Shared Branching Provides Value to Your Most Profitable Members
Recently, Conservation Employees’ Credit Union (CECU) sent out a postcard to their members touting the numerous locations that their members could do business. The postcard was sent in the month of March and the data is comparing the months of January and April. The results speak for themselves.
Members who used the Shared Branch Network increased from 402 to 468 - a 16% increase.
Branches visited increased from 129 to 142 - a 10% increase.
Members processed 310 transactions compared to 375 - a 20% increase!
When plotting the results with demographic information, the figures were equally as impressive and proved their most loyal members were the ones using the Shared Branch Network.
- Average age of member completing a Shared Branch transaction was 42
- 84% of those members had a checking account
- 70% of those members had loans
- 27% carried a balance on their CECU credit card
- Average total deposit was $18,000
- Average total loans amount to $17,500
With Shared Branching, credit unions are able to provide their members convenient locations to perform in-person transactions as if they were at their home credit union. “Shared Branching is a great way to return value to our most profitable members,” says Louie Delk, president of CECU. The Missouri Credit Union Shared Branch Network has over 118 locations across the state and thousands throughout the country. By becoming part of the network, you have a greater opportunity to attract new members and retain existing members that move out of your traditional service area.
Belonging to the Shared Branch Network affords you the fourth largest branch network in Missouri and nationally.
For more information about Shared Branching, contact Mark Hohenstein by email, firstname.lastname@example.org or phone 314.542.1328.