The retail financial services market is in a transformative period where new stakeholders and business models are reshaping the industry. Credit unions still have the opportunity for retention and growth, but must continue to compete. In this podcast held at the NAFCU 2013 Congressional Congress in September, you will get an in-depth look at key market dynamics, including evolving financial services models and regulatory impact; learn about emerging strategies and their impact to credit unions, including EMV, prepaid, and mobile; and find out how to prepare for the future.
The amount of member data is limitless and can be overwhelming. How can you dissect this data to make it more powerful and use it to your advantage? In this podcast from the 2013 NAFCU Annual Conference, Maria Del Amo, Steve Miller, and Trish Donahue explore how to develop a successful growth strategy using member data to deepen your credit union member relationships and improve your credit union’s revenue. Included is a list of 10 database marketing strategies and several successful case studies, including laser-focused retention, maximizing wallet share, new client development, and logical development.
Do you have a business plan to maximize the results of your online initiatives? This podcast will shatter the old adages about traditional email campaign models and transform the way you set goals for your website. Learn from the experiences of several credit unions that have made the best use of transactional marketing opportunities on their website. Get the latest analytics and customer contact email nurturing tools that deliver what a member wants, when they want it, and how they want it.
In this podcast and presentation from the 2013 NAFCU Annual Conference, Jeffrey Chesky shares how to improve the performance of your online initiatives.
Insuritas is the NAFCU Services Preferred Partner for Outsourced Insurance Agency Solutions.
Social media popularity continues to grow in all age groups and in all types of channels. In this presentation, Kristy Grayson provides tips on how to develop an effective social media strategy and how to measure your efforts.
Deluxe Financial Services is the NAFCU Services Preferred Partner for Check Printing, Online Check Ordering, Check Fraud Prevention, and Member Loyalty Solutions. More educational content, including a podcast, “Use Member Retention to Improve Your Bottom Line” is available here »
Contrary to common misconceptions, you can maintain a high level of member service and control while outsourcing receivables. In this presentation from the 2013 NAFCU annual Conference, Marney MacFadyen shares the benefits of outsourcing your receivables and tips on getting started.
Credit Control is the NAFCU Services Preferred Partner for Consumer and Commercial Loan Recovery Services. More educational content, including a webinar, “Case Study: Tinker FCU and Outsourcing Receivables” is available here »
Big data, business analytics, and visualization are more than just the latest technology trends—they represent real opportunities for credit unions. In this presentation from the 2013 NAFCU Annual Conference, David Wallace explains the business use fueling these trends and how credit unions can find their sweet spot.
The SAS Institute is the NAFCU Services Preferred Partner for Business Intelligence, Predictive Analytics Software & Risk Assessment. More educational content, including white papers and case studies, is available here »
As they say, the best new customer is one you already have. Credit unions are no exception, and increasing member retention rates certainly qualifies as a key success factor. But member retention is about more than just maintaining your credit union’s membership numbers—it’s about improving your credit union’s bottom line. Don’t let opportunities slip by as your members hunt for auto loans, mortgages, and more from other financial institutions. Today we’ll learn more about developing a great member retention strategy to ensure your members look at you first to buy these products and services.
Is it possible to offer an income-generating overdraft program while maintaining a high level of member service? Yes, and despite changing regulations surrounding overdraft programs, you can easily stay compliant too.
Studies show that consumers—your members—want the convenience and safety net that overdraft programs provide. Consumer demand is high, and often a driving factor in selecting a primary financial institution. With thoughtful approval guidelines, you can ensure only members with an ability to repay have access to the program. Explicit guidelines and procedures, plus the appropriate disclosures, help comprise a regulator-friendly offering.
Here's one more reason you should offer an overdraft program—the income from an overdraft program can be significant. Instituting a formal overdraft program can maximize your income while streamlining the process. Ultimately your members are better served.
In this podcast, Gerald Witcher, SVP Sales for IMPACT Solutions, explains how your credit union can increase income from overdraft programs, maintain compliance with upcoming changing regulations, and decide whether or not to outsource its overdraft program to a third party.
IMPACT Solutions is the NAFCU Services Preferred Partner for automated overdraft protection programs and related solutions.
Credit unions accounted for 18 percent of all new auto loans last year. While this market share is nothing to sneeze at, it also shows room for growth. Typically, when credit unions think of car loans, they consider two options: their existing members with direct loans or dealer financing with indirect loans. However, there are two more options that can grow your membership and car loan portfolio: refinanced and recaptured loans.
What’s the difference? In both cases an existing car loan is transferred to the credit union. A refinanced loan involves refinancing a car loan for a nonmember. A recaptured loan is when you refinance a car loan from another financial institution for an existing member.
Why is there always a market to refinance auto loans? While today’s low rate environment makes refinancing a budget-friendly option for consumers, the attraction to refinancing exists in any rate market because:
- Consumers who didn’t get the rate they deserved at the point of sale
- Consumers have improved their credit since taking out the loan and now qualify for a better rate
- Consumers want to change the repayment terms of the loan
Why are these loans attractive to credit unions? Credit unions have the opportunity to rebalance their car loan portfolio because when they refinance and recapture loans, they are only selecting seasoned, performing loans. In the podcast you’ll hear about a credit union that chose to stop indirect financing in favor of refinancing and recapturing loans.
How can a credit union’s membership grow? RateGenius uses a national marketing strategy to generate applications from the general public for refinanced loans. These applications are matched to a credit union’s approval and field of membership guidelines—each new loan equals a new member. For recapturing loans from existing members, the credit union strengthens its relationship with that member by offering more attractive loan terms, whether it’s rate and/or repayment period.
Chris Brown, CEO at rateGenius, explains in this podcast why credit unions of all sizes should start refinancing and recapturing auto loans and provides tips for getting started. Chris has more than 30 years of experience in all facets of the automobile industry.
Allied Solutions is the NAFCU Services Preferred Partner for auto refinance loan generation and production, offering the rateGenius solution.
Credit union marketing has become a challenging discipline, with updates in technology, compliance requirements, security, and consumer preferences regularly changing the playing field. The ability to manage all channels—email, mobile, social media, outbound calling, and print—is often hindered by a lack of technology and/or expertise. Many marketers find themselves generating the same static, one-way communication campaigns, despite the wealth of member data they have. The answer? Interactive marketing, representing 1:1 relevant and contextual messaging.
The practice of interactive marketing is constantly evolving, producing a mix of best and not-so-best practices. In this podcast, you will learn about the top five interactive marketing mistakes credit unions make and how to avoid them.
1. Lack of Management Vision and Commitment
2. Inadequate Planning
3. Failure to Execute
4. Doing It the Old-Fashioned Way
5. Not Personalizing Marketing
Mark Haugejorde, Founder of Member Assist, explains how interactive marketing can improve a marketers’ effectiveness and optimize results. For nearly 20 years, Haugejorde has developed businesses that combine advanced marketing technologies with highly-defined affinity groups.
Member Assist’s iSolutions Marketing Automation Platform is the NAFCU Services Preferred Partner solution for interactive marketing platforms.