Collaborative Partnerships Can Help in Tough Economy
The Missouri Credit Union Association (MCUA) continually analyzes products and services to find reliable sources of incremental revenue that will help to grow membership and net income. As credit unions continue to develop and implement strategies to succeed through this tough economy, the importance of collaborative partnerships is unmatched.
One such collaborative partner is CUNA Mutual Group (CMG). This insurance company was formed in 1935 through a partnership of credit unions and leagues. For that reason, it has never been considered just another vendor. CMG focuses on helping credit unions grow members, loans and income. CMG has developed a smartphone loan application and AskAuto that credit unions can use to bring lending to members’ phones. In 2013, 19.6 percent of all loan volume was through mobile lending compared to just 4 percent two years earlier. CMG also rebranded MemberConnect as TruStage so credit unions could create awareness and insurance sales to members in personal lines. Today, more than 14 million credit union members use a TruStage product.
TruStage offers accidental death and dismemberment, auto, home and life insurance products for credit union members. This program ensures your members get straightforward information, often with members-only rates, and can build the credit union's non-interest income . In return, your credit union builds stronger member relationships and becomes an even more important financial resource.
This fall, CMG will provide two digital experts to speak at and facilitate MCUA's Digital Marketing Conference at Camden on the Lake, September 30 - October 1.
As MCUA continues to reduce our dues dependency, we accomplish this by increasing income from other sources and reducing expenses. By choosing a partner or endorsed vendor of MCUA, you are helping the sustainability of your association. If you don’t already use CMG or haven't taken a close look at our other partners and vendors, please consider them. This form of collaboration benefits us all.