Navy Federal: Big credit union. Narrow focus.
In time for Veterans Day, the nation’s largest credit union offers lessons learned during its decades of success building long-term member relationships.
By sheer size, Navy Federal Credit Union ($131.6B, Vienna, VA) has no peer in the credit union industry. Its $131.6 billion asset size nearly triples that of the nation’s second-largest credit union and accounts for more than 7% of the assets for the entire industry.
But by mission? Navy’s laser focus on active duty military members, veterans, Department of Defense employees, and their families, has built a strong member bond similar to many SEG-based credit unions across the industry. That focus has helped Navy add some 4 million new members during the past five years.
In this Q&A, Carl Schwab, vice president of membership at Navy FCU, discusses how the juggernaut ensures its operations align with its mission and membership.
Navy FCU’s membership includes servicemen and women, DOD employees, and their families. What do these populations need from a financial institution?
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