This series of posts will outline the sessions at the 2008 Partnership Symposium.
Session Speaker
Mark McSpadden, developer for Banktastic and star of The CU Scoop, was unveiled this afternoon as the CU Skeptic.
Session Overview
“At their current state, credit unions as a whole are no different than banks to the end user.” Since his arrival in the CU blogosphere, the CU Skeptic has been stirring the pot with articles, comments, and interviews based around this central theme. Discover why he thinks “the credit union difference” is largely unapparent in today’s (US) market and what he thinks are the keys to turning the tide of irrelevance. For the first time ever, the CU Skeptic will reveal his true identity and is prepared for an extended Q&A session.
Session Notes
Below are some of my highlights from Mark’s session.
After attending BarCampBankSeattle and hearing about the frustration of someone trying to start a credit union (that was eventually denied), Mark decided to take on his role as the CU Skeptic to start asking tough questions.
“Cheerleaders will always cheer, regardless of the situation.”
“I made sure that as I was writing for the blog, I HAD to be impactful.”
The Difference Between Banks and Credit Unions, according to the Skeptic:
- The structure is all wrong. It sets CUs to be measured up to banks.
- People don’t know the difference. CUs don’t make it easy.
Filene has put out some recent research that says:
- CU employees can’t easily talk about how CUs fit in with society.
- “There is little to no differentiation [in the mind of the consumer].”
In identifying your audience and prospects for members, a good question to ask yourself may be, “Who are we wrong for?”
Categories: Events · The Industry
This series of posts will outline the sessions at the 2008 Partnership Symposium.
Session Speaker
Jon DiGregory, Founding Partner, Cantaloupe
Session Overview
New ideas for using video to engage your market.
Session Notes
Below are some of my highlights from Jon’s session.
We started with interruption marketing. The people who put out the most stuff would get the most market share because it was in front of people.
The internet came and changed all of that because we (the people, the audience) control content and what we see. The internet lets the little guy get in to play with the big guys.
We need to think about one-on-one conversations with the right people.
Content must be RELEVANT for people to pay attention. However, it doesn’t have to be permanent. Disposable content exists, allows people to engage, and then goes away to make room for the next piece of content.
People used to (and sometimes still do today) tell stories with long blocks of text and a few images. Video and emotion allows you to tell a much more compelling story.
Categories: Events · The Industry
This series of posts will outline the sessions at the 2008 Partnership Symposium.
Session Speakers
Diana Dykstra, CEO, San Francisco Fire Credit Union
Michelle Bloedorn, Executive Director, Member Loyalty Group
Session Overview
Six credit unions, including San Francisco Fire CU, have come together to form the Member Loyalty Group CUSO. This CUSO has the goal of spreading the use of the Net Promoter Score among credit unions and making it affordable for institutions of all sizes. Hear about how San Francisco Fire CU has incorporated NPS and social media techniques to engage members and create true loyalty.
Session Notes
Below are some of my highlights from Michelle and Diana’s session.
Net Promoter Score takes the number of promoters of a company/brand and subtracing the number of detractors, resulting in a number. Measured over time, an NPS user can measure the different in scores.
SF Fire calls Net Promoter Score Member WOW.
“We pay dissatisified members $10, no questions asked.”
NPS has correlated against SF Fire’s growth in assets, members and loans.
The open-ended questions in the NPS survey give SF Fire insight into what their members want, whether it be new services or improvements on existing.
Member Loyalty Group was created to better serve CUs wanting to use NPS and disseminate member data.
Satmetrix, a co-developer of the original NPS model, partners with the CUSO.
Six credit unions banded together to create Member Loyalty Group:
- Addison Avenue CU
- America First CU
- Baxter CU
- BECU
- Educators CU
- San Francisco Fire CU
Categories: Events · The Industry
This series of posts will outline the sessions at the 2008 Partnership Symposium.
