Now Available: Sprint Back-to-School Campaign
It’s back to school time, and Love My Credit Union Rewards is excited to announce the launch of our new seasonal campaign promoting the Sprint Credit Union Member Cash Rewards program. The Back-to-School campaign will reach consumers through Pandora, social media and online advertising.
Join us in promoting this exciting campaign to your members! You will find free campaign materials including, an email template, newsletter article, a lobby video, social media marketing materials and web banner ads in the Partner Center under “Back to School Campaign.”
CU Solutions Group and CUNA Strategic Services Form Partnership Alliance
CU Solutions Group (CUSG), a leading technology, marketing and HR performance management CUSO and CUNA Strategic Services (CSS), recently announced that they have entered into a new, three-year alliance agreement. The alliance, effective June 30, 2018, reaffirms both organizations’ commitment to provide credit unions and their members with high-quality technology and marketing solutions in collaboration with CSS and state leagues.
“CU Solutions Group and CUNA Strategic Services have always had a strong working relationship, and share the same vision to continue to serve credit unions with unique solutions that help enhance the member experience and value to the membership,” said CU Solutions Group President and CEO Dave Adams. “This alliance expands on an existing agreement and lays a foundation for future shared investment and service delivery.”
“As credit union advocates, we are always seeking ways to help credit unions grow and serve their members more effectively,” said CUNA Strategic Services President Eric Gelly. “We are happy to expand our alliance with CUSG as a well-respected CUSO serving credit unions nationwide with unique technology, marketing and HR products.”
In the agreement, CSS will provide marketing and support activities for the following CUSG core products:
- ADA Compliance — web-based tools which helps credit unions comply with ADA standards and regulations and strengthen their web channel to better serve members who are vision or hearing impaired or challenged with other disabilities. As consumer cooperatives, credit unions should be leaders in providing this quality member experience.
- Web Design & Hosting — delivers a customized and modern website design that is responsive and search engine optimized blending CUSG’s technology and marketing expertise. CUSG’s best-in-class hosting environment is used by over 400 credit unions providing unparalleled security against DDoS attacks and other intrusions. Protecting against these service disruptions is among credit unions’ highest priorities.
- LifeSteps Wallet — helps credit unions enhance their mobile banking features to support and simplify shopping, auto, home and financial wellness decisions using the credit unions financial services offerings. It also helps differentiate credit unions’ mobile banking product from their competition. Launched in early 2018, ten credit unions have already contracted with CUSG for this unique disruptive product.
- Sprint — in partnership with CUSG, Sprint’s largest affinity partner program, the Sprint Credit Union Member Cash Rewards Program offers members cash incentives for switching their wireless service to Sprint. Credit unions benefit by offering another benefit of credit union membership and by receiving marketing reimbursements for their promotional efforts. CUSG paid more than $8 million in marketing support in 2017. More than 1,700 credit unions currently promote the Sprint program to their members.
- Intuit Turbo Tax Products — the TurboTax Credit Union Members Discount Program provides credit union members with a discount on their online tax filing services. Credit unions benefit from tax refunds flowing into member checking accounts while providing another reason to love the credit union. CUSG is Intuit’s largest affinity partner in the financial services sector.
Since its inception, CSS has developed partnerships that strengthen state leagues’ core offerings and provides solutions to credit unions that save them money, improve operating efficiencies and helps better serve members. This new alliance with CUSG will strengthen this core CSS objective.
5 Tips to Help Your Members Save on Back-to-School Shopping
It may feel like summer has just begun, but soon enough parents everywhere will rejoice as the weather begins to cool and their kids return to school.
The back-to-school season is an unusually emotional time of year. As adults, we are filled with nostalgia of the days when we ourselves looked forward to brand new backpacks, shoes, markers, and crayons. We hoped for a kind teacher, a quality class clown, and a desk next to our best friend. Now, as our children grow, we get to watch them develop from little kids who needed us for everything into young, real life humans with their own ideas and personalities. Although we may be very excited to send them back to school at the end of the summer, it’s still a sentimental season in which we are reminded of how fast time really flies.
