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ACUC Audience Learns How To Help Credit Unioin Members Weather The Crisis
NEWS RELEASE:
From CUNA Mutual Group Public Relations
www.cunamutual.com
For more information:
Maripat Blankenheim 608.232.6539 maripat.blankenheim@cunamutual.com
Rick Uhlmann 608.231.8940 rick.uhlmann@cunamutual.com
SAN ANTONIO – The financial fallout from the economic challenges of the past three years continues to affect credit union members. But credit unions are positioned to help their members financially climb back, if credit union leadership is willing to learn more about their members and provide the appropriate products and services. CUNA Mutual’s Heather Thiltgen delivered this message today to a Discovery breakout session at America’s Credit Union Conference.
Thiltgen, vice president of consumer marketing, told the credit union audience that knowing their members is key to providing the right tools to help them get back on the right financial track. The good news, she said, is that credit union members are “overwhelmingly confident, positive and self-reliant” based on research CUNA Mutual conducted this year on consumer financial needs.
Thiltgen said the research shows credit union members are hard-working, middle-aged, family-oriented and have annual household incomes averaging between $55,000-$60,000 to $100,000. Other attributes include:
- Do business with credit unions because of trust
- Modest in their lifestyle
- Less familiarity/confidence with finances and investing
- Family most important; want to protect them
- Want help facing multiple life stages’ challenges
- Want to see basic near-term progress
- Price sensitive, but may spend more for value
- Busy and will just ‘bail’ if it gets difficult
- Sensitive to being over-marketed or sold anything
“The advantage of trust means members are likely to purchase more products from you in the future,” Thiltgen said. “Credit unions focus on helping their members first. Considering consumers have been burned by mutual fund scandals and the housing bubble, doing business with the right financial institution is important to them, making credit unions uniquely positioned in this regard.”
Thiltgen recommended credit unions know their current product penetration and offer a broad set of products to meet their needs. Recognizing that members are seeking value and crunched for time, products need to be simple and affordable, she said. And once in place, products and services should be widely marketed.
“You’re known for your great loan rates; advertise them and make your loans easy to get,” said Thiltgen. “Make it easy for members to get pre-approved online and even print a check they can take to the dealers. Think about how to eliminate points of inertia in every step of the process.”
Providing members with their preferred channel is also important, she said, encouraging credit unions to “build toward multiple integrated channels by rapidly developing your website, online banking and email functionality.”
CUNA Mutual Group insurance, retirement and investment products provide financial security and protection to credit unions and their members worldwide. With more than 75 years of true market commitment, CUNA Mutual’s vision is unwavering: To be a trusted business partner who delivers service excellence through customer-focused products and market-driven insight. More information on the company is available on the company’s Web site at www.cunamutual.com.
CUNA Mutual Group is the marketing name of CUNA Mutual Insurance Society, its affiliates and subsidiaries, including CUMIS Insurance Society, Inc. Product availability and features may vary by jurisdiction and are subject to actual policy language. Corporate headquarters are located in Madison, Wis.