When it comes to enhancing service, it’s hard to beat Ascension Credit Union’s initiative to certify every member of their staff with the Certified Credit Union Financial Counselor (CCUFC) designation. That’s an impressive undertaking, and one that’s resulting in equally impressive benefits for Ascension and their members.
As the data collected in our recent case study shows, even one CCUFC designee can reap serious benefits for your credit union. Here are just a few examples:
1. Financial education is a valuable resource in short supply
According to the 2017 Consumer Financial Literacy Survey, 80% of U.S. adults agree that they could benefit from financial advice. Part of the mission of credit unions is providing financial literacy to our members. It’s doing the right thing, as well as the smart thing.
2. Less delinquency on loans means better loans for your members
Since 2011, credit unions with at least one CCUFC on staff have seen an average drop in delinquency rate of 52.7%. That’s a near 6% improvement over the 47% drop experienced by credit unions without a CCUFC. The better your members are at paying their loans, the better loans you can give them, resulting in higher member satisfaction.
3. Happier members bring in more members
Member engagement is what sets credit unions apart from other financial institutions, and a CCUFC can help you expand your outreach. In Ascension’s case, they’ve seen new memberships increase by 80%, with referrals of friends and family up 30% since 2015.
With just one Certified Credit Union Financial Counselor, your credit union can go above and beyond in providing your members with the financial literacy they need and deserve.
You can learn more about FiCEP at cuna.org/ficep.