GAC in review: 3 key takeaways

The CUNA Governmental Affairs Conference (GAC) unites thousands of credit union leaders in our nation’s capital at the year’s biggest credit union advocacy event. The GAC is recognized as the premier event for political impact, and features keynote presentations from high-profile leaders, political figures and media influencers. It is an important opportunity to connect and learn from progressive thinkers and doers, as well as engage with legislators and regulators on key issues.

This year, EPL had a strong presence at the conference, and our team networked with credit union leaders and showcased our exciting product offering. We also had the chance to attend several workshops and presentations to learn more about the issues that directly affect our customers.

We absorbed a vast amount of critical information, but of course—there were specific themes that arose more often than others. Below, we have compiled our top three takeaways from the GAC that we believe credit unions need to be aware of:

1. Cybersecurity Preparedness

This year’s conference featured a keynote speech delivered by award-winning broadcast journalist and author of Lights Out: A Cyberattack, a Nation Unprepared, Surviving the Aftermath, Ted Koppel, on the topic of cybersecurity preparedness.

It is imperative that credit unions prevent, detect and prepare for potential security breaches using contemporary technology. Speaking candidly with technology vendors about your expectation of receiving the highest level of security against breaches will help them create and manage disaster preparedness plans that map out your credit union’s response to any incident. As it happens, current regulations mandate that vendors provide advanced and holistic safeguards to protect your member data.

However, in order to be effective, the plan needs to define immediate and longer-term objectives for operations and communications to ensure sustained confidence from regulators and members. In addition, you should train your management team and staff on how to respond to any such matter. 

2. Advocacy is Everyone’s Job

CUNA President & CEO Jim Nussle reminded attendees that advocacy needs to take place all 52 weeks of the year, not just during the GAC. “Advocacy is everyone’s job,” he said. One area that is in need of more attention is technology. Credit unions will have to accommodate the needs of “tech-savvy natives” as technology plays a larger role in the lives of future generations, said Tansley Stearns, Filene Research Institute chief impact officer. “This next generation of members is going to demand service that includes digital technology.”

Core solutions providers will play an important role in developing the technology tools and platforms that meet the expectations of new generations of members. Adapting to mobile and desktop requirements is only the first step. Technology is changing rapidly and what satisfies today likely will be outdated within a few years. Evolving with, not in spite of, market demands will be key to the success of the credit union industry as a whole. 

3. Speeding Up Auto Loan Approvals

President & CEO of CU Direct, Tony Boutelle, said in an interview at CUNA’s GAC that as auto sales continue to increase, many credit unions still take longer than other financial institutions to approve loans. New car sales are estimated to reach 17.7 million this year—a drastic increase from the 11 million sold in 2009 during the recession. 49 million used cars are likely to be sold this year, Boutelle predicted, although consumer confidence may slow down slightly as the November election approaches.

It has been revealed in a study by Google that consumers desire “micro-moments” or the ability to make instant decisions about such things as purchases no matter where they are. Therefore, it would behoove credit unions to take advantage of organizations that offer them a variety of services that use technology to help speed up lending in several areas, including auto loans. Such services allow you to offer a branded shopping service to members who are considering a vehicle purchase. 

These are just three of many takeaways from our perspective—what we are really interested in is what you think! What other issues discussed at the GAC that affect your credit union were important to you?  Let us know on Twitter, Facebook or via email at wayne.benson@epl.net.

EPL Staff

EPL, Inc. 

How credit unions can empower members to be their best marketers

Credit union executives constantly ask themselves, “How can I improve our marketing program?” It’s a vital question if you are trying to generate a more positive perception of your credit union within the community and ultimately grow your member base. If you know EPL’s mantra—if you’re not growing, you’re dying—and recognize its importance, then you believe inherently in the necessary role that impactful marketing campaigns can play. While tactical outreach programs are crucial for both promotion and brand awareness, one of the most powerful resources that you have at your disposal is your membership base itself.  

Below, we’ve outlined five ways credit unions can empower members to be their best marketers. 

