According to Callahan & Associates, at the end of Q1 2014, US credit unions had more than 98 million members. That implies that almost one in every three Americans belongs to a credit union (implies, because if there are people who belong to multiple CUs, membership penetration isn’t that high). So why would I think…
If “customer-centric” isn’t the worst-named buzzword the business world has come up with, it’s pretty damn close. An American Banker article provides advice to banks on becoming customer-focused. Unfortunately, the prescriptions won’t solve banks’ problems.
Marquis Software’s Member Value Statements calculate dollar amounts for each members showing the relative value of their credit union’s products compared to similar products offered by nearby FIs. This is a great example of Competing On Performance.
Can financial institutions (FIs) create a new source of revenue from the fledgling marijuana industry? The potential hurdles and compliance burdens aren’t stopping one entrepreneur. I spoke with him recently to get his thoughts on why he believes his new venture, Dispensaries of Pot Employees Credit Union (DOPECU) will succeed.
Sorry that this falls on you bankers and credit unionistas, but you guys will have to provide some consumer education here. Specifically, on the differences between credit monitoring and transaction monitoring. Credit monitoring is good, and it’s needed, but it isn’t anywhere near a complete solution to protecting consumers’ card-related information.
ACSI releases its 2013 customer satisfaction scores for the financial services industry today. A sneak peek at the numbers gave me a few days lead time to look into this year’s results. There may be a few surprises for industry insiders, but creditunionistas can rest easy: Credit unions continue to outscore banks on customer satisfaction.
Strategic planning is a joke at many FIs because “planning” is the last thing they need. Lots of the verbs used to describe strategy fall short, as well. I’ve yet to find a firm that has successfully “formulated” strategy.
For a few years now, credit unions have been obsessed (not too strong a word) with lowering the average age of their member base. The rationale goes something like this: “Younger consumers represent the future of credit unions, therefore we have to attract more Gen Yers and reduce the average age of our members.” But it doesn’t make mathematical sense.
If self-service is the best service, and the most critical time for gaining loyalty is the initial purchase experience….then if you don’t have the best online (i.e., self-service, self-directed) application processes in place, you don’t have the best service.
There’s plenty of good advice out there on how to run a strategic planning session or offsite. As it pertains to credit unions, check out Mark Arnold’s blog or CU Insight. Mark encourages CUs to address questions about the organization’s value proposition and how it engages members. The CU Insight article, penned by CUES’ Charles…