5 Non-traditional Ways to Attract Talent

 

Before the COVID-19 pandemic, Millennials and Gen Z were already shaking up workforce norms and expectations. We’ve heard for the better part of a decade that Millennials want more flexibility in the workplace, and now as Gen Z enters the global workforce – and with the added stress of a labor shortage in America – attracting and retaining talent looks much different than it did in the early 2000s. So let’s talk about some non-traditional ways to attract talent.

More Flexible Work Structures

Now that job seekers and employees know that it is possible to be successful in a work-from-home setup, more and more applicants are looking for the word “flexible” in the job description. For decades, businesses have been seeking “flexible, driven, and outgoing” individuals, and now those individuals are asking for that same flexibility back.

Being forthcoming with the flexibility available in any open positions for which you are hiring can easily attract talent.

Financial Planning & Education

One thing that many employees and job seekers want is more help with financial planning. The generations of people that are moving into the workforce right now grew up during times of economic uncertainty, and they tend to use debit products more than credit cards and other interest-rich financing options.

Your credit union is already well-positioned to offer financial planning and education resources to your staff, so it’s definitely worth touting in our next Indeed or Monster.com job posting.

Comprehensive Wellness Programs

Wellness is another key focus area for job hunters. With healthcare prices at an all-time high (and not to mention the fact that we’re in the middle of arguably the deadliest pandemic in modern history), providing your current and prospective employees with a competitive and valuable wellness package is a great way to draw more applicants, and to retain current staff.

Wellness programs now encompass a host of products and services, from nutrition education and preventative health checks to increased access to mental health professionals.

Community Engagement Opportunities

Another area that credit unions thrive in has become a top-tier way to attract talent – social and community engagement. Shoppers are savvier than ever, and they want to be able to buy local, and support initiatives and non-profits that put some of those resources and funds back into communities and causes they care about personally.

Your credit union should advertise the causes and initiatives it supports on all public and social media platforms. Not only does it enhance the reputation of your business, if you have articles or photos with your credit union team participating in fundraisers or other charitable events, it shows prospective employees that your company culture is one they would be lucky to be a part of.

Re-Evaluate Job Requirements to Include More Non-Traditional Candidates

Many of your potential applicants are struggling during this pandemic and recession – and the cost of post-secondary education is rising quickly. Now is the perfect time to take a look at your education requirements for job postings and rework them to include more non-traditional candidates and their resumes.

If a four-year degree is preferred, consider looking into certificate programs that could have offered a more specialized education in a niche area that could benefit your business. Think about alternative work experience that could have offered similar on-the-job responsibilities to the open position you are advertising. There are lots of great candidates getting lost in a sea of cover letters simply because they don’t perfectly meet your job requirement criteria.

Increase Flexibility with Virtual Desktop

IMS offers virtual desktop services to help you keep your employees in the loop no matter where their office is located today. And remember, that flexibility will also draw more applicants for your open positions.

Contact IMS for more information.


Lending Trends in 2021 & Beyond

 

The benefits of digital lending are undeniable, and as more lending services enter your members’ market, it’s crucial to be aware of the latest trends in lending. Lending programs are being offered by more than just banks and credit unions – retail giants like Amazon are continuing to expand their financial services, aiming to create all-inclusive experiences for their current and potential customers.

Let’s discuss some of the latest lending trends in 2021 and beyond.

Lending-as-a-Service

With the emergence of fintech as a means to offer cheaper and faster online options for all banking needs, creating space in the industry for Lending-as-a-Service.

Lending-as-a-Service allows companies and brands to offer transparent, user-friendly financing solutions, rather than partnering with a financial brand to do it on behalf of the brand. This has recently made waves in the online automotive retail sector.

By using APIs to tie online applications to one another, your credit union’s lending services will need to continue integrating and streamlining lending services to capture more tech-savvy members of all ages who have embraced new digital solutions as a result of the COVID-19 pandemic.

Changes in Lending Trends Due to Member Behavior

As younger generations begin taking up more market share in the lending industry, your member needs also change. For Millennials and Gen Z, generations who spent much of their childhood and adolescence in the shadow of the 2008-2009 financial crisis, avoiding debt is a top priority. And many of these people are willing to take out loans to consolidate and pay down their current debt. This means they are more debit card-forward than your credit union’s older members.