1. Member experience – Cultivating an environment that produces positive member experiences will naturally encourage them to rave about your credit union. Remember—people want to talk about things they feel good about. A great member experience leads to overall satisfaction, and therefore improved outcomes—something we here at EPL recognize and prioritize. Provide your members with superior service by working with them quickly to resolve any issues and constantly implement touch points throughout the relationship. As credit unions are member-owned, this aspect of your marketing plan is integral to your collective success.
2. Loyalty and rewards programs – Show you members you care by rewarding them when they overcome feats or accomplish something new, and recognize their loyalty to your credit union where possible. According to the National Association of Federal Credit Unions (NAFCU), consumers want discounted or free products more than anything else from these programs, followed by enhanced customer service, free shipping and access to exclusive products or events. Provide your members with these initiatives, and their sentiment towards you is sure to improve.
3. Member appreciation events – Host events to show your credit union members how valuable they are to you. A Member Appreciation Day (or week, if you really want to show your gratitude), is a meaningful touchpoint and reminder that you appreciate them as much as they appreciate you. Even something as simple as offering your members donuts and coffee at your credit union’s branches can go a long way, and will encourage members to speak positively about their experiences.
4. Innovative solutions and products – Credit union members want to feel as if they have the most innovative products to manage their finances. Especially in today’s world, people also want convenience—so give both to your members by providing a robust, functional online banking platform. This will give your members the ability to easily access their finances from anywhere, while allowing them to still feel the trust and comforts of their credit union home—digitally.
5. Educational tools – Empower your members to be fiscally responsible by offering them the educational resources they need. By showing your members you care enough about them to provide financial literacy tools, such as pamphlets or classes, they will deeply value your relationship and become more loyal over time. At the end of the day, it should be your credit union’s mission to help members achieve their financial dreams—and a bit of education can a long way. 

Do you have any other great ideas to help credit unions empower member to be their best marketers? Let us know on Twitter, Facebook or via email at jami.jennings@epl.net!

Jami Jennings

Senior Product Solutions Manager

EPL, Inc.

Is it time to break up with your bank?

With Valentine’s Day on the horizon, people around the world are realizing just how in love they are – or, just how in love they are not. Such powerful emotions can sway individuals to make serious life decisions; decisions that may alter their future in a very real way. Of course, we’re talking about folks’ relationships with their bank.

In today’s analogy, your bank is your significant other (SO). Do you really trust your SO? Does your SO have your best interests at heart? Does your SO make you feel like you’re the most important thing in the world to them?

Perhaps instead, you’re feeling jaded; betrayed, even. Ready to stray. Abandon ship. If that’s true, then maybe it’s finally time to break up with your bank. The good news is that cupid’s arrow happens to be pointing straight toward your local credit union.

Here are just a few reasons why it might be time to call it quits with your bank and move on to a happier, healthier and more meaningful relationship with a credit union.

• Money, money, money – No one wants to spend their life paying for an absurdly expensive date, costing you more of your hard-earned money on as time goes on. Banks are notorious for hidden charges and fees, ranging from debit card usage fees to obscene overdraft charges to nonsensical ATM fees. On the other hand, credit unions will often pay you to use your card and, in some instances, even reimburse your ATM fees or forgive occasional overdraft mistakes. You want to spend your life with someone who truly cares about saving you money and invests in YOU, right?
•   Making big purchases is (slightly) easier – Buying a house or car can be overwhelming, so you want to partner with someone who is going to make it easier and help you make the right financial decisions for you. Mortgage APRs at credit unions and banks are very similar, but oftentimes credit unions will waive the origination fee, saving you thousands of dollars. Additionally, when it comes to car loans, banks’interest rates are usually slightly higher. 
• Credit unions care about others – Financial institutions in the credit union industry have a track record for going the extra mile and investing in their local or under-served communities. For example, in 2015 EPL partnered with the National Federation of Community Development Credit Unions to develop CU Impact, a core banking platform designed to scale the delivery of innovative products and services offered by credit unions operating in low-income and underserved communities.  
• You’ll be treated the right way – Credit unions have a reputation for providing exceptional customer service to their members, as they are owned and operated by the members themselves. Your experience matters. Because of this, credit unions recognize the value of spectacular customer service and creating a positive customer experience. Unlike banks, you  won’t be helped by a robot – you’ll be assisted by a real human being from start to finish. In fact, a recent survey showed that credit union customers rated their overall satisfaction at 87 percent – 13 percent higher than the highest rated bank.

These few reasons are just the tip of the iceberg. If you’re ready to break up with your bank and enter a new, satisfactory relationship, look no further than your local credit union – you won’t be let down.

Robin Kolvek

 

Senior VP of Business Development

 

EPL, Inc.