Referral Program Invigorates Credit Union with Account Growth and 40% Lower Churn
Overview
With a deep connection to University of South Florida and the broader Tampa Bay and Orlando communities, USF Credit Union (USF CU) faced high account turnover and low engagement. Director of Retail Operations Megan Powell and SVP/Chief Operating Officer Richard Sellwood knew the credit union needed to expand its retail strategy to drive engagement, lower churn and grow its core membership.
To achieve this, USF CU rolled out multiple solutions from CSI’s Velocity product line in three-month intervals, including the Invitation Checking® System (ICS) to attract new members through digital referrals.
Approach
In a competitive market like southern Florida, it takes a lot for a financial institution to stand out. The USF CU team recognized the need to shift from a transactional, order-taking mindset to a personalized, sales-oriented culture.
With solutions like ICS, staff are now empowered with a deeper “why”— an understanding of how their offerings truly benefit their members. This shift has been met with enthusiasm and has given the team something distinctive to promote in a personalized way.
ICS has served as a key tool for acquisition, helping USF CU bring in new members and engage its current ones. The credit union also leverages digital onboarding and consumer liquidity solutions from CSI’s Velocity to build stronger, longer-lasting relationships and provide services that best serve their membership community.
“The addition of these solutions has empowered our staff. They’re grateful to be able to give members all these ways to be involved and engaged with us.”
Richard Sellwood
SVP/Chief Operating Officer, USF Credit Union
Results
As digital natives, their high student demographic responded positively to the digital ICS referral system, resulting in immediate checking account growth.
USF CU leaders can monitor program analytics and results through the ICS portal. Sellwood checks in at least once a month, saying, “Our data is accessible whenever we want it. If we want something that’s not there, our account rep will get it to us within 24 hours.”
With a 4-to-1 ROI, the credit union has been able to reinvest that revenue into its membership. That includes offering digital products attractive to the younger members it serves, which keeps it thriving in southern Florida’s competitive market.
Conclusion
Through a strong partnership with an industry leader and a restructured, data-driven retail growth strategy, USF Credit Union has minimized churn, increased accounts, energized internal staff and revitalized member
engagement, positioning itself as a compelling option for residents and students alike.
As for Sellwood, he appreciates the growing relationship between the credit union and its strategic partner. “The level of commitment in terms of partnership in the industry is second to none. They’re hyper-responsive and authentic. I have to do business with people I can trust and know that if I need something, they’ll be there for me.”