To Add Members, Think ‘Bold’ and ‘Local’

Learn the secrets of five CUs that have experienced dramatic membership growth.

August 20, 2014
KEYWORDS growth , membership
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For TopLine Federal Credit Union, Bank Transfer Day in 2011 is the gift that keeps on giving.

The $353 million credit union in Maple Grove, Minn., has capitalized on a membership spike from that initiative through word-of-mouth referrals fueled by its exceptional service culture.

Tom Smith, TopLine FCUTopLine's membership increased more than 3.4% annually in 2012 and 2013, and has bloomed by 4.5% through the first half of 2014, to 40,835.

On average, 65% of new members each month trace to member referrals from their family and friends, according to president and CEO Tom Smith.

“We take great pride in serving our members, communities and employees,” Smith says. “We know if we treat our members right, and go the extra mile, our members will reward us by touting the credit union with others they know.”

TopLine emphasizes not just gaining members, but keeping them around, and engaged. The credit union implemented a custom onboarding program that combines human interaction with a series of strategic print and electronic communications that educate members and prime the pump for cross-selling opportunities.

The program includes:

• A personalized thank you card;
• Monthly mailers for seven consecutive months, with the same message being delivered via email;
• A personal phone call after the first month to assist the member with any questions they have on their new account and thank them for their business.

Earlier this year, the credit union introduced a mobile app with mobile deposit capabilities to continue to provide convenience to current members and entice prospective members.

"TopLine has been in the community for over 79 years, founded on the principle of 'People Helping People,'” Smith says "We will continue to remain a member-owned financial institution dedicated to helping members achieve their financial goals by offering quality financial products and services at competitive rates and providing the highest quality member service available in the financial arena.

"Our goal is to build a relationship with each and every member, to better understand how we can be their financial institution of choice and help with all their banking needs."

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