Marketplace Newsletter

IN THIS ISSUE:

Park Community Credit Union’s Bobby White Named to Newly Formed Sprint Credit Union Advisory Board

Take the Right Companion When You Travel

Integrating with Lending Technology to Drive Member Value

Even More Exclusive Member Savings from Sprint®!

Embrace and Employ Innovators

CO-OP Introduces THINK Review, New Quarterly Magazine Offering Inspiration, Guidance to Credit Union Intrapreneurs

Be Ready to Manage Cybersecurity-Related Risk

Make Your Marketing Work for You

Spring – A Season to Change, Update and Grow

Start Your Summer Off Right With CSCU's Summer Balance Transfer Campaign

Start Exploring CO-OP's New Website

The KYCUL Services e-Consignment Store is NOW OPEN!

Upcoming Webinars


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Park Community Credit Union’s Bobby White Named to Newly Formed Sprint Credit Union Advisory Board

As part of their steadfast commitment to credit unions and their lasting success, CU Solutions Group invited a few of you to share feedback about your experience with the Sprint Credit Union Member Cash Rewards program. They want to work together with you to build the Sprint program, help you provide more value to your members, drive more sales and do it all with ease.

The Sprint Credit Union Advisory Board is a first-time endeavor in which credit unions of varying sizes and shapes were selected to participate and share their feedback to garner diverse responses and ideas. If deemed successful, CU Solutions Group hopes to keep this Board fluid and to tap into their deep network of credit union marketing professionals for future participation. Thank you to the inaugural Board members for dedicating their time and energy to this effort!

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Photo Left to Right:
Paul Alex (Sprint), Jenny Ludwigsen (Community Choice CU, MI), Kristi Lowell (FORUM CU, IN), Bobby White (Park Community CU, KY), Mauricio Morales (Dade County FCU, FL), Armand Parvazi (Xplore FCU, LA), Todd Pietzsch (BECU, WA), Toby Hayes (SAFE FCU, SC), Alan McVay (Sprint), Kaye Chervenak (CU Solutions Group), Lisa Rizk (CU Solutions Group), Nicole Porter (Sprint), Amy Orr (IH Mississippi Valley CU, IL), Jessica Emert (ORNL FCU, TN), Wayne Hanson (Mid Oregon CU, OR), Tim McCoy (InTouch CU, TX), Candice Nigro (First Atlantic FCU, NJ)

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Summer is coming and for many members that means vacation. Whether hitting the road or taking to the skies, there's a good chance your member families will be traveling soon. You can offer them the perfect travel companion – the CUMONEY® Visa TravelMoney® prepaid debit card from LSC®.

Visa TravelMoney provides the convenience and security members need whether going around the world, or just across town. The card is accepted all over the globe and comes equipped with the protection of the EMV chip. Members can travel and shop with peace of mind, knowing their money and information are protected.

  • Safer than cash
  • Accepted everywhere you see the Visa logo
  • Multiple card designs to suit your members' personalities
  • CUMONEY® mobile app to access & manage their card from anywhere, 24/7

Our partner, LSC, has announced a special promotion to make TravelMoney an even smarter choice for your credit union. When you sign up for Visa TravelMoney and order at least 40 cards by July 31, 2017, LSC will waive the $500 standard implementation fee (or $500 of the $1,150 branded implementation fee.)

To see how Visa TravelMoney will benefit your members and your credit union, or for additional questions, contact Jim Feldkamp at This email address is being protected from spambots. You need JavaScript enabled to view it. or Tom Lybeck at This email address is being protected from spambots. You need JavaScript enabled to view it. .

 
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Protecting More Members with New Simplified-Issue Term Life Product

Today, many Americans are underinsured and many – 43% – have no life insurance coverage all.1 According to the Life Insurance and Market Research Association’s (LIMRA) Life Insurance Barometer Study, the top barrier is price – with 65% reporting they haven’t purchased life insurance because it’s too expensive.1 In addition, approximately 22% of consumers prefer to buy life insurance online and only one in four people who attempt to purchase life insurance can complete the entire application process online.1

So how can we break down the barriers of life insurance?
That’s the question CUNA Mutual Group set out to answer when they developed their new TruStage® simplified-issue term life insurance product.

