Strategies for SEG-Based Credit Unions

Like most entities found in nature and mankind, the credit union industry experiences lifecycles. These include times of change, growth and contraction. One of the more profound lifecycles to impact the credit union industry in the last twenty years is Select Employee Group (SEG) evolution.

A new white paper (Developing Strategies for SEG Based CreditUnions) published by the CUNA Marketing & Business Development Council explores the strategies and tactics used to develop quality SEG relationships and how the business development position plays a critical role in that development. (note: I’m biased on this white paper because I’m one of the co-authors).

“The biggest changes I have seen are that companies don’t recognize the benefits of credit union membership for their employees like they did in the 1990s,” says Pam Griffiths, VP of Marketing with Railroad and Industrial Federal Credit Union in Tampa, FL (26,000 members, $267 million assets) in the paper. “With all the advertising, the general population now believes that credit unions are just like banks and anyone can open an account. So when our business development staff goes to a company, they aren’t as willing to sign up.”

 

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