This week on CreditUnions.com we look at new reader functionality, a turnaround in Florida, mobile incentives, and more.
Here are five data points you need to know:
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In September 2009, four of the seven board members of Keys FCU signed a voluntary conservatorship order, which effectively removed the board members from their positions and instated the NCUA as the credit union’s board and supervisory committee.
Rather than immediately find a merger partner or dissolve the credit union, the NCUA let Key FCU’s management try to turn things around at the small Sunshine State cooperative. It was all on the line, and they only had one chance to get it right.
Learn how the credit union figured it out in "Key Advice For A Credit Union Turnaround."
In August 2016, Cornerstone Community Financial Credit Union started offering $10 incentive checks to encourage members to download its mobile app and try out remote deposit capture.
The results have been encouraging, as both mobile usage and RDC usage have increased at the Michigan credit union. Learn more about this strategy in "A $10 Incentive To Move Members To Mobile."
$5,000 - $50,000
Patelco Credit Union is using a homegrown tier system for check holds to improve the member experience and reduce calls for help.
Called Co-Relate, the system uses relationship scoring to create five levels of immediate funds availability to members presenting checks in a branch. The tiers range from $5,000 to $50,000, and each month Patelco refreshes each member’s tier level through its core processing system.
See how this allows the California credit union to account for changes such as newly delinquent loans or newly adopted products and services in "Patelco Boosts Member Service And Cash Availability With A Homegrown Check Hold System."
For the past decade, Boston Firefighters Credit Union has considered closely Callahan’s proprietary Return of the Member (ROM) index, which measures member value via loan rate, savings rates, and member service usage.
It might come as no surprise, then, to learn BFCU tops the ROM chart, scoring 99.74 out of 100 among credit unions with $250 million to $500 million in assets as of Dec. 31, 2016. Learn more in "How A Public Safety Credit Union Tops The Charts In Member Value."