The Power of A Credit Union HUG

Updated: Jul 22


The Credit Union Hug goes into depth to explain how the credit union business architecture defines the industry's POD, aka "The credit union Hug." This "hug" is expressed in the passion that credit union employees have for their members. They love to help them and ways that you wouldn't expect from your financial institution.

In today's uncertain economic times, seeing the plethora of socially distanced "Credit Union hugs" has served as a glorious reminder of the "hug" and the powerful impact credit unions have on the communities they serve.

The following excellent example is brought to you by the fabulous people at West Virginia Central Federal Credit Union (WV Central).

This $200 M federally chartered credit union, headquartered in Parkersburg, WV, is located on the upper left side of the state about 14 miles from Ohio. They provide financial products and services to five surrounding counties in West Virginia and one in Ohio.

During the pandemic's height, they launched "Give Love Challenge" fundraiser to help their local community.

Here is how WV Central's multi-tiered "hug", one-day, fundraiser was structured:

Hug #1: Buy Local

Community members were encouraged to purchase gift cards from local businesses up to $50.

Hug #2:Double the impact

Members send proof of the gift card purchase to the credit union, and the credit union would then purchase a gift card to the same retailer in the exact amount spent by the member. The member can choose to either receive or donate this gift card.

Hug #3: Foodbank donation

The credit union then took the amount the member spent in the gift card purchase and donated it to their local food bank.

Results:

In one day, the local community was infused with $75,000!

One local retailer who received over $2,000 in combined sales and WV Central donation said, "You have no idea with this means to me… we had more sales than we did on Black Friday.. Thank you!"

To get the full experience of this "Hug" watch the Video below




This proves the financial power of the credit union "Hug", as well as the brand power. The "Hug" power was also seen at a recent car sale that delivered a net growth of over $11 million in auto loans.

What is the difference between a traditional financial institution and a credit union? A credit union Hugs!

Want to share your "credit union hugs"?


Please post them here! To post, simply join the community or send your hugs to me here,


Looking to take your HUG impact to the next level?

Our data transformation process will help your credit harness your data, develop your member-centric data strategy AND launch it in 90 days or less.


"This was a good process to understand the richness of our data. There is so much information on the member and our competition that is available, but we have been struggling as to how to harness it. Thrive does that and brings it together to help us focus on what is most impactful."

Credit Union located in the Pacific NorthWest

1140 Wall Street #305

La Jolla, CA 92038-0305

P:858.255.0636

anne@anneleggthrive.com

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