TruStage is one of the first-to-market in the industry with a term life insurance product that consumers can purchase completely online. Rates start as low as $3.65/month, and consumers can purchase face amounts between $5,000 and $100,000 to provide protection for home mortgages, children's’ education, income replacement or final expenses.

The simplified-issue term life product was created to meet the growing need to protect the things that matter most in a simple, online digital way.

It helps credit unions build deeper relationships and protect their business. Additionally, each time a member of a TruStage-endorsing credit union purchases the simplified-issue term life product, their credit union earns non-interest income.

1 - LIMRA, 2015 Insurance Barometer Study

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Even More Exclusive Member Savings from Sprint®!

Sprint has an amazing new deal for your members! For a limited time, when your members switch to Sprint, they can score a two-for-one special on a Samsung Galaxy. When they lease a Galaxy S8, they’ll receive a GS7 edge lease for free, plus a chance to win a $5,000 Samsung shopping spree!*

Awesome phone. Awesome plan.sprintmay2017
Members can also take advantage of Sprint’s best offer on Unlimited with Data, Talk, Text for $30 per month per line for four lines with the fifth line FREE for a limited time. **

Plus, both promotions can be combined with the Sprint Credit Union Member Cash Rewards offer, meaning members are eligible for an additional $100 cash reward for every new line they activate with Sprint.

Here’s how the Sprint Credit Union Member Cash Rewards program works:

  • Members get a $100 cash reward for every new line they activate with Sprint.
  • Current Sprint customers will receive a $50 cash reward for every line transferred into Sprint Credit Union Member Cash Rewards.
  • Plus, participants get a $50 loyalty cash reward every year for every line.

Enroll your credit union today! Visit LoveMyCreditUnion.org/PartnerCenter for details and to access all-new, FREE marketing materials to promote this offer.

How your members can sign up:

  1. Become a Sprint customer and mention that you’re a credit union member.
  2. Register at LoveMyCreditUnion.org/SprintRewards or in the Love My Credit Union® Rewards app.
  3. Your members will see their cash rewards directly deposited into their credit union account within six to eight weeks!

Bring more value to your members by encouraging them to take advantage of these huge savings from Sprint today!

* 2 for 1: $31.25/mo. after $31.25/mo service credit. Reqs. 2 new lines of service or 1 new line and 1 upgrade. For well-qualified customers with 18-mo. leases. Early termination results in remaining balance due. Credit applied within 2 invoices. Sweepstakes: No purchase necessary. For complete official rules, including entry instructions and prize details, go to sprint.com/s8sweeps.

** Includes unlimited talk, text and data. Streams video at up to HD 1080p, music at up to 1.5mbps, gaming at up to 8mbps. Data deprioritization during congestion. MHS, P2P and VPN reduced to 2G speeds at 10GB/mo.

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Embrace and Employ Innovators

Remember being told to “think outside the box”? It used to be such a common phrase; asking you to forget the norm and imagine greater possibilities. Throw a curveball. No idea’s a bad idea. Blue sky thinking.

When a group of college students visited CUNA Mutual Group earlier this month, it became apparent just how obsolete the phrase has become.

Looking around, it’s been a long time since we settled on the norm. Innovation is everywhere. The app you just downloaded needs updating. The new phone you bought is great, but an even better version is just around the corner. You can refinance your mortgage with the push of a button – in the time it takes to order a coffee.

The pace of change is simply so rapid now, so unrelenting, that the only true constant is change itself. But for credit unions and their partners – regulated institutions with complex, legacy processes – it can be a challenge to keep up. Large or small, we were built in the box.

CUNA Mutual Group is no different. For generations they've been a proud member of the credit union movement and a trusted provider to 95% of all credit unions in this country*. But the world we operated in yesterday is not the world we live in today.

That’s why CUNA Mutual Group is proud to be an organization that recognizes the only way to truly remain competitive, to provide continuing value to our customers long into the future, is toembrace innovation – by employing the innovators.

It was a privilege to have a group of talented students visit the Madison, Wis., campus as finalists in the 2017 FOCUSS Idea Competition; a national contest CUNA Mutual Group has sponsored for two consecutive years.

The program challenges students from four historically black colleges and universities – and two Wisconsin colleges – to propose solutions to issues facing credit unions and their members.

This year’s participants were challenged to provide hypothetical product and marketing solutions to help the millions of U.S. households that are either financially unbanked or under-banked access safe and affordable credit.

