Are Your Members Going Elsewhere?

by Lauren Etter

How to keep them engaged in their credit union through PFM

In today’s world of technology, it can be difficult to keep members engaged. Introducing personal financial management to help them manage their own money can both engage members and get them to sign on to more products and services through your credit union, according to Steven Nigri, VP/sales at Geezeo, a strategic provider of CUES Personal Financial Management, Powered by Geezeo, located in New York.

“We are seeing members get much more advanced with technology,” said Nigri during “Member Engagement,” a CUES webinar. “Online bank users have grown three to eight percent each year.”

What exactly is personal financial management? Many members may be familiar with Mint, a popular, and free, PFM tool providing users access to all their financial information in one place. It helps users see how they can achieve financial goals, and keeps them aware of their finances with text and email alerts and by providing free mobile and tablet applications.

Mint can be a challenge for CUs because it sells users’ information to other financial institutions and includes ads for credit cards, savings accounts and loans, often showing better deals than the user’s current provider. This can sometimes pull members out of the CU and into big banks, creating a loss of engagement.

But all is not lost. “Though members are moving toward an online channel does not mean credit unions cannot have the intimacy that we have had for so long,” Nigri emphasized. “We can still develop and have a relationship through online channels.”

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