PayThink

Notes from the road, from Lindbergh Field to Lindbergh Terminal, from cars to bikes...

Credit unions for the most part have had limited success in convincing members that they are a viable option for mortgage loans, and nationally credit unions still have less than 2% of the mortgage origination marketplace. Well, that’s about to change!

The rule is simple. An exceptional member experience may not necessarily happen as a result of happy employees; but creating a sustained, exceptional member experience is virtually impossible with unhappy employees. That’s why building an exceptional member experience begins with building a great employee experience.

Let’s face it. Some credit union CEOs just produce a lot of gas. Hot air. Bluster. Bravado. But mostly, gas. They’re not alone. Their management teams and their boards are, well, gassy, too. Indeed, their entire credit union is one big gas bag.

Malware writers continue to find new and inventive ways to infiltrate credit union computer networks and get past traditional security systems that were designed to stop them. Over the last year we’ve witnessed cyber criminals direct their efforts on a specific target with the primary goal of financial gain. What was once only an annoyance has morphed into a multi-billion dollar global enterprise. Not surprisingly, the characteristics of this new breed of malware involve a far more sophisticated approach that is not easily stopped.

Dispelling all thoughts of fairness and equity existing in Washington evaporated with the announcement of this “reform” plan. Perhaps it should be renamed the “let’s see if we can get the suckers [the public] to pay for more bank failures.” Did you and I forget the “Savings and Loan Mess” of the 80s?

With membership growth hovering barely above 1% and more competitors vying for consumers’ wallet share, attracting new members is an important but formidable goal for credit unions today. For those willing to make targeted, strategic investments to attract prospective members, the Gen Y market represents a prime growth opportunity.

Certain subjects lend themselves to perpetual debate: Red Sox vs. Yankees. Red states vs. blue. Pretends to know which wine to order vs. the rest of us. And then there’s credit union careers vs. most others.

No one except bats enjoy living left in the dark. Ok, there are some other nocturnal animals, but this is not about them. This is about directors, new directors, who want to contribute to your credit union’s success and to see positive results. Rather than wait years in most cases, an orientation program can provide insights that take them out of the dark.

Gaining new members requires a two-step sale. First, people need to become aware of what credit unions are and their eligibility to join. Only then can they be sold on a specific credit union. Awareness surveys and other non-member studies are crucial for positioning institutions to succeed with both steps.