Now We're Cookin'!

by Ron Daly 

We've all seen the good press that's been on the major networks about credit unions, it's no surprise that more and more folks are becoming aware of CUs and signing on as members. 

More on Suze Orman and Credit Card Connection

Remember our story about Suze Orman on CNN? She's continuing her support of credit union credit cards along with Ondine Irving and Credit Card Connection. According to Irving's recent update on Card Analysis Solution, Orman has been singing the praises of CU Credit Cards on Larry King, Campbell Brown, Oprah, Wendy Williams and Fox News. On the Credit Card Connection website, Ondine Irving has her "Dean's List" of credit unions that offer cards with fair percentages and member-friendly standards-of-practice. You can qualify, too - simply contact Ondine on her website and ask how you can make the Dean's List.

Some industry insights from Callahan and Assoc.

More and more folks are getting their first mortgage (or a refi) through a credit union. Displaying data from Q3 of 2009, this creditunions.com article shows people in the secondary market getting home loans increased by almost 300%. Maybe this is an indication that folks out there in the real world are hearing all the praises being sung about CUs?  Maybe, as Callahan and Assoc.'s President  Chip Filson says in this piece from Thanksgiving: 

"As the 21st century unfolds, this indeed could be the century for cooperatives to show how competitive organizations can be both productive and managed in the member's best interest."

Let's not forget about the member experience...

There are folks out there that say being good to the member doesn't mean as much as we think it does, and that we shouldn't count "member satisfaction and appreciation" as a selling point in our business model. 

This year's Forrester Research Customer Experience Index would disagree, it seems. 

This year, the winner for best Customer Experience was "a credit union". Not any specific CU, mind you - just credit unions in general. Members liked that their CU met their needs and were enjoyable and easy to work with, as opposed to top banks in the industry that were called out by name. 

Right now, the lime light is on us, as an industry, and the light is very flattering. This doesn't mean, however, you're allowed to rest in your efforts to drive up deposits and loans and increase your membership. 

We've still got a long way to go, in some areas - and we'll examine those in tomorrow's post.