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Analyzing Membership For Strategic Planning

Analyzing Membership For Strategic Planning. Thomas R. Gourdin Firefighters Credit Union. Members. Members. Savers. Members. Borrowers. Members. Transactors. Members. Savers. Borrowers. Transactors. (Only) Members. Potential Members. SB. Savers. Borrowers. SBT. BT. ST.

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Analyzing Membership For Strategic Planning

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  1. Analyzing MembershipFor Strategic Planning Thomas R. Gourdin Firefighters Credit Union

  2. Members

  3. Members Savers

  4. Members Borrowers

  5. Members Transactors

  6. Members Savers Borrowers Transactors

  7. (Only) Members Potential Members SB Savers Borrowers SBT BT ST Transactors

  8. Impact On Credit Union by Category • Borrowers (has loan balance of $0.01+) • Revenue from loan interest • Expenses related to loan origination / servicing, loan losses • Savers (deposit balances > $500) • Provide funds to lend, invest • Dividend / interest expense • Transactors (checking account and/or credit card with trans) • Fee income, other operating income (interchange) • Expenses related to processing transactions, fraud losses • (Only) Members

  9. Why Aren’t Members . . . • Savers? • They don’t save • They invest in accounts we don’t offer • Borrowers? • They don’t qualify • We don’t offer what they want / need? • Transactors? • We don’t offer ________ • Convenience

  10. Ask If You Want To Know Why • Ask Staff • Ask Volunteers • Ask Members • Ask Potential Members

  11. What Category Do We Want Members To Be In?

  12. (Only) Members Potential Members SB Savers Borrowers SBT BT ST Transactors

  13. What Category Do We Want Members To Be In? The Categories They Qualify To Be In And The Categories They Want To Be In Except (Only) Members

  14. Analysis of Members Only • Adults who joined when they were minors • Adults who obtained a loan, paid it off, and nothing else • Minors

  15. (Only) Members X Potential Members SB Savers Borrowers SBT BT ST Transactors

  16. Actions Taken & Results • Adults who joined when they were minors • “On-boarding” campaign for 6 months • Reduced Adults Only Members by 42% • Adults with one loan, paid loan off, and nothing else • “On-boarding” campaign for 6 months before payoff • Slowed rate by 46% (kept borrowers, became transactors) • Minors • Kids Saver Account, quarterly marketing to “Parents of” • Reduced Minor Only Members by 23%

  17. (Only) Members X Potential Members SB Savers Borrowers SBT BT ST Transactors

  18. Adjustments & Results • Minors • Change Kids Saver Program • Market Checking / Debit Card to 16/17 year olds • Goal Is To Reduce Member Only Minors by 75% • Inactive Member Only Adults • Notice of Inactive Fee • Charge Inactive Fee • Started With 765 Member Only Adults • Currently Have 133 Member Only Adults

  19. eStatements By Category • Costs • Printed / Mailed $0.74 • eStatement $0.10 • Marketing Messages • Transactors: “Low Fees”, Convenience, Speedy • Savers: “Help Us Keep Rates High” • Borrowers: “Help Us Keep Rates Low” • 42% => 57% (and climbing)

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