reality, are you doing everything necessary to encourage lending growth?
A targeted personal loan campaign could be very effective at encouraging lending growth among Millennials. Online access to check things like account balances and payoff terms could seal the deal. In 2017, the personal loan sector experienced double digit growth of 10.8%. While that’s impressive, it is a 132% increase over 2012. What does this mean? Members are open to lending. It should not be hard to make this holiday dream come true, and we have the perfect consumer lending package to make it as easy as possible!
It doesn’t hurt to have help, like with Oak Tree’s innovative marketing department. Together, we can come up with the next great lending campaign for your members, whether the focus is home, auto, or other type of loan product. Students are waking up to the fact that credit unions may be a better lending alternative than their bank.
Resisting Mergers Nightmares
While credit union mergers may not be the same big, bad wolf they pose for banks, the thought of merging is still unnerving. After all, the heart of credit unions lie in smaller communities. It’s likely why your members chose you in the first place. So even though merging isn’t the end of the world, it is the end of a few things.
For instance, if there is a staff shake-up, customer service for members may be affected without a good hand-off. Also, a certain degree of autonomy yields, as boards are restructured to account for the merger. And while the heart of the mission should remain the same, there may be new focus. The last thing you want members to have in their heads is that your credit union is no different than a large, impersonal bank.
We understand why any credit union’s dream would be to resist a merger. In all of the transition chaos, one forms mishap could cause a compliance issue. With Oak Tree forms, we have you covered no matter what happens. We may not be able to stave off a merger, but we can keep the dream of compliant forms alive for sure!
Happy Members Dreams
We are certain this has been on every credit union’s Christmas list and New Year’s resolution. This is an easy wish to fulfill, too. Relaxed membership regulations allow credit unions the opportunity to seek new members. And by all accounts, credit unions are keeping them happy! Focused field of membership marketing targets new opportunities for your credit union community. Keep in mind signing up new business members as consumer members. Membership jumped from 93.9 million members in 2012 to 111.3 million members in 2017. That is a 17.4 million member increase.
So it seems membership campaigns and marketing other aspects, like convenient online banking, are making a difference. Find the perfect forms package to help make any of your credit union dreams come true. If you have questions or concerns, please reach out! We will do our best to help your credit union dreams become a reality!