Session Speaker
Robbie Wright, General Manager, fi-linx
Session Overview
How do you turn an obstacle or problem into a potential business opportunity? In this session, Robbie from fi-linx, a CUSO of MaPS Credit Union, will discuss how the CU has taken challenges and turned them into new CUSO ventures and partnerships. He will review the CUSO industry and discuss past and present CUSO ventures, the role that credit union employees play in the formation of new a CUSO, and what the CUSO landscape may look like in the not too distant future.
Session Notes
Below are some of my highlights from Robbie’s session.
MaPS Credit Union had a problem (deposit reclassification) and turned it into a CUSO, fi-linx.
A CUSO is a subsidiary of one or more CUs that provides FI services and operational services primarily to CUs and/or members of affiliated CUs. CUSOs enhance the ability of CUs to serve members and earn revenue from additional sources.
Considerations for CUSOs include:
- board representation
- legal structure
- 51% of sales/clients must be CUs
- credit union culture
Many CUSOs that have been started were created as a result of a problem being experienced by CUs, rather than an idea to create a business for the sake of creating it.
Categories: Events · The Industry
This series of posts will outline the sessions at the 2008 Partnership Symposium.
Session Speaker
Matt Davis, Director of Public Relations, Members Credit Union
Session Overview
As the guest speaker contest winner, Matt will reintroduce the concept of promoting thrift for credit unions. He will discuss some of the ways that credit unions across the country are promoting thrift, not only amongst their members, but also amongst the general community. Finally, Matt will introduce some exciting ways that your credit unions can recapture public goodwill with this concept.
Session Notes
Below are some of my highlights from Matt’s session.
We (CUs) are organized for the purpose of promoting thrift among our members and creating a source of credit for provident or productive purposes. [Federal Credit Union Act 1752]
Thrift is wise economy in the management of money and other resources.
People doing the right thing AND people doing the wrong thing are both failing at savings.
Our “What Are You Saving For?” program had a $285 budget, and we built something that works for us.
The WAYSF program was picked up in a story by Yahoo Finance and featured in Fast Company.
“Don’t tell me you can’t be innovative.”
Promoting thrift MIGHT be sending your customers elsewhere for business, but wouldn’t that demonstrate a level of trust amongst your members?
Financial literacy is an area that credit unions need to be involved in to keep their members educated.
Categories: Events · The Industry
This series of posts will outline the sessions at the 2008 Partnership Symposium.
Session Speaker
Gene Blishen, General Manager, Mount Lehman Credit Union
Session Overview
Still not sure how to best tackle mobile banking or are you looking for alternatives to enhance your current offering? Gene will share valuable member and product information his credit union has gained over the past three years, discuss various aspects of mobile banking and service options, and talk about different approaches for implementing mobile banking (do-it-yourself, vendors, partnering, etc.). Gene concludes with thoughts about “harnessing the wisdom of crowds” and the concept of innovation coming from multiple outside sources and how to ensure your credit union is receptive to these sources.
Session Notes
Below are some of my highlights from Gene’s session.
We decided that if niche retail shops could exist to compete with Walmart and CostCo, why not a niche credit union?
Any technology we implement must have a human element, otherwise we won’t do it.
We build things in house because it allows us to be creative.
The difference between push and pull: Pull conditions are established and that system operates in batches. Push conditions are established by a member and when that condition is met, the message is pushed, in real-time.
Because we develop things in-house, we can listen to our members’ feedback and tweak our products accordingly.
We call all of this mobile banking, but there is not one specific definition.
The highest percentage of MemberNote (SMS alerts when transactions are complete) users at Mount Lehman are aged 41-55.
Mobile banking gives you another method to touch your members.
Next for Mount Lehman is web-based ATMs, chip cards and smart phones.
Innovation is:
- Establishing the right culture.
- Failures creating successes.
- Everything that your core processor isn’t.
Categories: Events · The Industry
This series of posts will outline the sessions at the 2008 Partnership Symposium.
