EPL Celebrates Women’s History Month

This month, we’re honoring the women who work every day to make EPL better! We’ve asked a few of our team members to share their thoughts on Women’s History Month and how women continue to positively impact the work we do.

Suzanne Pharr, director of cards & payments

Francesca Baldo, financial analyst

Peerli Reynolds, product specialist, cards & payments

Teresa McGuire, software delivery lead

1. What does Women’s History Month Mean to you?
Women’s History Month means celebrating strong, powerful and beautiful women who have made such an impact in our lives, in our history, and our hearts. – Peerli

Women’s History Month is about celebrating women and their stories. It’s an opportunity to shine a light on the contributions women have made throughout history – not focusing on any particular race, religion, or nationality; but our accomplishments. It’s also about creating markers – seeing what we’ve achieved to understand what more we must do. –  Suzanne


2.  How are women transforming your field of work?
Working with EPL, I have seen with my own eyes how powerful the collaboration is among women and the positive effects women have on the business, strategy and customer satisfaction. I am so honored to share this working journey with all the women I work with. Every time I am sitting in the boardroom surrounded by women, I think: “That’s amazing.”  – Francesca

We are taking more chances. We are learning more about our industry and how we can contribute to its evolution. We’re bringing new ideas, new concepts, new perspectives. According to CUNA research, more than half (52%) of the credit unions CEOs are women. And though the technology sector has yet to catch up - with only 26% of computing professions belonging to women – we are continuing to make progress. – Suzanne


3.  What advice would you give women wanting to work in the technology/financial services industry?
Be confident. Work hard to prove you are capable of accomplishing any task given to you. Recognize that every role is important. Don’t take “no” for an answer. Empower and motivate other women to help them succeed.  – Teresa

Be curious, foolish and open to new opportunities. Continue to learn, pay attention to the details, work hard, try your best, and last but not least, always have a smile and sense of humor.   – Francesca


4. Which women in your life (family, friends, role models) have inspired you?
To pinpoint just one woman is hard for me, because I believe we all make a difference one way or another. All of us are “Wonder Women”. I look at Susan B. Anthony, who fought for women's rights in the 1800s, and Rosa Parks, who fought for racial equality and invigorated a movement that made others open their eyes. I look at Helen Keller, who proved that if you have a heart and soul, you can accomplish anything – including earning a bachelor’s degree without the ability to hear or see. I look at my sister, who homeschools three kids and helps her husband on the family farm in Wyoming – I think she’s a “Wonder Woman,” because I could never be a stay-at-home mom who homeschools. She has patience and spirit that I will never have. Last but not least, I look at my daughter, and consider how I want her to be a girl/woman in today's world. We talk daily; I teach her that love, above all, is all you need in this world to be happy. – Peerli

I have always thought that women are so strong, and looking to history I am inspired by many muses. I look at Frida Kahlo, amazing and beautiful world’s greatest painters who has inspired many artists and gave examples of strengths. Lady Diana, the people’s princess, who used her popularity to help people and increase awareness of AIDS. Moreover, I look at Coco Chanel, the undiscussed designer and icon of style, who revolutionized the way women wore clothes, how they felt and how they are seen by others. Another woman I have to mention is Mother Teresa, who spent her entire life serving the poor. Looking to my family, my mum is my inspiration and my guide: she had a full-time job, raised three children, cooked every day, cleaned the house without any help – all without complaining. She has always been present with a smile and a hug. All women around the world are so wonderful. Every day more than one woman is facing abuse, oppression or sexism, and sometimes are too heavily burdened to change the situation…all of them are my day-to-day inspirations. – Francesca    

My mother, who was a “stay-at-home mom” and raised five children. Mother Teresa. All women who balance careers with their personal lives and families on a daily basis. – Teresa

All the women in my life have inspired me in some way. As women, we all have a story. A story that is complex – riddled with pain and loss, but also beautifully painted with stories of happiness and triumphs. The woman that does her best, works her hardest, and remembers to love – not just those around her, but herself too; that’s a woman that inspires me! – Suzanne

EPL Staff

EPL, Inc.

How to Prepare Your Members for Fraud Threats During the Holiday Season

It’s hard to believe, but that time of year is here again – the time to visit with family, eat too many calories and celebrate the season. It’s also fraudsters’ favorite month. This year for the first time ever, online shopping will exceed in-store shopping, so it’s essential that credit unions give members the guidance they need to protect their information from fraud. Nothing is much worse than checking your monthly statement and seeing that someone has decided to steal your information to do their own holiday shopping.

Here are several ways in which credit unions can help members keep their information safe:

1. Encourage them to sign up for account alerts. When a large transaction occurs or the account balance is low, members should be notified immediately. Of course, your credit union has fraud detection and tracking measures in place, but your members need to know the resources available to them. Advise your members to opt in to text messages or emails with account updates.
2. Warn them to be wary when responding to emails. Although email is a great way to keep your members in the know, it’s also a common way for fraudsters to extract confidential information. Let your members know that they should never have to send payment information in an email, or expect an email from your credit union asking for account information. Sensitive information should be discussed over the phone after verification, or better yet, in the branch.
3. Make sure their information is up to date. Credit unions need to make sure they have the correct information on file should a member need to be contacted about suspicious account behavior. The sooner you can contact a member, the better. Remind your members to update their information regularly in case you need to reach them.  
4. Educate them on the danger of phishing scams. Phishing scams remain prevalent in online shopping. Members need to know that although a website may look legitimate, it may not be. Buying from trusted retailers is the way to go. Members just need to be sure they are on the correct website – it should have a secure domain for payment, indicated by https://, and no random letters or typos. If something on a website looks off, it’s best to follow your instinct and look elsewhere for gifts.
5. Credit cards are preferable. Although debit cards aren’t necessarily an unsafe option – especially if your credit union has proper anti-fraud protocols in place –  credit cards are a more prudent choice for shopping online. Debit cards provide direct access to a members’ funds, which can be dangerous. Your credit union can use this as an opportunity to educate your members on the credit card options you provide.
6. Don’t let them treat their wallet or purse like an information vault. These items can easily be lost or stolen, so members should only carry what they need – birth certificates, social security cards, voter registration cards, PIN and extra credit cards should be left at home. Additionally, members need to know what is in their wallets so they can contact the appropriate providers if they are missing. Maintaining a list at home with numbers for who to contact is good practice, as it dramatically increases the efficiency of response to these situations.

