Credit unions are on the cusp of a transformative revolution in member engagement, thanks to a marketing partnership between ChannelNet, LEVERAGE, and Growth by Design. This strategic alliance aims to reshape targeted marketing in the credit union industry, combining cutting-edge technology from ChannelNet and data-driven expertise from LEVERAGE with the creative brilliance of Growth by Design’s content creators and designers.
The demand for personalized services has surged, particularly with the post-pandemic shift to digital solutions. To stay competitive, credit unions must harness the full potential of member data, turning it into tailored experiences. The partnership’s comprehensive solution addresses this need, focusing on data-driven insights throughout the member’s journey.
The partnership offers a robust platform to credit unions, relying on Financial Technology (Fintech) and Sales as a Service (SaaS) technology to seamlessly meet members’ needs across various digital channels. Even when data is scattered across different systems, credit unions can deliver exceptional experiences efficiently.
The partnership also empowers credit unions to act promptly on valuable opportunities by carefully assessing each lead’s potential. In simple terms, this partnership uses technology to learn how members interact with credit union websites, creating personalized profiles for each member. Growth by Design’s customized messages and offers provide the personal touch members expect from their credit unions.
For credit unions seeking to stay ahead in the digital age, the collaboration between ChannelNet, LEVERAGE, and Growth by Design is the answer.
To learn more about how this partnership can assist your credit union, contact us at firstname.lastname@example.org or call 855-9EXPERT (855-939-7378).
By Andy Roquet, Senior Executive Benefits Specialist
CEOs must have all the same knowledge that has served the movement for decades—plus more.
Credit unions are facing a difficult people problem, and it may not be the one that immediately comes to mind. While labor shortages and other Great Resignation-style woes continue to complicate the movement’s human resources, there is another, perhaps even more pressing, aspect of leadership the industry is facing: the ever-expanding skill set of effective CEOs.
Like most modern business challenges, digital transformation is to blame. Today’s CEOs need more technical acumen than ever before… and that’s just to have a meaningful conversation with a member, let alone conduct a worthwhile strategic planning session on the fintech opportunity.
The softer side of the digital leader
The fact is modern CEOs across all industries must now possess digital-leadership skills in addition to all the financial, operational, and developmental skills they have needed for decades.
Effective digital leadership results mainly from the deployment of newly in-demand soft skills. These are talents like motivating through rapid or unexpected change and mobilizing strategic empathy to build a culture of inclusion.
While the programs instituted by digital leaders will look different from credit union to credit union, and certainly from person to person, most will be rooted in values like autonomy, recognition, equity, and belonging. A few examples include:
Putting in the time to develop a mutually beneficial hybrid working model.
Green-lighting more beta or pilot projects to reframe “failure” as exploration.
Instituting configurable work-life policies that respect the distinctive needs of employees.
Acknowledging holidays of all cultures with time-off or another celebratory marker.
Developing digital leaders from within
Many credit unions have already identified their next CEO as a part of a smart succession planning strategy. While those very credit unions may have supreme confidence in the proven effectiveness and people-helping-people passions of the individual on deck to lead the institution, they may be less sure of the candidate’s digital leadership excellence. In these cases, it may be tempting to scrap the succession plan and look outside the institution for a new candidate to lead the credit union into the next era. However, that may not be the best decision.
That success rate is likely due to several factors, including the fact that internal candidates already have their crucial support networks in place. In addition, decision-makers have a much more accurate set of historical information on internal candidates. Lastly, existing employees can be developed earlier to suit the credit union’s distinctive membership, culture, and vision for the future, setting them up for eventual success in the C-suite.
Upskilling and reskilling not only for the frontline
Progressive organizations often deploy upskilling or reskilling initiatives when they identify a digital-leadership skill gap among their up-and-comers. Traditionally, upskilling and reskilling have been thought of as programs to benefit frontline employees. Think Amazon’s Career Choice program or AT&T’s Future Ready initiative.
However, the great news is that the principles of upskilling and reskilling can apply to management, as well.
Take reverse mentoring, for example. The concept pairs senior- or management-level staff with entry-level colleagues. Jack Welch first deployed it in 1999, pairing General Electric executives with junior staff to learn about the Internet.
