Attract and retain members through financial counseling
It’s an unfortunate truth, but no matter how hard you work to serve your members, there are going to be times where they find themselves on the wrong end of financial difficulty.
When that happens, they’ll look to their credit union—the place where they handle their finances—for guidance and support. Being able to provide that guidance and help them lay the groundwork for a more financially healthy future lets them know that your credit union is different.
It lets them know you care. Unlike at a big bank, your credit union isn’t just a financial partner during times of financial prosperity. You’re in this with them for the long haul.
You improve on delinquency. Financially informed and educated members have systems in place to make payments on time, so you can watch delinquency drop as they learn to be in control of their money, rather than the other way around.
They’ll tell their friends. The next time a friend or loved one is looking for financial advice, a member you’ve helped becomes a valuable promoter. They know you can deliver on the counseling services that other institutions can’t.
For credit unions, implementing an effective financial counseling program can be made easier through CUNA Financial Counseling Certification Program (FiCEP). With a single Certified Credit Union Financial Counselor (CCUFC) on staff, credit unions have seen comparatively higher drops in delinquency rates since 2011 than non-CCUFC organizations.
Those looking to earn their CCUFC or register their staff for training can get started at cuna.org/ficep.