This change in member behavior comes with higher demand for offerings that provide lending opportunities with fewer features attached that also mitigate the incursion of additional debt.

Increased Solutions for Bridging Business Capital Gaps

According to FintechTris, another big shift in the lending world includes attempting to bridge the gap in business credit offerings: “Working capital loans, equipment financing, and lines of credit are now readily available for this user segment through non-bank alternatives.”

There’s also an increase in companies looking for partners willing to invest in unsecured offers. Companies are entering the lending industry by allowing borrowers to use refundable security deposits as collateral for loans, which then allows them to receive their deposit back after 6-12 months of on-time payments.

Fighting Fintechs for Market Share

Credit unions are faced with growing competition from fintechs, and the solution will have to be focused on transparency, flexibility, and peace of mind, according to CUNA.

The key to success in this changing lending climate is to leverage your credit union’s reputation and commitment to providing high-quality member experiences by creating great lending opportunities and offering sound financial advice as we move into 2022.

The Future of Your CU – Your Way

IMS knows CU-specific tech solutions the way that your credit union knows exactly what your members need – from financial advice to insight on lending trends. Let us help with your virtual desktop and private cloud needs.

Contact IMS to set up your consultation or call 888-356-6043 today to explore our solutions and services.


4 Ways Bad Data Can Harm Your CU

 

Not all data is created equal. Just because you are collecting mountains of data, it doesn’t necessarily mean you have good data. In fact, it’s much easier to collect and use bad data.

What is Bad Data?

Bad data can be a host of things. It can be incorrect or outdated information. It can include incomplete or partial information that creates an incorrect picture of a member’s needs or preferences. The difference between good and bad is often subtle, and having the correct tools to analyze and categorize this data can help your credit union make better decisions, both for you and your members.

Here are some ways bad data can harm your credit union.

Bad Data Can Breed Distrust

Bad data can create redundancies and incorrect outcomes in your credit union team’s workflow. For example, if you have incomplete data that is passed on to third-party vendors, like collections agencies, those vendors will treat every account the same, even if some of them aren’t actually past due on their payments.

If your members, who are current on all loan or mortgage payments, receive notices from your third-party collections vendors saying they are past due, this could create distrust between you and your members.

It Affects Your Lending Ability and Reputation

Lending is your credit union’s primary source of revenue, and keeping the program strong often comes down to how accurate and timely your data is.

CUManagement talks a lot about the integrity of data. They use the example of a credit card interest rate: if your member’s interest rate on their credit card goes up due to late payments, it should also come back down if their payments start coming on time. But if you don’t have a solid system of checking these rates and what affects them, this can upset your members and also go as far as pushing you out of compliance with certain rules and regulations.

It Affects Your Ability to Stay Compliant

If your data isn’t properly organized and assessed, it can decrease your credit union’s ability to stay compliant. And that non-compliance can affect your credit union’s revenue streams, as well as its reputation and bottom line. And trying to set your data right after years of mismanagement will be a long and expensive process.

It Also Affects Your Marketing Success

Data has helped revolutionize marketing, especially when used correctly. You or someone you know has likely said this in the past several years: “Sometimes, I think my phone (or computer) can hear me think. Just the other day, I was thinking about how I’d love to buy (insert product here), and then today I see an ad for it on my Facebook page.”

Intuitive data collection and utilization can be a game-changer for your credit union, but it can also cause problems if you’re working with bad data. You could send emails to people with the wrong name or other personal information, or you could target the wrong potential customers for a new service you are rolling out. All of that decreases your brand’s reputation and costs you money.

Keep Your Data Safe and Up-to-Date

IMS offers virtual desktop and backup services to help you keep your data in check no matter how many of your employees work from the office, home, or somewhere in between.

Contact IMS for more information.


Make Your Credit Union a Member’s Primary Financial Institution

 

Did you know that only 24% of credit union members currently view their credit union as their primary financial institution? Here are some strategies for making your credit union your members’ primary institution.

