Marketplace Newsletter

IN THIS ISSUE:

Score Unlimited Music with Sprint and TIDAL

Make Your Member's Life Easier!

Grow Your Credit Union Membership with Insights about Non-Members

New ScoreCard Rewards Client Promotion for Q3

Bank Secrecy Act/Anti-Money Laundering and Fraud Detection Software

Two great cards for members and their children. Two incredible offers for credit unions.

New CO-OP Mobile App Locates Nearby ATMs, Shared Branching Locations

What's On Your 'Overdraft Program' Checklist?

Increase Your Card Portfolio's Revenue by as much as 14%

Discovery Conference - August 17

Is Debt Straining your Member's Marriage? 

Upcoming Webinars


 tidal-sprint-banner

Score Unlimited Music with Sprint and TIDAL

Sprint’s Unlimited Plan deserves unlimited music! For a limited time and only on Sprint, customers can take advantage of a free six-month TIDAL membership.

Sprint customers can enjoy exclusive content, music streaming and premium experiences with TIDAL HiFi. TIDAL is the first music streaming service with high-definition and high- fidelity sound quality, music videos and curated editorial, crafted by industry experts.

With TIDAL, enjoy:

  • More than 48.5 million tracks
  • Full catalog of over 175K music videos
  • Over 500 exclusive playlists from selected artists, celebrities, athletes and TIDAL’s editors
  • Popular video content, exclusives and original programming
  • Livestreams and 80+ on demand concerts/events

To score the free six-month TIDAL membership, credit union members simply sign up for Sprint and choose the phone they want to enjoy TIDAL on. For more information on the Sprint TIDAL program, click here.

Plus, this deal can be stacked with the Sprint Credit Union Member Cash Rewards program! Credit union members can receive a $100 cash reward for every new line they activate with Sprint and a $50 cash reward for every line transferred into the program. Visit LoveMyCreditUnion.org/Sprint for the details.

BACK TO TOP


CU Mobile Apps  

Make Your Member’s Life Easier!

You know your members are going mobile. Less running around makes everyone happier. The more they can do from the car, the office, or the comfort of home, the better.

There really should be two major factors, for members, and for credit unions: convenience and security.

Your members want to know is this making my life easier, and are my money and account information protected?

When you choose CU Mobile Apps to create your app, the answer to both is a resounding YES!

CU Mobile Apps works specifically with credit unions to design affordable, customized apps to give your members the full functionality of a branch in the palm of their hands.

  • Remote Deposit Capture – a simple click of a camera phone to deposit checks.
  • ATM Locator - so they don’t have to call or drive around aimlessly looking for cash
  • Mobile Loan Request –enable them to start the loan process from anyplace at any time, such as standing at the car dealership
  • Loan Payment Calculator – give them a good idea of what they’ll pay right up front
  • NEW Enhanced Security – by partnering with TrueChecks we’ve added additional layer of fraud security

A mobile app is the convenience and security members want, and an investment in the future of your credit union. As a special offer, when your credit union signs up with CU Mobile Apps between now and August 16, 2017, they’ll waive the standard Mobile App Start-Up Fee!

If you’re credit union is ready to offer a mobile solution to your members, there’s no better time than now. Contact CU Mobile Apps today at (800) 537-9035 or go to www.cumobileapps.com to schedule a free demo.

BACK TO TOP


 

 

cm horiz 4c nounit

Grow Your Credit Union Membership with Insights about Non-Members

Is your credit union leaving opportunities to grow membership on the table? If you’re not actively engaging non-members, you might be. The latest research from CUNA Mutual Group, “What Matters Now®: Insights from the Non-Member,” is a deep-dive into non-member and under-engaged member mindsets, lifestyles, attitudes, and habits. These crucial insights can be invaluable tools for your credit union to reach this audience.

Who are non-members?

Only 22 percent of hardworking families surveyed were fully engaged credit union members, meaning they consider their credit union their primary banking institution.* The other 78 percent of hardworking Americans fall into three areas of opportunity for membership growth: partially engaged members, disengaged members, and true non-members.*

Partially engaged members acknowledge that they are a credit union member, but say that their primary banking is done elsewhere. Disengaged members have credit union products, but don’t consider themselves to be credit union members. True non-members have no credit union affiliation at all.

So it’s not just a member vs non-member conversation. It’s important to think of membership on a continuum with these three distinct groups, known as the “opportunity segments,” representing the consumer groups that provide opportunity for credit unions.

How can you reach and engage the opportunity segments?

The What Matters Now® research found that each group represents a unique blend of mindsets, spending habits, banking relationships, and more. Keep in mind; these three groups are unique audiences so your credit union may have to create different messages and marketing strategies for each group.

