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Riverside Credit Union Essay

1095 Words5 Pages

1) What observations would you make about the various segments and how they contribute to profitability of the organization?

I believe that in order to fully understand the various parts of Riverside Credit Union's customer base, it is necessary to examine data on demographics, account balances, and usage trends. This research could be used to draw conclusions about each segment's size, growth, profitability, and risk. To better serve its members and enhance its overall financial success, the credit union can use this information to help it make knowledgeable decisions regarding the products, services, and marketing plans that they employ.

A credit union's many divisions can boost its profitability in a number of ways:
Loan portfolio: Credit …show more content…

Cross-selling: Credit unions can increase customer happiness and profitability by cross-selling additional products and services by having a thorough awareness of the financial requirements and preferences of each customer segment.

2) What products / services would you think about promoting?

A detailed examination of Riverside Credit Union's consumer categories, market trends, and competitive environment would be required to decide which goods and services should be promoted. These potential goods and services could be promoted as a result of this analysis, including:
1) Savings and checking accounts: Savings and checking accounts are the main deposit products that the majority of credit unions provide, and they are crucial for luring and keeping customers. Promoting these goods can help deposit balances rise and give the credit union a reliable source of funding.

2) Personal loans: The credit union can expand its loan portfolio and improve interest revenue by promoting personal loans. Customers looking for a cheap substitute to traditional banks may find this to be particularly …show more content…

This may be particularly crucial for specialist markets where consumers may have specific financial requirements.
2) Prizes and incentives: The credit union can promote client loyalty and raise consumer engagement by providing rewards and incentives for using particular products and services. This can apply to rewards schemes, cash-back deals, and other promotions.
3) Convenient and accessible technology: The credit union can enhance the general customer experience and raise customer involvement by providing convenient and accessible technology, such as online and mobile banking.
4) Community involvement: The credit union can improve its reputation and grow its clientele by taking part in regional activities and lending assistance to charitable causes. Additionally, it can assist the credit union in standing out from rivals and building a strong brand

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