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What's Member Education Worth?
Tuesday, January 27, 2015 6:35 AM

By Bill Prichard, CO-OP Financial Services Senior Manager, Public Relations and Corporate Communications

Ernst & Young’s "Global Consumer Banking Survey 2014" asked how financial institutions could inspire customers to increase deposits or investments, add more accounts or services, or pay a little more. The top three answers:

73% – Invest in their customers’ financial wellbeing

72% – Provide a plan to help customers reach their financial goals

71% – Find new ways to improve how customers conduct business

Should you be investing more seriously in member education?

If member engagement and loyalty are important to you, then member education is gold. In its many forms, education encourages members to adopt and use new products and technology, increases financial literacy, deepens and personalizes member relationships, and extends your "people helping people" ethos in a real, meaningful way.

Better still, member education aligns with the credit union mission at its very core. Outstanding member education is you at your essential best, helping members achieve their financial dreams.

The challenge in 2015 is relevance. If your member education is to have impact—especially with Millennials—it must be current. Some questions to consider:

  • Are you using the best media to communicate simply and effectively about new products and technology?
  • Is your financial education message in line with current reality, particularly for student loan-laden, nontraditional Gen Y members?
  • How do you connect members and prospective members with educational messaging so that they find these tools and engage?
  • Can your credit union do a better job of building an advisory relationship than the competition can? 

As CO-OP has ramped up the development and introduction of new products, and as we’ve taken on the challenge of reaching out to consumers with information on financial wellbeing, it's become increasingly clear that education is the link between the present and a robust future for credit unions. The better we are at member education, the better we'll do.

Ready to take the next step? Join CO-OP Senior Manager of Market Analysis Ryan Zilker as he hosts a free, live webinar on credit union strategy with consultant Dr. Brandi Stankovic and Elevations Credit Union’s Vice President of Operations Gary Kindle.

CO-OP FREE live webinar:

"Teachable Moments: Millennials, CUs and Consumer Education"
Wednesday, Jan. 28
1 p.m. Central

Register NOW!

This webinar takes a look at the need for relevant member education, new strategies and tactics for success, how credit unions are excelling in this space, and how every credit union can deliver on the promise of helping members improve their knowledge.

Learn more about the importance of education here.

______________________________________________
 
CO-OP Financial Services is an endorsed business partner of Credit Union Resources, Inc., and an industry leader in access and convenience products for credit unions. With over 30 years of credit union service, CO-OP connects credit union members to their accounts through network services, payment processing, e-commerce, CO-OP shared branching, and call center services. A total of 3,500 member credit unions, 30 million cardholders, nearly 30,000 surcharge-free ATMs, more than 5,000 shared branch locations, and 200 million-plus monthly transactions make CO-OP Financial Services the nation's largest credit union service organization offering resources that enable deeper member engagement to help credit unions prosper. To learn more visit
www.co-opfs.org.