Push Your Member Experience Support to the Digital World

“Just Google it” is the motto of an entire generation. Rather than asking questions and being satisfied when they hear, “I don’t know” as the only answer, Millennials and Gen Z are tech-savvy and ready to use their internet connection to help them tackle anything that life throws at them.

This also means that customer service is now digital. Does your credit union have a dynamic member services FAQs page (with text and videos)? Are you hosting webinars for financial literacy and creating chatbot interfaces to help give your members support every time they come to your website?

The big shift to digital services that took place during the coronavirus pandemic is now set to be the primary method for getting anything and everything done.

Products and Services Aren’t Enough – You Need to Be Engaging

Today’s members aren’t looking for just a service, they’re looking for brands that want to understand and engage with them. They want to be able to contact your credit union or jump onto your website and find the best possible advice for their situation and needs. It’s no longer about facilitating a transaction but carrying on a conversation with your member’s needs.

Success in this engagement comes, first and foremost, through your employees. With the right training and data, your team can be the determining factor in making your credit union your members’ primary financial institution.

Personalization is Paramount

Part of that employee training needs to be based on how to incorporate personalization as often as possible. There is a reason that members are called “members” and not “customers.” Mass banking and automation are not the cornerstones of your business. The ability to make every member feel like a “regular” in your establishment is.

But having your staff try and remember the preferences of everyone who comes in your doors or uses your online services is impossible. But data storage and analysis can do that heavy lifting for you. You can look at trends in a member’s banking behavior, personal meetings or loan needs, and so much more when you have a solid data collection and storage process.

Going Digital Doesn’t Mean Forgoing Face-To-Face Interactions

With the focus on cutting-edge digital solutions, it’s easy to start thinking the physical aspects of your credit union – your lobbies, teller desks, and meeting rooms – will soon be obsolete. But in fact, many financial institutions have seen an 80% bounce-back of in-person transactions after they reopened their branches.

Members still crave in-depth conversations with your knowledgeable and professional teams. That face-to-face time is often how you, your teams, and the members learn incredibly important information about products, services, and how to best serve your members.

CUInsight has an incredible example in part 2 of their three-part series on increasing the number of members who consider your credit union their primary financial institution. In Scenario 1, a credit union team member pulls up the account opening checklist when a new member wants to sign up. Depending on what the checklist includes, the member may or may not get the things they need from their new account. But in Scenario 2, the credit union team member has been trained to see this new member’s presence as an opportunity to gain insight into the products and services the member needs right now, and possibly even discuss some things they will need in the future.

Great data solutions and training can help show members that your credit union deserves to be their primary financial institution.

IMS Has the Data Solutions

IMS is a leading provider of enterprise data protection solutions for credit unions. We can help you with everything from core hosting to disaster recovery, IaaS, and more.

Contact IMS for more information.


How to Hire Credit Union Employees in 2021

 

2021 is the year of the employee. In the current job market, hiring and retaining entry-level – and even management and other professional-level – employees is a struggle. This has become a trend for a few reasons. So how do you hire credit union employees in 2021? We have collected some resources and tips for you.

First, the COVID-19 pandemic saw a lot of US government aid being passed out to workers who had been laid-off or found themselves unemployed as a result of shutdowns and government shelter-in-place mandates. And secondly, the pandemic also shed light on many Americans’ priorities, causing them to leave certain jobs to focus more on searching for more fulfilling or career-driven opportunities. 

Guerrilla Strategies for Finding Talent

Right now, 42% of business owners surveyed by the National Federation of Independent Business said they have job openings they could not fill. CUManagement recently published an article that outlines five guerilla tactics for finding employees in a tough market.

