HARRISBURG, Penn.–More members, 7.5% loan growth and a better PFI score than a year ago are all benefits Pennsylvania State Employees CU has seen from Bank Transfer Day.
According to Barb Bowker, VP of marketing, the results are due to a combination of consumer dissatisfaction with banks as well as the credit union’s aggressive branding work and one-to-one targeted marketing using the predictive analytics and life-cycle segmentation.
“We’ve spent this year promoting our competitive loan rates, specifically to keep PSECU top of mind with consumers and take advantage of the anti-bank feelings,” said Bowker.
That’s important, said CEO Greg Smith. “We’ve deliberately tried to keep deposit growth moderate this year. We’re up $136 million in deposit totals from last September, that’s a 4% rate of growth.”
Lending growth, however, is outpacing deposit growth, driving the entire loan portfolio to $2.7 billion by mid-September. Also, comparing January-September 2011 to the same time period this year PSECU brought in 4,500 more new members in 2012.
What is critical about the growth, PSECU has found, is that that its internal PFI score has risen in that time, meaning more members are making the credit union their PFI than in the past, a good sign for these bank converts being profitable members, the $4–billion credit union asserts.