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LEVERAGE is excited to continue Learning with LEVERAGE, a complimentary, educational webinar series that has helped credit unions get ahead of the most pressing topics trending in the financial services operating space. Many of the topics of discussion during these webinars include Technology, Operations, Expense Reduction, Risk Management, Employee Management, Member Relations, Marketing, Lending/Payments, Liquidity, and Non-Interest Income. Plan on spending 30 - 60 minutes with LEVERAGE beginning at 11:00 a.m. ET every second and fourth Tuesday of the month. Here’s the next webinar you can expect! Cybersecurity Simplified - Best Practices and Tips on Securing your Credit Union For more information, contact consult@myleverage.com. For a look at our past webinars, click here. |
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LEVERAGE Payment Solutions (LPS) provides solutions for issuers nationwide with leading technology partners, including debit and credit card processing, Prepaid, network access, P2P, consulting services, and mobile payments. LPS offers secure, customizable solutions designed to enhance transaction efficiency and member satisfaction. With a focus on advanced technology and fraud protection, Leverage Payment Solutions ensures reliable and seamless payment experiences for credit union members. Contact consulting@myleverage.com for more information. Members ATM Alliance (MAA) offers a comprehensive suite of ATM services for credit unions, including managed ATM deployment, maintenance, and transaction processing. They provide customized solutions for ATM networks, ensuring secure, reliable, and efficient operations. By focusing on high-quality service and technology integration, Members ATM Alliance helps credit unions enhance their ATM offerings and improve member access to cash and financial services. Contact maainfo@membersatm.org for more information. |
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In today's volatile financial landscape, credit unions face significant challenges, particularly with costly deposits weakening interest income. While the competition to attract funds remains intense, the necessity for higher deposit rates can adversely affect credit unions' profitability and long-term sustainability. To maintain liquidity and fund lending activities, credit unions often resort to offering higher interest rates to attract deposits. However, this approach can erode profit margins and undermine financial health, leading to the need for diversifying revenue streams. One key strategy for credit unions is to leverage non-interest fee income. Products like private label trust services, debt protection programs, and wealth management services offer opportunities to generate revenue beyond traditional interest income, providing a critical support beam amid deposit competition. These fee-generating offerings not only diversify income but also provide tangible benefits to members, such as GAP coverage, mechanical repair coverage, and debt protection. However, many credit unions primarily promote these products at loan origination, missing out on ongoing engagement and cross-selling opportunities post-origination. Rather than relying on traditional "spray and pray" marketing tactics, credit unions can use targeted or trigger marketing to offer relevant products based on members' recent actions. This approach can achieve higher conversion rates, similar to how Amazon suggests related products to customers. For example, when a member applies for skip-a-pay, it could be an opportunity to offer Debt Protection. By leveraging first-party data from the core system, credit unions can create personalized member journeys, presenting the right offer at the right time, thereby maximizing revenue generation. By embracing innovation and adapting to evolving market dynamics, credit unions can navigate the challenges of deposit competition, unlock new revenue streams, and achieve sustainable growth and resilience in an increasingly challenging market environment. For more information, click here or contact a LEVERAGE Business Development Consultant at consult@myleverage.com or 855-9EXPERT (855-939-7378). |
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Growth by Design (GBD) is a full-service digital marketing agency with end-to-end capabilities in web, graphics, video, social media, and more. GBD is a passionate group of designers, developers, artists, writers, videographers, producers and strategists working to help credit unions grow. GBD’s mission is to propel credit union growth through strategic design that tells your story, engages your audience and elevates your brand. From full-service marketing retainer partnerships to strategic growth solutions, we have the full suite of products and services you need to elevate your marketing and showcase your brand. Capabilities: Strategic Growth Services | Graphic Design | Social Media Management If you’re seeking to grow your credit union through strategic, creative, and meaningful marketing, look no further than Growth by Design! Email contact@growthbydesign.org, call 1-800-768-4282 or visit www.growthbydesign.org to learn more and get started today. |
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By: Benjamin Weismer, Director Product Innovation at TruStage Insurance is a critical component of financial planning, helping provide peace of mind and security for families. For many, purchasing insurance seems daunting, but it doesn’t have to be. Investing in an integration strategy could help streamline your members’ insurance buying journey, making it more accessible and user-friendly for your members. Let’s explore how. The Evolution of Integration Traditional distribution models for insurance were cumbersome and inefficient, presenting numerous barriers for potential policyholders. However, API integration enables financial institutions, including credit unions, to connect their systems and services with external partners, facilitating the seamless incorporation of products and solutions into existing platforms. Consequently, the industry is moving towards a business-to-business-to-consumer (B2B2C) approach to enhance the customer experience. This shift allows credit unions to swiftly enhance member experiences, especially when partners can pre-integrate APIs into existing platforms. APIs enable organizations to integrate the entire insurance journey seamlessly, which can allow for business growth and increasing the number of members protected. This includes everything from simple quoting and application processing to back-end tasks like documentation and payment collection. Previously complex processes have been simplified through APIs, allowing you to integrate them into your own experiences without handoffs. Combined with a streamlined product set, this integration is designed to eliminate the need for case management or home office involvement, enabling real-time processing for both members and partners. Integrating Through Technology Implementing technology to automate and streamline processes can significantly enhance the member experience. For instance, by leveraging automated underwriting systems and simplifying application procedures, credit unions can make insurance more accessible and straightforward for their members. This approach not only improves efficiency but is also designed to enhance the overall satisfaction of members by reducing the time and effort required to obtain insurance. Credit union leaders should focus on expanding existing partnerships, while also going out and cultivating new opportunities that can bring innovative solutions to their members. By doing so, they can ensure they are providing the most up-to-date and user-friendly services possible. The Benefits of Integration for Credit Union Members The Commitment of Senior Leadership Investing in integration is essential for credit unions aiming to simplify the insurance journey for their members. By embracing these technological advancements, credit union leaders can make a significant impact on their members' financial well-being and overall experience. |