However, your credit union may already have a foot in the door with disengaged members. According to the study, nearly two in five disengaged members are likely to switch to a credit union as their primary banking institution.* They cited their top two reasons to switch as better interest rates and financial incentives to open an account. Therefore, communications highlighting your interest rates or financial incentives may appeal most to this group.

Breaking down misconceptions about credit unions might also help your credit union reach non-members and grow membership as well. Some common perceptions of credit unions are that they’re only for loans, are not as secure as banks, and offer limited products and services. In fact, more than half of non-members believe that credit unions have limited locations, services, and products.* Targeted communications that address these misconceptions can help influence this group to make the switch.

To learn more about how to reach the opportunity segments, including insights into their demographics, lifestyles, spending habits, and more, view the full report at cunamutual.com/whatmattersnow

BACK TO TOP


 

 

FIS

New ScoreCard Rewards Client Promotion for Q3

FIS is excited to announce the Q3 marketing promotion for our ScoreCard clients. Your cardholders love the ScoreCard Rewards program and who better to let them know about the program than your tellers and front-line employees?

Simply send an email to This email address is being protected from spambots. You need JavaScript enabled to view it. with pictures of your tellers or other front-line employees holding a ScoreCard Rewards cheat sheet before September 30, 2017, and you will be entered into a drawing for a $500 Visa® Gift Cardto use for employee incentives, luncheons, prizes…virtually anything you would like. For your convenience, a copy of the cheat sheet has been attached to this bulletin.

The winning client will be chosen by October 15. So, be sure to submit your emails with photos for a chance to win!

Direct Mail Postcards for Cardholder Engagement

A second direct mail postcard was sent out to unengaged ScoreCard cardholders and, thus far, the response has been very positive. The number of cardholders who have registered on the website and logged in via SSO has increased. This confirms that efforts to raise awareness about the program and the catalog is working. Of course, the postcards and any promotional items are completely funded by FIS.

Due to the success of the direct mail postcards seen this year, FIS will continue distributing postcards throughout the summer. The next one, mailed in July, was an Endless Summer themed postcard that highlighted some of the great new additions to the merchandise catalog. Additional postcards will be sent in August and September, and there will be a different winner of the sweepstakes for each month.

Exciting New Redemption Options Coming in July!

In July, the ScoreCard Rewards redemption options for cardholders will be enhanced. Digital downloads continue to grow in the market and starting in Q3, the catalog will include music downloads (both albums and singles). These are great low point offerings.

Additionally, FIS will launch in-store pickup through Best Buy, which will allow cardholders same-day pickup for over 900 items. This is another great redemption option that sets ScoreCard Rewards apart from other rewards programs.

Look for more information soon about when these exciting new options go live!

BACK TO TOP


 

 

verafinlogo web  

Bank Secrecy Act/Anti-Money Laundering and Fraud Detection Software

Verafin, a CUNA Strategic Services alliance provider, is the leader in cloud-based, cross-institutional Fraud Detection and Anti-Money Laundering (FRAMLx) collaboration software with a customer base of over 1500 financial institutions across North America. Its solution uses advanced cross-institutional, behavior-based analytics to help financial institutions navigate the BSA, USA PATRIOT Act and FACTA compliance landscape, along with staying ahead of numerous types of fraud.

Verafin's innovative crime-fighting solution includes FRAMLxchange, the industry’s largest secure 314(b) information sharing network that facilitates collaboration between more than 1000 financial institutions and 3000 investigators, and is available to any 314(b)-registered institution.

HOW DO CREDIT UNIONS BENEFIT FROM THIS STRATEGIC ALLIANCE?

Credit unions save 10% off retail through the CUNA Strategic Services program.

Verafin’s solution combines these elements for the most comprehensive solution in the market:

  1. Bank Secrecy Act/Anti-Money Laundering Compliance – Detection of Human Trafficking, Funnel Accounts, Terrorist Financing, International Activity and Movement of Funds; provides automated CTR and SAR reporting as well as automated BSA record keeping
  2. Fraud Detection – Detects fraudulent activity (debit, check and account fraud) and reduces losses
  3. FRAMLx & Cloud-based Analysis – Cloud network allows a big-data approach to improve analytics, reducing false positives and giving a more complete picture of activity, and enables cross-institutional detection of suspicious activity.
  4. Customer Due Diligence & Enhanced Due Diligence – Provides a complete, customer-centric CDD/EDD solution, including CDD Questionnaire and High-Risk Customer management — helping you accurately assess the customers that pose the greatest criminal risk to your institution.CUNA STRATEGIC SERVICES
  5. 314(b) Collaboration & Information Sharing – Facilitates collaboration between 314(b)-registered institutions, allowing them to request information pertaining to potentially suspicious activity.
  6. Watch List & 314(a) Checking – Checks people, vendors and businesses against the OFAC SDN list, performs 314(a) searches, checks incoming and outgoing wires and flags positive matches, alerts compliance officer, accommodates fraud lists and internal watch lists, and maintains exemption lists.
  7. FACTA Red Flags – Facilitates creation of red flags and configuration by type, assigns investigation/expiration to flagged accounts, verifies SSN, checks against internal watch lists, and mines for suspicious personal ID information

