Increasing Cross-Sell and Member Satisfaction
Member engagement can be difficult, but it’s crucial for credit unions. The goal is for members to feel that they are a valued part of the credit union. We want them to feel invested and to stay connected. When members value their relationship with the credit union they are much more likely to purchase additional products and services.
But how can credit unions make members feel valued and connected — especially in large institutions with many members who will all have different interests and communication preferences?
One credit union was facing this very problem, until management contacted Intuvo. We recently published a case study, available here, detailing their experience,before and after engaging Intuvo to help manage their member engagement. The results are clear.
The institution in question is a top 20 community credit union with 75 years of experience. They needed a solid and well-executed member onboarding process. Management knew that without this type of initial connection with members, member satisfaction would not be as high as it could be. It also exposed the credit union to greater risk that members would leave.
The more products and services an institution can provide to its members, the more engaged those members will be. The more engaged the members are, the greater their receptivity to cross sell. It is a circle that must be initiated by the credit union.
After engaging Intuvo in this process, the credit union experienced a 15% increase in cross sell. Management also saw an increase in net promoter score. The best benefit was deeper relationships with credit union members.
Other credit unions can enjoy these benefits. To find out more, read our recently released case study on increasing cross sell opportunities in the credit union.