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What Type of Member Do You Have and What Type of Member Do You Want?

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LENDING SOLUTIONS:BY LORRIE WOHLFEIL

What if you could turn every individual who walked through your credit union
door into a loyal member who would never consider using any other financial
institution? The opportunity is there, regardless of the member’s credit
characteristics. All it takes is the right conversion strategies.

Credit unions are wonderful at serving members. In fact, we have a reputation for helping our members when the big banks and many others don’t. In reality, we are excellent at serving a specific “type” of member. Oftentimes, the members we serve don’t help our shareholders (aka our members) at all. We have to change the culture at credit unions so we create value across the board and understand the following:
• We need to serve our members who make us money so we can give back more money to our shareholders.
• The members who make us money are the ones who will refer their friends, family and co-workers to us.
• The members who don’t make us money (aka add value) can with the proper training and sales strategies.
We have to make the membership mean something to both the members and the credit union so they spread the good word!

There are three types of members who join a credit union. Listed below are some of their typical characteristics:
Lending Solutions

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