Your Good Work. Your Videos. $ for Your Charities.

Credit unions are all about giving back to their communities. Now they can prove it through a new video campaign that invites credit unions across the country to showcase their good works for a chance to earn tens of thousands of dollars for a chosen charity.

The contest is called Share the Love. The goal is to exponentially increase random acts of kindness across the country through encouraging credit unions to create and share videos that tell the story of the impact of small acts of human compassion while supporting charities in a big way.

How it works:

Credit unions across the nation create videos demonstrating how they care for their communities. Credit unions upload those videos to LoveMyCreditUnion.org/CUSharetheLove. The public will be invited to vote on their favorite videos in each asset category - small, medium and large. The credit unions that submit the videos which garner the most votes will each choose a charity to receive a $10,000 donation. By the campaign’s end, up to $105,000 will be awarded.

In addition, members of the public who vote throughout the campaign will have an opportunity to win $15,000 in prizes.

2015 Timeline:

• August 1st –  credit unions begin uploading videos 
• October 1st – public voting begins
• October 1st – December 24th – Each month $10,000 is awarded to the chosen charity in the name of the  winner in every asset category
• The video with the most votes at end of campaign – regardless of asset size – receives another $15,000 for the chosen charity

Starting thinking about all the great ways that your credit union gives back to the community, and how you would best capture it in a video. Complete submission guidelines and Share the Love campaign details can be found at: LoveMyCreditUnion.org/CUSharethelove.

Spring Cleaning Your Credit Union's Marketing Plan

It’s finally here (at least for most of the country)!

We all know the feeling – driving with the windows down, radio turned on, arm out the window with the breeze on your fingers ... Joggers and dog-walkers passing by, kids playing soccer and baseball at the park and the smell of the fresh spring air. We’re finally starting to thaw from a cold and stale winter, and there’s no denying it, the weather puts us in a different place.

Credit unions can capture this sentiment by rolling out a new marketing plan that rides the wave of spring’s rejuvenation. Offering GM discounts though Love My Credit Union Rewards can be the perfect way to help get a member into the right car for the right price just in time for spring cruising, and is a proven way of generating new auto loans for credit unions. Through this program, members are able receive exclusive pricing on new Chevrolet, Buick and GMC vehicles that’s in addition to most current incentives!

Love to Shop is another great perk that credit unions can make available with a spring theme. Whether your members are looking add to their warm weather wardrobe, or transform their backyard into a fun place to cook-out and entertain, with Love to Shop credit union members can earn cash back at over 1,500 retailers – Home Depot, Target, Macy’s, Gap, Neiman Marcus, Nike, JC Penny and Sears, just to name a few.

When we think about seasonal promotions, we tend to about Black Friday, Christmas, New Year’s, Easter and other traditional holidays, but are plenty of other creative opportunities in which we can converge.

To learn more about Love to Shop, the credit union GM discount program through Love My Credit Union Rewards, or for help with a marketing solution tailored to your credit union, contact us today!

Invest in America is Now Love My Credit Union Rewards

We thrilled to announce that it’s official – Invest in America is now Love My Credit Union Rewards.

For credit unions, this rebrand brings two big changes. First, and brand new to the program, we’ve developed bundles to make it easier for credit unions to participate in the holistic program. We also have developed cohesive marketing requirements to simplify promotion implementation and management. Second, we streamlined marketing requirements across the individual programs.

So, what are bundles? We have grouped like-discounts into bundles – which facilitates enrollment and offers multi-partner marketing materials.

Bundles

Click on the bundle links to learn more or to enroll: 

• All – This includes all Love My Credit Union Rewards partners and is the best option for both credit unions and members. It encompasses all of our exclusive partner discounts and our 1,500+ merchant cashback shopping experience, so members save on large purchases, as well as on the things they buy every day. Your credit union will receive all the benefits of the program – adding member value and member retention, increased usage of core products and generating non-interest income.
• Auto – All auto-related discounts that help boost auto loans.
• Home – Home-related discounts that can help drive mortgages and refinances.
• Invest in America – Discounts on U.S.-based companies.

Many of the updated marketing materials are already available in our Partner Center; including GM, Sprint, Allied, ADT, Credit Union Auto Club and Love to Shop (formerly Shop America). And more are rolling out soon, including DIRECTV and our bundled materials.
 

We are very excited to launch our program with changes that benefit everyone. Saving your members money and accessing great tactics for loan growth, member retention and non-interest income just got easier!

For more information on any of these new, exciting changes, visit the Love My Credit Union Rewards Partner Center, reach out to your business consultant or email ClientSupport@cusolutionsgroup.com. 

Does Your Credit Union Have the Right Member Loyalty Program?

Consumers have gotten used to getting perks, loyalty discounts and rewards wherever they go these days. So, how’s a credit union supposed to compete?

A recent study from TechnologyAdvice took a look at what consumers want out of a loyalty program and what they don’t. Respondents said they’d be over 80% more likely to shop at stores that offered some type of loyalty program. The main reason they participate in loyalty programs at all? 57% said it was to save money. And it turns out that exclusive rewards were 57% more likely to incentivize participation. Most significantly, 82% of respondents said they’d be “more likely” or “much more likely” to shop at stores that offer loyalty programs.

