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.

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.

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.

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.

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.

We have the best intentions when it comes to a healthy lifestyle and weight management. We set goals, we track food, we craft an exercise regime. But after a few days, it is easy to fall back in our old ways. Credit union executives, also, have the best intentions when it comes to financial wellness education: Create well-written content, with useful tips and tricks, write an email campaign full of interesting statistics, or plan events and webinars to pass along all the important information when it comes to personal financial management. Unfortunately, even the best planned initiatives are often overlooked or poorly attended. How can you keep your members on the right path for financial wellness?

Mobile banking has revolutionized the traditional banking scene as we once knew it. Having access to your money and account information as fast as you can think of it has become normal. Did my check clear? What’s my account balance? Let me check! But what about that home-town comfortable feel you used to get from visiting your favorite member service representative at your branch? The one who handed your kid a lollipop and asked how your mom was? Are those days gone?

Member value is a credit union industry term thrown around to try to define the value members receive from their CU. But value itself is a subjective term, meaning different things to different people. There are many ways to evaluate member value, but Callahan & Associates have created a metric to quantify value, making it a more tangible goal. They call it Return of the Member (ROM), and this metric represents a CU’s demonstration of member value. The Credit Union of Vermont has been extremely successful in providing member value, so much so that they have been recognized by Callahan & Associates for their exemplary performance within the ROM metric. The Credit Union of Vermont has ranked at or near the top of Callahan’s Return of the Member metric for nearly a decade. As one of the best in creating member value, here is how the Credit Union of Vermont has achieved their success in the category.