  1. Become a sales team. CUManagement says, “Your human resources department needs to start functioning as a sales team.” Create a prospect list – you can even include former employees who you’d like to have come back into the fold. Recruiting should always be a priority, even when you are fully staffed. Things are changing much more rapidly for employers these days, and you want to be ahead of the curve when it comes to hiring.
  2. Engage your team. Some of your best recruiting opportunities are just one degree of separation away. Your employees are the best resources for finding reliable talent in the area. You can encourage, or even incentivize them, to help find new hires. And don’t forget to listen to them: they have the first-hand experience of your hiring process, and they likely have some great insights into the areas you can improve to attract more or better prospects.
  3. Spotlight your culture. Job applicants are looking for a place where they enjoy working. The more you showcase that in your advertising channels – social media, websites, job descriptions, etc. – the more prospects will want to engage with your credit union.
  4. Get outside the box. Your list of requirements for any given position should not be a hard and fast standard by which you judge every applicant. If an applicant has little in the way of credit union experience but may have other supplementary experiences that could speak to their ability to learn how to successfully do the job you need, it’s good to consider them for at least an interview.
  5. Clarify your purpose. Your credit union’s purpose can be the tipping point for applicants. Just like your culture, your business’s purpose should be evaluated to reflect your commitments to specific non-profits and the community you serve. This philanthropic focus can show your prospect pool that your business is serious about its mission.

Address Current Concerns

CareerPlug’s article on changing the way you hire in 2021 deals with some harsh truths.

The first thing you have to compete with is the historically low wages that certain industries have been paying people in the past, which won’t work for many job seekers – because they hold most of the power in this labor market.

If you are firm in the wages you want to pay for your open positions, you could consider adjusting other compensation packages or benefits. For example, schools and childcare disruptions have caused many women to pivot from looking for work to being stay-at-home moms for the time being. Having options available or expanding childcare services to your staff could gain your credit union a lot of traction and engagement with women who have young children.

Another hot topic is remote work – many employees found out in the last year that the jobs they’ve been told must be done in the office are actually able to be done remotely. This flexibility has quickly become a standard discussion point in new hire negotiations.

And don’t forget – the global pandemic is still very serious and scary for many people. Concerns of cleanliness and updated sick time policies are worth mentioning in your open position descriptions.

Help Employees Manage from Anywhere with Virtual Desktops

Virtual desktops and apps enable your credit union to deliver virtual workspaces to end-users – including full Windows client desktops, shared desktops, and hosted apps – as a monthly subscription service.

Contact IMS for more information.


4 Ways to Leverage Credit Union Data

 

Credit union data is one of the best tools you have to serve your members. And data analytics are opening lots of doors for reaching select audiences and maximizing your business and marketing efforts. But like any tool, you have to know how to use it effectively. Here are four great ways to leverage credit union data.

Evaluate Your Segments

According to the Financial Brand, there are two main segmentation categories to prioritize: transactional data and behavioral data.

Transactional data, the largest for credit unions, includes everything from loan balances to account activity and can be captured through multiple channels like mobile apps, digital applications, and even in-person transactions. When assessing this data segment, it’s important to keep in mind the differences between your audiences – their preferences in transaction mediums (digital and otherwise), the breakdown of products and services being used by specific age groups, and more. If your transactional data segments aren’t producing the desired results, it might be time to re-evaluate, especially in light of the massive shift to online services since the coronavirus pandemic.

The other main segment to prioritize is behavioral data, which includes everything your members do that isn’t tied to a transaction – this includes things like spending habits, member experience touchpoints, things they need and want, and more. This data is typically captured on a customer relationship management (CRM) platform. Just like with transactional data, take a look at your current practices to see if you can better leverage your credit union data.

Understand Your Data Systems

More than just looking at the data you are collecting, you also need to understand how your data is being collected and stored. A core system is a hub for your credit union data.

As mentioned above, your digital and CRM data, which are stored in your core system, are great assets. CRM data can give you insight into current member experience trends. You can use those trends to enhance and streamline your services to accommodate them.

Digital banking data across banking institutions have been showing a huge trend upward in the use of mobile banking services. This means a large amount of your data is now digital, and it should be standard practice to analyze this data on a regular basis so you can implement new and more efficient ways to service your members.

Analyze In-Person vs. Online Behaviors

Banks, and credit unions especially, still attract a lot of in-person business. In fact, it is one of the hallmarks of successful credit unions. Using your transactional and digital data, you cannot only optimize your members’ experience, but you can also use the insights to train and inform your staff so they can transform that data into more personable, targeted experiences for your valued members.

