CUSO Offerings Pitched As Key To Capturing More Members' Assets
The competition for assets is intense and increasing as new players enter the game, transaction revenues are
The short answer, according to Valorie Seyfert, president of CUSO Financial Services, is for CUs to leverage the strong bond they
"Get them to use services offered by your CUSOs (Credit Union Service Organizations)," Seyfert told the CUES Marketing,
At the beginning of her talk, Seyfert noted that there are a number of unknown issues regarding the future of CUSOs. She said the
You've Got The Look
What is known, she suggested, is that credit unions create perceptions for themselves with the "look" of their branch, said Seyfert.
"In the next 20 years, $8 trillion will pass from one generation to the next," she said. "At the same time, consumers want to
One way for credit unions to get a piece of the substantial investment services pie is to use technology to integrate products
Members are more willing and able to use technology, she said. "This includes getting education and using tools online."
Standing in the way, she said, is the specter of increasing competition. Brokerage firms are adding banking products, online firms
"The lines have blurred," she assessed.
To combat this threat, Seyfert recommends technological innovation; including "total solutions" across multiple products and
"Credit unions must provide new value for members through integration of CUSOs with the credit union," she told attendees.
Increasing Wallet Share
Recent studies estimate credit union deposits represent a mere 17% of their members' "wallet." Forty-two percent of members'
"That is terrible," Seyfert declared. "There is too much wallet share out there that is missing."
The investment market is important, because while only 2% of households use investment services of a credit union, those
"Integration of the CUSO is the key-in the HR structure, in marketing and branding, and in the whole organizational structure,"
"You don't want people in the technology department griping about staying late to work on something for the CUSO because they
Finally, a CUSO needs visible management support, Seyfert said.
"If you don't use your products, why should your members? If you want success with CUSO products, you have to treat them the