CORONADO, Calif.-Credit Union Journal asked the solutions providers at Grow Show just one question: how can you help a credit union grow. Below are their responses:
CO-OP Financial Services: One of the vulnerabilities credit unions continue to have is the convenience of their physical locations. One way to meet that challenge: join shared branching, suggested Ann Morgan of CO-OP Shared Branching. "Go from one location to over 3,600 just like that." On the EFT side of CO-OP's business, Chris Ricitelli noted credit unions can also address the convenience aspect by joining CO-OP's surcharge-free ATM network with more than 28,000 surcharge-free ATMs. "If you already belong to our network, we offer marketing tools to reach Gen X and Y," she noted. "You reach the younger generations through technology, contactless cards, movile banking, check imaging." Ricitelli added that CO-OP is now offering image capture at the consumer level, called My Deposit.
PSB: "We are adjusting our operation to bring costs down," noted PSB's Mark DeBellis. "We rolled back our pricing on our core products, and new products are focused on cost reductions without losing presence." PSB is also rolling out and environmental initiative, looking at the paper stock it uses in its printing, for example. "We are trying to do things that matter, things that our customers can feel good about."
CUNA Mutual Group: As life spans elongate and one of the biggest generations of all time is aging, there is a real opportunity in becoming a trusted advisor to help members through some the challenges facing an aging population and the generations supporting them. "Long term care insurance is easily the fastest growing product we have," CUNA Mutual's Larry Novick said. "It is a real growth opportunity. We also have long-term care insurance for credit union executives. This is not an expensive product, and it helps people deal with a big fear and burden."
IMM: "Our fastest growing product has grown because of what is going on with the economy," commented IMM EVP John Levy. "TotaleAtlas Web allows credit unions to deliver lending and member documents, all the way through signing, online." Between fourth quarter of 2008 and first quarter of 2001, IMM has seen a 36.6% increase in the number of remote signings via the web. "Some credit unions are doing over 50% of their loans remotely via the web. This is allowing credit unions to go outside the branch infrastructure."
Schneider Sales Management: "We help you improve your people-your biggest asset-and leverage your existing technology to help you grow," said Steve Sullivan. "When I go into a credit union, fewer than 10% to 20% are really leveraging their MCIF and other technology." But ironically enough, that can be great news for credit unions who are looking to keep expenses down right now, because it means they don't necessarily need to invest in new technology; rather they need to learn how to make the most of what they already have. One of the keys to doing just that, he said, is making sure front-line staff know how to use the technology, know what they need to go after to help the CU grow and how that technology can be used to do just that.
Weber Marketing Group: It may not seem the ideal time to be optimistic-which is exactly why it's the ideal time, according to Mark Weber, president of Weber Marketing Group, Seattle. "One of the keys for leaders is to have to have a strong sense of optimism, especially for employees," said Weber. "People are looking for a spark to get focused on the long term. It's not just about surviving this recession, but about growing and thriving." Weber said CUs must be about "more than rates and fees." That requires starting with leadership and establishing common goals for the CU, he said, adding that many leaders remain unsure of "where to stick their oar in the water." More than anything, Weber said he is advising clients looking to grow to get back to the heart of their organizations. "You need to operationalize brands," he suggested. "When we were riding the tide of the economy it was easy. Now it's hard work."
Primax: Primax, which offers card processing programs, reported it can help CUs without card programs move quickly into businesses (and relationships) they might not have gotten into before, said Larry Landis, regional sales executive with Pennsylvania-based Primax. The firm's "QuickStart" program, for example, is for CUs with a minimum of $5 million in assets that offers a Platinum Card product, Visa compliance assistance, and much more. It can be rolled out as quickly as 60 days. "The one thing we can do is save the credit union money on a monthly basis," Landis said.
