C. Myblog

A Tough Question in a Short Message

October 30, 2015

Why is it critical to position for quality deposit acquisition, NOW?

Because:

  • The competitive environment is complex and changing at lightning speed.
  • Technology companies are redefining banking for just about everyone—not just Millennials.
  • Many credit unions have more than 65% of their deposits with members who are 60 years old or older.

Hopefully the traditional life cycle will play out. But hope is not a strategy. Consider the marketing, sales, and operational impact of the number of members needed from the younger generation to compensate for the loss of one large depositor. Some credit unions say it can be as high as 50 to 1. Do you know this ratio for your credit union?

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