Financial Wellness
What 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…
Read MoreFinancial Literacy vs Financial Wellness – a Consumer’s View
Credit unions and banks across the country have financial literacy on their to-do list, but what consumers need/want is a roadmap to financial wellness, not just financial literacy. Well, what’s the difference? Financial literacy is about understanding money basics. Typically the curriculum includes topics like “how to balance your checkbook,” “what is a savings account,”…
Read MoreThree Strategies to Grow Deposits and Liquidity
“The times, they are a-changin’.” This famous refrain from Bob Dylan’s song (https://www.youtube.com/watch?v=e7qQ6_RV4VQ) is as accurate today as in the early 60s, especially when we look at deposit needs for financial institutions. In 2008, FIs had to shrink deposits to keep their capital ratio in line with the regulators. Marketers became accustomed to focusing almost…
Read MoreFive Strategic Questions for the Board and Senior Management
It’s a strange time for credit unions. Credit unions face unprecedented pressures from regulators and examiners and capital pressures for net interest margins and fee income. Often they don’t benefit from “economies of scale” or the resources, people, and capital, to invest in the infrastructure demands of vendor due diligence, regulatory compliance, or technology demands…
Read MoreBranching Strategy, It Starts with the Member
Historically branches are seen as transaction channels. Today, this view of branches has changed and continues to evolve. Members and potential members like the convenience of brick and mortar, they like the demonstration of financial strength and security. Still, the truth is, they rely less on branches for their daily, weekly, and monthly transaction business…
Read MorePandemic – Marketing Needs to Talk!
Like you, I have received several emails, seen numerous Facebook and Twitter posts on how banks and credit unions are handling the Coronavirus. Typically these posts and emails start with something like, “We care about your safety…” and then they talk about how they are making banking safe by cleaning their branches and protecting their…
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