Tag Archive for Membership

What Keeps Credit Union Executives Up at Night?

Originally posted on CUInsight.

By Randy Salser, President, NAFCU Services

Download a complimentary copy of the “Grow 2020: Driving Effective Member Engagement” paper here.

Credit union executives are facing more challenges than ever.  In November 2013, Sundeep Kapur of Allied Solutions conducted a study on the challenges facing credit unions.  The purpose of the resulting report is to:

  1. Release survey results highlighting the top concerns of 547 credit union executives
  2. Introduce prescriptive ideas for addressing these concerns
  3. Explore where we are headed over the next seven years Read more

Tracking POS Product Sales to Manage Towards Success

Originally posted on cuinsight.com.

Guest post written by Kate Swanson, Manager, Client and Field Technology, Allied Solutions.

Register for the “Becoming a Mentor to Your Members” webinar presented by NAFCU Services and Allied Solutions on Wednesday, May 7, 2:00 pm–3:00 pm ET. 

In today’s economy, where loan volume might not be a sufficient source of revenue, you may be hoping that selective point of sale products will strengthen your bottom line while creating a true level of protection and value to your members. You may be offering GAP, MBP, credit insurance or debt protection – but are your numbers where you would like to see them?

Even in the strongest of programs, and with the most dedicated of teams, performance generally has some room to improve. Repeatedly asking people to challenge member objections or demonstrate value may no longer be effectively changing results.

Using a tracking system that allows you to compare opportunity to sales, at a branch or individual level, helps you determine if products are proving to be valuable to your members, and empowers you to improve performance in the following ways:

  • Introduce meaningful incentives that involve specific goals based on percentage, rather than the more common pay-by-unit method.
  • Obtain targeted information for performance reviews, and to help determine if coaching and training efforts are working – or where such resources should be refocused.
  • Identify gaps in your revenue stream, to guide new strategies: perhaps you are successfully selling MBP and GAP policies on new vehicle loans – but most of your loans are for used vehicles! Read more

The Most Common Challenges Around Performance in Financial Institutions Today

Originally posted on cuinsight.com.

Guest post written by Julie ann Wessinger, National Director of Client Performance Strategies, Allied Solutions.

Allied Solutions is the NAFCU Services Preferred Partner for Insurance—Bond, Creditor Placed (CPI), Guaranteed Auto Protection (GAP), and Mechanical Breakdown (MBP); iSolutions; and rateGenius.

1.      Lack of consistent, behavior-based COACHING to hold employees accountable (in a positive way).

This is mostly due to the philosophy of promoting from within and the number of acquisitions that have been taking place over the past few years. There are a myriad of philosophies and approaches—and sometimes lack thereof—across an organization. Implementing a formal coaching process is a great way to bring the entire management team together to build synergy and relationships while building the bench strength of the organization. To learn more check out the whitepaper, Why Coach?

2.      Challenge moving employees from a TRANSACTIONAL to PROACTIVE approach to meeting needs (or from order takers to order makers). Read more

Top 10 Challenges Facing Credit Unions

Originally posted on CUInsight.com.

Guest post written by Sundeep Kapur, Digital Strategist, Allied Solutions. Sundeep will lead an integrated marketing workshop at NAFCU’s Strategic Growth Conference in Venice Beach, California in March 2014. Register here.

Allied Solutions is the NAFCU Services Preferred Partner for Insurance—Bond, Creditor Placed (CPI), Guaranteed Auto Protection (GAP), and Mechanical Breakdown (MBP); iSolutions; and rateGenius.

This list of top ten challenges was compiled by the author interacting with credit union executives at more than 500 financial institutions over the last 24 months. A handful of these financial institutions can be considered aspirational as they have begun their journey towards the year 2020. We have the insight of learning from their experiences—best practices and lessons learned.

How does your list compare? More specifically, what keeps you up at night? Share your top ten challenges. The results will be presented at the 2014 NAFCU CEOs and Senior Executives Conference, April 1–4, Charleston, SC. Take the survey »

Top 10 Challenges Facing Credit Unions Read more

Lifetime Member Value: Considerations for Lifecycle Marketing

Guest post written by Sundeep Kapur, Digital Strategist, Allied Solutions. Sundeep will lead an integrated marketing workshop at NAFCU’s Strategic Growth Conference in Venice Beach, California in March 2014. Register here.

Allied Solutions is the NAFCU Services Preferred Partner for Insurance—Bond, Creditor Placed (CPI), Guaranteed Auto Protection (GAP), and Mechanical Breakdown (MBP); iSolutions; and rateGenius.

What Would You Pay for a Member Referral?

A prospective client is a young lady who is just turning 21. She is two years away from an advanced degree and a well-paying job. One day she will start a family. Her future purchases include a used car, two new cars, and a home. She will need credit cards and a home equity line of credit.

Would you like to get this young lady to become a member of your credit union?

Your answer is hopefully yes as you could benefit from a long-term relationship with this individual. If you acquire her as a member, you will have an opportunity to connect, to engage, and to nurture her towards mutual profitability. From a practical prospective you need to be considerate of three things:

  1. How much money would you be willing to spend to acquire this member?
  2. What is your average lifetime member value?
  3. What formula do you use to compute lifetime member value? Read more