Re-engaging credit union members is crucial to credit unions looking to grow and thrive in an ever changing financial services landscape. This article will cover 5 strategies that are working for credit unions today.
Introduction: The Challenge of Inactive Credit Union Members
Inactive members represent both a missed opportunity and hidden cost for credit unions. According to a report by CUNA, the average credit union loses 13% of its members annually due to inactivity or disengagement (CUNA Mutual Group). But the good news? With the right member engagement strategies, inactive credit union members can become some of your most loyal and valuable advocates.
At Ostrich, we specialize in helping credit unions re-engage members through financial wellness programs, gamification, and personalized outreach. Here are five proven strategies you can start using today.
1. Launch Personalized Financial Health Assessments
Why It Works: Members often become inactive because they don’t see immediate value or relevance in your services. A personalized financial health assessment reconnects them by providing tailored insights and action steps.
Practical Example: Addition Financial Credit Union launched a “Financial Wellness Checkup” email campaign targeting inactive members. By offering free personalized assessments, they saw a 17% re-engagement rate within the first three months.
✅ Tip: Use tools like Ostrich Financial Health Score to automate personalized financial assessments that guide members toward deeper product engagement.
2. Create Member Re-Engagement Challenges with Rewards
Why It Works: Gamification triggers behavior change by making engagement fun and rewarding.
Practical Example: Suncoast Credit Union successfully used a “$500 Savings Challenge” to drive engagement among dormant members under 30 years old. Members who hit savings milestones received small rewards and recognition on social media, resulting in a 22% increase in digital banking logins among this group (Suncoast Credit Union).
✅ Tip: Launch short, goal-oriented challenges like “Save $100 in 30 days” or “Attend one financial webinar this month” to reignite activity.
3. Develop Targeted SMS and Email Campaigns with Next Best Actions
Why It Works: Personalized, action-oriented communication moves members from “thinking” to “doing.”
Practical Example: Sound Credit Union implemented an automated SMS/email series that recommended a “Next Best Action” based on each member’s profile (e.g., “Open a savings account,” “Download our app”). After 6 months, they reported a 25% lift in cross-sell rates (Greenhouse Agency Case Study).
✅ Tip: Build automated journeys with personalized calls to action
4. Host Exclusive “Member-Only” Financial Wellness Webinars
Why It Works: Offering exclusive, high-value experiences gives dormant members a reason to reconnect.
Practical Example: Addition Financial Credit Union hosted free “Home Buying in 2024” webinars and invited inactive members. These webinars created new cross-sell opportunities, including mortgage pre-approvals and credit-building consultations.
✅ Tip: Host webinars on topics members care about (first-time homebuying, managing debt, budgeting for families) and include a clear call-to-action linking to relevant credit union products.
5. Offer Personalized Incentives for Returning Members
Why It Works: Everyone loves to feel appreciated. Offering small, personalized incentives (e.g., cash bonuses, bonus reward points) gives inactive members a tangible reason to re-engage.
Practical Example: TDECU (Texas Dow Employees Credit Union) ran a “Welcome Back” campaign offering $50 for inactive members who reopened a checking account with direct deposit, leading to a 12% reactivation rate (The Financial Brand).
✅ Tip: Use activity tracking tools to trigger personalized incentives based on recent inactivity.
Conclusion: Your Dormant Members Are Waiting to Reconnect
Dormant members aren’t lost—they’re simply waiting for the right opportunity to re-engage. With strategies like personalized financial health assessments, gamified challenges, targeted messaging, exclusive events, and personalized incentives, you can turn inactive credit union members into your most engaged and loyal members.
Looking for help building a scalable, automated member re-engagement program? Check out Ostrich’s Member Engagement Solutions to learn more.
Related Credit Union Articles:
- Effective Marketing Tactics for Credit Union Growth
- Strategies to Increase Membership in Credit Unions
- Innovative Member Engagement Strategies for Credit Unions
Ready to wake up your inactive members? Let’s build stronger relationships, together. 🚀
