Building Member Loyalty by Any Means Necessary
Improving Member Experience Can Take Many Forms
By Natasha Chilingerian

October 24, 2011 • Reprints

There are lots of ways for credit unions to go about improving member experiences, growing member referrals and increasing their average number of products per member. From launching staff training programs to utilizing analytics technology, strategies differ, but the end goals are the same: Build member loyalty, and ultimately, spur growth.

Many CUs offer points-based member loyalty programs, which allow members to earn points for completing various activities, such as using a debit card or attending a financial workshop, and spend them on perks such as lowered loan rates. For example, the PlusPoints Loyalty Program at A+ FCU, an $877 million CU based in Austin, Texas, has led to an average of four products per member, excluding indirect members, Vice President of Marketing Stan Cowan shared.

“Those who participate in the program at high levels are much more loyal to A+ FCU and call us their preferred financial institution,” Cowan said. “Also, the more PlusPoints that are earned and redeemed, the higher net promoter score A+ FCU receives.”
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