Enhance and Assess Cross-Selling Methods

Improving cross-selling processes is a great way to better engage your current customers, a crucial process in your credit union’s business.

We found this 4-step process for improving cross-selling:

  1. Define cross-selling and measure its effectiveness: Sell more products and services to existing customers by defining the goals and areas you want to target and improve.
  2. Establish clear metrics for measuring performance: Your employees will be the primary point of access for cross-selling. Leaders or managers must clearly define the goals and performance expected.
  3. Make marketing and cross-selling communications better and clearer: Customers are savvier than ever, and your credit union’s response to this should be to increase transparency when it comes to cross-selling. You want to offer personalized campaigns and protocols to increase engagement and selling.
  4. Reward employees who perform well: Your staff wants to serve your members, and if they do an exceptional job, you should reward that. Offering cross-selling incentives for your employees can also boost the effectiveness of cross-selling programs.

Leverage IMS’s Continuous Data Protection

Get rid of complex legacy backup systems and integrate multi-system solutions, such as data orchestration and catalog management, into a single software platform. With continuous data protection from IMS, your credit union can minimize downtime, scale-up architecture and save costs.

Contact us for more information.


Lessons for Future Credit Union Leaders

 

New leaders learn from experience, education, and the leaders who came before them. And as credit unions grow and change to keep up with the demands of members all over the country, we thought we would take a break from focusing on the future to look back on the lessons that credit union leaders have learned.

Experience + Tech = Success

In a piece titled “Shaping the Future of Our Movement,” Jim Nussle (president and CEO of Credit Union National Association) shared some of the leadership insights he’s gathered over his many years working in the credit union industry.

Credit unions are often seen as “old-school” in the way they do business. But it’s that tried and true, exceptional member experience that sets credit unions above big bans, especially for younger members.

Speaking on this, Nussle said, “I’m far from cutting edge when it comes to technology, but our next generation of leaders was born into a mobile-enabled world, coming of age as the smartphone transformed our lives. It’s that digital-savvy which will lead our businesses and our movement into the future.”

Diversity and the Pursuit of Financial Wellbeing for All

Nussle also talked about the need for future credit union leaders to set their sights on achieving “financial wellbeing for all.”

Creating more options for financial wellbeing – including resources, products and services, and other highly inclusive solutions will not only grow your member base, but will also positively impact your members’ futures and your community as a whole.

Nussle encourages future credit union leaders to ask themselves, “How will I take a leadership role in helping the credit union movement promote financial wellbeing for all?” as a starting point for fostering innovative and diverse credit union solutions for members.

Insights from ‘Ask the Old Guy’

CUNA has recently started a blog series called “Ask the Old Guy” and we are loving it. This series is written in a style reminiscent of newspaper advice columns. The first featured expert is James Collins, president and CEO of O Bee Credit Union.

Much of the advice offered is more a primer for current and future credit union leaders to help them think critically about some of the issues and processes that lie ahead. Many of the answers also have a touch of humor, but the general best practices outlined in the article include fresh takes on coworker and member relationship building or problem-solving.

Our favorite nugget of wisdom from “Ask the Old Guy”? Here it is:

“Leadership is the ability to convince others to wholeheartedly follow you on the path to a common goal. It is not an ability that is bestowed, learned, or practiced. Rather, it requires you to have the trust of those around you.”

20 Years & 20 Lessons

CUInsight featured an article by Jayni Sech, who is celebrating 20 years as a business professional and she shared 20 lessons she’s learned along the way, from professional tips to life lessons.

Though all 20 of her insights were great, it was this thought that spoke volumes: “As I look back on the last 20 years, one of the biggest lessons I learned was to learn the lesson.”

Keep learning, keep growing, and keep leading. The journey will be a great one.

CU Leaders Need Great Digital Solutions

Being a leader means helping shape your credit union so that it will continue to thrive for years into the future. IMS has a range of services – like cloud backups, core hosting, IaaS, and disaster recovery – to help you make the most of your credit union, today and always.

Contact us for more information.


The Future of Credit Union Technology

 

The last year or so has become the catalyst for credit union technology growth and change, driving member services toward digital solutions faster than they have ever done before.