It’s also really, really, really expensive.
Nothing will wake you up from your sweet walk down memory lane like the checkout line at an office supply store when you see the total cost of those new notebooks and crayons. Is it just me or do school supplies lists get longer every year? When did Crayola markers raise their prices? HOW much for a spiral notebook? And why do they need 12 of everything?
As financial service providers, your members look to you for wisdom and assistance when it comes to saving, spending, and budgeting. Here are a few tips that you can offer in order to help them linger in that pleasant back-to-school nostalgia a little longer and avoid the dreaded school supply cost shock:
1. Use the dollar store. The dollar store is your friend! From notebooks and folders in every color to pencils and loose paper, your members can find 80% of the items their students need to check off their back-to-school shopping list at the dollar store. Let’s all just say no to spending $9.99 on a box of crayons.
2. Budget and save in advance. As credit unions, this is your forte! When you’re talking to your members about budgeting and credit management, it’s easy to forget about the annual expenses associated with the back-to-school season. It’s important to discuss back-to-school budgeting with your members and encourage them to save throughout the year and stick to their spending plan when it comes time to shop. If your members know they can’t resist buying their student a new $20 binder, make sure they include it in their budget!
3. Have students save money for back-to-school clothes shopping. New clothes and shoes are a very exciting (and very expensive) part of back-to-school shopping. Suggest that your members use the back-to-school season as an early opportunity to teach their students about the importance of saving, budgeting, and managing money. Whether it’s through extra chores, an after-school job, or a lemonade stand, there are plenty of opportunities for your members’ kids to earn money towards new clothes and shoes for back-to-school and help ease the financial burden on your members.
4. Buy in bulk and shop sales. If you have members with large families, expenses can really add up this time of year. Stores like Costco and Sam’s Club offer great discounts when buying in bulk, and many other supply stores offer a lower price when you buy in large quantities. Also, don’t forget to remind your members to shop sales! It may be old school, but flipping through newspaper ads can save your members a ton of money when it comes to back-to-school shopping.
5. Use a prepaid card. Part of what makes back-to-school shopping so fun for kids is the opportunity to pick out items they love on their own. If your members have older students who want to shop by themselves, a prepaid debit card like the CUMONEY® Everyday Spend Visa prepaid debit card from LSC, can help your members control how much their student spends while giving them the freedom to choose their own purchases.
Navigating Risks in the Lending Landscape
At a recent credit union league conference, a question was asked by an attendee, “Are we going to learn how to be risk-free?” The response was, “If our goal is a completely risk-free credit union, then we can turn off the lights and go home.”
Risk is inherent in lending. Because there is risk in lending to members, we earn a premium when a loan is repaid in the form of interest and fees. Therefore, our goal should not be to avoid risk, but to successfully manage it within tolerances established by our Board of Directors.
Historically, lenders have used the five “Cs” of credit to assess risk and approve loans: character, capacity, capital, collateral and condition. However, the complexity of the lending landscape now goes beyond traditional credit risk and requires credit unions to consider the following risk factors:
- Application Fraud – Unfortunately, before we examine the credit worthiness of a loan application, we must now consider the legitimacy of the applicant. Is the application from a fraudster that has compromised someone else’s identity? Is the applicant a real person, or a creation of a synthetic identity using components of several legitimate characteristics?
- Demand for a more virtual delivery channel - The need to attract younger members requires credit unions to meet the prospective member where they are, which is most often at the other end of a mobile device, and not in your branch lobby.
- Increased competition from FinTech lenders – Cutting edge FinTech companies and technological innovation are changing the competitive landscape and forcing traditional lenders to rethink how they deliver products and services.
Considering all the challenges and the complexity of the lending landscape, there has never been a better time for credit unions to begin the strategic discussion to help them thrive in the current environment. Consider the following competitive advantages when developing long-term goals for your lending program:
- Technology can work for you, not only against you. Increasingly, credit unions are partnering with companies that provide the technical expertise to accomplish transaction security, allowing lenders to focus on what they do best - take care of members.