Our industry is all about serving others and looking out for the interests of our members and communities. Help your members keep the season happy and bright by protecting them from the risks of fraud.

EPL, Inc.

Product Spotlight: The Advantages of EPL’s General Ledger

In today’s digital world, providing accessibility and convenience is the name of the game. EPL’s Real-time General Ledger (RTGL), integrated within our core, i-POWER®, streamlines accounting processes and gives your credit union the world’s most valuable resource – more time. Time to focus on members, improve efficiency and drive growth. Our RTGL’s advantages are as numerous as its features, which are designed to empower your credit union with the back-end support it needs to be successful.

Here are just a few:

REAL-TIME, COMPREHENSIVE TRANSACTION INFORMATION. 

Real-time, up-to-date information is always available with EPL’s RTGL. All transactions are immediately posted, so any changes or corrections can be completed swiftly by your credit union’s employees as opposed to waiting until the following business day. Drilling down further, everything you need to know about the transaction is easily accessible: number, posting description, details, transaction updates, effective dates, etc. You can view all accounts and dive deep into the details with drag-and-drop search functionality. Imagine the power of knowing exactly where your credit union stands financially at any time.

ROBUST REPORTING.

A variety of reports are available on-demand and can be requested as needed, in PDF, or Excel format for may sub-modules. Reports are stored in the products documentation folder, and are sent to the credit union's external document management system for review. Easily-accessible reports enable credit unions to monitor and analyze key drivers, and provide necessary data to make informed business decisions.

AUTOMATION.

Automation improves credit union efficiency, as well as the member experience. With our RTGL, your credit union automatically can e-mail reports to specific users and groups. Furthermore, end-of-month finalization and closure of accounting periods are automatic processes within the general ledger. In the rare case it is needed, an Administrator can also correct entries after an accounting period has closed.

RESEARCH.

The ability to review products and transactions is critical to ensure your credit union can evaluate its status effectively. The research capabilities of the RTGL help mitigate business and compliance risk by providing the most up-to-date information to your credit union’ staff. Additionally, you can access critical data to complete federally mandated reports and evaluate your credit union’s current and historical financial status quickly and efficiently. 

MODULE INTEGRATION.

Credit unions have the option to activate additional modules within the RTGL in order to adapt to shifting operational and member needs, such as Profitability Accounting, Budget and Investment Module and Participation Loans Sold. The ability to use additional modules within the RTGL helps to increase efficiency and grow revenue within target verticals.

At EPL, we constantly evolve to meet the shifting demands of the industry, and invest in innovative tools that empower our customers to better serve their members. In 2017, the number of credit unions using our core platform has risen steadily, thanks in large part to our commitment to providing unrivaled customer service and developing leading-edge software solutions – the RTGL is no exception. To learn more or schedule your RTGL activation, contact your EPL Relationship Manage today!

Magdalena Kądziołka

Real Time General Ledger Product Specialist

EPL, Inc.

A Glimpse into EPL’s Culture

As EPL continues to evolve as a leading technology and solutions provider in the credit union industry, our employees remain at the core of what we do each day. Our success wouldn’t be possible without them. If you’re a credit union considering partnering with EPL or desire to apply for one of our open positions, we wanted to give you a glimpse into our company culture see what it is like to work with or be part of our team. Here is what a just a few of our staff members had to say:

“EPL is a fascinating place to work. They will push you to try new things outside of your bubble to help your personal growth, but also be there to make sure you succeed and learn from any challenges that may arise.”

           –    BeaJ Ray, product management & marketing specialist

Trying new things is central to evolving and driving positive change. If you’re satisfied with the status quo as a company, chances are you aren’t growing. To thrive in the digital age, EPL and other technology companies must adapt at a faster pace than ever before. Our employees’ personal growth is critical to the growth of our organization, and we take it very seriously. EPL’s employees are our number one asset.

“We will persevere despite challenges – that is the core of innovation.”

          –    Jeanie Richardson, operations manager

There will always be bumps in the road on the path to progress. However, we view challenges as opportunities for our team to learn and improve. Innovation solves real-world problems, and by pushing through challenges we are propelling our company and our industry toward a brighter future.

“Our employees are always willing to go the extra mile for our credit unions.”

          –    Bea Ray, functional tester

As a CUSO, providing the best customer service is ingrained into our culture. We value our credit union partners, and our success is directly tied to theirs. We constantly are looking for ways to improve and serve our credit unions better. Whether it’s partnering with new organizations, developing new technologies or being available 24/7, our goal is to provide exceptional service to our credit unions so they can deepen member relationships and drive revenue.

“As a 19-year credit union employee, my recent move to EPL has been a refreshing change.  It is great to continue to work for an organization that is focused on providing superior products to the credit unions that we serve on a daily basis. The hard work of EPL’s employees allows our credit unions to grow their membership by providing products and services that meet the financial needs of their membership, which helps sustain the overall growth of the credit union industry.”

          –    Mark Shaddix, product manager

Attracting the industry’s best and brightest is a high priority at EPL, as it empowers us to better serve our credit union customers. By fostering a culture of action and inclusiveness, we will continue to be a leading employer today and into the future.

“EPL is charming place to work with an international soul. You feel immediately part of EPL’s team and each goal is a common goal to succeed and increase our competencies to serve better our clients and enhance our culture.”

          –    Francesca Baldo, financial analyst at Dedagroup

If you’d like to learn more about the day-to-day at EPL, check out Ashlyn’s blog about what it’s like to work at our growing company!

International Credit Union Day: Our Favorite Things About the Industry

October 19 is International Credit Union Day, and EPL is excited to celebrate! Credit unions are powerful and positive forces in their communities, and the service with which they provide their members is unique. We are proud to play a part in helping credit unions and members alike achieve their business and financial goals.

In honor of International Credit Union Day, we have compiled a list of a few of our favorite things about the credit union industry:

1. The members. Credit unions wouldn’t be successful – or even exist – without their members. The people who choose to trust credit unions with their finances make working in this industry special. Credit unions take immense pride in serving members well because they are more than just “customers” – they are the ones in the driver’s seat.
2. The mission. Prioritizing members over profit sets credit unions apart from other financial institutions. By providing competitive rates and empowering members with the financial information they need to make the best decisions, their interests are served over all others. Everyone in the industry works toward a common goal: financial health.
3. The community. By joining a credit union, members choose to be part of a community of like-minded individuals that value service and transparency above all else. Credit unions have a personal connection with their members. Other financial institutions simply aren’t as involved in their local communities as credit unions.
4. The innovation. The industry has seen immense innovation in the last few years, and it shows no signs of slowing. Mobile banking continues to be a game-changer. Data integration is giving credit unions more functionality than ever before. Business intelligence is allowing credit unions to tailor recommendations to their members’ needs. These are just a few ways in which credit unions are continuing to provide optimal service and meet members where they are.
5. The growth. The credit union industry continues to be a powerful player in the financial services space. According to CUdata.com, credit unions are experiencing a positive trajectory in multiple areas. The 12-month growth rate for membership is 4.2 percent. Member business lending has grown an unprecedented 16.8 percent in the last year. People are continuing to look to credit unions to meet their individual and business needs.

