Tom Glatt, Jr’s latest CUinsight article contribution, “Four Key Steps To Slowing The Account Closing Trend,” is now available in the cuinsight.com community section. The article explores account retention challenges faced by credit unions, and offers four simple tips to kickstart retention improvement. Tom is founder of Glatt Consulting and serves as a strategy consultant for credit unions nationwide.
For most people, December begins a time of reflection. We spend time thinking about our successes during the year and celebrating our accomplishments. At the same time we lament the things we did not do well, and often try in the last month of the year to undo or correct our mistakes as best we can. We also engage in a little housekeeping, cleaning up in preparation for a new year.
Credit unions go through a similar year-end process, too. We celebrate our financial performance (if it is worth celebrating), and we seek to correct certain mistakes through the establishment of new strategic objectives. We also clean house.
Part of that annual reflection and clean-up process touches our membership roles. In December, we begin to identify members who have faded away, those that are nothing more than an empty account number, and write them off. We don’t often see this housekeeping issue as an opportunity for reflection, but we should. More specifically, annual membership purging is an opportunity for reflection on a failure.
The full text of the article can be found at http://www.cuinsight.com/four-key-steps-to-slowing-the-account-closing-trend.html.
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