Can Going Paperless Really Save the Planet?

By Preston Packer |

Oct

22

We've all heard that recycling is good for our planet, and we understand the importance in conserving resources, which is one driving factor for credit unions to go paperless. Regardless of where you stand on "going green",  the bigger driver behind the paperless movement is money.  Green is the new gold. eStatements is a way to save time and money for both you and your members. Offering digital alternatives to paper bills makes your credit union more efficient, and when it comes to electronic statements, being paperless saves on the cost of paper, printing, and mailing. 

Read More

There's No Room for Impulse Buying When Signing a Vendor Contract

By Preston Packer |

Oct

10

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.

Read More

Philanthropy's Role in the Credit Union

By Preston Packer |

Oct

01

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.

Read More

How the Net Promoter Score Tells Credit Unions Just OK is not OK

By Preston Packer |

Sep

19



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.

Read More

A Look At Member Growth and Engagement

By Preston Packer |

Sep

18


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.

Read More

Five Way to Improve Your In-Branch Sales Program

By Preston Packer |

Aug

22

Say the letters ABC to a true sales person and inevitably images of Alec Baldwin spelling out "Always Be Closing" will come to mind. But the days of Glengarry Glen Ross sales tactics are (thankfully) in the past, and have never really had a place in the credit union world. Yet, opening new accounts and positioning loans is imperative to a credit union’s success. According to creditunions.com, in the 10 years following the recession, the credit union industry has grown its loan portfolio 82.7%. There is still a lot of growth to be realized, and even in today’s digital world, most new sales will be handled by branch employees. This means that the sales program needs to be focused on making suggestions of products and services, opening new accounts and writing new loans... and making sure MSR's are comfortable with the sales aspect of their role. Accomplishing the task of a soft sale day after day can be a struggle for branch employees. If your results are not where you need them to be, here are 5 areas to look to improve the process:

Read More

The Role of Credit Unions in the Student Loan Crisis

By Preston Packer |

Aug

14

With student loans continuing to soar, the crisis has become a hot topic in both political and financial news. Student loan debt has reached astronomical levels in the United States, with 44.2 million Americans carrying an estimated $1.48 trillion in education debt. Within the last 20 years, the cost of higher education has risen faster than income levels. It should be clear to us, as members of the financial services industry, that this isn’t sustainable for the future. So what role do credit unions play in this issue and how can we provide the education our members need for the long term?

Read More

How Much Does a New Member Really Cost?

By Preston Packer |

Aug

08

The calculation is not a complex one: credit union growth is imperative for long term survival. Retain your current members while at the same time adding new ones. While marketing budgets often focus on the amount of money you are willing to spend to build your member base, how do you actually determine that number?  When budgeting for member acquisition, the options for marketing programs are endless - print, digital ads, social media, email campaigns. Where are marketing dollars best spent? What is the "right" amount to spend on each medium? To begin to answer that question, you must determine how much it costs for you to earn a new member.

Read More

The Business of Businesses: Future-proof Your Credit Union

By Preston Packer |

Aug

08


The need for financial services for businesses is constantly growing. Therefore the market potential for new business for your credit union is as well. Unfortunately, the competition for that market share is growing at an equally strong rate. Credit unions have traditionally provided their business members with a wide range of services at affordable rates and set themselves apart by giving more personalized member service. However, it’s becoming increasingly difficult to compete with the larger institutions in today’s digital world. Here are more ways to future-proof your credit union by focusing on new business members.

Read More

On-line Reviews - An Opportunity to Build Your Member Base

By Preston Packer |

Aug

01

Who reads online reviews before making a purchase?  EVERYONE! A picture is no longer worth a thousand words in the realm of online shopping... words of others are worth a thousand words and more. The influence of online reviews and commentary, both positive and negative, has become increasingly critical to a product or brand's success. Reading the experiences of others is now one of the most impactful resources for potential customers. In fact, a recent study indicated that 90% of consumers consult online reviews before transacting with a business. During Amazon Prime Days earlier this month, for example, Amazon sold over 175 million items in two days. Each item has its own star rating review and some are labeled as a Prime recommended product... a bonus for that particular company, who no doubt saw a boost in sales due to that recommendation. A review can hold the power to make or break a business relationship in any industry where the consumer has a choice to make, credit unions included.

Read More

Recent Posts

Posts by Topic

see all topics
FLEX will improve your system efficiency.