According to a 2016 TransUnion survey, credit unions are growing at 6.35% annually–a rate which far outpaces the growth of active credit consumers overall. However, this substantial rate of growth is highly concentrated, with almost four-fifths of the increase in membership ascribed to credit unions with assets of more than $500 million.
How can smaller credit unions and community banks take advantage of the favorable conditions for growth? By emphasizing five key strategies, you can help your credit union make 2017 a tremendous year for growth.
Understand Your Value Proposition
No credit union can be everything to everyone, and understanding what you can offer to your members–and, indeed, who your target group of members are–is key to continued growth. Figuring out what your core offerings are, creating a “brand” and aligning your marketing efforts accordingly will help build your name among your clientele.continue reading »