We are thankful to our credit union partners and their members for allowing us to work with them each and every day. We look forward to continued success together. Join us in celebrating our great industry!

EPL Staff

EPL, Inc.

Product Spotlight: Business Accounts

Credit unions know all too well that various types accounts require unique service models – a business account has different management, reporting and regulatory requirements compared to members’ individual accounts. That’s why EPL has a solution specifically designed for business accounts – with the small business owner in mind. Credit unions help small businesses run smoothly each day, and our Business Accounts solution has the tools your credit union needs to support them.

EPL’s Business Accounts include:

1. Tracking of critical financial information. Knowing where a business stands financially is critical for credit unions to make informed decisions on their accounts. i-POWER® enables credit unions to analyze a business’s financial information, allowing them to determine the status of the business and track financial review dates. Screens designed specifically for business accounts help the credit union and the business stay on the right path.
2. Assessment of risk. Managing risk is critical in working with business accounts. With EPL’s Business Accounts, you can track risk assessment scores and dates, as well as past and future review dates. You can also easily identify all account owners and loan responsible parties.
3. Comprehensive reporting tools. For the specific reports business accounts require, you need a solution that manages all of them seamlessly. It is also crucial to keep member and business account reporting separate. Business Accounts separates business account totals from member account totals, making reporting much simpler for credit unions.
4. Fraud prevention. Business accounts make BSA compliance much easier. Business account data can be shared with your BSA provider for regulatory reporting and to monitor for fraudulent activity. Monitoring capabilities allow your credit union to spot any potentially alarming account activities or transactions that are amiss.
5. Integration for deeper understanding. Business Accounts are seamlessly integrated with EPL’s i-KNOW solution to inform effective marketing and member relationship management. With Business Accounts, you can manage the relationship with your small business customers and empower them with the products and services they need to be successful. 

Successful management of business accounts is critical in order for credit unions to contend with banks in a competitive financial marketplace. If you wish to grow your credit union’s Business Account Portfolio, check out EPL’s Business Accounts module – a custom solution to fit your needs.

Katie Brackett

Director of Client Services

EPL, Inc.

How EPL’s i-POWER Creates Efficiencies in Lending

As credit unions and other financial institutions know all too well, loan origination and servicing are critical components of doing business. It is increasingly important to be able to provide competitive, compliant loans and quickly respond on loan approvals. All lending professionals know that member expectations are constantly changing as the market shifts and new technologies are developed, and it’s highly unlikely that members are entering your branch and filling out applications like they used to. In order to meet members where they are, it is vital to adopt the right technology and develop efficient processes which address their needs quickly.
 
Our core solution, i-POWER®, makes the lending process less cumbersome. i-POWER is a robust system that encompasses many facets of a credit union’s business, from transactions to member relationship management to cutting-edge lending capabilities. i-POWER supports consumer, indirect, home equity, mortgage and business loans, as well in-house credit cards. It services both investor loans and escrow management for mortgages. 

Here are several ways in which i-POWER streamlines lending:

1. Custom loan origination. i-POWER has three loan origination system options which offer varying features, enabling credit unions to select the system that best meets their specific needs. Each system is user-friendly and integrated, which eliminates the time-consuming process of rekeying data. 
2. Time-saving features.  At loan origination, i-POWER has many features available that simplify the lending process, such as automated decisioning, integrated credit reports, automated document generation, queue management, integrated task lists and e-signature capability, enabling your credit union to close loans in minutes. Information is readily available for loan servicing, including ongoing management of loans (e.g., escrow analysis and management). i-POWER also has the ability to create, document and track subsequent action activities such as extensions, skip-a-payments, changes in due dates, among other capabilities.
3. Easily accessible information for both staff and members. Credit union staff can view key loan information on the Member Profile screen, and can drill down to see specific information, such as collateral information, documents, payment history and more. Members can access their loan application and documents 24/7 via online or mobile applications – a necessity in the digital age in which we live.
4. Integration to third party solutions. Integration to other components of EPL’s system, as well as third party solutions, is key to innovation. Not only does it provide credit unions with additional options, but a seamless integration further streamlines your loan processes and allows you to customize your member experience. 
5. Management reporting. EPL’s i-POWER core system provides various management reports for credit unions to effectively manage their loan origination and loan portfolio. Through reporting, management can ensure loan requests are being processed promptly, and can access various analytics to determine the quality of loans requested. These reports also provide insight into loan portfolio performance and other key metrics.

With i-POWER®, credit unions can make the lending process more efficient, thus closing more loans and ensuring member satisfaction. Access to competitive loans is a key driver of credit union business, so an investment in a solution that makes it easier is a no-brainer.

Yvonne Sambrano

Sr. Lending Solutions Product Manager

EPL, Inc.

The biggest digital banking trends we've seen so far in 2017

Digital banking continues to change the way people manage their finances, and it is increasing in capability and adoption. Digital banking platforms are no longer an emerging trend in the financial industry – they’re becoming the norm for conducting transactions. They are, however, becoming increasingly sophisticated and accessible.

Here are the biggest trends we’ve seen in the digital banking space this year:

Cutting-edge data analytics. Credit unions are using member data in powerful ways that benefit both the credit union and member. By leveraging existing data, credit unions can analyze member behavior and tailor the products and services they recommend, which deepens relationships and increases revenue. Analysis of “big data” is becoming more advanced, allowing for personalization that members desire from their credit unions. 

Digital payments and mobile wallet. According to the Pew Research Center, 77% of Americans own a smartphone. Although branches are still important in building member relationships, the reality is that customers expect to be able to complete their banking transactions online. Mobile wallet is also increasing in popularity. People expect to be able to make payments with the click of a button, not with a credit card or check. Demand for these services will only increase.

