OSG has changed its name to Everview while also launching all-in-one software-as-a-service (SaaS) under the same name. The new identity and platform demonstrate the company's evolution from legacy print and paper billing to a digital-first company. EverView will play a pivotal role in accelerating a consumer shift from paper to digital billing and payments while helping companies unlock new business opportunities and reduce their environmental impact.
The paper industry is grappling with systemic challenges including sharp price increases following mill shutdowns and the conversions of mills from paper to cardboard stemming from the growth of e-commerce; this has been further magnified by increased labor and fuel costs, as well as the loss of the Asian market capacity. As a result, over the course of two years, the cost of paper has steadily risen by about 25%, according to the U.S. Paper Price Index (PPI). In 2021, EverView sent 1.3 billion paper bills across the United States.
Through EverView's proprietary digital adoption journeys, companies can address the paradigms deterring consumers from going paperless and accelerate their shift to digital billing and payments. EverView conducted a survey to gauge the sentiment of decision-makers in the financial services, utilities, real estate, government, and healthcare industries on paper billing and digital adoption plans.
As a trusted communication expert for credit unions, EverView is committed to bringing you more value with each digital and print document delivered while protecting your members’ privacy every step of the way. With 20-plus years of experience supporting credit unions, we’ve developed products and services that focus on maximizing your personalized member communications while reducing costs.
An important cost-saving measure for credit unions is the use of digital eStatements. Through LEVERAGE and EverView, credit unions have maximum control and flexibility to tailor documents using completely variable and dynamic messaging and graphics. With this strategic approach to the design and delivery of your documents, you can:
- Create full-color, targeted transpromotional communications
With strategically-located facilities across the country, credit unions will appreciate the efficiencies and synergies of working with a single source, as well as the expertise of a knowledgeable team of industry professionals.
To learn more about what LEVERAGE and EverView can offer your credit union, visit https://myleverage.com/solutions/everview.php or contact a LEVERAGE Business Development Consultant at email@example.com for more information.
Staying ahead of pressing topics trending in the financial services industry is an essential practice for credit unions. As LEVERAGE continues this bi-weekly educational webinar series, we will be listening to leaders from our service companies as they host discussions on issues and potential solutions within their specific service areas.
Plan on spending 30 - 60 min with LEVERAGE beginning at 11:00 a.m. ET every 2nd and 4th Tuesday of the month in 2023.
Here’s a preview of the content you can expect this month:
February’s webinars include:
Strategies for Increasing Brand Awareness
What Your Auditors Look For
To learn more about past and future Learning with LEVERAGE sessions, visit https://myleverage.com/learning.php.
By James Darden II, Vice President of Operations & Client Services
Leadership provided by outside credit union board members is critical in setting strategic direction and ensuring that established policies, compliance expectations, and state and federal laws and regulations are followed. In addition, board member support for the services you offer makes them important ambassadors in the community and can have a major impact on your credit union’s long-term success.
On-going scrutiny of overdraft programs that utilize undisclosed procedures and high fees—as discussed in recent Congressional and Senate subcommittee hearings—can erode board confidence in your overdraft strategy. Plus, recent efforts by big banks to distance themselves from the criticism by eliminating overdraft coverage, can create a sense of urgency to follow the pack to make changes without considering the consequences. Left unchecked, these situations can lead to haphazard program adjustments that may hinder your overall ability to provide better service and value for members.
That’s why, when you offer a consumer-focused overdraft strategy, it is vital to educate your board and internal teams about how it reinforces your service philosophy. This also reinforces the value a fully disclosed, consumer-centric program provides as an option for members who may need it from time to time.
Focus on what differentiates your program
• Are your fees reasonable?
Stay focused on your mission
Second, it’s important to consider that these changes represent more of a marketing tactic than anything else. Look at the fine print for institutions that have “reduced” or “eliminated” overdraft fees. In many instances, there are still transfer fees, minimum balance requirements, minimum deposit requirements, and other confusing eligibility requirements associated with how negative-balance transactions will be handled. Worst of all, without access to overdraft protection services, an important transaction could be denied.
No overdraft program, what then?
• Nine in 10 consumers view overdraft fees as reasonable when large payments, like rent or a mortgage, are covered and paid on time.
These figures reinforce the value that most consumers place on overdraft programs to avoid less desirable means of securing funds, such as:
• Having important bill payments declined resulting in late fees.