And while each finalist received a cash prize, for CUNA Mutual Group the reward is much greater. It’s an opportunity for CMG to work with and learn from a group of young, innovative thinkers. Each participant is given the opportunity to enter into the internship program – a program recently overhauled to ensure every placement offered is done so with the expectation of continued employment.

The intern program is now a funnel for new, innovative and exciting talent. It’s a process that strengthens our future as much as theirs.

Because it truly is exciting to see and hear from the next generation of credit union leaders: those who simply don’t recall that the box ever existed.

Co-Op LogoCO-OP Introduces THINK Review, New Quarterly Magazine Offering Inspiration, Guidance to Credit Union Intrapreneurs

Free Publication Available for Subscription at www.co-opthink.org/think-review

CO-OP Financial Services is unveiling THINK Review, a new quarterly magazine focusing on big ideas and big trends to help credit union intrapreneurs transform their institutions to meet the needs of the modern consumer.

“Our year-round THINK brand is emphasizing ‘How’ – how credit unions can rapidly adopt and execute a strategy that transforms them to be more agile, digitally-centric and consumer-focused,” said Todd Clark, President/CEO of CO-OP, in introducing THINK Review during the first day of the THINK 17 Conference in New York City. “We’re extending this strategic resource now to the world of publishing with THINK Review, to help managers within credit unions bring about innovative product development and marketing to thrive in today’s financial services environment.”

The inaugural edition of THINK Review focuses on “digital transformation,” the theme of THINK 17. While attendees received their own hardcopies of the issue, anyone can subscribe to the free publication by visiting www.co-opthink.org/think-review.  

The issue includes an interview with David Rogers, author of four books on brands and digital strategy, including “The Digital Transformation Playbook” (2016). Tom Goodwin, EVP and Head of Innovation at Zenith, a part of Publicis Media, contributes a thought leadership story on “Thriving in the Post-digital Age.” A third story defines the “digital mindset” and explains the “four C’s” of digital transformation. In addition, a case study on the digital transformation of First Technology FCU, Mountain View, California, is featured.

“Every quarter, we’ll be bringing you the big ideas you need to transform your credit union in a format that will encourage further thinking,” writes Samantha Paxson, Chief Marketing and Experience Officer for CO-OP, and Editor of THINK Review. 

The second issue – due out in September – will focus on the impact and potential of machine learning, a key component of artificial intelligence, in the payments industry.

In addition to the conference and the new quarterly magazine, the THINK brand includes regional events throughout the year and a website that focuses on credit union management best practices and innovations. The website provides a blog, library and store, in addition to event information, which can be found at http://co-opthink.org.

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Be Ready to Manage Cybersecurity-Related Risk

Despite a growing focus on defensive efforts, the number of cybersecurity breaches continues to rise. As a result, the National Institute of Standards and Technology (NIST) developed a framework, known as the Cybersecurity Framework, to strengthen cybersecurity defenses across critical infrastructure in all industries and organizations. 

The voluntary framework consists of standards, guidelines, and practices to ensure you have the necessary processes and documentation in place to proactively manage and respond to cybersecurity-related risk. It's designed to work in tandem with an existing risk management strategy, so there's no need for you to re-create a risk management process and cybersecurity program. 

You can compare your credit union's existing cybersecurity programs to the framework in order to identify opportunities for improvement. Where warranted, the elements of the framework not already addressed can be incorporated into existing programs. Alternatively, credit unions without an existing cybersecurity program can use the framework as a model to establish one.

The framework is not intended to be a one-size-fits-all solution to address cybersecurity risk. It provides an adaptable, flexible and scalable tool that assists organizations in assessing, measuring, evaluating and improving their ability to respond to cybersecurity threats. It's important to note that individual credit unions maintain unique risk profiles; therefore, the implementation of the framework and the degree to which it is adopted will vary among institutions. 

Cybersecurity threats continue to evolve and affect organizations of all types and sizes, including credit unions. While implementation of the framework is voluntary, its use is gaining momentum within the financial services industry. 

The most successful cybersecurity programs are those that don’t simply rely on technical controls but clearly define a framework to address each of the essential cybersecurity functions: threat identification, protection mechanisms, threat detection, incident response, and incident recovery.

Combined with an ongoing risk management program, the framework can help build a strong foundation for any cybersecurity program.