Streamlined digital banking experience. A consistent, easily accessible digital banking expense is a must. According to the 2017 Digital Banking Report, improving the digital banking experience is a top priority for financial institutions. Customers expect to conduct transactions seamlessly across devices anytime, anywhere from an intuitive platform. They also expect access to help should they need it, in real time (e.g., a chatbot). 

Gamification. Many financial institutions are implementing game-like activities to incentivize their members toward certain behavior, as well as educate them on financial literacy. Relationship pricing (or loyalty programs) use gamification to inspire loyalty (think: points toward a reward like a lower loan rate for adding on additional services at the credit union). It can also be used to encourage behavior like depositing into a savings account or making a loan payment on time.

Prevalence of open systems. Legacy systems are being phased out to make way for open architecture systems that can be updated more easily and efficiently. Open systems allow for new software to be applied at a quicker rate, which is essential considering the rapid pace at which new technologies are developed. Open systems continue to replace outdated models. Customers want to be able to manage all of their finances from one interface – adaptability and integration with third party software are key.

When thinking about adopting new technology at your credit union, consider implementing these measures – they create a better experience for your members, and in turn inspire loyalty and engagement. Staying ahead of digital banking trends will help you outdo the competition and attract and retain the membership you want.

David McCullough

Senior Solutions Manager

EPL, Inc.

Legacy vs. Open-Architecture Core Systems – When is it time to Migrate?

Financial institutions often operate from software systems that have been in place for many years. While the “old” technology may still work, legacy systems that aren’t compatible with changing technologies can cause big headaches for those that must work in them every day, as well as their customers and vendors. If you’re operating on a closed system, you might consider upgrading if:

1. Your software can’t keep up with new technologies. Legacy systems simply aren’t designed to be compatible with new technologies. Considering the pace at which innovation occurs in the tech sector, this is a big problem. If your system is closed to future development, you will be stuck behind the curve of innovation. An open-architecture system allows you to connect with current technologies and be prepared for inevitable future developments.
2. Upgrades are cumbersome and time-consuming. Updates on legacy systems are often time-consuming because a “small” change to one component affects many other aspects of the system. You can’t apply a simple patch and move on – everything must be reworked. Open systems are adaptable and can be modified incrementally over time with quicker updates.
3. Costs of maintaining your legacy system are too high. Upgrading and maintaining a legacy system is typically more expensive than adding capabilities to an open platform. Adding on new technology to a legacy system creates a disjointed patchwork of components that become more complex and therefore more difficult to operate over time.
4. You are experiencing cybersecurity vulnerabilities. Hackers and other malicious actors are constantly looking for new ways to exploit systems and steal valuable company information. Legacy systems cannot address these threats in the same way that an open, flexible systems can. Because changes take longer to apply to legacy systems, company data can be exposed for a longer period of time.
5. Your software can’t evolve with your business. Software that is customizable to changing company needs is critical to ensure efficient work. An open core allows you to be more flexible with your technology and update it as the business landscape changes. You must be able to meet your customers and vendors where they are in the digital realm.

An open-architecture system allows for seamless integration of the latest technologies. Your credit union needs the capability to add on future technologies and products to stay relevant and engaged with your members. Legacy systems are a thing of the past – it’s time to be out with the old and in with the new.

Rhiannon Stone

COO

EPL, Inc.

Product Spotlight: How EPL's CUe-Branch Integrates Design with Functionality

EPL has been constantly evolving our leading-edge, online and mobile banking solution, CUe-Branch, to stay ahead of the technological curve and meet the demands of our credit union clients. CUe-Branch provides credit unions with innovative, personalized ways to display their offerings, enriching the member experience and creating efficiencies at the branch. The intuitive design and seamless user interface of our online and mobile banking platform allows credit union members to access the data they need anytime, from anywhere.

Here are a few ways CUe-Branch allows credit unions to enhance the member experience:

• Intuitive Design. The design of CUe-Branch makes transitioning users (including new members) to the product much easier for credit unions, requiring little to no staff involvement. The design was created after in-depth research on usability for both the credit union member and staff. The widget-based dashboard makes the software easy to use and provides a clear visual on members’ financial status – they can view all accounts in one place from a single login.
• Member-to-Member Transfers. This feature allows users of CUe-Branch to transfer funds to other credit union members quickly and efficiently. They can schedule transfers or transfer funds immediately to another member of the credit union.
• Built in Person-to-Person Payments. Person-to-Person Payments (P2P) allows members to transfer funds to people outside of the credit union, regardless of where the account is held. The recipient doesn’t have to be a member of the credit union to receive the transfer. The transfers are easy to initiate via email or cell phone, and are safe and secure.
• ACH Origination. ACH Origination allows members to move funds to and from their account at the credit union to an account outside the credit union. For example, they can make a loan payment at another financial institution from their credit union account.
• Credit Union Customization. Each credit union has a custom look and feel for their CUe-Branch. Credit unions are able to create a branded theme for their CUe-Branch, and use it to market their products and services to their members. Each credit union can generate new revenue streams through targeted marketing initiatives. 

The features and intuitive design of CUe-Branch allow credit unions to provide a personalized experience for their members, which deepens relationships, increases engagement and drives revenue for the credit union. CUe-Branch is backed by our support team at EPL, who is available at any time to provide training on the product and assess its functionality to ensure optimal performance. This solution is ideal for credit unions looking to drive growth and increase profitability.

If you are interested in learning more about CUe-Branch, please give David McCullough a call at 205-408-5300.

David McCullough

Sr. Product Manager

EPL, Inc. 

4 Ways Core Technology Can Enhance the Member Experience

Your credit union’s core technology intrinsically is tied to the member experience. It’s also an essential element in building and sustaining your membership base. If your technology isn’t accessible, intuitive and innovative, you might lose members to another financial institution that is more focused on developing cutting-edge, dynamic solutions that add value to the member relationship.

