MADISON, Wis. -
Credit union consultant John Vardallas works with credit unions around the nation extolling his brand of "member-centric service" insisting that CU staff can, and should "wow" the membership at every opportunity. Reflecting on the community ownership of the Green Bay Packers, Vardallas said his part holding of the famous football team allows him to vote for 45 volunteer directors. It struck him as similar to the credit union structure and Vardallas came up with the idea of issuing certificates similar to stocks, but with no inherent value.
"Think about members as more than a transaction. I believe that membership has its privileges. They are members here, not just random customers. Why not think of ownership? From the get go, they understand the difference from a credit union and being a customer at a bank," he said.
Vardallas pointed out that after bringing in a new member, credit unions have the perfect chance to make the fundamental point of being in a credit union: that the members own it. In the rush of daily business, a newly joined member might be passed by, he said.
"All you get is a little card with your name and number on it," he said. "We should be going over the top for our members."
The first credit union nationwide to try out Vardallas' customizable certificates is $186-million MOCSE Central Valley in Modesto, Calif. MOCSE CEO Tracy Kerr said Vardallas spent two days teaching her staff, urging tellers to interact with members and their needs by generation, for example.
If a senior member proudly shows off a picture of a new grandchild, Vardallas said tellers should ask about opening new college accounts versus focusing on the latest loan campaign. Kerr cited Vardallas idea of quickly showing new members how being a credit union member is going to be different.
"The day after a member opens an account they get a certificate," Kerr said.
Kerr said the goal of the certificates is to reinforce their awareness of being an owner/member, the difference between banks and credit union, but doesn't expect any new people walking in the door as a result.
"It doesn't have any tangible value. Maybe they'll think of us as a little bit different," Kerr said.
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