Leveraging SEG relationships for success

New partnerships generate massive membership growth for Elements Financial FCU.

What’s the key to double-digit membership growth? For Elements Financial Federal Credit Union in Indianapolis, it was to aggressively pursue new SEG (select employee group) relationships and offer value-added, relationship-building services that all employees could use.

That’s the case study Rich Jones, president/CEO of Leaders2Leadership LLC and former senior vice president of sales, marketing, and business development at $1 billion asset Elements Financial Federal, shared during a CUNA Marketing & Business Development Council Conference session last week in Las Vegas.

According to Jones, critical to a successful business development program is creating an implementation strategy step-by-step and then seeing it through. Key steps include:

  • Creating an overarching strategy;
  • Building an implementation plan;
  • Designing a staff model; and
  • Establishing a compensation plan.

Elements Financial Federal centered its growth strategy around a specific product, health savings accounts (HSAs). They chose this product for three reasons:

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