If you want to retain members and spur growth at your credit union, ensure your core:

1. Seamlessly integrates proprietary and third-party solutions. At EPL, our technology solutions are built on a modern, open-architecture system. Our proprietary products provide a streamlined experience for your members, creating efficiencies for them as well as your credit union. Both our robust selection of modular proprietary solutions and ability to connect seamlessly to third-party solutions allows you to provide a custom and unique solution for your members and boost your suite of products. As a credit union, you must remain cognizant of industry and technological trends to stay ahead of the curve. Giving your members access to the best tools the marketplace has to offer is key. 
2. Empowers members with a comprehensive view of their finances. Core software should allow members to access a clear picture of their current financial state, as well as provide the tools to decide how to budget and spend their hard-earned money, take out loans, etc. Members choose credit unions because of the personalized experience they provide. It’s up to you to give them the data they need to make informed decisions and help guide them on their way. 
3. Educates members on products and services that meet their needs. Your software should be used as a tool for your credit union to cross-sell your suite of products and services to your members. Leveraging data from your core solution to tailor recommendations and service offerings keeps them engaged and aware of what your credit union can provide. The first step in getting members to utilize an additional product is education. Data that analyzes member spending options, and this behavior can help you discover new ways your credit union can serve them. 
4. Recognizes and rewards your members. EPL recently implemented a new Relationship Pricing model, which is mutually beneficial to the credit union and its members. Loyalty programs increase customer engagement with financial institutions by providing incentives for them to utilize more services and get involved. At the credit union level, a loyalty program can build a sense of community. You can leverage these programs to reward your members for their business and educate them on different products and services, helping them achieve their financial goals and increasing overall satisfaction. 

Does your core software enhance the members experience at your credit union? Make sure you have the technological systems in place to keep them coming back. Your credit union’s vitality depends on it. 

Robin Kolvek

CEO

EPL, Inc.

2017 PAT Conference in Review - 5 Key Takeaways

Our Product Advisory Conference, which took place in Denver last month, gives us the opportunity to share new products and initiatives that demonstrate how we are staying on the cutting-edge of software development. It is also a platform for our customers to give feedback and acquire knowledge from their credit union peers. This year’s theme was “Evolve Constantly. Perform Exceptionally. Lead Boldly.” These three tenets represent the core of what we do at EPL as an industry-leading software development and services company.

While many great achievements were covered, new initiatives planned and wonderful experiences shared, we simply don’t have the space to recap it all here. So, here are EPL’s top five takeaways from what was surely the best conference yet!

1. Progress on the product roadmap. We were pleased to show substantial progress on our product roadmap, which will provide our customers with the solutions they need to remain competitive in the marketplace. Together with Dedagroup, we are developing innovative software solutions and unlocking new opportunities through partnerships with organizations like Juniper Payments, LLC. Our new, innovative General Ledger, robust Relationship Pricing package, new In-House Credit offering, CUe-Branch online and mobile banking upgrades, Teller Operational efficiencies, User Interface enhancements, OFAC/FinCEN and our new EPLOS lending solution are just a few examples of the latest and greatest things happening at EPL. We shared even more robust i-POWER® and proprietary solution updates, including a 188% increase in development!
2. Client responsiveness. We are actively listening to our clients’ needs and responding accordingly. We evolve our products and services constantly to meet the demands of our clients and the marketplace. EPL is dedicated to developing solutions that empower credit unions of all sizes with software that improves member experiences and drives real growth.
3. Culture of collaboration. We are focused on a culture of collaboration within EPL, as well as with our customers. The Product Advisory Conference provides a unique opportunity for credit union leaders to share ideas and gain new insights on what is working for them in the industry. By working with our partners at Dedagroup, we will continue to enhance our software, expand our services and create new efficiencies.
4. Security and compliance agility. We provided a security and compliance update that informed our customers how we are staying abreast of compliance issues in the industry, including the Credit Bureau Furnisher Data Reporting changes. We want our clients to know that we are anticipating industry shifts as well as security concerns by sharing key initiatives and actions we are taking to comply with industry regulations.
5. Position as a global company. Finally, we shared how we – EPL and Dedagroup – are driving a collaborative, inclusive, take-action culture. We are leveraging expertise from our organization and partners to develop comprehensive solutions for EPL’s clients. This effort spans across the globe, from our resources in the U.S. and Mexico to Italy. Along with our partners Dedagroup, Juniper Payments, LLC, we are accelerating the delivery of quality solutions.

EPL is excited about the positive impact we are making while serving our customers and their members. We look forward to continued collaboration as we develop software solutions that meet emerging needs and position ourselves for an extraordinary future together.

Robin Kolvek

CEO

EPL, Inc.

Spring Cleaning Your Credit Union’s Technology - What’s Working and What’s Not?

Spring is in full swing, which means it’s time to clean out the closets, discard what you no longer use and get organized. This same principle should be applied to your credit union’s software — now is a great time to assess what is working well and what “clutter” lies in the path of progress. Remember, technological efficiency is closely tied to success in our industry. 

When analyzing what is working for your credit union, consider these four questions:

1. Do your digital platforms make transactions easier for members?
Members expect to have the data they need to make informed decisions at their fingertips. Transactions should be easily made online or via mobile apps. Did you know that the biggest obstacle for credit unions in mobile banking usage is getting members to sign up? Consider ways in which you might incentivize members to utilize your digital platforms and educate them about their benefits. If members aren’t using your digital platforms, it doesn’t matter how user-friendly they are.

2. Does your technology inspire loyalty and retention?
Your credit union’s technology should be your key to unlocking insights on member behavior and trends. These insights can be used for cross-selling opportunities that keep members engaged with the credit union and encourage them to add on more products and services. Your technology should be central to your credit union’s retention strategy. If it’s not giving you the data and insights you need, it’s time to consider an upgrade.

3. Is your software up-to-date?
According to a recent survey, most credit unions are operating with software that is more than five years old. While this is not uncommon, not all core providers regularly update their software with new features and efficiencies. When was the last time your core provider put out a major software release? Are they routinely meeting product development promises or obligations? Ensure you remain on the cutting edge by choosing an innovative core provider who evolves and delivers in anticipation of customer needs, not to catch up to them.   

4. Is your data secure?
Cybersecurity remains a hot topic and large threat to credit unions and other financial institutions. Consistent updating of your security software is non-negotiable. Computer updates as well as application updates must be applied as soon as possible upon release, so that necessary patches are installed to prevent any cybersecurity weaknesses. Also, make sure any former credit union employees have been removed from access to company systems.

When looking at your core software, are there any components that are outdated, clunky or inefficient? If so, it might be time to upgrade to a more streamlined solution. Your credit union is only as strong as the software your employees and members use daily — make sure it’s working effectively for you and your members.

Shairaj Shaik

Vice President of Software Development

EPL, Inc.  

So, what is it like to work at EPL?

In February 2013, EPL opened its doors to my wide-eyed and nervous self. As a 23-year-old, the chance to not only work in a more corporate atmosphere, but to also in an environment like EPL’s was an unbelievably exciting opportunity for me. I was set on making a positive impression at my new “work home.” What I didn’t realize at the time, however, was how much EPL would also make an impression on me.

