Does your credit union have a back room that conjures images of haunted houses, lined with old squeaky file cabinets filled with paper documents? Is it the kind of room employees are afraid to visit, with cobwebs and the foulest stench in the air - the funk of 40,000 years? At this stage in the digital banking era, these cabinets are no thriller and should be set aside for your Halloween fun-fest. It’s time to significantly cut back on your paper reliance and join the modern world. Digitizing the lending process, as well as your other operational processes, can create efficiencies for both your members and your credit union.

As we inch closer towards the holiday shopping season, many consumers are trying to set budgets and keep their impulse buying habits in check. After all, the average U.S. consumer spends $5,400 each year on impulse buys, according to a survey reported by CNBC. When it comes to your role as a credit union executive, answering to a board with a set annual budget, there is no room to bring your impulse buying habits to work with you. Choosing a vendor is no small task for any organization, in just about any facet of operations. Whether you are looking for a new paper supplier or contemplating a credit union core conversion, before you sign that new contract, you will find it beneficial and cost effective to step back for a moment to give your options some thought. The extra time you spend at the beginning can make a huge difference in the long run. Before you just renew, evaluate how happy you are in your relationship with your vendor and their service. Think long-term in order to ensure you’re making the smartest and most informed decision for your credit union’s needs.

As evident by the coverage in our everyday news cycle, the last few years seem to have shown an increase in the number of hurricanes, floods, fires and other natural disasters. If the climate scientists prove correct, the increasing intensity of future storms will likely lead to a corresponding increase in devastation and losses, making recovery efforts more challenging for credit unions and their communities. This makes the importance of a disaster recovery plan for your credit union even more imperative. The ability to function, even in a modified, smaller capacity is something your employees and members will find extremely important in those difficult times.

Credit unions have an important role in the community in which they reside, and their identity is often associated with a certain organization, entity or field of employment that has a recognizable presence. Organizations such as the city’s fire fighters or police department, an educators’ credit union or a trade credit union that represents one of the city’s largest employers, like the local steel workers. Sometimes the city itself has its own credit union open to its residents. Along with proudly displaying the name of these organizations on their brick exterior comes an equally visible presence and responsibility to support that community. It goes even beyond the Credit Union Difference, which places importance on personalized member service; a great credit union also has its ear to the ground in order to support the community as a whole through philanthropy and community service.

Not surprising, Millennials have different priorities and expectations from a financial institution than older generations do, according to a recent report compiled by a CA-based payments firm, Marqeta. Millennials, recognized as the first generation to grow up or come of age with digital technology like cell phones and the internet, are comfortable using modern technology, and have come to expect its availability for use in their every-day banking needs. Baby Boomers, on the other hand, place less importance on having the newest and most cutting edge tech, instead preferring a more personable and hands-on on approach in their banking. The challenge for credit union executives is how to service these divided members.

AT&T's new commercial series is a humorous take on the saying "Just OK is not OK." From the boy bands that don't dance declared as "Just OK," to the tattoo artist who eases the nerve of his client by assuring him he will deliver an "OK tattoo."  Every credit union wants to know how they’re doing and looks for ways to measure their success, and just OK is not OK. Are their members happy? Are they satisfied? Would they refer others to come in and bank there? They'd also like to know if there are services that are missing that a member would like to have, and what can be done to provide the ultimate experience. The Net Promoter Score (NPS) is one way to get an idea of how your credit union ranks with your members. It is a scoring system that takes members' responses and organizes them into 3 scoring ranges and provides a snapshot of where most of your members rank your credit union.

Americans are continuing to join credit unions in record numbers, for a variety of different reasons. They may join for an affinity, their occupation or because its a part of  their community. This number has continued to grow over the last 5 years, with currently more than 1/3 of the US population having joined a credit union. In fact, according to a recent report from Callahan and Associates, the first quarter of 2019 saw 118.6 million people were members of a credit union, up from 114.1 million the previous year. The first-quarter of 2018 hit a record number for growth with a 4.3% increase in membership, and while numbers for the Q1 2019 are down a little, credit union membership is still strong.

In this digitally competitive day and age, where everyone wants and expects an answer “yesterday,” being efficient is imperative. The mortgage market in particular has grown more and more crowded as home prices soar and interest rates continue to decline. In fact, Interest rates have been dropping since late 2018, recently dipping below 4% in June for a 30-year mortgage, the lowest in about two years. Leveraging your credit union's technology to streamline the loan decision-making process can reduce the turn-around time for the member's application, provide members answers quickly, and potentially be the difference in whether a new loan closes with your credit union or at another financial institution.

Throughout life there are situations - life events - where money plays a significant role in the decision-making process, and a positive resolution is dependent on the availability of funds. In certain cases, where the resolution requires more money than what may be available, an already stressful situation can feel frustrating and overwhelming. But what if a financial institution knew their member personally, and was willing to take a look at special situations to see if they could lend a hand (or money) to assist that member? Take a chance on a member with a long standing history and make a difference to them? This is the embodiment of the Credit Union Difference.

Ricky Nelson hosted a Garden Party and informed us "Ya can't please everyone, so ya gotta please yourself." John Lydgate, a 14th-century poet, is credited with "You can please some of the people all of the time, you can please all of the people some of the time, but you can’t please all of the people all of the time.” And 21st century phenom giphy.com has given us "You can’t make everyone happy.... you're not a taco.” Try harder, do more. While we all have a grasp on the concept, it’s very hard to put into practice in real life, let alone your credit union. The idea that we can appeal to everyone is difficult to let go of, as we see the value in the value prop: Serve every member your best, and then the credit union will have excellent growth. This sounds wonderful but, history has shown us, is not possible. In order to matter to the people you’re talking to, you have to show value. And value can be defined very differently depending on the person. So one generic message will never be the right message for all.