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Increase Loyalty & Retention by Giving Credit Union Members a Great Rewards Program

Credit unions are known for their member-focused approach, offering a range of financial products and services tailored to meet the needs of their members. Often credit unions offer lower interest rates on loans, provide higher yields on savings accounts, and have fewer fees compared to traditional banks. However, with people doing more online banking these days, credit unions need to go above and beyond to attract and retain members. One way to gain new members and boost current member loyalty is by offering exclusive discounts and rewards not offered by other financial institutions. In this blog post, learn more about why offering a credit union rewards programs is beneficial. 

Customize Rewards

Before offering a rewards program, it';s important to know your members and understand their needs. A way to do this is to survey your members to learn what types of products, services, and rewards they value. By doing a survey, this can help understand what rewards are relevant and valuable to your members. Here are examples of survey questions to include. Another thing to do to show your members you value them is by offering personalized loan packages. Credit unions can evaluate the members' financial history and tailor loan packages that meet their unique needs.

Offer Exclusive Rewards

Make your members feel special by offering rewards that are only available to them. For example, you might offer a lower interest rate on cars and home loans or waive fees for certain transactions for members who have been with your credit union for a certain period of time. Another great benefit to offer members is letting them earn points or cashback when they use their credit union debit or credit cards to make purchases. Once they accumulate enough points, they can use them to redeem gift cards or receive discounts on products and services. By creating an enticing rewards program, credit unions can encourage their members to use their cards more often. With Passport';s rewards program, you can offer your members instant cash back in the form of point of purchase or a discount.

Partner With Local Businesses

Credit unions can also partner with local businesses such as restaurants, gyms, or retail stores to offer rewards to their members. These businesses benefit from increased foot traffic and exposure to a new customer base, while credit union members receive discounts and rewards on the products and services they like. This partnership also helps credit unions to foster a stronger sense of community and demonstrate their commitment to supporting local businesses as well as giving your members an opportunity to try new things. At Passport, we have partnerships with a wide variety of local, regional, and national retailers that are available to your members in real time as they shop. Contact us to learn more about our partnerships.

Encourage Product Adoption

Another benefit of offering discounts and rewards is that it can encourage your members to adopt new products and services. For example, if your credit union is introducing a new checking account, offering a discount on the first few months of service could encourage members to sign up, as well as offering a reward incentive with a local business you';ve partnered with. This not only helps to increase adoption rates, but also ensures that members are aware of your new product offerings.

Offering discounts and rewards to your members can have a significant impact on member retention and loyalty while creating a competitive advantage. This can also help drive more membership sign ups because current members will tell others about the great things your credit union offers. With a good rewards program strategy, credit unions can strengthen the relationships with their members and foster a sense of community. Contact us to schedule a demo and to learn more about our rewards program.