SAN BERNARDINO, Calif. -- Arrowhead Credit Union's recent strategy to fortify loyalty has resulted in an increase in members' use of services and products.
The $1.1 billion credit union implemented the 22261 Member Relationship Management program for new members. The 22261 strategy insures that every new member at Arrowhead is personally contacted two days after the relationship starts, then at two weeks, two months, six months and on their one year anniversary.
Since implementing the 22261 strategy this summer, Arrowhead said it has seen an increase in member service scores across their entire branch network. In January 2007, the service score, which measures the member's experience at the branch on a five point scale, was 4.68. In October, the average score had increased to 4.76.
The second part of the retention strategy is aimed at existing members who want to close their accounts and includes the creation of "retention specialists" at each branch location. All requests to close accounts at a branch are now being reviewed by a second person to see if there is an opportunity to save the relationship.
"The personal contact is an opportunity for the Arrowhead Credit Union representative to reach out and help that new member feel that their relationship is valued and appreciated," said Robert Reed, senior vice president, sales and service.