This week CreditUnions.com finds two ways credit unions are rewarding loyal members, quizzes readers on member relationship statistics, and offers an early guide for GAC attendees.
Here are five can’t-miss data points:
Valentine’s Day comes once a year, but credit unions show off their love for members year round. Last year, members at American 1 Credit Union cashed in nearly $500,000 in points earned through the credit union’s ScoreCard Rewards program. The program gives members one point per dollar spent and also includes quarterly promotions such as triple points for restaurant and travel spending or double for gas purchases. What members got in return ran the gamut from retail gift cards to international travel, and that’s all aside from the more than $1.5 million the credit union returned to members in loan interest rebates and bonus dividends.
Read: 4 Ways To Reward Loyal Members
Heritage Federal Credit Union’s Member Mania rewards program succeeds in creating more engaged members. The program rewards existing members $25 and new members $50 for referrals, provided the new member meets three criteria within 60 days after first opening a checking account. First, they must take out a credit or debit card; second, they must make 15 transactions on their new debit or credit card; and third, they must enroll in e-statements. Here, Smith discusses Member Mania, including how Heritage determined the bonus amounts, what prompted the credit union to start offering the program on a regular basis, and lessons learned.
Read more: Pass It On: A Referral Program That Works
Analysts from Callahan & Associates project total dividends at credit unions totaled $8.4 billion at the end of 2018. This $2 billion increase over last year represents an annual growth rate of 30.5%, the highest since 2006 and 18.2 percentage points stronger than credit unions reported in 2017. Dollar for dollar, credit unions haven’t given back this much since 2010, when they returned almost $10 billion.
Read: Higher Interest Means Higher Member Returns For 2018
True or false: The average member relationship at U.S. credit unions has increased more than $5,000 in the past 10 years? Member relationships run deep at U.S. credit unions. Test your fourth quarter knowledge of fundamental member metrics.
Read: Performance Pop Quiz: Are Member Relationships Still On The Rise?
Late every winter, leaders from across credit union land gather to network with 5,000 or so of their closest friends and lobby their lawmakers. CUNA’s Governmental Affairs Conference is booked this year for March 9-14, again at the Walter E. Washington Convention Center in downtown DC. The annual soiree is the movement’s largest gathering. Attendees hear from and meet with lawmakers, listen to keynote speakers, and check in with CUNA. Plus, there is what’s billed as one of the larger exhibition floors in the domestic financial services space. There’s lots of opportunity to network and negotiate: Here are three ways to plan ahead to ensure there’s not a moment wasted during this visit to the nation’s capital.
Read: Start Today To Be Prepared At The GAC