Loyalty Programs and Your CU

We know that you need to attract members, not consumers, and that you’re not a store or retailer. But credit unions could still use these facts as a springboard to start a loyalty or rewards program for its members. This study is just one of many that pinpoint how vital a rewards program can be to attract new members and increase current members’ loyalty.

The go-to loyalty program for most financial institutions tends to be a credit card rewards program. ScoreCard Rewards is one of the more popular programs, but there are plenty of others out there. The problem of going with a program like this is it’s somewhat counter-intuitive to what credit unions are all about. If you’re truly putting your members first, then you might want to think about how it looks to reward them for spending money and potentially going into debt.

Why not reward your members and give them valuable discounts on things they already buy or use on a daily basis like a car, smartphone, satellite TV or tax preparation? That’s what Love My Credit Union Rewards is all about. This exclusive member discount program was created specifically to help members save and for credit unions to build member loyalty – and hopefully attract new members at the same time.

Whether your credit union already has a loyalty program in place, or whether it chooses to use Love My Credit Union Rewards or not, we encourage you to seriously think about having the right programs with the right benefits for both you and your members. 

Three Ways to Grow Your Credit Union’s Non-Interest Income

As a credit union, reconciling your not-for-profit, “people helping people” mission with the need to generate income can be tough. Unlike other financial institutions, hiking up fees or charging for once free services aren’t a credit union’s go-to solution when the need for additional non-interest income becomes apparent. So, what’s a member-friendly credit union to do? Get creative.

Comparing the 2012 and 2013 Non-Interest Income Surveys from Callahan & Associates show that overall, non-interest income is down for credit unions. Here are some numbers to consider:

• NSF/courtesy pay income was the largest source of non-interest for credit unions in 2012. In 2013 it moved to second.
• Non-interest income from debit card interchange and fees is now the largest contributor for credit unions – up to 23.8%, compared to 22.5% in 2012.
• Miscellaneous non-interest income also grew from 4.5% in 2012 to 8.8% in 2013. Safety deposit boxes and skip-a-payment fees were the most common source of this income. 

Growing Non-Interest Income

Other sources of non-interest income on the survey included mortgage sales, credit card interchange and fees, investment and insurance sales, ATM fees and others. As with most issues credit unions need to contend with in this roller coaster economy, it may be time to get creative on sources of non-interest income. How creative is up to you. We have a few suggestions – some are just expanding on current efforts while others include adding something new to the mix:

1. Become their PFI
   Easier said than done, right? But jockeying to become your members’ primary financial institution may not be as difficult as you think. There’s still plenty of backlash from the banking crisis a few years ago that many members would be happy to ditch their bank. They just need reasons to move, and a simple process to do so.
   
   Increased wallet share is basically the Holy Grail for credit unions, and sometimes less is more. If your credit union doesn’t offer free checking, it should. The more members you attract with fewer fees can exceed what you currently earn on your regular checking accounts.  Relationship discounts are also a popular way to attract more wallet share. Discounts on loans if members use their checking accounts to make payments is becoming more commonplace. Also, have an online (and in-branch) switch kit to help simplify the move for your members.
   
   
2. Think Beyond Interchange
   As the survey says, debit card interchange and fees are the top source of non-interest income for credit unions. But there are other ways your credit union can take advantage of debit cards. Train your front line staff to promote debit card overdraft protection if you have it. If you don’t, you might want to consider adding it. Let your members know exactly how it works, what it costs and how it can help them. Chances are they’ll sign up.
   
   Offer instant-issue debit cards. A financial consulting firm discovered that credit unions/banks that offer instant-issue debit cards have a 15% higher activation on new accounts, 20% more swipes and new accountholders spend 20% more. Finally, if your credit union wants to benefit even more from debit card interchange and fees, then promote card acquisition and usage. Maybe offer incentives for increased usage. Once your members become comfortable using their credit union debit card, they’ll use it more often.
   
   
3. Partner Up
   Sometimes all it takes to boost non-interest income is the right program or partner – or both! Many member rewards programs offer credit union incentives for active participation. This lets your credit union bring your members attractive discounts while generating non-interest income at the same time.
   
   With many programs you’ll need to weigh any initial outlay to potential earned income. With other programs, like our Love My Credit Union Rewards program, credit unions only need to promote the program to earn non-income incentives. We even offer free marketing materials and support to help accomplish this. Discount partners like Sprint and Credit Union Auto Club offer valuable incentives – while other big-name partners like GM, TurboTax and DIRECTV help attract your members to the program. It’s a good source of non-interest income for minimal effort – a total win-win for your credit union!

However your credit union chooses to grow its non-interest income, it’s vital to rethink how you do it. With more and more consumer/member scrutiny on fees and rates, it pays in the long run to have the reduced fees and comprehensive services that non-interest income can help bring.

To learn more about Love My Credit Union Rewards, click here. To learn more about our partner discounts, click here.