Session Speaker
Matt Dean, CEO, Trabian
Session Overview
The Internet connects people across the world, but it also brings together people within a community. Just as hyperlocal media has revolutionized journalism, the hyperlocal credit union can transform the way their members interact with local merchants, with each other, and with their financial institution. Matt will share a snapshot view of a credit union that uses its local focus as more than a “we’re from your hometown!” warm and fuzzy feeling to bring tangible value to its members.
Session Notes
Morriss Partee, CEO, EverythingCU.com, has put together some great notes on the highlights of this session.
Online banking: Statements become live links to transactions.
Transaction is more than a line item in a database. Is a relationship between member and merchant.
Currently there is tiny value in online banking statements; this could have much more value. Right now, an account statement is read-only. This would add interaction.
Categories: Events · The Industry
This series of posts will outline the sessions at the 2008 Partnership Symposium.
Session Speaker
William Azaroff, Director of Online Banking and Customer Engagement, Vancity
Session Overview
A growing segment of the economy is driven by social decision-making. Credit unions play a natural key role in this shift, both as community-focused organizations and as holders of significant consumer assets. This presentation will include examples of the emerging social economy, as well as a case study of ChangeEverything.ca, a social network created by Vancity, which speaks to the values shared by the largest credit union in Canada and the community it serves.
Session Notes
Morriss Partee, CEO, EverythingCU.com, has put together some great notes on the highlights of this session.
33% of Canadians view the environment and global warming as the most important issues affecting the world today.
Vancity members represent 5% of discretionary spending in BC.
Vancity has a role to play in the social economy, and has a chance to influence.
Magnet Marketing - put a stake in the ground with who they are. If you’re not comfortable with that, you are welcome to leave.
Change Everything - online community to engender change, personal and social, in Vancouver and BC
Session Presentation
William’s presentation is available for download (PDF, 30 MB).
Categories: Events · The Industry
This series of posts will outline the sessions at the 2008 Partnership Symposium.
Session Speaker
Morriss Partee, Chief Experience Officer, EverythingCU.com
Session Overview
EverythingCU.com started in the year 2000 as an idea, and has since blossomed into an active online community of 5,863 credit union professionals, with a focus on marketing and business development. In this session, Morriss will share the top 5 success strategies that make an online community thrive (as well as be profitable). Credit unions inherently have every one of these success factors available to them, only they currently lie dormant. We’ll examine how you can apply each of these practices to revitalize your CU’s web presence.
Session Notes
Andy LaFlamme, Marketing Specialist, Maine State Credit Union, has put together some great notes on the highlights of this session.
7 points of a successfully engaged community:
- Have a common bond or purpose
- Make them the rock stars
- Give them a voice
- Make it easy
- Its alive (there are people behind the pages)
- Make it easy to refer a friend
- Merge online and offline communities and activities
Categories: Events · The Industry
This series of posts will outline the sessions at the 2008 Partnership Symposium.
Session Speaker
Andy Janning, AVP Training & Quality Service, FORUM Credit Union
Session Overview
You’ll leave the Symposium with new ideas and innovations for your credit union and members. Your first stop back home may be to your Training department, where you may request, “Make a class that teaches everyone about this fabulous new idea!” Ironically, this approach could be the kiss of death for your innovative brainchild. We’ll examine the short, focused list of questions that will radically transform the way in which training supports organizational innovation and delivers member-focused results.
Session Notes
Andy LaFlamme, Marketing Specialist, Maine State Credit Union, has put together some great notes on the highlights of this session.
Most trainers are constantly worried about “their place at the table”. They should be worried about everybody else’s place at the table. It is their job to change behavior to increase the performance of other employees.
Are you looking at the smile sheet or the balance sheet? Trainers shouldn’t be concerned about whether or not people liked their training sessions, but rather, what measurable effect the session has on employee behavior.
A good trainer is an agent of change. They are focused on helping reach goals. They measure how their training changes the behavior of employees.
Knowledge isn’t power, performance is.
what you know doesn’t get you a promotion, how you perform does. Training needs to be focused on performance changes rather than a deluge of information.
Categories: The Industry
