Financial Wellness
“Service as an Act of Stewardship” will Transform your Credit Union
Service, what is it? Bank service has been defined by the consumer as, did they engage me quickly, did they make eye contact, did they smile, were they fast, did they say thank you – a very low bar to member satisfaction but one that doesn’t differentiate the credit union. What can a credit union…
Read MoreServing Members as an Act of Stewardship
Several years ago, I worked with Dale Turner, now CEO at TruStone Financial Credit Union. As the VP of Lending, he stood at the podium of an all-staff meeting and challenged the entire credit union to “think for the member, don’t just respond to the member.” Dale had the wisdom to know the difference between…
Read MoreTwelve Steps to Bonding with Your Members
Unlike traditional banks, credit unions have a mission to serve their members, not shareholders. This fundamental difference makes building solid and lasting relationships with their members possible. To make members love their credit union, focusing on delivering exceptional service, fostering trust, and offering financial products that meet their needs is essential. Below, I will explore…
Read MoreShould YOU Consider a Fractional Executive?
To thrive in today’s ever-evolving financial landscape, credit unions must adapt, innovate, and strategically manage their operations. One innovative solution that credit unions are increasingly turning to is the fractional executive. Fractional executives are experienced professionals who work, typically as contract employees, part-time or on a project basis, to provide specialized expertise and leadership. In…
Read MoreJunk Fees- Credit Unions have options
Junk Fees are making the headlines. Many of these “junk fees” are designed to punish a member for bad behavior. Is this what the mission, “People helping People,” means? Using fees to punish members who have made mistakes, are financially stressed, or are struggling doesn’t fit this mission. This article will clarify what they are…
Read MoreGet Closer to Your Member with Nano Strategies
Nano strategies at a credit union would refer to implementing highly focused, granular, and member-centric approaches to achieve various goals, such as improving member experience, enhancing operational efficiency, and increasing financial performance. These strategies involve leveraging technology, data, and innovative practices to create personalized experiences and streamline processes. Here are some examples of what nano…
Read MoreFinancial Education, Literacy, or Wellness – Oh My!
In credit unions, Financial Education, Financial Literacy, and Financial Wellness are seemingly interchangeable, but each has a distinct meaning and purpose. What does your credit union want to become in the eyes of your members and the community? Which of these options will differentiate you from other financial providers? Financial Education: Financial education provides consumers…
Read MoreGap Funding – Bridging the Divide and Driving Economic Empowerment
In pursuing a more equitable society, supporting businesses owned by individuals from marginalized communities is paramount to a vital, innovative, and sustainable economy. These marginalized groups include BIPOC (Black, Indigenous, and People of Color), women, veterans, and rural entrepreneurs. These entrepreneurs face unique challenges, the least of which is limited access to capital. Mentoring, coaching,…
Read MoreWhat happened at SVB, and will it happen at your credit union?
It’s all over the news, bank failures. We can blame it on a failure of the FDIC or the deregulation of the banking industry, even in the shadow of the bank failures that stemmed from the mortgage-backed securities debacle. But two questions remain, why did this happen this time, and are credit unions at the…
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