It is safe to say that members are the driving force behind what helps a credit union thrive. It goes back to why they started in the first place: serving the underserved, or a specific group of people. With that being said, credit unions go above and beyond in the efforts of drawing in potential members, and most importantly, keeping the current ones content.
When looking at the benefits of banking with a credit union versus a bank, credit union members and many others would say that the good outweighs the bad. This comparison has been one of the main selling points for credit union membership and it is what keeps people committed to their financial institution. To go along with this, the member-owner model that credit unions possess is unique and differentiates them from the rest. These two benefits alone are extremely important to stress and promote.
Now, aside from the obvious benefits, credit unions offer other ways to satisfy their members and draw interest from potential new ones. This is where it gets a bit specific because not every credit union is the same, and tactics vary. From a marketing standpoint, there are plenty of ways to reward members for their loyalty and entice others to become members. Through social media, credit unions have the perfect platform for promoting contests, giveaways, and events, as well as new account options and programs. Specifically, things like discounted tickets, community outings, and convenient loan options are what members can look forward to. And, unlike a bank’s board of members, credit unions tailor their decisions around what is best for their members and are more willing to incorporate suggestions into their services. This shows that you, as a credit union, are thinking about the people and are willing to give back. Read about how to connect with your credit union demographics here.
If we go back again and look at the roots of the credit union movement, the idea of serving a community was very important. This idea is still alive and well and remains something that credit unions take pride in promoting. Members are also able to take pride in the idea since they all contribute to their credit union’s ability to do things like donate money to organizations, and grant loans to small businesses to list a couple of examples. Although this idea is not exactly a tangible benefit, credit unions should still treat it as such and promote it as a core value. It goes to show that the benefits of choosing a credit union go beyond that of things like comparing them to banks and having lower rates.
Oak Tree has been a part of the credit union community for 35 years, providing compliant forms and disclosures as well as other services such as marketing assistance. Visit our membership lending options page or our marketing services page for more info. #CUMembershipDocuments