I could speak extensively about the positive aspects of working at EPL, but wanted to highlight a handful of attributes that make EPL stand out as a distinct employer:

Our Customers. We at EPL feel privileged to have such valued relationships with our customers. The ability and willingness of our team to provide one-on-one, customized assistance to each of our credit unions is unparalleled. Our friendly and highly dedicated customer service allows us to get to know our customers on a personal basis and simultaneously position them for success. Our customers trust us to make sure their credit union and its members achieve their highest ambitions, and we do everything we can to make sure that success is delivered. We truly do have a wonderful group to work with – both here at EPL and at the credit unions we serve.

Open Door Policy. The constant exchange of information and knowledge I witness every day is both energizing and fulfilling. No matter the role or title, every person on our team serves as a mentor to others. Have a question? Call a coworker and they will pause their task to help walk you through your issue until you reach a resolution. Managers here are also keen on ensuring each employee’s success and happiness. The fact that I can walk up to my supervisor and ask, “Do you have a minute?” and have an impromptu conversation is both invaluable and instrumental in fostering a culture of collaboration, cooperation and caring — a culture that unmistakably trickles down throughout the rest of the company.

Flexibility. EPL employees are given the opportunity to work remotely, which symbolizes management’s trust in employees to remain productive and responsive. It also gives employees freedom and flexibility in their schedules, while still providing excellent customer service.

Growth Opportunities. Employees here are also encouraged to explore and learn about all departments of the company. This cross-training creates limitless learning opportunities for an employee, which, in turn, allows the individual to grow and flourish in both knowledge and skill and gives them the ability to expand their role if they wish to contribute their talents in other areas.

Our Future. Since 1977, EPL has experienced many transformations in order to continue to effectively serve the credit union industry. I feel incredibly lucky and thrilled to be a part of a new evolutionary period of our company. With the investment from Dedagroup NA in 2015, and our recent strategic partnership with The National Federation of Community Development Credit Unions, we now have the ability to expand our collaborative efforts with larger, international organizations and serve a wider audience for the advancement of the credit union industry. Not to mention, we have the pleasure of getting to collaborate with a highly motivated team in both the U.S. and abroad, as we share the collective purpose of applying innovation and efficiency to everything we develop!

As is inevitable for any business, our team will sometimes encounter challenges. But beyond any difficulties and growing pains we may face lies EPL’s wonderful team members, who possess an unwavering dedication to serving our customers and the fundamental belief that only together can we achieve the greatest success.

Ashlyn Fogg

Sales Operations Specialist

EPL, Inc.

How the Change in the Oval Office Will Affect Your Credit Union

(NOTE: This blog does not constitute a political endorsement or criticism. It serves only to provide commentary on potential regulatory changes and their possible impact on the credit union industry.)

Next month marks a big shift for the U.S., with Donald Trump set to take office on January 20, 2017. With a new administration comes new policies and procedures, and Trump’s will be no different. Although we won’t know for sure what will happen when he takes office, we can examine how his views on key issues will likely affect credit unions in 2017 and beyond.

Dodd-Frank Wall Street Reform Act

Throughout the presidential campaign, a hot-button issue for Trump was the reduction of regulations on businesses. In Trump’s opinion, too much regulation stifles growth, especially for smaller businesses. The credit union industry viewed this position as favorable and, according to the New York Times, 84 percent of small financial institutions supported Trump in an industry poll over the summer. 

A major set of regulations Trump would like to repeal is the Dodd-Frank Wall Street Reform Act. Dodd-Frank was passed in 2010 to prevent another financial crisis from wrecking the economy. According to Trump, however, Dodd-Frank is comprised of too many complex, cumbersome regulations which slow the growth of businesses. Many in the credit union industry agree, as the regulations designed for large banks deemed “too big to fail” are also enforced on credit unions. The cost of compliance with these regulations is high, and many in the credit union industry argue that this disproportionally affects smaller financial institutions that cannot afford to pay the price. They don’t believe credit unions should be subjected to the same lending and capital restrictions as larger banks.

If Trump follows through on his promise to “dismantle” Dodd-Frank, credit unions may find themselves with fewer limitations on how to use their capital. However, Dodd-Frank took years to implement and will likely not be undone overnight.

Financial CHOICE Act

The CHOICE Act, proposed by House Financial Services Committee Chairman Jeb Hensarling, R-Texas, is a preliminary step to roll back Dodd-Frank regulations and create a new standard for financial institutions and credit unions. The CHOICE Act was approved by the House in September, and is thought to be a potential framework for future changes to Dodd-Frank.

The National Association of Federal Credit Unions (NAFCU) has shown support for this act, specifically the repeal of the Durbin Amendment (another component of Dodd-Frank). The Durbin Amendment limits interchange fees on debit cards and, although there is a provision for financial institutions with assets less than $10 billion, credit unions have still lost profit from these fees.

The CHOICE Act also stipulates other provisions for smaller financial institutions, including a legal safe harbor from escrow requirements for community banks and credit unions holding loans in portfolio for three years, and an exemption for firms that provide 20,000 or fewer mortgage loans annually from certain escrow requirements.

FHFA

Trump’s presidency could also affect the Federal Housing Finance Agency (FHFA), which oversees Fannie Mae and Freddie Mac. Trump’s team has expressed a desire to free Fannie and Freddie from government control, and many republicans agree. However, in a letter to congress, the NAFCU stated their belief that “a healthy, sustainable and viable secondary mortgage market must be maintained,” and “credit unions must have unfettered, legislatively-guaranteed access to such a market.” The NAFCU does not want Fannie and Freddie, both government-sponsored enterprises (GSEs), to be privatized because credit unions could be excluded from the secondary market. The NAFCU said they would be open to merging Fannie and Freddie and keeping them under the FHFA. It remains to be seen what will happen with Fannie and Freddie, but any changes will obviously affect credit union mortgages. 

There’s no way to know exactly how the change in the oval office will affect credit unions until Trump arrives at the White House and starts implementing policies. However, it is safe to say that there will be quite a few changes — many focused on decreased regulation — with the incoming administration.

EPL Staff

EPL, Inc. 

Introducing EPL’s New Corporate Logo

 

 Say “Hello!” to EPL’s new corporate logo and refreshed visual identity system. This is an exciting time for our organization as we look to the future – both for our company, and the credit union industry as a whole. We are not the same company we were just two short years ago, and our new look is the culmination of a period of transformation – transformation into a software development company that provides the most competitive financial products and best customer service in the market.