For more information, contact Tom Lybeck, CUNA Strategic Services alliance manager, at 800-356-9655, ext. 4109, or This email address is being protected from spambots. You need JavaScript enabled to view it. .

BACK TO TOP


 

NewGen CUMoney

Two great cards for members and their children. Two incredible offers for credit unions.

“Don’t spend it all in one place.”

Something so many parents have said to their kids, as they probably heard it when they were young themselves. Money management is a concern for most parents, especially once their kids start working, or when they head off to college.

LSC® has two products to help parents and their children spend safely and conveniently.

NewGen® prepaid debit card is the perfect tool to teach teens* about handling their money wisely. NewGen gives teens freedom of a debit card without the risk of overdrafts or fraud, and lets mom and dad monitor what they’re spending and where.

CUMONEY® Everyday Spend® prepaid debit card is a wonderful alternative when they head off to college. It works like a traditional debit or credit card, while offering more security. With Everyday Spend, college bound members can buy books, furnish dorm rooms, and even shop or pay bills online, knowing their personal information isn’t at risk. 

  • Safer than cash or credit cards
  • Not linked to personal account information
  • Teens and Students can only spend what’s loaded on the card
  • Convenient to track and manage with the FREE CUMONEY and NewGen mobile apps

This summer LSC® has two special offers for these two products. When your credit union signs up for NewGen or Everyday Spend by September 30, 2017, and opens 40 accounts** by December 31, 2017, you’ll be reimbursed the standard start-up fee for the program. The credit will appear on the January invoice, sent in February 2018.

We invite you to join us for a FREEwebinar highlighting all the benefits NewGen and Everyday Spend offer your members, their children, and your credit union. Select the date & time below that works best for your schedule.

Thursday, July 27, 2017, 2:00 PM - 3:00 PM CDT

Wednesday, August 2, 2017, 11:00 AM - 12:00 PM CDT

LSC

For more information on how either of these fantastic products can help your credit union or to sign up today, contact This email address is being protected from spambots. You need JavaScript enabled to view it. or call 800-942-7124or email This email address is being protected from spambots. You need JavaScript enabled to view it.   

*NewGen cardholder must be 13 years of age or older

**Must open 40 NewGen cards for the reimbursement of the $750 NewGen standard start-up fee, and 40 Everyday Spend cards for the reimbursement of the $500 Everyday Spend standard start-up fee.

 

BACK TO TOP


 

Co-Op LogoNew CO-OP Mobile App Locates Nearby ATMs, Shared Branching Locations

Credit Union Members Get Enhanced Navigation Around CO-OP Networks With More ATMs than Any Bank and 5,600 Branch Locations

The new CO-OP Locator app from CO-OP Financial Services makes it easy for smartphone users to locate any of nearly 30,000 surcharge-free CO-OP ATMs and 5,600 locations in the CO-OP Shared Branch network.

The downloadable locator app for Android and Apple iOS devices is available to the 60 million members of credit unions participating in CO-OP ATM and CO-OP Shared Branch. Todd Clark, President/CEO of CO-OP, believes the app’s new enhanced version will be particularly useful among Millennial credit union members.

“Research indicates the reputation of digital natives as being unconcerned with branches may be overstated,” said Clark. “In CO-OP’s recent survey of credit union members, Millennials rated accessibility to branches and ATMs significantly higher than other age groups.”

Credit union leaders can download the research Clark references at Jobs to be Done: A Roadmap to Consumer-Centric Innovation.

Enhanced features of the new CO-OP Locator app include the following:

  • Customized, intuitive interface – After selecting their credit union upon installation of the app, users see results specific to their membership. Because the app automatically geolocates the user, it displays results based on both location and membership, so users do not have to initiate a search.
  • Notifications – Users can opt to be alerted when locations are added, removed or changed. 
  • Ride-share integration – Users that select “Get directions” may use the program’s maps feature for turn-by-turn directions or request a ride-share or Uber/Lyft pick-up. Pickup and destination information are automatically entered into chosen ride-sharing apps.