Streamlined service and cutting-edge digital experience is no longer a luxury for businesses, it’s a necessity. Let’s discuss the future of credit union technology.

2021 Priorities: Cloud, Data, and Analytics

Cloud, data and analytics are the top priorities this year for credit unions looking to make big changes to their member experience standards, says the Credit Union Times.

Cloud solutions are quickly becoming vital to businesses across nearly all industries, as work-from-home opportunities increase in popularity. The ease of storing data in an easily accessible place no matter your physical location is a big boon to a credit union’s tech future.

And since so much activity has moved to online platforms, data and analytics are being collected and leveraged in more useful ways. For your credit union to better serve its community, you must know who you are speaking to and working with. Analytics offer hosts of great insights that can help with everything from choosing or updating hours of operation to running multi-audience marketing campaigns.

Bridging Accessibility Gaps

Credit union technology also proves advantageous for individuals who are differently mobile and more digital-minded. By offering digital credit union solutions, you are improving the accessibility and safety of your brand. Whether your members’ ability to come into your physical branch locations stems from a handicap or illness, lack of vehicle access, pandemic restrictions, or a preference for online dealings, credit union technology offers new ways for people of all ages and from all localities the opportunity to take advantage of your membership and services.

Kirk Drake of Credit Union 2.0 says this: “In the credit unions, not that they don’t want to make money, it’s about member service, we really want to get the member value in that ecosystem and they really speak a very different language about their mission purpose, values, and what they’re trying to do.”

Preserving the Partnership

Members don’t choose credit unions for the fancy tech or big bank offerings – they do it because being part of a credit union means you have a partner for your financial life and wellbeing. While technology is changing how that partnership looks, it’s not changing the impact partnership has on the member experience.

By partnering with technology, credit unions can provide end-to-end services for their members. Multimedia resources, chat and video conferencing appointments, and so much more can be built into your digital presence, to help ensure that your credit union and its partnership with your members remain meaningful and provide quality interactions.

Contactless Trends

Pymnts.com reports that credit union members have a high desire for contactless payments. And though this trend started long before the events of 2020, due to the rapid digitization happening across all industries, 98% of POS devices being shipped out now are enabled with contactless functionality.

For CUs, this means focusing on streamlining. It also means taking the time to understand member preferences and offer personalization that suits a wide variety of member habits and requests.

Upgrade Your Credit Union Technology

Your credit union’s member experience is paramount to your success. Information Management Solutions (IMS) has years of experience providing data center services to credit unions all over the U.S., and we look forward to serving your unique needs.

IMS has virtual private cloud services and solutions like core hosting, virtual desktop, disaster recovery, and more for your credit union. Contact us today for more information.


How Can Credit Unions Prepare for Regulatory Changes?

 

The effects of the COVID-19 pandemic have not only changed daily life but also many industry futures. As credit unions take stock in the amazing transformations that took place in 2020, many regulatory bodies are taking a hard look at their best practices through the lens of a global crisis.

Let’s discuss how credit unions can prepare for regulatory changes.

Preparing for Regulatory Changes

Recently, Credit Union Business News featured an article by Joel Schwartz, Founder & Co-Chief Executive Officer of DoubleCheck Solutions. This article highlights the ways credit unions will be facing regulatory changes as the world moves out of the pandemic.

Many expect consumer protection and financial transparency regulations to take center stage.

Consumer Protection & Empowerment

The Consumer Financial Protection Bureau is waiting on a Congressional vote to institute Rohit Chopra as Director, and if that happens, consumer protection and empowerment regulations are likely to be more heavily enforced. But what does that mean?

It means more guidelines will be put forth to promote more financial transparency for consumers, thus empowering them to make better-informed decisions regarding their banking and other financial activities.

This enforcement comes on the heels of heavy amounts of class-action lawsuits being filed against credit unions. Many of these lawsuits stem from “deceptive practices in assessing non-sufficient fund (NSF) fees.

Minimizing Operations Impact

This push for financial transparency is spearheaded by a goal of providing straightforward financial services without drastically impacting credit union operations.

