LA HABRA, Calif.–The $502-million American First Credit Union here has increased its PFI status among members by increasing checking account acquisition with the assistance of Lincoln, Neb.-based Haberfeld Associates. The credit unoin selected Haberfeld Associates’ Member Acquisition & Growth Strategy platform, citing its comprehensive approach to new member acquisition.
According to Haberfeld Associates, the first step was to critically examine its products tov ensure there was something for each major market segment that would provide a marketing advantage. At the same time, American First CU reviewed its policies to remove barriers to capturing the prospective member on the first visit. The next step was to design a sales process that allowed frontline people to quickly and confidently identify and suggest the right account for the prospect. Finally, the CU’s staff was trained on the new products, policies and processes prior to marketing.
After 14 months of partnering with Haberfeld, the company reported that American First CU has attracted 879 more retail checking members than during the same period one year earlier, and is now averaging 4.02 retail checking members per branch per week. New business PFI members have also increased 98% in the last 14 months. American First Credit Union has gained $2.22 in loans for every $1.00 in deposits in these new checking households. In the last 14 months, retail loan volume growth from households with a new member checking account has totaled $12 million, Haberfeld reported.