5 Ways to Grow Your Credit Union This Summer

Most organizations seem to face a summer slowdown each year, even credit unions. Thanks to summer vacations, both staff and members become sparse. Even though on some of these slow, summer day it’s nice to relax and enjoy the calm. But there are several, and more productive, ways to spend these upcoming summer months.

1. Play Online
   No, we’re not talking about Candy Crush Saga or Minecraft … But on a slow business day take a look at all of those new social media platforms you’ve heard about but never tried. Set up a business profile and test it out. Come fall, if you don’t think it’s worth it – just remove your profile. You won’t know unless you try!
   
2. Update Your Site
   We’re sure you’ve been meaning to update your website’s content or layout all year long. But the day-to-day tasks can force you to put it on the backburner. Summer is the time to go through your site to ensure everything is current. It’s also the perfect opportunity to review it and see if it’s time to get a new look to better mesh with your credit union’s brand, or update it to be responsive. Don’t wait until fall when your workload picks back up.
   
3. Get Out There
   With all of the summer festivals and community events, now is when you want to get out and about and mingle with your community. Sponsor a charity run or host a booth at the art fair. You’ll not only get your credit union’s name and brand out there, you might get the chance to network some new partnerships and enrich the ones you already have. Plus, who wants to sit at a desk when it’s so nice outside!
   
4. Snap Some Pics
   While you’re out and about this summer, don’t forget to take plenty of photos! Thanks to the prevalence on cameras on phones, you have no excuse to get some pics when your credit union is at these community events. Once you take them, just don’t forget to post them on your Facebook page or website for all to see. Nothing boosts traffic as much as a great photo.
   
5. Tend to Your Staff
   Staff development can also be something that gets put on a backburner when those deadlines keep looming. Work one-on-one with staff to ensure they’re keeping up with their goals and that any issues are being properly addressed. No use waiting until the end of the year reviews to improve the performance of not only your staff, but your credit union as well.

The good news is that no matter what season, the CU Solutions Group team is always ready, willing and able to support your credit union. Our marketing, technologyand HR divisions can help you with any and all of the tips above. Just let us know what we can do to make your credit union’s summer be the best yet!

Digital or Personal Banking – Which is More Important?

According to a recent poll published by Gallup, Americans are preferentially split between digital and personal banking. The question was posed, “If you had to give up one aspect of your relationship with your bank, the digital (you would no longer be able to interact with your bank through mobile or online channels) or the personal (you would no longer be able to visit a branch or call a call center,) which one would you give up?” The results show slight favoritism towards digital, with 53% reporting that they would give up personal service, and 47% suggesting that whey would give up mobile and online.

Even Keel

This highlights the generational gap with which many financial institutions struggle, and once again begs the question of which methods and channels are best for member satisfaction, interaction and marketing efforts. While some suggest that younger accountholders are the future of the industry and require more attention, others contend that these individuals bring a much slighter share of wallet, and that focus is better spent on their elder and more versed counterparts. The results of the poll would suggest that the truth lies somewhere in between.

The overarching question posed is a hypothetical situation that forces respondents to lean completely towards one method or the other. In reality, digital and personal preferences fall on a continuum with most members employing a mixture of both forms of interaction. It does, however, accentuate just how evenly split members currently are when it comes to the preferential mode of interaction with their financial institution.

Digging Deeper

Follow up questions in the study reveal a much more detailed picture. When the same respondents were asked if their current banking relationship was more personal or more digital in nature, roughly 62% indicated a preference match – that their current relationship is as personal or as digital as they would like it to be. The 38% of accountholders whose preference did not match their actual relationship were far less likely to be engaged with their financial institution. Meeting your members where they want to be, and engaging with them according to their own preference, is what will drive the bottom line.

This is a fact that brings with it more complications than answers. Even more revealing than the split towards preference is the level of disengagement when preference is not met. Credit unions have to meet members on their own terms and deliver a satisfying experience every single time whether digital or personal. While the conversation is often dominated by debate over which methods of member interaction and service are more important, our focus should instead be on the specific products and services that are most important to members, and how we can meet their needs best on both fronts.

If you think that your credit union could benefit from a more even-handed approach to member engagement, Technology Solutions is here to help. From design and hosting, to support and custom app creation, we drive both style and substance.

How Credit Unions Should Market to the 20-somethings

Commonly referred to as Millennials, the 20-somethings of today really cannot be grouped into one simple category. Why? A quick look at this generation you will find some still living at home because they are perusing a master’s degree. Others are making payments on their first home while some are traveling Europe. So how can you market to a group that is so diverse in their lifestyles? To understand how you need to market to this group you need to understand their lifestyle. 

First, here are a few key points to know about the Millennial generation:

• The Millennial group is Americans born between 1977 and 1995.
• Currently age 19 to 37
• Population is around 79.8 million
• Most ethnically diverse generation in U.S. history
• Getting married and having their first child later than any previous generation
• Buying their first home later than previous generations
• Greatest number of college graduates ever – twice as many degrees earned in 2009 as in 1970
• Came of age with the internet, mobile devices and social media

Credit unions need to change how they market to this demographic because this group is so different than any other generation before them. It takes a lot to woo this demographic, so it’s important to know what Millennials are looking for in a credit union. A recent study by an industry trade group Independent Community Bankers of America uncovered exactly what Millennials want in their credit union. Here are some key points:

• Millennials want local – 54% of Millennials prefer to work with a locally, owned, locally-operated community financial institute.
• Millennials want mobile – 74% of Millennials surveyed said mobile banking was very important to them.
• Millennials want a relations – 64% of Millennials believe that developing a relationship with their financial instate was important. They value high-tech and high touch with communication.
• Millennials want to learn more – 70% of Millennials wished they had more knowledge and skill when it comes to financial matters.

