The ultimate guide to credit union member retention

Member retention is essential to the success of any credit union. Spending a lot of time, money and effort in getting a member only then to lose them is like throwing money away. Your members are an investment, and while some churn or turn-over is inevitable, it pays, literally, to take care of the ones that you have and nurture them. In turn, they can become not only a member but a marketing tool, spreading the word about your credit union, generating leads, referring new members and providing first-hand testimonials. One of the biggest mistakes any company, not just credit unions, can make is to rest on their laurels, and assume once they’ve got the customer, and sold them the product or service, the relationship is over.There is still a tremendous value to be realized in maintaining that mutually beneficial and on-going relationship.

Credit unions are an excellent example of customer retention in action. By providing remarkable member services, and personalized financial solutions, credit unions are known for their high retention rates and member loyalty. The most successful ones understand the value of member retention and that it’s a crucial part of the formula for success. By calculating and assessing your member retention rate, you can tell not only how successful you are at acquiring new members, but also how good you are at satisfying the existing ones. The member retention rate can be calculated by:


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