''Employees are our most valuable asset!'' We've all heard
this from our peers and have said it ourselves, but does this really
hold true at your credit union? Employees are the most valuable asset
at any credit union. More specifically, well-trained employees are
a credit union's most valuable asset. Employees trained in member
service, loan decisioning and sales skills will produce increased
member satisfaction results, more closed loans and lower delinquencies;
directly affecting the bottom line of the credit union.
unions are expanding their hours of availability and their product
lines in order to better compete with other financial institutions.
These enhancements are critical to the success of your credit union,
but ultimately how your members perceive the way they are treated
by your employees is what will make them utilize the services of
your credit union again and again. As a result, training continues
to be an area that requires a great deal of focus and many credit
unions are looking for education programs that will have a positive
impact on their credit union and their employees. The answer for
many credit unions has come from programs such as Lending Solutions,
Inc.'s University of Lending and Call Center College.
Only Rules You Really Need to Know''
instructor for the University of Lending, includes in his class
''The Only Rules You Really Need to Know'' as provided by
Sam Walton, the late founder of Wal-Mart & Sam's Club. If your
employees play by these rules, your credit union is on their way
to satisfied members and strong financial results:
- Commit -
Commit to your business. Believe in it more than anybody else.
- Share - Share
your profits with all of your associates and treat them as partners.
- Motivate your partners. Money and ownership are not enough.
- Communicate everything you possibly can. The more they know,
the more they will understand
- Appreciate everything your associates do for the business.
- Celebrate your successes. Find some humor in your failures.
- Listen -
Listen to everyone in your company. And, figure out ways to get
- Exceed -
This is the big one! Exceed your customers' (in our business,
- Control -
Control your expenses better than your competition.
- Swim - Swim
upstream. Go the other way. Ignore conventional wisdom.
for Credit Unions
Middlesex Schools Federal Credit Union ($52 million; Middletown,
CT) is one credit union that has experienced the results of the
University of Lending and this type of training first hand. ''Our
credit union has seen tremendous success from Rex's techniques,''
states Jay Haller, Vice President of Lending at Middlesex. ''We
have learned to build a better loan and therefore we have seen a
reduction in the number of bankruptcies. The biggest gain has been
in the ability to regain the Platinum and A members we were losing
to the local dealers. All of our lending staff and management team
have attended the University of Lending, and the training has been
invaluable. The application of these techniques has translated into
an ROA of greater than 1.00% last year and we have achieved another
1.00% this year as well.''
union that has encountered great results from the University of
Lending is Power Federal Credit Union ($189 million; Syracuse, NY).
''For the 1st time in 8 years, net loans from the 1st quarter
increased from year-end totals,'' states John Wakefield, CEO
of Power. ''I also wanted to comment that morale has never been
better. All of our front line staff that we sent to the University
of Lending came back energized and motivated. Many employees have
significantly increased their volume of loans after attending the
Employees Impacting the Bottom Line
The Call Center College classes available from LSI are specially
tailored to provide your front-line employees, member service representatives,
with the critical knowledge, techniques and strategies necessary
to expand the employees' overall capabilities and achieve greater
from Granite City Steel & Community Federal Credit Union ($122
million; Granite City, IL) attended a recent class and has experienced
the results. She says, ''My overall cross-selling has increased
by 50 percent with the largest impact coming from credit life and
disability. It was a great experience and I hope everyone from my
credit union gets a chance to attend. My comfort level with credit
reports has increased dramatically, so that I now counsel members
on how to improve their credit and look for opportunities to better
serve them with the appropriate credit union loan product.''
the Key Factor
With the increased competition in the financial services industry,
the need for well-trained employees has never been greater. Service
is the factor that will separate the winners from the losers in
the 21st century, and the only way to achieve better member service
is to equip your employees to be the best by providing them with
the latest technologies and with the training they need to succeed.
A commitment to training requires time, money and management support,
but the results of ensuring your employees are the best in the industry,
is a happy member and strong bottom line.
To find out
more about Lending Solutions, Inc.'s University of Lending, Member
Service School and Train the Trainer classes, visit their website
800-574-6572 or e-mail firstname.lastname@example.org.