With fintechs disrupting the credit union industry, how do you retain and grow your member base?
Credit Union Penny is a mid-size credit union that is looking to deepen its member relationships in an increasingly competitive market. The credit union’s primary focus is on retention and growing its member base.
Acquiring a new members is more difficult and costly than maintaining an existing member. Credit Union Penny knows it needs to hold onto its primary accounts because that provides the foundation for profitable upsell and cross-sell opportunities. It also realizes that member expectations have grown exponentially when it comes to member experience and personalization.
Therefore, Credit Union Penny must find ways to build loyalty by creating more value for its best member, which includes being able to better identify and understand who those members are.
Using FICO Member Score, Credit Union Penny gets a full view of its members — including internal and external data for accounts, credit, etc. This allows the credit union to identify its most valuable members and create a tiered member base for its loyalty program.
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