The secret behind SEG success at Franklin Mint FCU

Franklin Mint Federal Credit Union ($1.4B, Chadds Ford, PA) is coining new business relationships to the tune of 500 new select employee groups (SEGs) a year.

Typically, a SEG is a source for consumer member relationships. That’s the case at Franklin Mint, too, but the Philadelphia-area cooperative also has a fast-growing business serving the banking needs of the SEGs themselves.

The credit union deployed that strategy in 2016, but veteran business lender and relationship builder Marc Ernest took the strategy to the next level in 2017 when he assumed the role of chief relationship officer. Typically, that’s a natural person member emphasis, but FMFCU has a chief retail officer with those responsibilities.

The credit union kicked off its SEG strategy by dividing the business into three groups: small (1-25 employees), middle market (25-225 employees), and major (225 employees or more). The credit union already had the ability to serve the small and middle groups but not the major employers.

 

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