July 22, 2014

100 Million Members - Now What?

Each month we look at the latest Credit Union Trends Report for the information our credit union followers need/want to know. Typically, it's loan trends (auto, home, refinancing) and membership growth.

This month in our interview with our new chief economist, Steve Rick, we had a chance to talk about hitting the 100 million member milestone. While we expect to hit the mark sometime this summer, Rick pointed out that "credit union membership is growing 25-percent faster than this time last year." Of course, we had to ask why? He attributes the rapid growth to a few things:

  • General increase in credit demand in the over all economy.
  • Labor market is improving.
  • People are ready to make bigger purchases (cars, appliances...).  
And with these new members comes important marketing opportunities through, not only direct marketing, but membership-relation-focused-marketing, social media, mobile marketing and on and on and on.  

The question is, we have 100 million members (and counting) waiting to be served, now what are we going to do to with them?