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.