Our vision for the future is both collective and aspirational in nature. Alongside our partners at Dedagroup, who made a majority investment in EPL in 2015, we’ve doubled down on our commitment to relentless innovation and focused intensely on creating the best customer experience through adherence to the three core tenets that drive and define us – Evolve. Perform. Lead. These tenets, which define our acronymic name, are easily witnessed through the consistent results we deliver to our customers.

After countless hours of exploration, organizational introspection and stakeholder participation, we decided it was finally time that our aesthetics aligned with the bold new course we have we have charted with Dedagroup – a course toward the realization of industry-leading technologies delivered alongside unrivaled customer service. The new EPL logo better reflects our company’s forward-looking vision and innovative aspirations, pursued constantly by a team devoted to developing viable, affordable and savvy software solutions that improve customer profitability and enhance the user experience.

Typography and Color Palette

The humble, yet confident typography and inherently approachable color palette pay homage to the first-class products and service EPL provides in a more modern, aesthetically pleasing manner.  

The Mark

The circular design of the mark points to the global perspective and resources brought to EPL by Dedagroup, while telling a deeper and more meaningful story. It is comprised of three elements that represent our three tenets – Evolve. Perform. Lead. – which are organized in a manner that empowers the viewer to visualize each individual letter of EPL within the circular mark itself.

The Payoff

The payoff – “A Dedagroup Company” – tells the world that we are fully integrated and aligned with our partner, and a member of the Dedagroup family of companies. It gives further credence to Dedagroup’s confidence in EPL as its first U.S. partner, and is a second nod to the global perspective and resources the partnership affords us.

So, what’s next? Well, our upward trajectory will continue. We will evolve in an ever-changing financial marketplace, catering to the changing needs of our credit union customers and providing the speed of access to financial information that members demand. Our robust software solutions will perform at the highest level in the marketplace, giving us a competitive edge over other core providers. Finally, we will lead our industry and set the standard for true innovation, customer service and employee satisfaction.

This is who we are. This is where we’re going. This is the new EPL.

EPL Staff

EPL, Inc. 

 

Paving the way for CDCUs with CU Impact

Last fall, we shared a very exciting and meaningful, announcement: we forged a new partnership with the National Federation of Community Development Credit Unions (Federation) to create CU Impact, a shared core banking platform designed specifically to help credit unions deliver affordable financial services to low-income members in underserved communities, which will have a massive impact on community development credit unions (CDCUs) and the communities in which they operate. We are now excited to announce that this partnership has been officially finalized, and we cannot wait to get the ball rolling. Not only is this an exciting new business venture for EPL, but also a great cause we were excited to get behind.  

Each year, 90 million Americans living in unbanked or underbanked households pay more than $90 billion in fees and interest to payday lenders and other lenders outside the financial mainstream. Most CDCUs, similar to other CUSOs and credit unions, have instilled within them the great desire to provide exceptional customer service. However, they are often strapped for resources, and therefore the advanced technology needed to provide a superior member experience. This is part of the reason we stepped in to help—EPL wanted to empower the Federation with the software solutions and services necessary to allow member CDCUs to expand access to safe, affordable banking products and services, and reach a greater number of underserved households.

Our core solution, i-POWER®, is known for its modern versatility, flexible integration capabilities and convenient plug-and-play functionality. This perfectly positioned us to work with the Federation, alongside our parent company, Dedagroup, to leverage the modern platform i-POWER® and develop CU Impact so that CDCUs have the opportunity to provide exceptional service, measure results, efficiently report and consolidate a number of essential tasks. By aggregating the accounting, compliance and processing functions across credit unions with a shared mission, CU Impact achieves economies of scale that allow credit unions to invest more in their members and communities.

Since our recent announcement, we have been working tirelessly to perfect the rollout of this product—after all, it will be serving more than 5 million residents of low-income urban, rural and reservation-based communities! We believe hearing from the people that will be using our software is most effective and influential, which is why a software advisory committee of leading community development credit unions will prioritize CU Impact software design and enhancements. CU Impact will be the first core platform that will support, deliver and measure the impact of credit union products and services that build the financial security of low-income members.

This initiative has been in development since 2013, when Citi Community Development provided financial support and expert insight to the Federation to determine the viability of building a dedicated core banking system to power the growth and impact of credit unions. Under the terms of the agreement, the Federation will purchase preferred stock in EPL, and we will match the Federation’s investment in CU Impact on an ongoing basis. Additionally, The W.K. Kellogg Foundation recently granted $559,500 for enhancements to CU Impact for the automation of small dollar loans and matched savings accounts.

Needless to say, we are thrilled to be a part of this meaningful and exciting venture, and look forward to our software having the opportunity to make a true difference for these CDCUs and the underserved, low-income individuals that they serve.

Robin Kolvek

Interim CEO

EPL, Inc.

EPL’s May 2016 Product Advisory Team Meeting Recap

May was an exciting month at EPL, as we were thrilled to host our second Product Advisory Team (PAT) Meeting here in our hometown of Birmingham, Ala., at The Wynfrey Hotel on May 23—24, 2016. The biannual strategic meeting provides an avenue to connect more deeply with many of our credit union customers, discuss new developments within EPL’s “Connection Suite” of products and collaborate to identify collective top areas of focus for the upcoming year.

This customer-centric event is significant and meaningful to EPL, as we value our customers and their members’ experiences above all else—it is the core of our industry. We were very pleased with the turnout at the May meeting, with a larger number of credit unions participating than at our first PAT meeting in September 2015. The increased participation is more evidence that our customers know their voices are heard, and they value the opportunity to connect with us and other credit unions in this forum.

Not only is the PAT intended to be the direct voice of EPL’s customer base, but also is intended to empower growth, maximize revenue and improve members’ experiences at credit unions of all sizes. During the first day of meetings, we had the opportunity to discuss progress on initiatives laid out last fall, including general ledger enhancements, relationship pricing, in-house credit cards, proprietary lending services, e-communications, teller operations, online banking and other functionalities of our technology offering, such as security, client support and architecture.

On day two, we engaged collaboratively to hone in on top areas of focus, and will direct our attention toward additional capabilities for the general ledger, more choices and options in lending within i-POWER® and also via integrations, online banking enhancements, major additions to document management, user interface enhancements and advanced account research, including great ATM, debit card and electronic interaction enhancements.

