Vendor Management: Getting Started on a Systemic, Regulator-Friendly Program

February 12, 2013

Improve efficiency and maximize the value you receive

If your idea of vendor management is a spreadsheet and a one-time vendor review, it’s time to rethink your approach to managing your third party relationships.

Vendor management is much more than checking off a box for the auditors, although meeting NCUA and other federal regulatory requirements is the first reason you should have a comprehensive program in place. The second reason is to ensure good business practices—contract management, knowing how your vendors are protecting your interests, performance reviews, and risk assessments—are being performed. Regardless of asset size or staff resources, you can implement a vendor management program that meets your compliance needs while adding value to your credit union.

In this podcast, Andy Vanderhoff, CEO and Founder of Quantivate, discusses a successful vendor management strategy. Andy explains:

  • Four good business practices that will help protect your credit union
  • Pros and cons of a central versus distributed approach
  • Ten questions to ask during a due diligence review, and why you should do it on a regular basis
  • What credit unions typically miss during a due diligence review
  • How to perform a risk assessment

Quantivate is exhibiting at the upcoming NAFCU Technology and Security Conference, February 26–28 in Austin, TX.

Case Study: How Mission FCU Integrated Online Calculators into Its Digital Marketing Strategy

February 8, 2013

Best Practices for CULookup.com Calculators

In 2012, CULookup.com’s award-winning financial calculators exceeded more than 2 million calculations by online users, representing a 22 percent increase from the 1.65 million calculations in 2011. Nearly 545,000 unique visitors performed calculations, either on CULookup.com or on credit union websites. The calculators were launched in February 2010 as a free NAFCU-member benefit and for use by other credit unions as well. Since then, more than 5,800 customizable calculators have been created by NAFCU members and other credit unions. The calculators are easy to implement and can be customized to match a credit union’s branding.

The calculators are available to the public on www.CULookup.com, and are free for NAFCU members to use on their websites. There are 30 calculators that cover financial topics such as home buying, saving, borrowing, retirement, and auto financing. The most popular calculators are found in the auto, mortgage, and loan payment sections.

Mission Federal Credit Union started using CULookup.com calculators in June 2012, and since then has topped the charts in the number of visitors to their embedded calculators. In this podcast, Robin Martin, Multimedia Producer and Developer at Mission FCU, discusses how he successfully integrated

CULookup .com calculators into his digital marketing strategy. Robin shares tips on how to drive traffic to the calculators and the feedback he has received from members.

Mission Federal Credit Union is based in San Diego, CA and has over $2.3 billion in assets.

Optimizing Online Interaction with Your Members

February 8, 2013

You’ve probably noticed the way your members are interacting with you is changing. More than half of Generation X and Y actively use online banking while 46 percent of baby boomers do as well. Mobile banking is now used by 33% of mobile users. In order to leverage these data points into meaningful, member-centric interactions, credit unions must actively pursue the convergence of marketing into their technology solutions.

Since their inception, credit unions have enjoyed a higher level of member satisfaction than other financial institutions. As relationships increasingly move online and away from traditional face-to-face interactions, how can your credit union retain its strong bond with your membership? How important is your bricks-and-mortar presence as online and mobile banking grow?

In this podcast, Paul Fisher, Chief Technology Officer at Insuritas, discusses how data collection and personal targeting can help members feel and stay connected to their credit unions. He explains how to get started and measure success. Paul shares tips for your website that you can implement right now.

Paul is speaking at the NAFCU Technology and Security Conference in Austin, TX, February 26–28. He and Dash Lavine, Director of Mobile Analytics/Partner Integrations at Webtrends, will present “Technology’s Role—Optimizing Member Experience to Drive Business Success.” Learn more.

Insuritas is the NAFCU Services Preferred Partner for Outsourced Insurance Agency Solutions.