ORLANDO, Fla.–During Credit Union Journal’s recent Grow Show, companies that had partnered with the show and who were on hand were asked what solutions and suggestions they would offer to help credit unions grow during the remainder of the year. Here’s a look at some of what they had to say:
Know Yourself, Know Your Market
Informa Research Services in Calabasas, Calif., recommended credit unions get a better handle on their own offerings and those in the market. The company gathers competitive market product information, branch experience measurements, and consumer information that it then analyzes and uses as a basis for recommendations, noted James Royal, director of marketing. The firm also provides competitive rate information published by Credit Union Journal at www.cujournal.com.
For info: www.informars.com.
Increasing Interest In ‘Green’ Facilities
One way to grow is to catch a trend on its way up, and Momentum, a Seattle-based design/build firm, said there may be no hotter (and lasting) trend than the movement to “go green.” Gary Barrett, VP-client services with Momentum, noted that during Grow Show he had fielded numerous inquiries on how to build “green” facilities. “Green facilities really seems to be a common interest of conversation,” he noted.
For info: www.momentumbuilds.com.
Growth Opportunities In Card Programs
More CUs are finding there are multiple growth opportunities to be had in their card programs. Robert Hackney, president of Card Services for Credit Unions, Clearwater, Fla., said he talked with numerous CUs about “improvement strategies” for their programs, in addition to the “need to develop an electronic payment strategy to grow membership.” CSCU, which serves more than 3,200 member CUs, also has available education and training, fraud-fighting tools, turnkey marketing programs, a virtual credit card consultant and personalized portfolio analysis, in addition to card growth workshops and webcasts, Hackney noted.
For info: www.cscu.net.
Remote Deposit Capture, Investments Are Key Interests
Remote Deposit Capture and investment alternatives were primary areas of interest expressed by credit unions that visited with Southwest Corporate FCU during Grow Show, according to Terry Young, director of marketing and communications with SWFCU. The $14-billion, Plano, Texas-based Southwest offers solutions in both areas, with Brad Ganey, VP-item processing, speaking on the issue of Remote Deposit Capture as part of the conference agenda.
For info: www.swcorp.org.
Growth By Shrinking: Costs of Handling Documents, That Is
One key component of growth can also be a reduction–in costs. One way to drive down costs, as suggested by Integrated Media Management (IMM) of Linden, N.J., is the use of software to improve productivity by automating processes between the host system and document storage.
Time is also saved via improved workflow, document presentment, embedded electronic signature capture and secure document delivery, the company noted. In addition, during Grow Show, IMM highlighted its TotaleAtlasWeb solution, which enhances the ability of credit unions to reach beyond their current members in marketing efforts, noted John Levy, EVP.
For info: www.immonline.com.
The Need To Truly Understand The Card Portfolio
A credit card portfolio growth help super-fuel growth, according to Pemco Technologies’ Duane Schweiss said. “It gives you the opportunity to sit down and understand what your portfolio is doing and determine whether you are marketing the right thing the right way.”
Seattle-based Pemco provides credit card services to about 300 CUs with an average asset size of $300 million, Schweiss said. And every now and again one of those credit unions will come to Pemco with what it believes is going to be an agonizing decision: whether or not to sell off the card portfolio.
“We have succeeded every time in showing them how to make the portfolio profitable, and then they decide to keep it,” Schweiss said.
One other key: Gather as much data as possible to determine what you’ve got and what you can do with it,” he said.
For info: www.pemcotech.com.
