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A Brief History of Credit Unions

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To investigate, report on and encourage credit unions to embrace opportunities, ... CUNA: avoid Moonshot-like national goals. Growth Metrics Sub-Group Next Steps ... – PowerPoint PPT presentation

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Title: A Brief History of Credit Unions


1
CUNA Membership Growth Task Force
2
CUNA Membership Growth Task Force
  • Purpose
  • To investigate, report on and encourage credit
    unions to embrace opportunities, techniques and
    processes that will increase membership retention
    and growth

3
CUNA Membership Growth Task Force
  • Five Sub-Groups
  • National Awareness and Image
  • Markets
  • Best Practices
  • Efficiency and Back Office Issues
  • Growth Metrics

4
National Awareness and Image Sub-Group Members
  • Gayle Gustafson, Leader (OR)
  • Lamoura Munse (IN)
  • Mark Outler (GA)
  • Kelly Schermerhorn (OH)
  • Mark Wolff (CUNA)
  • Mike Weber (CUNA Marketing Council)

5
National Awareness and Image Sub-Group Issues
  • What messages should we use to create awareness
    and generate consumer interest?
  • How can messages be communicated, funded and
    promoted?
  • How do we get the market to understand and
    believe in what CUs do?
  • How do we ensure a long-term focus on
    differentiating CUs?

6
National Awareness and Image Sub-Group Findings
  • National branding campaign problematic for a
    variety of reasons
  • acceptance brand is unique for each CU
  • Awareness and image campaign is a better solution
    to meet the objective
  • Based on preexisting research, message focus
    should be trust, respect, care about members
    (should not be membership or not-for-profit
    status)

7
National Awareness and Image Sub-Group Next
Steps
  • More consumer/CU research and focus groups to
    define message
  • Determine demographic target multiple messages
    might be needed
  • Promote national image campaign to the industry
    framed as membership growth strategy
  • Secure funding commitments
  • Test five state campaigns using on-line methods
  • Viral campaign to CU employees/family/friends

8
National Awareness and Image Sub-Group Next
Steps
  • If a national campaign is not practical at this
  • time, other near-term options to consider
    include
  • Conduct new research on the most effective
    messages for key audiences
  • Establish an online resource center to share best
    practices and materials
  • Create new materials for league and credit union
    use
  • Explore New Media options (e.g., YouTube,
    Google, My Space, blogs)

9
Markets Sub-Group - Members
  • Winona Nava, Leader (NM)
  • Roberta Kozlowicz (IL)
  • Jon Haller (CUNA)
  • Heather Thiltgen (CUNA Mutual)

10
Markets Sub-Group Issues
  • What markets do we now serve?
  • Can we do better in existing markets?
  • Do we need to modify products services and/or
    channels?
  • Are there new opportunities to serve other
    markets?
  • Are there regulatory/legislative hurdles?

11
Markets Sub-Group Findings
  • Challenges are large and growing, but significant
    opportunities exist within current FOMs Only
    15 of eligible members have joined
  • Three key new markets
  • 1. Youth
  • 2. Immigrant/ethnic groups
  • 3. Underserved
  • A keen focus is vitally important difficult to
    do all of this at once individual market
    demographics potential FOM considerations are
    key
  • Products, services, marketing and culture must
    change
  • Legal/regulatory hurdles are obvious
  • Other hurdles also matter

12
Markets Sub-Group Next Steps
  • CUNA/leagues/peers should encourage CUs to
    develop more community partnerships
  • Encourage more participation in REAL solutions
  • CUNA must continue push to change laws/regs to
    make service to these markets easier
  • Remove/increase loan rate caps
  • Underserved area expansion for non-multiple group
    CUs

13
Best Practices Clearinghouse Sub-Group Members
  • Mike Schenk, Leader (CUNA)
  • Steve Delfin (NCUF)
  • Heather Thiltgen (CUNA Mutual)

14
Best Practices Clearinghouse Sub-Group Issues
  • What needs to be done to get CUs to contribute
    and use a database for best of breed ideas?
  • Program explanations detail
  • Metrics
  • Staff/board roles
  • PR successes
  • Social responsibility
  • Acquisition/retention/penetration strategies
  • Best method