We have recognized the critical need for more in-depth communication on industry issues, and need you—our subject matter experts—to share your institutional knowledge and experience with us during our smaller focus groups. Your insight is invaluable to the process, and plays such a vital role in helping us discover what is working well and what we need to improve upon. Customer insight is what allows us to continue to build a system that better accommodates evolving needs.

Our post-meeting feedback surveys showed that customers positively responded to the new format of the meeting, and we will continue to refine our approach in an effort to increase engagement and streamline various processes. One thing is for certain—we are convinced of the value created by our PAT meetings—not just for improving EPL’s technology offering, but also for building deeper relationships with our customer base as a whole.

At EPL, customer collaboration does not begin with or end at the PAT meeting. We invite you to continue to share your thoughts, concerns and ideas with our customer support team as we look toward our next PAT meeting in November 2016. Until then, we will work tirelessly to deliver on the issues that that matter most to our customers.

If you have questions about EPL’s PAT, please let us know on Twitter, Facebook or via email at rhiannon.stone@epl.net!

Rhiannon Stone

VP, solutions delivery

EPL, Inc.

Implementing an Internal Communications Strategy within your Credit Union

Oftentimes, companies don’t recognize the need for improving internal communications until it’s too late—when their employees are unhappy and their culture is suffering. If you do not have an internal communications strategy implemented within your credit union, you are already two steps behind. Did you know that ineffective internal communication leads to lost revenue, customer dissatisfaction, massive miscommunications and rapidly decreasing employee engagement and retention? According to Gallup’s State of the American Workplace report, 70 percent of employees are already not engaged.

Make it a priority

After digesting the above news, you probably just had a revelation—you are going to prioritize achieving great internal communication within your credit union, but unfortunately it’s not as easy as simply making an intentional decision to do better. Prior to establishing a new strategy, you need to accept that change could be inevitable and that these changes should be embraced by you and your fellow executives. Additionally, prior to implementation, it is necessary to gather information from your employees to develop a baseline. You can begin gathering the pertinent information by distributing short anonymous surveys to your employees, or by meeting with them in small groups or one-on-one to discuss their views and concerns regarding communication within your company.

Tailor your approach

Once you have established a baseline, you will need to discover which internal communications methods are the best fit for your credit union. All companies are not created equal and will have different needs and preferences. Hone in on improving horizontal communication by exploring tools that allow your employees to communicate most effectively and encourage collaborative, open conversations. If employees feel mass emails are clogging up their inboxes and leading to miscommunications, perhaps you should consider services like Slack or Google Hangouts. If your company’s Intranet is not being properly utilized, it may be time to consider discarding the service for something more appealing to your employees.

Appreciate your employees

Another important aspect of internal communication is to ensure your employees feel included and appreciated, as it increases their engagement, work ethic and loyalty. Intentional efforts ranging from something as simple as recognizing a celebratory day, such as a birthday or a noteworthy accomplishment, to focusing on improving the vertical communication between your executives and employees will have a noticeable effect. If your employees feel that there is not a sufficient amount of vertical communication, consider holding a weekly team meeting so that everyone feels in the loop and included.

Measure your success

The best way to discover appropriate internal communications tools for your company is to pick your employees’ brains for their suggestions—and once you select the most appropriate communication methods, be sure to set goals surrounding them in order to measure your success, or to learn you need to reroute. Use metrics such as Intranet logins, surveys, retention rates and sales changes to measure your internal communications success. It might take time to figure out what is right for your credit union, but we assure you, once you do—it’s worth it.

EPL Staff

EPL, Inc.

5 ways credit unions should engage with members on social media

Did you know that one in every five mobile minutes is spent on either Facebook or Instagram? With an average of 1.04 billion daily active users, these social platforms have the potential to be an outstanding marketing tool for your credit union. If used correctly, social media can engage your members in a customized way that will enhance their overall experience and increase their loyalty to your credit union. Here are five best practices for engaging with your credit union’s members on social media:

1. Utilize Facebook Messenger
Connect with your members – instantly. People, especially millennials, don’t want to wait for answers when using social platforms. They crave instantaneous responses and therefore tend to prefer their communication to be on social channels rather than in-person or over the phone. Credit unions can easily take advantage of this customer preference by utilizing Facebook Messenger. This platform allows members to privately direct message your credit union’s Facebook page with questions or information that one might not want to disclose on the public Facebook wall. It’s important to discourage your members from sending personal information such as social security numbers and account details through this platform, as Messenger isn’t completely secure. Setting up notifications and closely monitoring this channel will allow your credit union to respond to the questions in a timely manner and bolster member satisfaction.

 2. Interact and be responsive
Social media wasn’t developed to be a silent one-way street. Make sure your credit union is interacting with content that is posted on your page and answering all member inquiries.
Received a negative review or comment? Be proactive in establishing a company strategy for responding to negative comments and complaints. An aspect of this plan will be your response timeline – it is best to always respond within one business day, if possible. In addition, have your team craft specific language so multiple employees are able to properly respond to member comments while maintaining one cohesive brand voice.

3. Prove you’re a thought leader
One of the best ways for a credit union to establish itself as an industry leader is by pushing relevant content on its social channels. Whether it’s breaking news, trends or original content, engaging in relevant conversations about the credit union industry will demonstrate that your credit union is a thought leader. Has new technology been developed that will significantly impact the credit union industry? Write a blog about the possible effects to insert your credit union into the conversation, and then share the content across your social media channels. If done properly, your members will find significant value in your content and will in turn actively follow and engage with your channels.

4. Show your credit union’s company culture
While sharing industry news is one excellent way to engage with your members on social media, it’s equally important to showcase your company’s culture. Connect with your members on a deeper level and humanize your brand by thoughtfully highlighting employees, departments, awards and social events. Do you have an all-star member? Feature him or her on your social channels! Keep in mind that these posts are most appropriate on Twitter, Instagram and Facebook. Be sure to save LinkedIn for the industry insights and original content such as white papers, news articles and blogs.


5. Share member-generated content
Actively seek member engagement by running contests, asking for photos and posting questions on your social channels. Utilize your members’ creative ideas and opinions by simply asking for it; you can gain valuable insight from member feedback.
Once your credit union implements these best practices, monitor your channels and utilize social analytics to gauge your success and channel growth. Not getting the results you’d hoped? Vary your content and test new strategies. Remember that establishing a solid social strategy takes time, so be patient during your evaluation. If done well, your credit union will see higher engagement and increased member loyalty through your efforts.

Rhiannon Stone

VP, solutions delivery

EPL, Inc.