Think it’s hard to convince new members to open an account at your credit union?
Think again.
Do what the big FIs - Chase, Wells Fargo, Citibank - routinely do: offer cash incentives for joining the institution.
How much? $400 to $500 are numbers often seen and sometimes the bounty climbs to as much as $1000.
Are credit unions in this too? Indeed they are, and on the show is Fred Cadena, a senior vice president at Vericast, a company that check printer Harland Clarke transformed into Upwards of 4000 banks and credit unions are Vericast customers and a big service they offer involves strategies for attracting new members and customers.
And money definitely talks in this process.
But a key is offering it intelligently. Cadena explains that this typically involves tasking the new member with doing a task or two such as setting up a recurring automatic deposit - a pay check is ideal - or perhaps swiping a debit card X times.
Financial bonuses can also help sell CDs, loans, saving accounts - there are lots of uses for these bonuses, Cadena elaborates.
Listen up.
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Find out more about CU2.0 and the digital transformation of credit unions here. It's a journey every credit union needs to take. Pronto
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