For more information on how to use the NIST Cybersecurity Framework to better manage and reduce your credit union’s cybersecurity risk, join TraceSecurity for an upcoming webinar:

Navigating the NIST Cybersecurity Framework:  Best Practices for Implementation and Continued Use

In this webinar, you will learn:

  • The purpose of the NIST Cybersecurity Framework
  • Why your credit union should adopt the framework
  • Best practices for implementing and ongoing use of the Cybersecurity Framework
  • How the framework can help reduce cybersecurity-related risk

Register

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Make Your Marketing Work for You

Credit union members have saved nearly $2 billion through the Love My Credit Union Rewards program. And this year’s Sprint Credit Union Member Cash Rewards promotion is the best Sprint offer ever! As you may know, credit unions can earn non-interest based income on member participation in the program, and with such a great offer to promote – you don’t want to miss out on this opportunity to earn more while helping your members save more! 

Following are ways your credit union can increase member engagement in the program, and help you achieve your maximum marketing reimbursement. 

Quantity and Quality – When planning your marketing for the quarter, select a variety of tactics, so that your marketing efforts will get noticed by members. Be sure to select marketing options that are most effective in reaching YOUR members. The Partner Center is home to a wide variety of FREE, updated options to choose from.

Messaging Cadence – As you are planning your marketing tactics, think of what may spark interest during a given quarter such as: Q1 – Saving money on tax filing, Q2 – Mother's Day, Father's Day and Graduation, Q3 – Back to school, Q4 – Holidays and shopping. Plus there is an all-new 2017 Message Cadence Summary in the Partner Center that makes it even easier to see what you should be promoting each month for every program. 

Most importantly, effective marketing goes above and beyond the minimum requirements. Through the Love My Credit Union Rewards program you have access to helpful tools and resources, such as marketing materials, progress reports and support from your client manager.

  • Marketing plan templates and FREE marketing materials that are updated and refreshed throughout the year
  • Your credit union Program Sales Report for the Sprint Credit Union Member Cash Rewards program is located in the MyDashboard section of the Partner Center

If you have any questions, or need assistance marketing the Love My Credit Union Rewards program, contact your Client Manager or Client Support at This email address is being protected from spambots. You need JavaScript enabled to view it.  or 866-348-2887.

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Spring – A Season to Change, Update and Grow

If the signs of spring are signaling you to change, update and grow within your career or community, those same tenets can also bring new value to your organization and its clients. When many of our clients in the past have sought a refreshing and positive re-direction, they’ve succeeded by implementing a fully-disclosed overdraft protection program for their members.

Change
Since overdraft programs are relatively common, change may result more from a supplier perspective than a have vs. have-not program perspective. Ask yourself or your management team some basic questions as you evaluate or seek to improve your operational performance:

  • In terms of revenue, are our program results sluggish, even flat or behind recent years? If so, is it due to decreased use from account holders? And, when considering changes to overall account growth, has there been a decline in fee income per account?
  • Have we been proactive in addressing potential compliance issues? And, how are doing when it comes to interpreting rule changes correctly?
  • Have we settled for a legacy service that was installed years ago? What types of enhancements have been made to track program use and identify areas that may need attention?
  • Are charge-offs on the upswing? If so, is it because members aren’t educated well on how to use the program responsibly? Or, is it because staff is not effectively managing the program?
  • Could our provider easily sell off their software, or, be at risk by not providing a broad array of services? If yes, could we be subject to changes beyond our control or not be receiving proper support?

If you find yourself saying yes to any of the above, perhaps it’s time to consider making a change to your current program—or, better yet a new provider.

Update
Implementing changes that bring a fully-disclosed overdraft protection service current is especially beneficial in a climate of political change that can potentially impact regulations.

Many organizations have self-managed their programs for years without incident. However, even the most dogged followers can be challenged to maintain compliance, whether changes in the recent past are repealed or repeated to any degree.

Regulatory changes often impact processes and procedures, associates, training and members. Accordingly, it’s valuable to employ a program with in-field managers that can assist with both software and soft-skill solutions to improve the way you do business.

Whether it’s related to providing compliance guidance and support, maximizing efficiencies or identifying ways to recover lost revenue, a fresh approach can make all the difference. And, having representatives who are responsive and can train or explain changes to your staff can ultimately help provide a seamless experience to your members. And when members feel informed, the likelihood of service utilization and retention is maintained.

