This week, meet the first batch of finalists for Callahan's 2020 Innovation Series, learn what makes for a good member, buy into the power of proactivity, and more.
Here are five can't-miss data points:
In 2018, CreditUnions.com launched a one-of-a kind contest that showcases the ways in which inventive suppliers are transforming the credit union industry. Presented by CreditUnions.com and sponsored by Callahan & Associates, the Innovation Series gives four suppliers 10 minutes to impress a captive audience of credit union decision-makers. Suppliers pitch their cutting-edge solutions. Attendees vote on their favorite. And it continues to grow. The 2020 Innovation Series includes four categories; this week, we feature large and small vendors in the Mobile/Digital category that are advancing digital banking platforms, goals-based savings solutions, and text functionality.
Read: Meet The Mobile/Digital Finalists For The 2020 Innovation Series
What makes a good member? In 2020, that’s not a new question; however, as data tracking grows more sophisticated and business intelligence more robust, some credit unions are finding modern methods to answer that age-old question. Such is the case of Wings Financial Credit Union, which tasked its business intelligence team to solve that query. In the first quarter of 2019, the team introduced the first iteration of a solution, an internal-facing member engagement score, which assigns a numerical grade for a given member’s overall engagement with the credit union and includes 349 unique data points.
Read: 349 Data Points That Define Member Engagement
Credit unions were created to promote financial inclusion across the United States. In the Heartland, Veridian Credit Union has tasked its community inclusion manager with adding intentionality to philosophy to ensure the cooperative represents all walks of life as it works to boost financial wellness and inclusion across the Hawkeye State. Angela Weekley is a veteran educator who worked at the credit union in college. When she returned in 2011, she assumed the role of community inclusion manager and today helps Veridian respond to the area’s rapidly changing demographics as well as recognize the deeper needs of underserved Iowans who’ve always been there.
Read: What’s In A Name: Community Inclusion Manager
Ironworkers USA Federal Credit Union has a simple strategy for getting business from its members. “We ask them for it,” says president and CEO Teri Robinson. “And then we earn it.” This little lending engine that could has earned enough business to go from the brink of extinction to sharp growth (25.5% at fourth quarter) and now nationwide expansion as it keeps a tight focus on the particular needs of its labor union membership.
Read: The Power Of Proactivity
Achieving efficiency and continuity were two of the key drivers behind a new structure in Randolph-Brooks Federal Credit Union’s marketing department, which was modeled after well-known advertising agency best practices. While this approach may have aided in cross-training, it did not proactively address internal client (aka department) needs on a consistent basis. The marketing team began its transformation from a traditional departmental structure to an internal agency in 2007. Learn why the credit union made the move to an agency model, what it took to pull off such a transformation, and how other credit unions might benefit from a performance-driven structure.
Read: A Strategy To Make Marketing Pack A More Powerful Punch
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