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Articles Tagged with 'members'
Bring New Members Onboard
March 01, 2012
CU marketers have been so busy trying to attract new members they’ve had precious little time to consider what might happen if they were wildly successful.
Try On Your Members’ Shoes
February 01, 2012
To understand another’s feelings, concerns, and needs, you must “walk a mile in their shoes."
America Gets a Makeover
January 26, 2012
While the U.S. established its reputation as a melting pot centuries ago, the nation is more diverse today than ever before.
Don’t Be a Boiling Frog
November 01, 2011
Most of us are familiar with the “boiling frog” anecdote. It metaphorically illustrates the danger of not recognizing the aggregate impact of incremental change until it’s too late to do anything about it.
Increasing Wallet Share
October 20, 2011
How do you measure the depths of a member’s relationship with your CU? And what does that measurement mean to your CU's bottom line?
The Vital Need for Co-ops
October 10, 2011
For CUs and other cooperatives, 'democratic member control' is one of the principles by which they operate.
Today’s ‘Deborrowing’ Consumers
November 01, 2010
The extent of consumers' deleveraging has surprised economists.
Credit Union Magazine
July 2014 digital edition
Slide Show: The Daily Duties of a Home-Based CU Manager
Regulators Focus on Interest-Rate Risk
Where Does it All Go?
A Social Media ROI Success Story
Happy 25th Birthday, Filene!
David, good point about the "recovering comfortably" comment. That was an editorial addition--which I'll remove.
Many good points but too rosy? Will the "Federal Reserve raise short-term interest rates 1% per year for the next three years, starting in 2015—“probably next year at this time” ? I have heard from other economist that the US government will go bankrupt if that happens due to the QE the fed has done for several years. Also it seems an exaggeration to say “We survived a heart attack,now the economy is recovering comfortably." Comfortably recovering is too ignore the economic stress that many members still live with daily that will eventually affect many credit unions.
Karan, Great article and insight. I would also recommend that you start getting those credit cards into the hands of the youth BEFORE they are in college. One of the best ways to reach this young generation is through mom and dad. Before the student goes to college, get them started with a credit card (even if mom and dad are joint on it). It's never too early to start marketing credit cards. Mark
I would respectfully disagree that transactional data is a good place to start. In my opinion, relationship data is a much better starting point. Transactional data tends to require more "mining" of thousands/millions of transactions to identify opportunities or threats. Relationship data, however, involves identifying and profiling your high-value relationships (those profitable relationships with multiple products/services, for example) and leveraging that information to attract/cross-sell similar members. Generally involves a bit less effort and quite a bit higher return.
Congratulations on a fine article. Perhaps the best advise is unsaid but exemplified throughout the article - namely avoiding the use of the term "Financial Literacy." The term is insulting and counterproductive because it implies that those who take the training are "Illiterate."
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