This push will most heavily impact language and operations surrounding things like overdraft programs, to cut out excessive fees and vague language. This change, however, could easily wipe out a credit union’s main source of non-interest income: NSF fees.

These changes would affect your core system and its operations related to checking account structure. Alerts, notifications, and fee assignments would all have to be modified to reflect more transparent and specific situations and guidelines.

Your credit union would also have to put time and labor hours into alerting your customer base about these changes – what they are, who and what they apply to, and when they take effect.

This also means employees will spend more time auditing and ensuring compliance with the new, stricter regulations.

This would also have a financial impact. Members will love paying fewer overdraft fees, but bounce fees and late payments could be steeper, which negatively affects your credit union’s bottom line.

The Good News

Credit unions can get ahead of the curve by implementing better technology that can handle these regulatory changes now. Partner with a fintech or software provider that can customize your operations surrounding NSF fees before the government starts mandating it. This will help you work out operations kinks and train your staff on the new system before you are expected to have these protocols in place. It also gives your credit union reputation a boost, positioning it as member-centric and forward-focused.

Be sure to look for a fintech or software provider that already has a solid foundation in the banking industry. Or partner with a company that has solutions tailored to credit unions specifically, like IMS.

Get Your Revamped CU Solutions from IMS

IMS can help with the tech upgrades that will make your next regulation-based transitions easier on your credit union team and your members.

IMS has virtual private cloud services and solutions like core hosting, virtual desktop, disaster recovery, and more for your credit union. Contact us today for more information.


Boost Your Credit Union Brand

 

Branding, in the information age, is hard. Because your credit union brand image doesn’t just come from you. It comes from your credit union’s interactions with every guest, affiliations with other businesses, and even its stance on social issues.

Is your credit union in need of an image upgrade? Here are some tips to boost your credit union brand.

Pump Up Your People

The most forward-facing aspect of your brand is your staff. Training your staff has to be more than just showing them how to enter data correctly and attend to customers’ needs in a timely manner. It’s about customer experience. If your credit union’s staff behave in a rote way, much like a computer program, then you aren’t boosting your brand image.

The human element of your credit union is why people want to come and do business with you. If it is absent, potential members will find easier, online-accessible options for their banking needs. The internet can’t replace your employee’s expertise and empathy when it comes to one-on-one interactions. Take a look at your team, find out what their strengths and weaknesses are. Then, address them in the way you would like your brand to be known for.

Celebrate Your Members

Everyone loves a special occasion. And the best brand marketing comes from incentivizing members and potential customers with special days. Increase visibility for your credit union by posting events or promotions centered around International Credit Union Day, International Credit Union Week, and National Credit Union Youth Week.

Finding fun and clever ways to reach out to new audiences and celebrate your credit union within a community can help boost your brand and enhance your business.

Connect with Your Community

Being community-centered is more than just sponsoring a local sports team or running promotions during the local community festivals. If you can, use your employees and your members to keep your finger on the proverbial pulse of the neighborhood you’re serving.

Learn about the fun things people like to do in the area. Find out what the latest news is about the local high school sports teams or band competitions. Run polls and surveys to see what kinds of events, ideas, and services your community would like to see more of. Don’t just contribute to the community – make your credit union a part of its fabric.

Ditch the Inauthentic Brand Efforts

Not all brand efforts are created equal. Check the example in this article about how KFC tried to partner with Susan G Komen (a prominent breast cancer-focused non-profit), though recent studies showed fried chicken could contribute to cancer.

Make sure to do your research on what community causes and national charities would be a good fit for your credit union. Just because Make a Wish or Doctors Without Borders are huge, recognizable charities don’t mean it makes sense to tie your brand to theirs.

Take strategic approaches to each partnership and charitable effort to boost your brand in ways that can truly showcase your credit union’s mission, vision, and values.

Put Your Credit Union in the Cloud

Just like you want your brand to be unmistakable, IMS wants to tailor its data and security services to better protect your credit union and its data assets.

IMS has virtual private cloud services and solutions like core hosting, virtual desktop, disaster recovery, and more for your credit union. Contact us today for more information.