CU 2.0 Podcast Episode 53 West Community Credit Union and Today's Marketing

How does a credit union get heard in the marketing wars with Bank of America, Chase, and the other money center bruisers?

Face an ugly reality: You can't win.

No way, no how.

Unless you change the rules of engagement.

That's what West Community Credit Union in Missouri is doing. A $280 million credit union, it's nonetheless active in SixThirty, a St Louis fintech incubator, and in this podcast West Community vp of marketing Koren Greubel tells about the institution's adoption of Plinqit, a mobile first app that gamifies savings and financial education - and just may be helping West Community connect with new consumers that otherwise would never have looked at a credit union.

The trigger for this podcast was this line in a press release: "West Community Credit Union selected Plinqit as a better way to introduce themselves to potential members rather than relying on traditional marketing channels."

You can't win at traditional marketing. Especially not to generations that may ignore a lot of that.

Think different and you just maybe can win.

The podcast also has a special appearance by West Community CEO Jason Peach who got on the phone to explain - with passion and a keen sense of reality - why the institution is getting into the SixThirty incubator and how it matters.

Doing similar just may matter to your institution too. If it can happen in St. Louis, why can't it happen where you are?

Listen to this podcast here.

A related podcast is about the DCU Fintech Incubator in Boston. Listen here.




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Find out more about CU2.0 and the digital transformation of credit unions here. It's a journey every credit union needs to take. Pronto

CU 2.0 Podcast Episode 52 David Deckelmann LiveSurvey

What are your members thinking about you? Say you don't know and you are setting yourself up for failure. Say you do know and, no, you haven't asked them because you, well, just know and you are on the fast track to extinction.

If you want to know what your members think and need, ask them.

That's where LiveSurvey comes in.  A credit union owned CUSO - developed by MAPS Credit Union in Oregon - LiveSurvey's mission is providing realtime, instant feedback from members that lets credit unions better chart their next actions to better serve members.

When is the last time your credit union surveyed members? How many responded? Did you get anything useful?

LiveSurvey grew out of MAPS own needs.  The credit union faced the horns of a dilemma.  On one side were very pricey, consultant driven survey products. On the other side, there are inexpensive - even free - Internet tools.  Neither gave MAPS the solution it wanted and out of that grew LiveSurvey.

About 25 credit unions now use LiveSurvey which gives them the ability to query members as they wish and on whatever topic they choose.

Prices range from $500 to $1000 monthly.

Who better to help you take the next steps to grow your credit union than existing members - who when asked right will tell you what they like and what they don't.

MAPS make it easy and inexpensive to know.

Every credit union needs to be doing this or similar.  It's a competitive world out there and this is crucial intel.  And it's yours to gather if you just ask for it.

Listen to LiveSurvey CEO David Deckelmann here.




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Find out more about CU2.0 and the digital transformation of credit unions here. It's a journey every credit union needs to take. Pronto

CU 2.0 Podcast Episode 51 Marc Schaefer Truliant Credit Union

Can a credit union serve more than one employer group? You know what today's answer is of course. But to know the history you need to talk with Marc Schafer, CEO of Truliant, a Winston Salem credit union.

That's because Truliant was sued by a banker's group in the mid 1990s that claimed it was illegal for a credit union to serve more than one employer group.  And the bankers won in the Supreme Court!

So how is it now legal? Listen to Schaefer and his tale of how HR 1151 became law - that's the legislation that made multiple SEGs legal.

Along the way you will hear a great personal credit union success story. Schafer became CEO of the tiny FDIC credit union when he was 34 in 1986.  In 1995 he moved to Truliant which then was a $400 million credit union.

Truliant now is a $2.5 billion credit union.

That's a remarkable growth story and of course you want to hear it.

Why is Schafer telling his story now? He retires at year end.

His is a terrific story of how to make credit unions work better, for more people.

Related podcasts in this series include Bucky Sebastian (who tells his take on HR 1151), Gary Oakland, Jim Blaine, and Teresa Freeborn.

As for Blaine, the retired CEO of SECU in North Carolina, he too has a story of being sued over multiple SEGs.  In an email he wrote this: "few know that the "original" FOM law suit was filed against SECU in state court (SECU is state-chartered) in 1977 by the NC Bankers Association when SECU added small city/county local govts to our FOM. The bankers beat us in the NC Supreme Court (on a split decision with the Chief Justice writing an 'icy' dissent!) and we had to divest about 9,000 local govt employees who had joined. We did so - being the ornery, stubborn folks we were! - by forming a federal credit union (today's Local Government FCU @$2.5 billion) which immediately contracted for all services through SECU. LGFCU had a board and staff of 1, but immediately had a full array of services and about 50 branches at that time!  Needless to say our state bankers were 'not pleased' and sued in federal court (we forced it out of our state courts since LGFCU was federally chartered!). LGFCU/SECU won on appeal in the 3rd District (Richmond) and the bankers decided not to appeal to the US Supreme Court. When they later came gunning for Marc, the bankers made sure it got heard in the 4th District (DC) which is far more 'business friendly' - the 4th ruled in favor of the banks, which led to the adverse Supreme Court decision, the Campaign for Consumer Choice, and HR 1151."

Listen to Schaefer now.




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Find out more about CU2.0 and the digital transformation of credit unions here. It's a journey every credit union needs to take. Pronto

CU 2.0 Podcast Episode 50 Tellerex, ATMs, and Your Credit Union

You have your eye on new ATMs for your credit union - but you are given pause by the price tags that can quickly jump above $50,000 apiece.

Here's a reality: most credit union ATMs that I see are old, creaky, lacking functions, sometimes with screens so weathered and scratched they are barely readable.

Then there are the ATMs that I see at nearby Chase's. Cardless access. Sleek.

Enough to make you drool?

Enter Tellerex and a possible answer to your desires. An ATM lifecycle management company, Tellerex works with financial institutions both large and small.

There's magic in that formula.  A handful of big banks are dueling over who has the best ATM fleet and they are in constant upgrade campaigns. What happens to the 1500 and more ATMs they replace every year - typically after five to seven years of use?

When Tellerex is the player, what happens is that discarded ATM is given new life - often new software, sometimes even a new processor.  A new top of the line ATM might cost $50,000 to $75,000. A refurbished five year old ATM might cost half that.

You life that math?  Of course. And your members will like the upgraded user experience.

Listen in to a podcast that tells you all you wanted to know about ATMs but didn't know who to ask.

Giving answers here are Tellerex's chairman and co-founder James Kilkelly, CEO Christian Ranke, and chief operations officer Brian Lechlitner.

Listen up here.



Like what you are hearing? Find out how you can help sponsor this podcast here. Very affordable sponsorship packages are available.

Find out more about CU2.0 and the digital transformation of credit unions here. It's a journey every credit union needs to take. Pronto