March 17, 2008 According to a study by Callahan & Associates' First Look program, early fourth quarter data shows annual credit union share growth accelerated in 2007. The share growth rate increased from 7.7% a year ago to 8.6% in December. The credit unions from which the data was taken account for $247.9B in total assets, or one-third of total industry assets.
In order to keep this growth moving in a positive direction, it is important for credit unions to find solutions that are in the best interest of their members, yet still fit the needs of the credit union.
Tax season is the perfect opportunity to both fulfill a member need, and to drive consumers to your credit union. Wendy Brochu, Marketing Representative from Maine Education Credit Union in Augusta, ME, said that an informative statement insert from Synergent explaining how to directly deposit tax returns into credit union accounts streamlines the deposit process for her credit union. "We definitely feel that it's worth using the insert each year. More than anything, it cuts down on the telephone inquiries asking for our routing and transit number," she said.
Additionally, by staying on the cutting edge of technology, Synergent can further help credit unions maintain this growth momentum. Opening Act, one of Synergent's newest product offerings for Episys users, makes it easy for members to complete an account opening application, take out a loan, or even make a deposit online.
When it comes to Electronic Check Collection, Synergent offers solutions for branch, merchant and ATM capture. This grants both members and CU staff extreme ease of deposit, ensuring that members will continue to take advantage of all their credit union has to offer.
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