It's Not Just Lunch

This week, CreditUnions.com features case studies of credit unions tackling one of five aspects of a strong SEG relationship.

 
 

This week, CreditUnions.com breaks down the five ways credit unions can build and develop SEG relationships:

  • Targeting businesses
  • Marketing
  • Onboarding
  • Personnel deployment
  • Product/offering design

When Dave Blum sizes up SEGs, he goes to the Matrix. Not the computer-driven simulated reality of movie fame, but a spreadsheet that filters potential new partners based on criteria such as employee concentration and company outlook.

Targeting new SEGs is a big part of Blum’s job as vice president of corporate relationships and services at BCU, along with nurturing existing ties to employees at more than 100 organizations including Baxter International, Boston Scientific, and Target.

In "A Matrix To Target New SEGs," Callahan senior writer Marc Rapport shows how BCU uses spreadsheet ciphering to identify potential new employee group partners while KCT relies on shoe leather.

SEG-based credit unions don’t have to limit their marketing reach to their hometown, especially if their SEGs include the area’s largest employers. But they might need to rethink their definition of “marketing,” which in credit union land is really about relationships.

Debora Almirall’s strategy at Minnesota Power Employees Credit Union is to deepen those ties through proximity and products. Read more about this strategy in "How To Deepen A SEG Relationship" by Marc Rapport.

Sometimes the best technology for onboarding new members is old-fashioned pen and paper.

That’s what Yvonne Irving and her team at Kane County Teachers Credit Union rely on when they visit the more than 200 SEGs KCT serves.

To see why a Chicago-area credit union ditches digital channels for much of its onboarding and a large neighbor relies on remote channels to serve far-flung SEG sites, read "Onboarding With The Power Of The Pen" by Marc Rapport. 

In the fall of 2014, Purdue Federal Credit Union held a series of focus groups with its branch-level sales managers. The focus groups consisted of three managers each, and the credit union tasked each group with coming up with a solution for a specific problem.

Sarah Fassnacht, sales manager of the credit union’s Northwestern Branch, was in a group that considered how to increase business at SEG institutions. At the time she was already putting together call nights, but she knew they could be more successful.

“I had outbound calling experience from my previous credit union and I wanted to bring that initiative here,” Fassnacht says.

And so the PFED Producers — a team of salespeople who contact members via email or phone to improve relationships — was born. Learn more about this team in "Build A Team Of High Producing Performers," by Callahan associate editor Erik Payne.

University Federal Credit Union offers a card product that prevents overdraft fees and provides access to online and mobile banking, bill pay, and more than 300 fee-free ATMs around Austin and Galveston, TX.

Nothing unusual there, but this is a prepaid card, and UFCU designed the card to function differently from traditional prepaids. It’s neither targeted to teenagers nor a way to play keep-away from check cashers and payday lenders.

Rather, the ABILITY Prepaid Debit Card is both a valuable source of non-interest income as well as a tool to prove the credit union’s worth to SEGs that might have otherwise pursued pre-paid card programs.

In "Why Is This Prepaid Worth $5 A Month," Chad Holz, UFCU’s manager of intrapreneurship and innovation, provides more details on the ABILITY Card.

Happy Reading!

 
 

May 23, 2016


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