CU Reenters The Workplace As ...

Register now

PITTSBURGH - Riverset CU has introduced a workplace banking program, with special offers to employees and employers, to gain a stronger foothold in a market where many banks are doing the same thing.

"The market in Pittsburgh is very competitive," said Lisa Florian, director of business development and marketing. "Here, if you don't have a workplace banking program, you are at a disadvantage because the large banks and some of the credit unions have taken what they already have, put it into a nice package with a shiny bow on it and said, 'Here you go, Mr. employer.' At riverset we were offering the exact same thing and better, but we did not have everything tied into a bundle."

The $120-million CU took what it had, added a few extras for companies and their employees, and came up with perks@work. According to Florian, not only does the package help the CU keep up with competition, it also draws attention from companies seeking to add no-cost employee benefits at a time when many benefits are being reduced or taken away.

For the employer, riverset positions perks@work as a "turnkey, no-cost benefit" that gives their employees access to very good interest rates that "put more money in your employees' pockets...all thanks to their employer for making it possible."

The package provides personal service at work, where the CU will visit with employees to answer questions, open accounts, attend benefit fairs and employer-sponsored events, and hold financial education sessions. RCU also explains it will partner with employers on their fund-raising events and sponsorships.

For employees, perks@work promotes the credit union's entire line of products, convenience through home banking and a large ATM network, and tosses in a one-time bump-up on CDs plus an extra .25% rate reduction on auto and signature loans and personal lines of credit.

Florian said perks@work does not place additional costs on the credit union and that it has staff-three full-time employees from marketing and business development-who have capacity to deliver the program. "I hope, though, we get to the point where we need to hire another staff person."

RCU just introduced perks@work. While Florian said it is too soon determine the effectiveness of the program, initial response from employers has been very strong. The credit union sent out a press release that was picked up by some local news stations, and sent communications to over 100 select employer groups that the CU is closely tied to.

For reprint and licensing requests for this article, click here.
Growth strategies
MORE FROM AMERICAN BANKER