Marketing

The Real Story About Bank Transfer Day

CUs attracted young members and built a strong branding foundation.

November 14, 2011
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"The real story about Bank Transfer Day, according to Bill Hampel, CUNA’s chief economist, isn’t “asset growth, but membership growth and the new, mostly young members that credit unions have now gained."
 
Attracting younger members has been a topic of concern for years among credit unions. Bank Transfer Day—which reached well in excess of 60,000 consumers through its Facebook page alone—was in large part speaking directly to the younger adult crowd.
 
Around 650,000 new members transferred a total of $4.5 billion in funds into new credit union savings accounts in the month leading up to Bank Transfer Day. An estimated 80% of credit unions saw their membership increase in October.

Bank Transfer Day could drive the credit union system over $1 trillion in total assets, Hampel says.

Since Sept. 29, California-based credit unions have seen the biggest gains, bringing in an estimated 90,000 new members and $624 million in new deposits. Texas credit unions also saw a large surge in new deposits, gaining $326 million in new deposits from 47,000 new members. In total, 21 of 50 states and the District of Columbia have seen membership increases of 10,000 or more in the past month.
 
More consumers than ever heard the message that credit unions generally offer higher rates on savings, lower rates on loans, and lower fees than the megabanks. “This gives credit unions an incredibly strong new foundation from which to launch future branding campaign,” notes Mark Wolff, CUNA’s senior vice president of communications.

The nationwide publicity also gave credit unions the opportunity to bust some myths about the member-owned cooperative model and clarify their message.

And one of Bank Transfer Day's longest lasting legacies will unfold, Hampel says, as those new members relate their positive credit union experiences to their friends and families, creating even more new members, he added.

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Great article! Unfortunately, most employees don’t feel valued or appreciated by their supervisors or employers. In fact, research has shown that the predominant reason team members quit their jobs is because they don’t feel valued. This is in spite of the fact that employee recognition programs have proliferated in the workplace – over 90% of all organizations in the U.S. has some form of employee recognition activities in place. But most employee recognition programs are viewed with skepticism and cynicism – because they aren’t viewed as being genuine in their communication of appreciation. Getting the “employee of the month” award, receiving a certificate of recognition, or a “Way to go, team!” email just don’t get the job done. How do you communicate authentic appreciation? We have found people have different ways that they want to be shown appreciation, and if you don’t communicate in the language of appreciation important to them, you essentially “miss the mark”. Additionally, employees need to receive recognition more than once a year at their performance review. Otherwise, they view the praise as “going through the motions”. A third component of authentic appreciation is that the communication has to be about them personally – not the department, not their group, but something they did. Finally, they have to believe that you mean what you say. How you treat them has to match the words you use. If you are not sure how your team members want to be shown appreciation, the Motivating By Appreciation Inventory (www.appreciationatwork.com/assess) will identify the language of appreciation and specific actions preferred by each employee. You then can create a group profile for your team, so everyone knows how to encourage one another. Remember, employees want to know that they are valued for what they contribute to the success of the organization. And communicating authentic appreciation in the ways they desire it can make the difference between keeping your quality team members or having a negative work environment that everyone wants to leave. Paul White, Ph.D., is the co-author of The 5 Languages of Appreciation in the Workplace with Dr. Gary Chapman.

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