15
Best Practices Clearinghouse Sub-Group
Findings
  • Broad/sustained participation is key
  • Essential to provide details so others can
    replicate
  • Results orientation we did x and got y
  • Easy access/logical organization
  • Include staff names (notoriety will help)
  • Many resources now exist
  • CUNA (CU360, CU Magazine, Task Force email,
    listserves)
  • NCUA CU Connection revamped PALS
  • State leagues (GACUA list of thought-starters)
  • Councils

16
Best Practices Clearinghouse Sub-Group Next
Steps
  • CUNA ES identify fast growers
  • Merger-adjusted
  • Consider indirect lending influences
  • Develop questionnaire to standardize content
  • Create database using direct contact by NewsNow
    staff
  • Post at least one weekly in NewsNow
  • Allow readers to rate/submit idea/recommend
    others
  • Explore a searchable database of archives

17
Efficiency Back Office Issues Sub-Group
Members
  • John Murphy, Leader (ME)
  • Mike LEcuyer (NH)
  • Gary Furtado (RI)
  • Bob Hoel (Filene)

18
Efficiency Back Office Issues Sub-Group
Issues
  • What can be done to facilitate CUs becoming more
    efficient, reduce costs and focus more resources
    on product and service delivery?
  • How can we consolidate routine functions?
  • What are the options?
  • Out-sourcing
  • Co-sourcing
  • Franchising

19
Efficiency Back Office Issues Sub-Group
Findings
  • Freeing up resources to help growth is
    increasingly important
  • There are many notable examples of successful
    collaboration, but failure is not unusual true
    both within and outside the CU movement
  • No magic formula exists, but several things
    seem to increase likelihood of success
  • A common DP system seems to help (not essential)
  • No one collaborator dominates (similar-size
    sometimes helps)
  • Geographic dispersion (i.e., little FOM overlap)

20
Efficiency Back Office Issues Sub-Group
Findings
  • CU (non-scientific) Survey to Councils
  • Most dont do this now (15 provide to others)
  • Most say they are interested in doing something
  • Areas include DP marketing payroll/accounting
    compliance services (e.g., lending support,
    loan/share draft processing, audio response)
    training and education
  • Concerns 25 say no concerns those with
    concerns site cost, privacy/security,
    accountability/control, competition/FOM overlap
  • State League Survey
  • Many do something now still processing

21
Efficiency Back Office Issues Sub-Group Next
Steps
  • Encourage state leagues to play an active role
    huge potential to help, especially with small CUs
  • CUNAs role should be information clearinghouse
    rather than facilitator
  • Establish smart-growth (collaboration) forums
    GAC? ACUC? State League annual meetings, etc.
  • Establish web-based collaboration clearinghouse
  • More survey work is needed provision vs.
    participation vs. interest

22
Growth Metrics Sub-Group Members
  • Rod Staatz, Leader (MD)
  • Heather Hiltgen (CUNA Mutual)

23
Growth Metrics Sub-Group Issues
  • Define growth metrics
  • Measures
  • Product service standards (linked to brand)
  • Impact on financials/interaction with regulators

24
Growth Metrics Sub-Group Findings
  • No single metric will do the job
  • Some are now publicly available
  • But others will have to be generated
  • Adjust for influence of mergers/indirect
  • FOM/location/business orientation will influence
  • Growth will normally come at a cost
  • CUNA avoid Moonshot-like national goals

25
Growth Metrics Sub-Group Next Steps
  • Prepare stakeholders for lower earnings
  • Stress importance of business plans
  • CUNA keep conversation with NCUA going
    (elimination of CAMEL matrix has helped)
  • CUNA develop standards report with key
    measures and descriptions of best practices

26
Follow Up
  • Staff draft a comprehensive preliminary report
  • Call for input from CUs/leagues
  • AGM/GAC breakout
  • Meetings to get feedback
  • National Marketing Council
  • Spring state league annual meetings
  • Finalize report
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