Showing posts with label members. Show all posts
Showing posts with label members. Show all posts

Wednesday, September 9, 2015

EPL goes global, stays personal


It’s no secret that credit unions are in a constant battle to meet the rising demands facing the industry today – increased regulation, higher costs, competitive pressure, succession plans – the list goes on. What is particularly troublesome is that every market forecast ultimately yields the same results: membership is projected to increase, while the actual number of credit unions remains on a steady decline. How do credit unions keep pace with the ever-changing industry? Simple - by maintaining the personalized, high-level of service that credit union members have come to expect as they continue to move away from the big banks in droves. The CUSO’s that empower credit unions to deliver first-rate member service are an integral part of the growth of the credit union movement worldwide, and, not surprisingly, must also fight to stay competitive with each other as the technology landscape rapidly evolves.

EPL, Inc. (EPL) is one such credit union service organization. Founded in Birmingham, Ala., in 1977, EPL offers industry-leading core software and technology solutions to credit unions of all sizes with a unique, competitive kicker: It focuses on providing credit unions the same personalized service that their members expect from them. EPL’s industry position today is one of strength and fortitude, following a significant investment from the Italian IT services firm, Dedagroup NA, earlier this year. But it was not always so, as EPL was not immune to the biggest challenge facing many credit unions and CUSOs today: the market itself.

Let’s rewind for a moment. The premise behind EPL’s formation was to ensure that credit unions had a technology and software solutions company to meet their needs, and over the years, that has always been the case. From the beginning, the “service” aspect of doing business was at the forefront of each endeavor EPL took on, whether it was developing one of the first real-time processing systems in the 1970’s, or helping pioneer shared branching across different regions, or helping credit unions embrace an open-architecture system to better support member-driven strategies on a cost-effective basis. Being an early innovator, EPL was never a stranger to accomplishing more with less – a staple of pride for its founders over the past several decades.

Many industry competitors found capital investment for growth from financial institutions; EPL went a different direction – its customers. By allowing its customers to become shareholders, EPL further strengthened the bond that built its business in the first place: deep relationships. Those relationships yielded courageous and risky innovations. The decision to build i-POWER®, EPL’s core connection suite, was not an easy one and involved a significant investment of both time and money. This intense drive to create a well-resourced organization that could serve as a viable alternative to big box providers continues today. To ensure and improve its future market position, EPL began the process of seeking out an industry partner – a partner that not only shared its values of superior customer service, but also one that believed innovation to be the foundation on which highly successful companies are built.

Enter Dedagroup NA.

While EPL is still credit union-owned, Dedagroup NA, the North American subsidiary of the Italian IT services group, Dedagroup ICT Network, made a multimillion dollar investment – a 70 percent stake – early in 2015. Dedagroup NA not only brought shared values and capital assets to EPL, but also over 40 years’ experience serving financial cooperatives in Italy, Europe, and most recently, Mexico. This new global perspective has allowed EPL to continue to do what it does best: serve its customers through constant innovation.

What does constant innovation look like for a CUSO like EPL? Think expanded proprietary solutions. Think strategic partnerships with premier, best-in-class business partners. Think a cloud-based datacenter structure and real-time solutions. Think access to global technology assets that further strengthen EPL’s already industry-leading core engine, i-POWER®. Lastly, think about connections – customer and member connections driven through data and, most importantly, human interactions.

EPL’s new global perspective has also created a palpable buzz among credit unions nationwide, and already resulted in the return of former longtime customer, North Alabama Educators Credit Union (NAECU). Credit unions like NAECU are excited about EPL’s newfound market position and evolving software and technology solutions, but the foundation upon which EPL was built is its ultimate selling point: EPL takes its relationships with customers very seriously.

EPL’s latest move to keep customers involved in the innovation process is the development of its Product Advisory Team. Since its inception, EPL’s customers have been an integral aspect of the product feedback loop, helping develop new strategies and solutions to enhance the member experience. The recently formed Product Advisory Team will assist EPL in creating solutions that credit unions not only want, but desperately need to stay competitive in the marketplace.