Replace the rhetoric with confidence
• did not provide clear disclosures about the service and how transactions would be handled when there is an insufficient balance;
The best way to instill confidence in your overdraft program is to make it so beyond scrutiny that no consumer, regulator, lawyer, or competitor can find fault.
In some cases, changes may be necessary to provide a responsible and transparent service. Active discussions on why changes are being made, what value is being added for members, or what efficiencies might be created for better program management support the idea of taking a holistic approach to this important service option. Your leadership team will appreciate it too.
When in doubt, seek professional advice
They can also keep everyone up-to-date when it comes to regulatory changes, best practices, and industry trends, so you’re aware of how your program is affected, and what, if anything, should be adjusted. Most importantly, fully informed board members will have the knowledge and confidence to advocate that your program is serving the needs of your members and your community.
With Element, credit unions can convert outdated financial spaces into dynamic experiences that enhance member engagement. The Element Group designs and implements highly effective retail branches and headquarters facilities for financial institutions across the country. The full-service firm was founded in 2011 with the goal to modernize how financial institutions interact with their customers.
From the quality of the building’s foundation to the mug sitting on an office desk, Element believes every bit matters. Element’s integrated approach is used to develop brand identity, select new locations, design, build and remodel facilities, and implement messaging and merchandising strategies. These efforts lead to enhanced member loyalty, more efficient operations, and increased network profitability.
By Rob Comfort, President, CUNA Brokerage Services, Inc.
Wealth management services may not be the first thing that comes to mind when people think of credit unions, but that doesn’t mean it shouldn’t be a high priority for credit unions this year. As we start 2023, credit unions will focus on adding more members and enhancing the digital experience. However, it’s equally important for credit unions to leverage investment services to provide a well-rounded member experience.
The State of Wealth Management and Credit Unions
Roughly 20% of all credit unions in the country have financial advisors, yet only about 2% of credit union members use their credit union for financial advice.
Additionally, research and consulting firm Kehrer Bielan found over 50% of credit union members would prefer to receive financial advice from their credit union.
So, why are so few members taking advantage of their credit union’s wealth management services? It comes down to a lack of awareness, which indicates credit unions may not be marketing these services as well as they could be.
Why Should Credit Unions Prioritize Marketing Their Wealth Management Services?
The short answer here is credit unions are leaving meaningful revenue on the table. Credit unions that have financial professionals are under leveraging the opportunities this service offers and are losing out on non-interest fee income.
Credit unions are known for helping people of all income levels, which allows financial professionals to grow their businesses faster by not having to worry about minimum investments that are common practice at big banks.
In addition, members with an investment relationship with the credit union bring in more deposits and loans. Those relationships foster a deeper sense of trust, which creates loyal members who view their local credit union as a one-stop shop for all their financial needs.
And, perhaps most importantly, credit unions that promote their wealth management services are better fulfilling their mission – helping people achieve a brighter financial future.
How Credit Unions Can Market Their Wealth Management Services
Here are three marketing strategies credit unions can implement this year to expand awareness of their investment services.
Train and Educate Your Staff
Educating your staff on your credit union's investment services will help them understand the service, how it ties into the bigger picture of the business, and how it meets the mission of serving members. Training employees to ask members about critical investment areas such as retirement, college planning or investing in financial assets gives them the tools to refer members to professionals.
In today’s digital world, marketing your credit union’s wealth management services online should be a high priority. Credit unions can create campaigns to advertise their financial professionals on their website, through email campaigns, and on social media. These marketing efforts can be as simple as a pop-up banner on a website, or an email that’s sent out to all members.
Create a Cross-selling Culture
Although it sometimes gets a bad rap, creating a cross-selling culture in your credit union can help members meet their critical needs. Instead of reacting to their members, credit unions that cross-sell wealth management services can be more proactive in serving their members. Creating a cross-selling culture goes hand in hand with educating and training staff members on wealth management services.
Credit unions can better leverage the opportunity investment services provided in 2023 by making changes to their culture and investing in this business opportunity. By integrating this service into their core business, credit unions could create a variety of new revenue streams that allow them to grow, but more importantly, meet their member’s critical financial needs while deepening relationships.
The views expressed here are those of the author(s) and do not necessarily represent the views of CUNA Mutual Group or LEVERAGE.
For more information about CUNA Mutual Group, visit CUNAMutual.com.