Recouping New Member Costs Hinges on Time, Devotion
The first 90 days after a new member signs on have taken on new meaning as the industry continues to experience slowed membership growth.
That time frame is especially crucial if the member’s entry came through an indirect loan. Behind the scenes, the expenses to build on those new relationships have become more scrutinized as credit unions seek out solutions that offer more long-term return on their investments.
“Compliance is what keeps people up at night. Right now, there are larger initiatives from the government that will impact larger credit unions but the smaller ones are still concerned that it will someday trickle down to them,” Eick said.
The $455 million Mazuma Credit Union has been with Deluxe for at least 13 years, said Rob Given, president/CEO of the Kansas City, Mo.-based cooperative. Over that time period, the credit union has been a participant in the company’s collaborative forums aimed at bringing in new services beyond checking.