Is your member onboarding process as efficient and effective as it ought to be?

As consumers increasingly recognize the credit union difference and seek membership, the goal of establishing meaningful, productive connections during their early interactions with your organization has become even more critical, says Angela Prestil, CUNA’s director of business development.

With credit union memberships now exceeding 103 million, the sheer number of new members can stress staff resources. And the emergence of technology as a powerful but disruptive influence in financial services means credit unions offer more products and services than ever.

Often, staff must educate new members on how to use their smartphones and other devices to access these offerings.

Traditionally, many credit unions relied on a 2x2x2 formula—check-ins with new members two days, two weeks, and two months after they’ve come on board, Prestil notes.

“The issue is, this formula doesn’t fit correctly for every member,” she says. “It’s about speaking with the right member with the right needs at the right time.”

Credit unions should identify the new members most likely to use multiple products and/or commit to the credit union as their primary financial institution, and focus staff resources first on that group.

“Start by identifying 8-10% of new members who have the potential to grow with the credit union,” Prestil says. “That still can feel overwhelming, but it’s much more manageable.”

Some credit unions, such as $261 million asset Quest Credit Union in Topeka, Kan., have developed data analytics programs to identify these primary targets.

That, Prestil says, addresses another growing challenge for credit unions: “How do you communicate if members use multiple branches? How do you alert each other to the challenges and opportunities with key members?”

One thing about these interactions with members hasn’t changed, Prestil says: Credit unions must keep the focus on doing what’s best for the member, which means establishing relationships and creating open lines of communication with members rather than pushing products and services.

“View your follow-up call as the start of the process,” she says. “This isn’t a ‘Don’t let them off the phone until you sell them something’ conversation.”