- The credit union movement’s cooperative philosophy where each member has a vote aligns perfectly with the millennial generation’s desire to partner with ethical companies where they feel they have a voice and can impact the future of their financial institution. The credit union message will resonate with millennials once we consistently figure out how to reach them.
- After growing too quickly and experiencing credit losses, FinTech lenders recently raised their approval criteria to require higher credit scores. This gives credit unions an opportunity to regain market share and grow their member base. Credit unions are much more qualified to assess the total credit risk in the relationship than a transactional, online lender.
Navigating the lending landscape is challenging. This list only scratches the surface of how complex the lending landscape has become in recent years. Regulatory compliance, expansion into commercial lending, and vendor due diligence are also important considerations for a successful lending program. Start by identifying who you are as an organization and capitalize on your strategic advantages. But, don’t forget about those five “Cs” of credit.
Your Members Can Earn Up to $500 with the Sprint Referral Program
Everyone deserves a great wireless experience with Unlimited plans, spectacular device deals and Sprint’s best network ever. Encourage your members to spread the word and they can earn a $50 Visa Prepaid Card for each friend they refer, up to 10 friends in one year!
It’s Easy to Refer: Visit Sprint.com/Referral
- Current Sprint customers sign in to the Referral Rewards program and then refer friends via email, text or social media
- Friends accept the offer, activate a new line and then register their phone number
- For each new account activated, your members and their referred friends are both rewarded a $50 Visa Prepaid Card, up to $500 a year*!
A flyer to promote the Sprint Referral Program is available in the Sprint Marketing Materials section of the Partner Center under “Sprint Promotions.”
Tip: Your staff can take advantage of this program - encourage them to use it to promote switching to Sprint!
*Rewards will be denied if activation occurs before referral is accepted.
Credit Line Increase Program
Have You Ever Heard The Phrase, "Christmas in July"? Learn How They Interpret That Phrase at Trellance!
At Trellance, they want you to start preparing for holiday spend!
By giving your cardholders a Credit Line Increase, you can stay top of mind this spending season.
The Credit Line Increase Program is a solution for all credit unions to get in front of their members and make this holiday season extra special with more spending power and less stress. Not to mention a Credit Line Increase is proven to increase credit utilization, and outstanding balances for better profitability for your programs!
The next opportunity to increase your members’ credit limit and give them more spending power is November 15th!
for more information.
Deadline for the November 15th increase is August 15th.
CO-OP Financial Services Releases White Paper on the ‘How’ of Digital Transformation
Paper Explores Seven Strategies for Credit Unions Evolving for Digital Consumers
CO-OP Financial Services has released a new white paper, “Seven Strategies to Accelerate Your Digital Transformation,” providing practical guidance for credit unions positioning themselves for growth in a digital world.
“While most financial services providers understand the ‘what and why’ of digital transformation, they are less comfortable with the ‘how,’” said Todd Clark, President/CEO, CO-OP. “We’ve seen firsthand the acceleration of the digital marketplace and understand that digital transformation is the only solution forward. This paper identifies seven essential strategies we’ve discovered through our own shift from a legacy organization to a digital-first, integrated ecosystem.”
Credit union leaders will learn why each of the strategies for accelerated digital transformation is critical to success in the digital era, as well as how to begin implementing them within their credit unions.
The seven strategies explored in the paper are:
Be Member-Centric. Being member-centric in the digital age means going beyond meeting expectations to surpassing and anticipating them.
Use Data to Optimize Engagement. Data analytics generates distinctive member profiles that inform hyper-personalized services.
Be Digitally Accessible. Open Application Program Interface (API) strategy and a strong click-and-mortar mix can help credit unions reach members through digital-first channels.
Drive Excellence through AI. Artificial intelligence and machine learning drive experiences and new data in real time.
Make Security as a Growth Driver. Design the security experience to be frictionless and anticipatory through a mix of cybersecurity and machine learning.
Integrate Channel Experiences. A seamless consumer experience at every touchpoint is a crucial retention tool and the primary reason people stay with their financial institution.
