This week, CreditUnions.com looks at new hire onboarding through the marketing department, where credit union income comes from, four ways to increase member engagement, and more.
Here are five don’t-miss data points for the week:
2016
Since the fall of 2016, Yolo Federal Credit Union’s marketing team has been conducting an organized, uniform two-day new hire onboarding. Previously, hiring managers jumped straight into operational and product-specific training with new employees. This change allows the credit union to position its brand consistently and help new employees understand what Yolo FCU is as an organization.
Learn more about the credit union’s new strategy in A Novel Approach To Employee Onboarding.
Two-thirds
The margin between interest rates for deposits and loans remains near historic lows and the need for credit unions to develop alternative sources of income has not diminished.
What has tapered, however, is the dependence on the least consumer-friendly sources of revenue items like ATM fees, courtesy pay, and other checking account fees that fall under the label of non-interest income (NII).
Indeed, interest income, which includes the smaller component of income from investments, makes up approximately two-thirds of all credit union income. Dive deeper into the credit union income stream in The Virtuous Circle Of Lower Fees And Higher Income.
4.9
In 2012, Michigan State University Federal Credit Union was looking for new and meaningful ways to develop relationships with members. MSUFCU identified its most active members and started looking for similarities. That’s when MSUFCU found DAVE.
DAVE is an acronym for a handful of easy-to-discuss products and services debit, auto, VISA, and e-services. These members, on average, hold 4.9 services with the credit union compared with 2.78 for all other members.
Learn more about the DAVE program in 4 Ways To Increase Member Engagement. ContentMiddleAd
1,108
There are 1,108 credit union service organizations (CUSOs) in the U.S. coopeartive financial system, representing billions of dollars in credit union investment.
To see the number of CUSOs by category type, the number of credit unions with ownership stakes in two or more CUSOs, and the number of CUSOs that are wholly owned entities, check out CUSOs By The Numbers.
33%
In July, the New York Times ran a profile of Debitize, an online tool that promises credit card perks without credit card debt.
Debitize’s value proposition is clear. According to a 2016 Bankrate survey, 33% of respondents between 18 and 29 years old own at least one credit card. That’s compared to 55% for ages 30 to 49; 62% for ages 50 to 64; and 68% for those 65 and older. And a LendEDU survey found that millennials’ knowledge of credit cards is lacking and very concerning.
But does the tool sound like something a millennial might want? In Is The Problem With Credit Cards That They’re Not Credit Cards, nine Callahan employees under the age of 30 weigh in.
Happy Reading!
