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:
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."
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."
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."