Often when touting the benefits of Shared Branching, the first word that comes to mind is convenience. However, there is another powerful benefit of Shared Branching that is worth celebrating – member retention. With the average cost of acquiring of a new member estimated to be $471, onboarding and retaining members is key to keeping members and and their money with your credit union.
One of Synergent’s credit union partners, PeoplesChoice CU, recently experienced the member-retaining power of Shared Branching when a member had moved from New York to Maine, and notified the credit union that he’d like to close his account. Instead of saying goodbye to this valuable member, a credit union employee directed him to a Shared Branch located right around the corner from his new home. The member then happily kept his credit union membership!
This story and so many others illustrate why Shared Branching is truly something for credit unions, and their members, to be thankful for. Happy Thanksgiving, everyone!