Hanging with the digital natives on their team is not only about helping rising credit union leaders more richly experience the relevance of technology and digital engagement. It’s also about exposing them to new ways of approaching work, from questioning established processes to fixing things that aren’t broken.
Resources for credit unions
Upskilling and reskilling are small pieces of a much larger pie made for the care and feeding of tomorrow’s executive teams. To learn more about designing leadership continuity programs, check out more insights for credit union leaders & directors.
Andy Roquet is a senior executive benefits specialist for CUNA Mutual Group Executive Benefits Solutions with more than three decades of service to credit union leaders. He can be reached at email@example.com.
Understanding and catering to the distinct benefits preferences of different age groups is crucial for attracting and retaining a diverse workforce, as per a new report by LIMRA and Ernst & Young LLP (EY US).
The report, titled "Harnessing Growth and Seizing Opportunity: 2023 Workforce Benefits Study," reveals that 61% of employers acknowledge the need to expand benefit options to meet the expectations of various generations within their workforce. Nonmedical benefits like paid family medical leave, emergency savings, and financial wellness programs are expected to witness a significant rise in demand.
Amidst a transforming job landscape with increased hybrid and remote work due to the pandemic, employers recognize that enriched benefits are pivotal in satisfying post-COVID-19 employee needs and anticipations.
Tailoring benefits for different generations is crucial. Traditional employer-paid services will remain core, yet holistic offerings are expected. While medical insurance remains essential, wellbeing-focused benefits catering to mental, physical, and financial health gain importance, particularly among younger employees.
Digitalization emerges as a future driver. To effectively engage and educate employees from different generations, employers will need to customize communications. Digital channels are pivotal in providing guidance, with younger generations showing the most interest in mobile apps for benefits information and tasks.
To stay competitive, insurance companies must enhance their digital capabilities and ensure easy integration with other vendors. This will be a key factor for employers when selecting a benefits carrier.
To dive deeper, read the full report: "Harnessing Growth and Seizing Opportunity: 2023 Workforce Benefits Study."
Looking to expand your credit union's offerings? LendKey presents three powerful solutions to strengthen your services and drive growth.
1. Home Improvement Loan: Enhance Homes, Elevate ROA
LendKey's home improvement loan solution provides credit unions with a supplementary channel to deploy capital, boost loan growth, and achieve an attractive net ROA. This easy-to-set-up participation program demands minimal credit union resources while LendKey handles program management and demand generation. Credit unions review loans and provide funding upon approval, making it a seamless process.
2. Student Loan Refinancing & Consolidation: Bridging Pathways to Membership
Student loan refinancing and consolidation isn't just about loans – it's a gateway product that opens doors for graduate students and professionals seeking other credit union offerings. Leverage LendKey's solution to attract new members, address demographic shifts, and provide a valuable product that nurtures relationships, accelerates capital deployment, and delivers strong performance.
3. Private Student Loan: A Journey's Beginning
Capture the attention of young members early with LendKey's private student loan solution. As a credit union's first touchpoint on the lending journey, this offering creates opportunities for lifelong relationships. Acquire new members, diversify assets, secure capital deployment, and achieve robust returns through LendKey's comprehensive private student loan solution.
Unlock these transformative opportunities with LendKey's expertise and industry insights.
Credit Union Financial Services (CUFS), a leading Credit Union Service Organization, specializes in tailored mortgage solutions for credit union members. Whether you seek full-service mortgage support or customized a-la-carte assistance, CUFS is here to meet your credit union's unique needs.
Partner with CUFS for:
• Loan Origination Services: Seamlessly manage mortgages without additional staffing needs. CUFS handles compliance and regulatory risks, making your credit union's job easier.
Benefit from Added Value at No Cost:
• Credit Union Staff Training: Equip your team with industry insights.
Discover Member-Centric Mortgage Solutions
Explore a range of solutions for your members' diverse needs:
• FHA Loans, Conventional Loans, ARMs, VA Loans, and USDA Loans offer flexible options.
Trust CUFS to enhance your credit union's mortgage services. For more information, visit https://myleverage.com/solutions/cufs.php or contact a LEVERAGE Business Development Consultant at firstname.lastname@example.org.