BlastPoint, P1FCU To Examine How to Turn Single-Product Members Into Deeper Relationships
By CU Today Staff —
PITTSBURGH—BlastPoint and Idaho-based P1FCU will host a free online roundtable Oct. 22 examining how credit unions can convert single-product members into deeper relationships by identifying which financial products they are most likely to open next.
The session, titled “One Product Is Not a Relationship,” will focus on a familiar challenge for credit unions: Members who join through an indirect auto loan, savings account or credit card but never establish a broader relationship. Those members may leave when their loan is paid off or their immediate financial need ends, making retention and deposit growth more difficult.
P1FCU has addressed the issue by assigning members scores based on which financial product they are most likely to open next. The credit union then used those scores to determine which offers members saw when logging into its mobile app or online banking platform.
Steven Reed, senior vice president of marketing and brand development at P1FCU, will explain how the credit union implemented the approach, what was required internally and what he would do differently. Tomer Borenstein, co-founder and chief technology officer of BlastPoint, will facilitate the discussion.
The off-the-record, 60-minute roundtable will also examine how credit unions measure products per member, where relationships stall and what strategies have succeeded or failed in encouraging members to add a second product. Participants will discuss how to demonstrate the business value of those efforts to senior management.
The Zoom event is scheduled for Thursday, Oct. 22, from 1-2 p.m. ET. It is designed for credit union marketing, strategy and member experience executives and will feature an open discussion without slides. Attendance is free, but space is limited. Credit union leaders can request a seat here.
Originally reported by CU Today.