Getting Growth: Leveraging Your Current Membership to Grow Your Credit Union

Andre Mello
Andre Mello
Director, Marketing and Growth
February 20, 2024
February 20, 2024

Gen Z person on their phone using a banking app

When we think of the word “growth” we typically think of the word “new” too.

Unsurprisingly, in the financial institution world, credit unions tend to focus on gaining new members.

But it’s important not to exclude current members from your marketing budget. Current members are already in your audience, waiting for your message. They can easily generate growth by using your services and recommending them to others.

Read on to ensure your message to your current members is clear.

Grow Share of Wallet

Share of Wallet is all about the current member. 

To grow Share of Wallet make sure current members are aware of all the programs and services your institution offers. Many current members don’t realize all the services credit unions provide. They can’t take full advantage of their membership if they don’t know everything it includes. Similarly, a credit union won’t get the most out of its members if they aren’t informed through its marketing.

How to do it: Make sure your credit union offers a diverse range of products and services that appeal to its members. Consider conducting member analysis to ensure your products and services will be utilized and appreciated by your audience. Tailor your marketing campaigns so members get marketing messages relevant to their personal preferences.

Consider the Indirect

We know that credit unions have multiple types of members. Indirect members are a unique marketing opportunity because they never directly joined the credit union. They’re unaware of the benefits of their membership and might not even realize that they belong to your credit union. 

Turn indirect members into active members by showing them the services and benefits their membership entails.

How to do it: Highlight your value proposition, such as lower fees, competitive rates, and personalized service in campaigns targeted at indirect members. Utilize various channels, including email, social media, direct mail and in-branch signage, in your messaging.

Know the Youth: How Gen Z and Millennials “Credit Union”

Research indicates that Millennials and Gen Zers maintain relationships with multiple financial institutions because they seek specialized products and services to meet their diverse needs. To attract and retain young members, credit unions must offer innovative and relevant solutions tailored to younger preferences.

By appealing to their needs, and marketing in an honest, helpful way, you’ll win favor with young Millennial and Gen Z audiences.

How to do it: Develop products and services specifically designed to appeal to Millennials and Gen Zers such as digital banking solutions, student loan refinancing options, and sustainable finance initiatives. Consider implementing a referral program that incentivizes existing members to refer younger people to your credit union.

Reel in Referrals

Referrals are a major growth opportunity highly dependent on current members. As previously mentioned, referral programs can help expand membership to different audiences.

Another way to gain organic growth with current members is through community engagement efforts. Host practical events that current members can bring friends and families to showcase the value of your credit union to a new, organic audience. These events educate current and prospective members about the unique benefits of credit union membership and can build strong familial ties within your credit union.

How to do it: Organize various community events from financial literacy workshops to family-friendly activities that cater to both members and their families. Encourage older members to invite their families to your events. Provide resources that highlight the advantages of credit union membership and encourage members to share their positive experiences.


When marketing your credit union, don’t be afraid to use current members to grow. Pay attention to your credit union’s share of wallet and indirect members. Don’t ignore younger generations in your marketing and consider incentivizing referrals. Use community events and strong referral programs to generate positive perceptions of your credit union.

While marketing to new members is important, focusing on your current audience is just as crucial.

Key Takeaways:

  • Prioritize maximizing share of wallet among existing members to drive revenue growth.

  • Educate and engage indirect members about the benefits of their credit union membership.

  • Tailor products and services to appeal to Millennials and Gen Zers, leveraging existing member networks for referrals.

  • Foster community engagement by hosting events that encourage older members to bring family members to expand awareness of your credit union and grow intergenerational relationships.

Andre Mello is the Director of Marketing and Business Development at REGROUP. He has over 20 years of marketing experience, 6 of which he spent in the credit union industry.

Connect with Andre on LinkedIn: or directly at

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