“Consumers are benchmarking the experience provided by their credit union against all the digital experiences they are having throughout their day,” said Clark. “They expect intuitive, even predictive, digital experiences that make their lives simple. CO-OP is on a journey to help more credit unions exceed the expectations of digital consumers. Sometimes this will be through technology iteration, as with the enhanced CO-OP Locator app; other times it will be consultative thought leadership on ways to reimagine the credit union value proposition in today’s digital ecosystem. In this way, we are co-creating the future of the credit union movement with our 3,500 client institutions.”

CO-OP ATM is the nation’s largest network of surcharge-free ATMs for credit union members, and larger than any commercial bank network. CO-OP Shared Branching incorporates the third largest branch network in the country, enabling members of participating credit unions to conduct transactions at these locations as if they were visiting their own home branch.

The new CO-OP Locator is available for download now on Google Play and iTunes stores.

BACK TO TOP 


 

logo jmfa

What’s On Your ‘Overdraft Program’ Checklist?

Lists are all the rage. Grocery lists, to-do lists, bucket lists and more. On a larger scale, we use lists to define the “must-haves” for just about anything.  Love ‘em or hate ‘em, they work for many people.  Proponents state that lists make them more organized, intentional and successful―and list-making provides purpose and structure to help achieve a sought-after result.

As problem-solvers in the financial services industry, we agree that having a checklist is always beneficial. Your credit union is bound by order, processes, regulations, and much more. Accordingly, a roadmap of actions can help you serve the needs of your members.  They’ll appreciate a logical approach which can help them understand the value of your products and services.  And more importantly, it will strengthen your account holder relationships. 

The same can be said for a successful and fully-disclosed overdraft program. By answering “Yes” to these three items―and getting to “Yes” for any that remain―your credit union’s program can contribute more to your initiatives’ success.

1.  Has complacency led to non-compliance?

A stagnant regulatory climate or a prolonged period of inactivity or indecisiveness can lead to lax practices, and even abuse. Having an overdraft program with dynamic limits, or changing the transaction posting order may be strategies you’ve considered. Unfortunately, they may not only potentially lead to excessive fees for members, but your credit union could be at greater risk for deceptive practices.  Conversely, a fully-disclosed approach protects against deception. Fees are established upfront and are well-communicated to avoid any confusion.  Moreover, it discourages your account holders from resorting to higher-priced or even unscrupulous or unregulated alternatives.

2.  Are members well-informed and do they see value in the service?

If they have never used an overdraft service, they may not even know it exists. Awareness of the program, its accessibility and convenience requires ongoing nurturing.  Look no further than the countless studies on consumer behavior.  Let’s face it, your account holders often need a gentle reminder about the products and services you offer. By sharing information that speaks to availability, benefits and fees in the most general, but fully-informative terms, account holders are educated so they can make well-informed decisions about their finances. A knowledgeable and helpful staff combined with regular communication breeds overall trust.

3.  Does your program take a short-sighted approach to revenue?

Simply raising your overdraft fee is not the solution. While this may lead to a spike in near-term performance, it is often accompanied by account holder resentment or abandonment. Instead, offering a transparent, fully-disclosed overdraft program at a reasonable rate can produce improvements in both revenue and member satisfaction.  Value in the form of reasonably-priced, user-friendly products and services is the better solution.

When it comes to evaluating your credit union’s overdraft program, hopefully these “must-haves” will be on your checklist. 

BACK TO TOP


Optimize by CSCU

Increase Your Card Portfolio’s Revenue by as much as 14%

The Solutions You Don't Want To Miss Out On Are Here!

Event Details
Over the past five years, the payments landscape has rapidly evolved and many credit unions are now taking advantage of various initiatives and solutions to remain relevant and improve their business portfolios. CSCU has a team dedicated to helping you Optimize your card program.

Portfolio Growth Solution (PGS) is a 12-month marketing calendar that is planned, coordinated and implemented by CSCU on your credit union's behalf.

Credit Line Increases are instrumental in keeping your card top of wallet, in addition to increasing credit utilization, loans outstanding and interest and fee income. The Credit Line Increase Program (CLIP) will enhance your portfolio with spending power to help increase the profitability of your program.

Find out more about Optimize PGS and the CLIP to see how they can help your credit union.  Contact Jim Feldkamp at This email address is being protected from spambots. You need JavaScript enabled to view it. .

BACK TO TOP


DiscoveryConf

Take your credit union to the next level.

DiscoveryConf sqr 300x250Get ideas, insights and inspiration to guide your strategic plan.