Embrace Platform Thinking: Behave as an Ecosystem. Innovate across channels and think at the platform level – embracing partnerships and delivering new services unique to the credit union movement.
The free white paper can be downloaded immediately at CO-OP’s white paper landing page.
In addition to the white paper, CO-OP is partnering with credit unions on their digital transformation through a variety of strategic counseling and educational opportunities. Among these opportunities is CO-OP’s 2018 “Roadshows,” taking place in various locations around the country throughout the summer and fall. To learn more about content and schedule, visit the Roadshows webpage.
FIS Card Fraud Forum – June 21 Recording
As recently communicated, FIS™ held their quarterly Card Fraud Forum on June 21, 2018. If you were able to attend, thank you for your attention. If you were not able to attend, or need a refresher, this communication provides a link to a recording of the session.
The forum was created to promote collaboration between FIS and client partners to address the challenges and difficulties posed by the card-fraud environment.
Card fraud continues to evolve as perpetrators saturate the financial industry with new and innovative ways to bypass card-fraud prevention measures. Given the dynamic nature of these events, FIS is committed to providing our clients with the designated resources, tools, and up-to-date information to minimize or prevent fraudulent card losses.
RECORDING – June FIS Card Fraud Forum
The June 21 forum agenda included an overview of the upcoming Fraud Product roadmap and a discussion of the fraud trends observed in Fraud Alert Management.
Additionally, guest presenter Cameron Arnold from FIS spoke about their new product, Enhanced Chargeback Services.
A recording of the June 21 FIS Card Fraud Forum is now available at the below link. The password for the recording is FISrecording2018.
Save the date! August 23 Fraud Forum
The Q3 FIS Card Fraud Forum will be held on Thursday, August 23, 2018. Look for a Bulletin with the invitation and more details closer to the date.
Questions? If you have any questions, please contact your League representative.
7 Ways to Attract — and Retain — Talented Milllenials
Flexible schedules, work-life balance, more growth opportunities … yadda, yadda, yadda. We all know Millennials want these things because … we all want these things.
Comprising 35% of the American labor force and growing, Millennial employees (those born between 1981 and 1996) pose some unique challenges to banks and credit unions, not to mention most other industries.
But it’s time to move beyond the obvious and start examining the nuances and outside-the-box ways that financial institutions can attract and keep Millennials.
1. Give Them What They Want
Many Millennial employees have generation-specific ‘wants’ that credit unions should consider offering.
- Planning for the Future: 34% of Millennials want employers to offer a 529 or college savings plan, while 37% want tuition reimbursement.
- A Fast Track Upward: 51% of Millennials expect to be promoted within 1-2 years of joining a company.
- Money Matters: Millennials look for competitive compensation and bonuses or incentive plans paid sooner versus long-term vesting salary continuation plans.
2. Give Them What They Need
It’s not all about flashy perks for Millennials. Many seek benefits that help address the basics of successfully transitioning from college to the workforce.
- A Foot in the Door: Successful internship-to-hire programs can attract talented students or graduates and build long-lasting loyalty to an organization.
- Ease a Burden: 70% of college graduates have student loan debt, the average being $30,000. More and more companies now offer student loan assistance, which one chief marketing officer called, “as meaningful to graduates as 401(k)s.
3. Emphasize the Local Angle
Millennials have a strong sense of community, often preferring to shop and support small businesses. As employers, community banks and credit unions have a great opportunity to leverage this preference to attract the best and brightest.
- Keep it in the Community: According to Millennials, their top reasons to shop at a small business are to support local employment (48%) and to keep money local (47%). Working for a credit union is a natural next step in making this a reality.
- Edge Out the Big Banks: Thanks largely to the economic recession a decade ago, Millennials voted all four leading banks among their 10 least-loved brands. This dissatisfaction gives smaller banks and credit unions an ‘in’ when recruiting candidates of this generation.
4. Make Sure Your Values Align
The most accomplished Millennial candidate may not always be right for your organization. Define and market your company’s culture, and then hire individuals who would fit in from Day 1.
