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Grow Your Membership in a Competitive Market

07/11/2011


In a highly competitive environment, the unique relationship that credit unions have with their membership base sets them apart from a traditional bank or lending institution. Responding to the needs of your member community and fostering these relationships is not only critical for maintaining your credit union’s current membership but also for attracting new members and reaching a younger demographic. Introducing innovative and value-added services can strengthen member relationships and provide a return on investment for your credit union.

An example of such value-added services is offering business support to your commercial membership. Support can take a variety of forms including hotline support for general business questions or more formal offerings of specific business management training through various delivery vehicles.

The outcome of such services is two-fold: member businesses have the opportunity to learn about areas of business management they may lack expertise in and they can strengthen their businesses, therefore reducing the risk profile of the business relative to the credit union’s risk-management tolerances.

At the same time, programs and services directed towards your membership provide a return to the credit union that justifies the investment. That return can be quantitative in terms of growing top line revenue or direct bottom line results, or more qualitative in terms of driving increased membership or reducing membership withdrawals.

As a credit union, you have the opportunity to become a source of more than just traditional services for your members. By responding to the basket of business needs required to grow and sustain a profitable business, you stand a much better chance of maintaining and growing your membership base. As well, if your credit union can play a significant role in improving the quality of its members’ businesses, there can be growth in both top line and bottom line results and both your credit union and members will experience mutual success.

MNP has extensive experience providing services to more than 100 credit unions across Canada. Recognizing this is a time of opportunity for credit unions, MNP has a dedicated credit union services team that delivers services specifically designed to help credit unions achieve their goals. MNP’s credit union specialists provide strategic advice in Assurance, Taxation, Enterprise Risk Management, Corporate Governance, Consulting, Investigative & Forensic Accounting, and more.