The world is changing faster than ever, and it’s hard to keep pace. Discovery Conference will help you heighten your knowledge of industry challenges and opportunities impacting your staff and members. Hear from dynamic speakers and leave with great ideas to help your credit union and members move forward with confidence. 

    • No cost    
    • Seating is limited

 More about the conference.

 

 

BACK TO TOP

 

 


 

GREENPATH 

Is Debt Straining your Member’s Marriage?

Sometimes debt strains a relationship and couples never recognize it. Breakups, fights, and tension are blamed on more obvious causes instead of the underlying problem of mounting bills and dwindling bank accounts. Here are some tips to help ease the tension and open the lines of communication between couples that are faced with mounting bills.

Don’t place blame

Playing the game of “he spent-she spent” only makes matters worse.  Spouses are often firmly divided, one taking the role of over-spender and the other the role of the hoarder.

Admit there is a problem

The first step is to admit that there is a problem.  Identify the real problemand focus on solving it.

Deal with concerns in a positive way

Families tend to not sit down and discuss money and financial issues. It is important to communicate your feelings calmly and rationally.  Don’t focus on the suffering, instead focus on the reason for the overspending and how to make realistic changes.

Get to the root of poor spending habits

Look for patterns.  Identify strengths and weaknesses in your financial planning and management skills.  Sometimes the root of the problems lies in the attitudes and practices that your parents instilled in you.

Seek advice from a certified financial counselor

Often times seeking the assistance of a neutral third party who can identify spending habits, outline areas of concern, and areas for improvement can be the best plan for success.  A financial counselor can help you establish a clear spending plan and provide continued support to get couples back on track.

GreenPath Financial Wellness, has collaborated with CUNA the past ten years, is a HUD-approved non-profit organization that partners with over 450 credit unions nationwide to provide members high quality financial counseling/education.  Contact Al Bilinski to learn how GreenPath can help your members and employees at 248-994-8702 or This email address is being protected from spambots. You need JavaScript enabled to view it. .    

BACK TO TOP


 

Come Learn With Us

Upcoming Webinars

Come learn with us and jump-start your success with interactive webinars featuring cutting-edge information from experienced facilitators that help you understand not only product details but how to achieve financial success, reduce your risks, and better serve your members.

8/15/2017 10:00 AM, 2:00 PM (CT)

Member Focused Conversations: Guide with Confidence, Part 1

Members are looking for someone to provide them financial guidance. Even if your members are doing well right now, the unexpected can have an immediate impact on their financial well-being. Part 1 focuses on helping your member feel the impact through a Money Game as they make difficult decisions during an already tough time.

8/16/2017 10:00 AM, 2:00 PM (CT)

Member Focused Conversations: Guide With Confidence, Part 2

Go the extra mile. Part 2 focuses on using consultative questions and a consistent process to provide your members with personalized solutions. Be committed to being your members' trusted financial consultant. If you don't take the opportunity to guide your members, they will look elsewhere for the guidance they need.*

8/16/2017 10:00 AM (CT)

Integrating Risk Assessment and Decision Making

Information generated by assessing risk informs or validates decisions that your credit union makes. It is the core of understanding of what could go wrong with your policies, procedures, and processes. Learn how to develop and apply risk assessment approaches to your risk management framework and decision making, along with understanding common challenges that could be encountered.

8/16/2017 6:00 PM (CT)

Minimizing Risk through Board of Directors Oversight

Effective risk oversight begins with a solid understanding of the board’s responsibilities. As a board member, you are charged with ensuring proper financial processes, internal controls, and risk identification methods are in place to oversee current and emerging risk. Learn how you can ensure safety, soundness, and achieve your credit union goals with a solid risk oversight approach.

8/17/2017 10:00 AM, 2:00 PM (CT)

Member Focused Conversations: Guide with Confidence, Part 3

Part 3 builds on what you learned about a member focused conversation and takes it to a new level. You won't simply present benefits, you'll personalize them, helping your members to see the value and why payment protection is so important. . .to them!. Go the extra mile.*

8/24/2017 10:00 AM, 2:00 PM (CT)

Addressing Concerns: Close the Case

What if the member asks a question or raises a concern? Don't let this question stop you any longer from educating your members on payment protection. Confidently address four common member questions and concerns related to payment protection.*

To register for any of these webinars, please go to https://www.cunamutual.com/resource-library/webinars.  

BACK TO TOP


 

Marketplace Archives

BACK TO TOP 


 

Kentucky Credit Union League
3615 Newburg Rd.
Louisville, KY 40218

Call: 502-459-8026 or 800-333-5285
Fax: 502-459-0189
Email: kycul@kycul.org