As the credit union industry ebbs and flows, twists and turns, flies and dives, remember – there is a reason that hardworking Americans are turning away from big financial institutions in favor of the credit union movement: the experience. The experience of first-rate service. The experience of being part of something greater than oneself. The experience of knowing that any issue had will be met with the resolve of a real person. The commitment to a first-class experience that credit unions make to their members should be reflected in the partnerships that it forges to deliver on that promise. This demand for excellence will not only help CUSO’s like EPL stay competitive, but also help credit unions of all sizes continue to evolve in a marketplace that knows growth as well as it knows volatility.

EPL Staff

EPL, Inc. 

Thursday, October 30, 2014

7 ways to help increase loans

Remember when lending used to be easy?  Members would dress in their Sunday best, come into the branch to make a good impression, and practically beg you for a loan? Yeah, we don’t remember that either. But lending has evolved drastically in the last few years.  The days of in-person apps are going away.

Today, when members ask you for money, they’re quite often in their jammies, not their Sunday best. It’s all about convenience and speed, and members accessing your services on their time! Sure members might come into your branch to apply for a loan, but they’re more likely to use the following:

  • Call Center
  • Online  (24/7)
  • Mobile (24/7)
  • Tablet   (24/7) 
At the heart of the appeal of all these channels is the member’s desire for a quick response and immediacy: instant decisions, e-signature capability, and a fast turn-around (closing a loan in minutes rather than in days). So, if this is today’s playing field, here are a few options to explore that can help you increase loans and stay in the game:

1. Go Mobile for Loans
  • Go out to your SEG groups or a partner dealer.
  • Enable members to open new accounts remotely.
  • Take loan applications remotely and provide an instant decision.
  • With an iPad, the member can sign their documents with their finger!
2. Use Social Media to Get the Word Out!
  • Market your products and services letting your members know you have what they need.
  • Create contests and have fun!
3. Educate your Members
Before your members decide to purchase a car, they do some research.
  • Be relevant during the research process by providing them the tools and the tips they are looking for.
  • Educate them on what they need to know before they buy a car so they can get the best deal.
    • Pre-qualifying saves time and hassle at the dealership.
    • 0% financing by the dealer vs. CU financing.
    • Add-on fees/products – cost more at the dealers.
4. Loan Ideas
  • Offer a payday loan alternative.
  • Create a program for subprime borrowers.
  • 90 days no interest loans.
  • Consider extending new car loans out to 84 months. (Almost 25% of new cars financed in Q1 of 2014 were extended for 7 years.)
5. Auto Loan Recapture
  • Identify members who have auto loans elsewhere and who could save a min of $XX by refinancing.
  • Make a personal, specific offer and quote:
    • Rate
    • Monthly payments
    • Annual savings (“Here is exactly how much we can save you in a year.”)
6. Expand Indirect Opportunities
  • Market to members according to life milestones to get CU loans from retail financing … aka Lifestyle Lending.
  • Create new indirect relationships with local businesses such as:
    • Dentists
    • Furniture/Appliance stores
    • Veterinarians
    • Plastic Surgeons
  • Provide them with quick responses and competitive rates.
  • Everyone wins!
7. Target Gen Y Early
  • Help them establish credit with a small loan, no application fee, a competitive rate, and a one-year repayment term.
  • This will:
    • Establish a relationship with that borrower,
    • Give the CU an opportunity to interact and educate them
    • Help build credit.
With so many lenders vying for the same share of mind and wallet, if you really want to connect with members you need to get creative with your loan strategies. 

Loan applicants? They’re out there. Sitting at the breakfast table in their bunny slippers with their smartphone in hand with no plan to visit your branch. You need to be the solution at their fingertips.

Yvonne Sambrano

Sr. Lending Product Manager

EPL, Inc.