The Credit Union Decade?
by: Jay Kassing, President, MARQUIS
Crazy cool news this week – the total assets now held by credit unions has topped $1 Trillion. This is awesome! Congratulations!
Yet for the past generation or so, Credit Union assets have held at around 5-7% of all banking assets. Isn’t it time we charted a course to get to 10%? To do so, we will need to get more from the memberships we already reach, and impress upon still more the benefits of membership. No small task.
Credit Unions no longer represent sleepy little co-ops housed in a corner of a manufacturing plant or school district. . Sure, this world still does exist thankfully, in some places. Yet most have evolved into serving their “community” in ways that could make early credit union pioneers blush. The current credit union movement isn’t your father’s Oldsmobile…so to speak.
So how do chart a course for 10%? My feeling is that by 2020, Credit Unions should have achieved this goal. Will an increase in commercial lending be a part of this growth? At this point, we don’t know…although getting clearance to sell more to business would make growth of the kind we are projecting easier. Although, getting business from business and rank and file members is never easy.
The key to accomplishing this enormous task is in better communicating “Why Credit Union” across the board from every corner, and in having each credit union make relevant, personal and timely offers to members and non-members alike for products and services. The time for passively waiting for business has to end.
Our research has shown that fewer than 25% of all credit unions leverage member intelligence (member and market opportunity analysis.) Why? Every credit union needs to leverage their marketing budget for sales leads. Growth is the result of effective marketing (and member intelligence reflects and highlights your best opportunities.) Growth requires that marketing bring worthwhile sales opportunities into the branches. Let’s help more members!
Can credit unions attain 10% of all banking assets by 2020? It is a big goal. Are you interested in being a part of the Credit Union Decade?
Jay Kassing is President of MARQUIS, a Texas based provider of marketing solutions including MCIF/CRM software, MCIF services, consulting and direct mail creative/fulfillment. He makes his latest book, “Change Your Marketing, Change Your Results,” available for free at his website. He can be reached at jayk@gomarquis.com. www.gomarquis.com
