• Workplace Wellness Programs and Their Impact On Employee Engagement and Retention
• Fun Work Lunch Ideas To Show Your Team You Appreciate Them
• How To Attract And Retain Government Employees With The Right Corporate Perks
• List of Fun Virtual and In-Person Activities to Boost Employee Morale
• How a Passport Unlimited Discount Program Can Help Employers Support Their Workforce During Inflation
• Why Offering a Discount Program Can Help With Employee Retention
• Employee Discounts Every Biotech Company Should Offer to Stay Competitive
• Lifestyle Benefits For Employees And Why Companies Should Embrace Them
• Increase Loyalty & Retention by Giving Credit Union Members a Great Rewards Program
• The Best Entertainment Discounts For Your Corporate Benefit Program
• Why Retail Marketing Loyalty Programs are Important for Customer Retention
• 5 Reasons You Should Invest in a Corporate Engagement Program for Employees
• Boost Customer Loyalty with Incentives to Drive Engagement
• 7 Strategies That Can Help Credit Unions Increase Member Loyalty
• How to Create a Loyalty Strategy for Restaurants & Boost Profits
• The Many Benefits of Implementing a Corporate Wellness Program
• Benefits of Implementing a Corporate Discount Program for Hospitals
• Creating a Culture of Trust and Engagement with Remote Employees
• How to Encourage Financial Planning for Employees
• What Is Workplace Transformation, and Why Is It Important?
• Ways to Support Growth & Development Workspace
• How to Establish a People-First Culture?
• Why is Providing Channels For Employee Feedback Becoming Important?
• How to Create a Healthy Remote Culture For Your Company
• Tips to Ensure the Mental Wellbeing of Remote Employees
• Why Providing Employee Perks is More Important Than Ever Before
• How HR Departments Can Attract New Employees Amidst the Pandemic
• What Should You Include in an Employee Benefits Program?
• How to Increase Your Employee Retention Rates?
• Tailoring Your Benefits Packages for Remote Employees
• How to Have a Personal Life While Working From Home
• How to Use Your Vacation Days Once The Pandemic is Over
• Getting Back Into the Office Groove
• Tips to Bounce Back From the Pandemic
• What Benefits Do New Hires Want?
• Why Are Employee Benefits beyond the Basics Important?
• Incorporating Spa and Massage Treatments in a Benefits Package
• How to Encourage Your Employees to Explore Their City
• 4 Tips to Support Child and Pet Care When Your Employees Return to the Office Part-Time
• 4 Ways to Support Local Restaurants as They Re-Open
• Helpful Employee Discounts For Supporting Work From Home Parents
• Building Benefits Packages to Promote Employee Wellbeing
• How to Promote Work-Life Balance in a Remote Workforce
• What Job Perks Do Employees Want in a Post-Pandemic World
• Engaging Remote Employees The Right Way
• Best Practices to Implement and Launch an Employee Discount Program
• Providing Unique Benefits For Your Remote Employees
• Shop Local, Stay Fit & Save!
• Get Creative With Your Benefits

7 Strategies That Can Help Credit Unions Increase Member Loyalty

Attracting new members is crucial for any credit union, but it's important not to overlook the value of existing members. In fact, these loyal members make up a significant??65% of a credit union's portfolio. Their continued support and engagement are crucial for sustaining long-term growth and success. There are some steps you can take to make your members feel more valued, engaged, and satisfied with your services. In this blog post, we will explore seven key strategies that can help credit unions increase member loyalty.

1. Invest in Customer Service

One of the most important ways you can create loyal members is by providing exceptional customer service. Your members should feel valued, heard, and appreciated every time they interact with your staff. By investing in regular customer service training for your employees, you can ensure that your members always have a positive experience with your credit union.

2. Member Loyalty Programs

Credit unions can offer member loyalty programs that incentivize members to use their products and services. Rewards can be in the form of cash-back, discounts on loan rates, or points that can be redeemed for specific products and/or services. Encouraging commitment among members through loyalty rewards can help build a community and nurture connections. 

3. Offer Personalized Products and Services

Another effective way to increase member loyalty is by offering personalized products and services. This can include customized loan programs, targeted savings accounts, and tailored financial planning services. By understanding your members’ unique needs and preferences, you can offer them solutions that are specifically designed to meet their goals and help them achieve financial success.

4. Build a Sense of Community

Credit unions are known for their focus on community, and this can be a powerful tool for increasing member loyalty. Establish a meaningful connection with your members by organizing events, sponsoring local initiatives, and actively engaging with them through social media. Foster a sense of community within your organization that promotes a feeling of belonging amongst your members. Fostering trust and loyalty drives referrals and business growth for your credit union.

5. Educational Material

Enhance customer loyalty by providing members with a sense of empowerment and knowledge. Credit unions can accomplish this by offering financial education resources like workshops or webinars, as well as by making educational materials available on their website and mobile apps. By providing helpful information about managing finances, credit unions can establish trust with their members and position themselves as valuable partners in their financial journey.

6. Listen to Feedback and Act on It

One of the most effective ways to increase member loyalty is by listening to feedback and acting on it accordingly. Whether it’s through surveys or one-on-one conversations, you should always be asking your members for their opinions on your products, services, and overall experience with your credit union. By taking their feedback seriously and making changes based on their suggestions, you can demonstrate that you value their input and are committed to providing the best possible service. Here are some survey platforms:

• SurveyMonkey
• Jotform
• Typeform

7. Social Responsibility

Many consumers today place a high value on social responsibility, and credit unions are well-positioned to capitalize on this trend. By supporting local nonprofits and causes that align with their values, credit unions can demonstrate their commitment to the community and build member loyalty. Additionally, credit unions can offer socially responsible investment options that allow members to support causes they care about through their financial portfolios.

While there is no one-size-fits-all approach to increasing member loyalty, these strategies can be a great starting point for credit unions looking to improve their retention rates and build stronger relationships with their members. By investing in customer service, offering personalized products and services, building a sense of community, offering innovative digital services, and listening to feedback, you can create a credit union that members are proud to be a part of. So why not start implementing these strategies today and see what they can do for your business? Contact us today to learn more!