January 2, 2025
It’s a new year, and competition in the financial industry isn’t getting any easier. According to a recent survey, almost 40% of people use a major national bank for their primary account instead of a local credit union or online bank. So, how can your credit union gain new members and continue to win? First, be open to change and improving your processes. Second, make sure you have a modern, innovative core processor to back you up – like Sharetec!
Here are 5 ways your credit union can gain new members in 2025:
Credit unions are known for offering some of the best interest rates! Be sure to follow your competition to see what they’re offering, and adjust your own rates whenever possible. Offer competitive rates on loans, credit cards, and savings accounts. Also, offer low/no fees for your checking accounts, overdrafts, and ATMs. No one likes fees, so avoid them as much as possible!
If you want to attract new members, you need to offer products that fit every stage of life. From youth checking accounts to student loans to first-time homebuyer programs to retirement accounts – make sure your CU offerings are comprehensive!
When you partner with Sharetec, you gain access to best-in-class products that will improve your CU operations and member experience, including Offline Processing, Cross-Selling, Online Member Services 2.0 (OMS 2.0), Advanced Analytics, Notebook, and more! Not to mention the dozens of integrations Sharetec partners with to make your credit union’s and members’ financial lives easier!
According to research by the Current Account Switch Service (CASS), 46% of end users cited online banking as the main reason for switching to a new account, and 40% switched for mobile banking/banking app ease. That means, your credit union’s mobile banking app had better be modern, innovative, and user-friendly – Oh, and better than your competition down the street!
Want an example of what your CU should offer in mobile banking? Then check out Sharetec’s updated and reimagined platform – Sharetec On-the-Go Mobile.
When was the last time your credit union refreshed your marketing or digital presence? For many CUs, the answer would be never. Well, when it comes to gaining new members, that often requires a new look and a new approach to advertising.
Most credit unions are great about utilizing local advertising venues such as newspapers and radio, but your digital presence will have a more profound impact in today’s market.
If you’re not currently using all social media platforms, then you’re not reaching all potential members. If you haven’t already, create LinkedIn, Twitter, Instagram, and Facebook accounts – and begin posting to them regularly. You can streamline your social media marketing by using a scheduling tool such as Hootsuite (your marketing department will thank you!).
Have the marketing team go through the CU website to ensure it’s optimized for search engines. Focus on financial products and services keywords that are relevant to your community needs to boost the SEO (Search Engine Optimization).
Ensure the website is easy to navigate via desktop and mobile devices, and displays the most valued resources on the homepage, such as services and rates.
Start implementing more member testimonials and online reviews to showcase your member satisfaction to potential members. Many people search for reviews and ratings before signing on to a new financial institution. Start by reaching out to some of your long-time members to see if they’ll provide a testimonial. Post these on your website and social media, and ask members to write reviews via Google or Yelp as well.
Not only are members looking for the best products and services, but also a simple way to sign on. If your membership process is tedious, that can be a dealbreaker for many potential members. Today’s members, especially the younger generations, expect a quick and easy turnaround. Make sure your digital member application is user-friendly and only requests necessary information. Of course, ensure the support of friendly staff is also on hand!
What is your current field of membership? When was the last time you expanded it? While this isn’t something that can change overnight, it’s important to consider your current eligibility requirements and how they could be limiting your growth.
Whether it’s expanding the geographic location you serve or offering membership to individuals based on business or family connections, implementing an expansion is a surefire way to increase your membership. Make a plan to discuss this with your board members early in the year!
Leverage data analytics to ensure you’re marketing the right products to the right people at the right time! For example, if a family just moved within your field of membership, you could have specific offers sent for mortgage products or auto loans. You can also send personalized offers based on the financial behaviors of potential members.
It’s important to partner with a core that provides easy-to-understand access to data. That’s where Sharetec Velocity’s Advanced Analytics Suite kicks in! Gain access to all the reports and dashboards you could possibly need to make the best data-driven decisions for your credit union.
According to a recent survey, 36% of people open a new bank account for better service. You’re a credit union, so of course your service is top-notch! You can make it even better by providing continuous training and support to your staff so they are both knowledgeable and satisfied enough to provide friendly interactions.
Although your hours may be 9 to 5, today’s members want 24/7 support. Luckily, with today’s technology, you can do just that! Ideally, you can assist members during regular hours to give a more personalized experience, but when it’s after hours, you can implement effective chat tools by utilizing AI (artificial intelligence). It may seem impersonal, but using AI can actually boost your “People Helping People” ability.
By offering top-notch products and services, improving your marketing and online presence, enhancing membership accessibility, leveraging data to personalize offers, and providing the extraordinary member service credit unions are known for, you can gain new members and improve member retention this year!
Discover how Sharetec’s bold, powerful, and caring core products can help you gain and retain more members in 2025 by scheduling a demo today!