Meeting Millennials’ Needs

How can credit unions meet the demand of Millennials? The first thing your credit union needs to do is understand how Millennials absorb information. This generation is highly visual as learners and communicators. Use graphics, pictures or short, fast-paced videos to engage them.

The second thing your credit union needs to do is to turn toward a digital format. Millennials like to see information visually. When creating communications, think in terms of pictures or graphs instead of a wall of text.

The last thing you credit union needs to be doing to reach Millennials is to treat them like a VIP. The study found that Millennials feel that financial institutes treat them like a number. Fortunately for the credit union industry the “people helping people” philosophy has put credit unions in a great position to treat Millennials like individuals, not numbers. Here are some ways to make a new Millennial feel important in your credit union’s branch:

• Introduce them to three employees so they are familiar with the team that runs your credit union.
• Ask them how they want to be contacted. They may prefer a text message or a traditional email or voicemail.
• Invite them to exclusive events that they might otherwise not be able to attend – festivals, sporting events, fashion shows, and non-profit fundraisers.

Looking for ways to better reach the Millennial generation? CU Solutions Groups has what you need to reach this growing group. We can help you connect to the Millennial group better than you ever have before with technologies like: youth sites, social media campaigns, cutting edge graphic design, mobile sites and smartphone apps, and even video creation. 

Help Your Credit Union Take the Technology Leap

There’s much more expanding the divide between large and small credit unions than their asset size – there’s technology. There are numerous technology offerings that have become the norm for larger credit unions such as remote deposit capture, mobile banking and apps, online banking and online applications. But are these technology offerings out of reach for smaller credit unions? 

A recent study from Callahan & Associates discovered that only 21 small credit unions nationwide had the above technology offerings. The study also showed that these 21 credit unions routinely outpaced similarly sized credit unions in share draft, auto loan and credit card growth. The tech-savvy credit unions also had a higher average member relationship balance than credit unions with a similar asset size: $10, 439 compared to $8.966.

Affordable Technology

If you’re a smaller credit union that hasn’t kept up with larger ones, there’s good news – the cost of technology is becoming consistently more affordable. Online banking and online applications for membership, loans and credit cards have come down in price over the past couple of years. Plus, there are plenty of turnkey versions of these technology offerings out there that can fit even the smaller budgets, and could offer a sizable return on your investment.

The world of technology, especially finance technology, seems to be growing and morphing at a pace that’s too fast. Especially if you’re looking to catch up. But don’t let that intimidate you. Determine what technology would best benefit your credit union and start there.

Why Mobile Banking?

If you’re still not sure, then you might want to start with online and mobile banking. The recent Credit Union Satisfaction Index from CFI Group found that for members, online and mobile banking are the most important aspect of their credit union experience. Another report, this one from Monitise called The Mobile Money Landscape: Market Statistics and Expert Views, reveals that 51% of U.S. adults, or 61% of Internet users, bank online while over 50% of the U.S.’ 5,800 commercial banks now offer some form of mobile banking.

No matter what technology product or service you want to offer your members next, CU Solutions Group has affordable options for nearly any size budget. From online member applications and loan applications to mobile banking and more, we’ll make sure you’re making the best technology decision for your credit union.

Credit Unions. Where Marketing and Technology Meet?

by Amy Neale

It used to be a pretty clear cut line where the information technology (IT) left off and marketing took over. Not so much anymore. Websites, microsites, mobile sites and apps, digital/online marketing, social media, QR codes, search engine optimization (SEO) and online analytics have blurred the lines. For credit unions, services like online banking and online applications have blurred the lines even further.

With so much cross-over, the IT and marketing departments in some organizations – including credit unions – are finding it hard to play nice with each other. A recent study from Accenture Interactive shows that 90% of marketing and IT executives feel that their collaboration is not at the right level.  Common issues between the two departments are: 

• Technology doesn’t truly see the value of marketing  its products or services
• Marketing is facing an explosion of analytical data that it feels unprepared to fully handle
• Both departments strive to keep their autonomy in a business world where this is becoming less and less possible  

Accenture Interactive’s findings support these issues. 36% of CMOs say IT deliverables fall short of expectations while 46% of CIOs feel marketing isn’t providing an adequate level of business requirements. 

The Need for Integration

So, where does this leave your credit union? If it’s big enough to have a significant marketing and technology departments, then you’ll have to encourage them to play nice. This means a seamless integration and alignment between the two – which we realize is easier said than done!

To aid in this strategic partnership, the study suggests you might want to start looking at the CMO as more of a CXO – chief experience officer. This makes them responsible for “the consumer experience and drive consumer-centric measures.” Once you understand what creates a cohesive user experience across all of your credit union’s channels, the CXO is in a better position to create a multichannel strategy. This strategy includes the CIO and makes them jointly responsible for driving business outcomes and builds a stronger relationship between the two departments.

But by accomplishing this alignment, you’ll be that much further ahead than the competition. Regardless of whether you view your competition as banks, other credit unions or both, finding a good way to interweave your marketing and technology will result in both departments being stronger, more streamlined and ready to jump ahead of the credit union pack.