Accelerating Membership Growth

At Credit Union 1

Credit unions face slow growth, averaging 2.0% in 2023. A Cotribute partnership aims to drive 4.6% organic growth and 5X new memberships by streamlining processes and optimizing follow-ups.

Context

Navigating Growth Challenges

Credit Unions in general are struggling with organic growth and some are even experiencing negative growth in the current economic environment.As of 2023, the average membership growth rate for credit unions in the US was approximately 2.0% annually. Projections suggest that the growth rate will stabilize around 2.5% for 2024.

Goals

Drive organic membership growth well beyond the industry average

Leverage partnership with Cotribute to implement changes rapidly and make improvements in less than 90 days

Execution

Best Practices for Optimizing the Digital Account Opening Experience

Track performance via analytics & optimize on a regular basis.

Run fraud and KYC checks in the background.

Move high asks like identity verification to later stages.

Reduce friction in digital account opening experience.

Optimize experience for mobile, eliminate unnecessary form fields, multiple options to fund account and pay for membership.

Consistent followup reminders for abandoned applications.

Allow users to resume applications.

Outcomes

Key Outcomes: Organic Membership Growth & New Membership Increase

4.6%

Organic Membership Growth (Q1 & Q2 2024)

5X

Increase in newmemberships (vsprevious 6 months)

“Cotribute is our partner. The things that our team asks for are done and done on a fast timeframe. That’s something that’s important to us.”

Todd Gunderson

CEO, Credit Union 1

Enabling Incredible Digital Experiences

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