Tuesday, September 23, 2014

Do you have S.M.E.s?

"Do I have Subject Matter Experts for my credit union that can help us grow in the financial market?"


"I have an awesome team that has strong expertise throughout the credit union that is driven by teamwork in managing our members’ needs and executing our brand. It feels so good to have this strong team to support me! Since I don’t have to be in the trenches all the time, the board and I can focus on strategic new membership growth. Additionally I can continue to develop Subject Matter Experts (SMEs) and feel confident that I have succession plans in place." 

Is this your reality or is it a dream you long for?


If you are not living the dream, hopefully you are positioned to see that dream become a reality in the very near future.  No doubt there are key areas within the credit union that should have defined SMEs. 

Your SMEs Must:
  • Be challenged to own their responsibilities by rolling up their sleeves, 
  • Understand the credit union’s philosophy and business requirements to do their job with key communication, 
  • Have strong competency and the ability to help their peers and credit union to grow.   


You should also consider having SMEs diversified in that you have it internally within your organization as well as externally - such as your data processor. The goal and burden is then shared, obstacles are generally overcome quicker and there is most likely a positive impact on strategic initiatives. 

A strong SME team (both internal and external) should be one that is collaborating together, that can show proven work, has strong knowledge for best industry practices and that is helping your credit union grow.   

"Wow! I do have an awesome team!"

EPL Staff

EPL, Inc. 

Friday, September 12, 2014

Helping the underserved and unbanked

“There is a hugely underserved population out there... those who are the least capable of paying, pay the highest.”
                                                                                                - James Cameron

This fact is almost an epidemic in our country and the financial system is less prepared and equipped than ever to handle the basic needs of the underserved and unbanked.  Key underserved populations include:
  • Limited education
  • Seniors
  • Youth
  • People with disabilities
  • Immigrants 


For many, breaking the molds of stereotypical perceptions of underserved and unbanked is a fundamental initial step.  We are not necessarily talking about the poor, the uneducated or non-credit worthy.  We are talking, typically, the uninformed.  They simply may not or do not know of better, more financial advantageous options.

“You can’t rent a hotel room, rent a car, or buy online without a credit or debit card,” says Simon. “You’re really left out of the commerce system.”

In my opinion there is a four-step process that your credit union can undertake to begin providing service to underserved and unbanked individuals and families.

1) Identification
The start to any underserved process is the identification of just what exactly is an “underserved” and how will my staff know?  The initial place to start is within your own membership ranks.  You might be quite surprised how many of your own members simply do not know the products and services available to them and seek out other sources when a financial need arises.    There are, of course, low-income designation areas and empowerment zones that clearly identify the targeted populations and other governmental and community resources that are beacons for assistance.  The fundamental point is to get started small and grow from there.

2) Engagement
Once you identify groups, areas, or concentrations of underserved households, the next step is engagement.  The importance of “community” and providing a sense of belonging can be a critical element to your success is serving the underserved.  Putting staff “feet on the street” in terms of reaching out to community groups and letting people know of programs in place, educational assistance, etc. is a powerful beginning.  Look for partnerships with churches, family-centric groups (like the “Y”) and other opportunities engage larger groups more quickly.

3) Integration 
Integrating your underserved process into your “normal” banking process will ensure you do not simply start a “promotion” of helping the underserved, but truly change your business practices and those that you are able to attract.  Another key to serving the underserved is lowering service and access hurdles.  Offering items like pre-paid cards, programs like “Paycheck Accept”, offering micro-finance options and creating specialized products may help.  One credit union created a “citizenship loan” to help cover the costs of applying for US citizenship.

4) Sustainability
Serving the underserved takes a commitment from the boardroom to the branch teller line and across all lines of member contact. Creating a process that becomes part of “what and how” you do versus a campaign, creates a sustain impact to your community and opportunity for your credit union.  Make sure you create your process to ensure sustainability and repeatability across different locations, subgroups and markets.

In summary…there is significant opportunity to “do good by doing good” and identify, engaging, integrating and sustaining a serving the underserved process.

Cheers!

EPL Staff

EPL, Inc.

Tuesday, September 9, 2014

Does your left hand know what your right hand's doing? (Internal assignments/accountability)

One of the main differentiators for a credit union is their superior member service.  It’s not uncommon for a member to walk into a branch and be greeted by name.  Yet times are changing.  In 2014, more and more members are using smartphones resulting in a decline in face-to-face interactions.  Today’s member has changed from someone that walks into the branch to someone that is more virtual utilizing other channels to fit their banking needs such as Online and Mobile Banking.  These members are more likely to report a problem or request a service utilizing one of these virtual channels and/or calling into the credit union.  For example, if the member is locked out of online banking they will look for the “live chat” function on the credit union’s website and eventually will “resort” to calling into the credit union. Members are becoming more accustom to the “virtual” experience that they receive with other companies such as American Express, Southwest Airlines or their utility provider that offer call centers and live chat sessions with 24/7 access.  This has changed the landscape of the credit union industry.  

Now, it is even more imperative to have a centralized communications structure in place that combines all of the channels and ensures that each channel provides the same information and superior customer service.   To provide this type of service, credit unions are implementing call centers, which are becoming the credit unions larges branch, in order to:

  • Centralize communications across branches
  • Implementing Case Tracking enabling the ability to understand the problems members are reporting and the products/services they are requesting
  • Accountability to ensure issues are resolved in a timely manner
  • 360° view of the member
Statistics show “82% of consumers say that the number one factor that leads to a great customer service experience is having their issues resolved quickly” (LivePerson).  All credit unions take and receive member calls but how are they tracking the calls and ensuring that the members’ problem or request is resolved in a timely manner?  How is this information shared across all branches?  Are they utilizing the data and better understanding where most of their issues and requests are coming from?


Case tracking software is an infrastructure that allows the credit union to grow and be able to centralize communications across branches.   Because this is a new culture and behavior most credit unions implement a slow rollout beginning with their member services department and later introducing it throughout other departments within the credit union.


What does a case tracking infrastructure look like?When a member calls into the credit union the staff member opens a “case” concerning the members issue or request.  The staff member has the ability to complete the “case” or to assign the “case” to another staff member or department.  The application ensures that all cases are completed in a timely manner (i.e. all cases are to be completed by “sundown” or end of day) by sending alerts, email reminders, etc.  Any staff member within the institution is able to view the cases at any time and quickly identify if the case is still open or resolved.  This technology centralizes communications across branches, implements accountability, provides a 360° view of the member and provides information about the types of issues or requests being reported.

What are the benefits of Case Tracking?: The ability to Identify, Track and Manage Member Reported Issues and Requests
Increased Management Capabilities: Organized tracking methodology to ensure resolved quickly and efficiently
Remote Access to Tracking System: Ability to access from any branch or mobile branch
Real Time Communication: Instant status updates, etc.
Analytics: View results on custom dashboards via custom reporting to identify problem areas, roadmap candidates, etc.
Increase Member Experience and Productivity: Ability to identify improvement areas in order to reduce calls and increase member experience

If you haven’t already, it may be time to begin looking for a solution that will allow you to track and manage member requests across all channels to ensure a superior member service experience. 

Jami Jennings
Sr. Product Manager