Saving money isn’t exciting, especially for kids, says Tonia Clark, COO, Las Colinas Federal Credit Union. That’s why in 2004, Clark opened the credit union’s first student-run branch — in an elementary school. In 15 years, the credit union has collected more than $500,000 in deposits.
Read: 15 Years. 5 In-School Branches. $500,000 In Deposits.
“Social media has changed the way we do business,” says David Southall, CEO of Innovations Federal Credit Union. “We have to be part of it.” A four-person team manages the cooperative’s Facebook account, which has more than 2,400 followers and serves as a reliable point of contact for members and credit union leaders alike. Innovations works hard to maintain its standing in its competitive market, and uses Facebook as a competitive differentiator, responding to 100% of its online comments within one minute on average.
Read: How To Put A Positive Spin On Negative Online Reviews
A credit union’s operational strategy impacts productivity and efficiency metrics. It’s important for credit unions to strike the right balance between taking care of members and taking care of employees and the overall organization. The efficiency ratio helps credit unions monitor the relationship between operating revenue and overhead expenses by providing a measure of how much an institution spends to earn $1 of revenue. U.S. credit unions reported a first quarter low of 69.8% in the efficiency ratio (excluding provision for loan losses) as of March 31.
Read: Efficiency By The Numbers (1Q18)
Different generations require different conversations. Learn how credit unions can serve all ages in Callahan's recurring graphic series, including Generation X — those 38-53 year-olds born between 1965 and 1980.
Read: The Credit Union Guide To Generation X
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