- Know Thyself: When you create an irresistible culture marked by innovation, vibrancy and growth, Millennials will take notice. A recent survey found that 78% of CEOs and CFOs thought culture ranks as one of the top five value-adding features of a company.
- Focus on Fit:Finding the perfect fit greatly increases the odds of retaining a new hire. It’s often beneficial to consult a third-party recruiter who can objectively identify and screen candidates to match an employer’s needs.
5. Reach Millennials Where They Are
Millennials like their technology, so it’s a must to be able to reach them that way: on mobile devices, via texting, social media and the like.
Be careful when touting your innovation and other values, though. Tech-savvy Millennials will head straight to your Web site and research Google review and what employees have to say on Glassdoor to find supporting evidence. If they can’t, they’ll pass on your organization.
6. Focus on Early Engagement
New employees often leave their jobs in the first six months of employment, regardless of their generation. Though many reasons factor into these decisions, early engagement can help quell Millennial turnover.
- Make an Impression: Organizations that approach recruitment as a candidate engagement process can greatly increase retention past the six-month mark.
- Introduce Opportunities: Start talking about career and professional development opportunities even during the interview stage, so Millennials can see a future for themselves within your company.
- Start Off on the Right Foot: An excellent onboarding strategy, with touchpoints at 30, 60 and 90 days to check in, can give Millennials the tools and confidence to carve out a spot for themselves at work. Assigning a ‘buddy’ for the first month to help new hires get settled in has also been very effective.
7. Involve Upper Management
Increase Millennial retention with leadership that engages with employees throughout the organization.
- Start from Day 1: Having upper management participate in the onboarding process, including meeting new staff during their first days on the job, creates loyalty and meaningful relationships from the beginning.
- Mix and Mingle: Whether it’s your CEO hosting a monthly meal with small groups consisting of various members of the institution or a full-blown mentoring program, this type of face-to-face engagement works. In a Sun Microsystem mentoring program, mentees had a 23% higher retention rate than non-participants.
Let’s all agree that flexible schedules, advancement opportunities and work-life balance are givens when it comes to satisfying Millennials. Now, we need to start addressing the nuances of how to attract and retain this diverse, complex and highly skilled generation.
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.
8/7/2018 12:00 PM (CT)
Do you enjoy giving or receiving feedback? Many people feel feedback is reactionary and negative. Revolutionize the way you coach by providing specific, actionable comments that are focused on enhancing future opportunities.
Lending Resource Center/Live Events
Debt Protection: Product Essentials
8/8/2018 10:00 AM (CT)
This course focuses on the foundations of Debt Protection Plans. You will learn what Debt Protection is and what value it provides to your members.
Lending Resource Center/Live Events
8/9/2018 12:00 PM (CT)
As a coach, you can often find yourself faced with a tough conversation. How you handle these conversations will ultimately impact employee performance. Implement a proven model that will both change employee behavior and maintain a good working relationship.
Lending Resource Center/Live Events
Member Focused Conversations: Guide with Confidence, Part 1
8/14/2018 10:00 AM & 2:00 PM (CT)
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.
Lending Resource Center/Live Events
Member Focused Conversations: Guide with Confidence, Part 2
8/15/2018 10:00 AM & 2:00 PM (CT)
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.*
Lending Resource Center/Live Events
Preparedness Planning for Your Credit Union
8/15/2018 1:00 PM (CT)
Credit unions can do much to prepare for the impact of the many potential disasters they face in today’s world including natural and human-caused hazards. Unfortunately, most of these unplanned events catch organizations off guard. Join this session to understand key steps in enhancing your preparedness program, including lessons learned from real-life scenarios involving program management, planning, implementation, testing and exercises, and program improvement.
Protection Resource Center Webinars & Education
Member Focused Conversations: Guide with Confidence, Part 3
8/16/2018 10:00 AM & 2:00 PM (CT)
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.*
Lending Resource Center/Live Events
Addressing Concerns: Close the Case
8/23/2018 10:00 AM (CT)
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.*
Lending Resource Center/Live Events