Member Loyalty
Credit Union loan growth is expected to slow to 5% during 2008, the lowest rate in over 10 years. What measures can a Credit Union take to make up the shortfall of revenues resulting from this trend?
CUBUS Solutions' Member Loyalty solutions provide a suite of products the clearly differentiate a credit union from its competition. Our CULoyalty Checking solution will potentially double your profits while also keeping valuable members much longer. Market data indicates that members enrolled in a Loyalty checking program maintain higher average balances, use their debit cards more often, and perform more electronic transactions than those that are using other checking products.
Of course, a checking account which provides significant benefit to members is only part of the Member Loyalty challenge. Credit Unions also need flexible member reward products which can help them to target specific aspects of their business based on demographics, sales goals, etc. A Credit Union may choose to focus on building membership in the 18-30 age bracket through the awarding of iTunes credits or Starbucks gift cards for the opening of new accounts. From there, the member may be encouraged to utilize their ATM Card for specific purchases from these or other stores, further solidifying the branding of the Credit Union alongside that with which the new young member identifies. CUPoints from CUBUS Solutions provides such capabilities, and more.
Member Notices
Enhance relationships with members through the provision of real-time information about accounts, financial news and new products and services. Through electronic provision of statements, alerts, letters and tax forms, facilitated by CUBUS Solutions, dollars spent on traditional mailing methods are significantly reduced, resulting in a greater return to members. An added benefit is that the credit union demonstrates its environmental responsibility in a very real and tangible way by reducing the amount of paper it generates through operations.
Adding to the convenience and cost-cutting is the fact that electronics letters and notices have the added benefit of reaching members sooner, which will provide an advantage when marketing new services or products. An effective electronic delivery system provides significant benefit in allowing a credit union to react quickly to changes in its market, and can be the powerful tool that helps forward-looking institutions lead their market by taking advantage of cross-selling and other opportunities.
Finally, electronic notifications are an integral part of a credit union's overall online strategy. According to the NCUA, "Technology will continue to have a tremendous impact on the financial services industry. The Internet and an ever-broadening search for convenience by current and potential members will continue to weaken institutional loyalties and increase credit unions' vulnerability to marketplace innovation."
Member Deposits
The world of electronic banking still has one major drawback – not everyone uses it. Whether it is Aunt Martha sending a check for Billy's birthday, or a business mailing out its payroll and vendor payments, millions of checks continue to be written and passed each day throughout the United States. The receiver has no choice but to make a trip to a local branch or ATM to deposit this paper and receive the funds into an account. Such a dilemma may pose particular hardship in an area where access to an ATM is not always easy.
CUBUS Solutions addresses this challenge with CUDeposits, a product which allows Members to “deposit” a paper check online and then send it through the mail to the Credit Union. By enhancing member's access to their funds, the Credit Union receives benefits in customer satisfaction, higher account balances, and reduced processing costs of ATM transactions.
The Go Green Initiative brings together students and community through shared environmental goals. CUBUS Solutions shares these ideals and believes an increased commitment to civic responsibility builds a stronger society through deepened employee, consumer, and shareholder relationships.