Grow
Organizations that have committed to providing a consumer-friendly and fully-disclosed overdraft solution often experience renewed internal energy and goal attainment. Staff can take pride in an understandable program that helps solve members’ problems, and those members benefit from a resource that helps resolve a short-term need, cash-flow interruption or checking account error.

Aspirational growth is multi-dimensional and should consider:

  • Revenue
  • Non-interest income
  • Staff and member satisfaction
  • Reg E opt-in rates
  • Institutional confidence resulting from a provider’s compliance guarantee or results-driven compensation

If improvements in these areas can benefit your credit union, perhaps it’s time to find an overdraft program provider, one who is stable, innovative, active and connected in their industry, committed to client and member understanding, and has a strong legacy with a complementary service offering.

After all, while overdraft protection plans are decades old, they remind us that—like a change in seasons—what is old can be new again.

 

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Start Your Summer Off Right With CSCU’s Summer Balance Transfer Campaign

Encourage your members to transfer their balances today with the CSCU “Keep Cool” Summer Balance Transfer Campaign. Ensure your members know that your card is the card they need when summer spending puts them in the red.  Promote the campaign in-branch, on your website, via social media and more with CSCU’s Balance Transfer marketing kits, statement inserts and eMarketing materials.   
 
Click here to place your order or for more information.

ORDER DEADLINE: May 26TH.

There is NO COST for Optimize Portfolio Growth Solutions (PGS) members. PGS members are automatically enrolled in this promotion. To find out more about the Optimize Portfolio Growth Solutions program, email This email address is being protected from spambots. You need JavaScript enabled to view it. .

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 coopnewsite Co-Op Logo

CO-OP’s website has been redesigned with you in mind.

Take a peek at the newly refreshed https://www.co-opfs.org -- now live! Explore new content, innovative new features and a brand new look. You’ll notice how easy it is to find exactly what you’re looking for. A quick search, scroll or click and you’re exactly where you want to be.

A few other new features include:

  • Greater mobile responsiveness
  • More interactive content
  • CO-OP Insights resource hub for the latest CO-OP content and industry news
  • Easy access to educational tools

Visit the new https://www.co-opfs.org now!

CO-OP would love to know what you think. Please send your questions, comments or feedback to This email address is being protected from spambots. You need JavaScript enabled to view it. .

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The KYCUL Services e-Consignment Store is NOW OPEN! 

Credit union members can now go online and purchase tickets to their favorite local zoo at a deeply discounted rate!

Let your members know they can order tickets from the comfort of their home by sharing our announcement on your credit union's Facebook page or newsletter!

Ordering is easy!  Credit union members can order tickets by following the instructions below.

3-cincizoo 

1. Go to the Cincinnati Zoo website.
2. Click Log In under Corporate Discounts.
3. Enter your Username (your email you used to set up the account), your Password and Company Code: kycul.

First time buying tickets from the Cincinnati Zoo website?
Please click “Create login for account” and scroll down to account credentials to create a Username (your email) and password before placing your first order. Save this information for all future orders! 

 93-lou-zoo 1. Go to the Louisville Zoo website.
2. To gain access to your e-Consignment store, enter your store name: kycul
3. Click Submit

 

Want to make other amusement park tickets available to your members? 

Ask This email address is being protected from spambots. You need JavaScript enabled to view it.  about our complete consignment ticket program!

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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.

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

6/1/2017 12:00 PM (CT)

   

Empowerment and Goals in Action: Run Your Race

 

Goals. . . you have them, but are you taking action to achieve them? Define, implement, and achieve your credit union, branch, and employee goals through positive, proactive accountability.

6/7/2017 12:00 PM (CT)

   

Performance Coaching

 

Ever wonder why your employees are performing below expectations? Analyze the situation to close the performance gap and identify solutions to positively impact behavior.

6/13/2017 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.

6/14/2017 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.*

6/15/2017 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.*

6/21/2017 10:00 AM (CT)

   

Managing Risks Within Your Indirect Lending Program

 

Indirect lending programs can be as good as your credit union’s willingness and thoroughness of monitoring your partner relationships. Join us as we share real-life credit union loss scenarios and examine actionable internal controls and risk mitigation steps to help you stay clear of these hidden lending risks.

6/22/2017 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.*

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Marketplace Archives

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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