Times have changed and we cannot count on the fact that the same age groups are using banking services the same way they did in the past. A quick review using MCIF to see the age distribution of new products opened since the first of the year can provide interesting insights. For example, a new credit card product attracted a higher number of older members at one client when the executive team thought it would appeal to middle age and …
There is often confusion about the proper use of the statement or logo for Equal Opportunity Lender. When it was first introduced, the interpretation was to use Equal Housing Lender (EHL) logo for real estate loan marketing and the Equal Opportunity Lender (EOL) logo for auto and credit card marketing. In reality, EHL and EOL were both created just for real estate lending, particularly mortgages. The Housing and Urban Development (HUD) regulation for Fair Housing Advertising is 54 FR 3308, …
Speaking of Gen Y, as they head to college, the rising costs have become harder to meet with out financial aid or student loans. With a 14-year old heading to high school, I have the parental trepidation of the approaching college expense. Student financial aid expert (and a father himself) Brian Cox can share a few tips on talking to kids about college selection and affordability, as well as helping them develop smart financial habits/attitudes. As an executive for Cology …
If you have communicated a focus on corporate goals to be met by the front-line, there is still the issue of training the staff to meet the goals. Cross-selling begins with listening to members when they talk about their needs and being ready to suggest products and services that meet those needs. Listening to members and matching those suggested products/services is often done in a short timeframe. From talking to a member at the teller line to a conversation over …
For every financial institution, getting a consumer to switch his/her checking account, refinance a loan or open a credit card is a starting point for a relationship. Yet, because consumers are creatures of habit, breaking up with a bank or other financial institution is hard to do! Think about how much financial services are woven into the fabric of our lives on a daily basis. You stop to get a coffee at Starbucks and pull out your debit card. If …
From overdraft privilege to interchange, “Credit Union Land” is facing many challenges and sharing what executives are thinking across the industry helps highlight opportunities and ideas. All the videos of the CEOs, senior management, marketing professionals and consultants that participated are available to view on the site. A new perspective comes from David Costello, Vice President – Finance/CFO of Securityplus Federal Credit Union. Here, Costello discusses how the biggest challenge that the credit union is going to face this year is sustaining …
As loan demand bumps along at an all-time low for credit unions, what is a marketer to do? Focus on stealing more from other financial institutions. That’s what a CUNA vice president recommended in a recent article on CUNA’s News Now. “On the other side of the balance sheet, it makes sense to redouble efforts to steal loans from other financial institutions,” Schenk said. “While members’ appetites for new debt are low, it may be possible to entice those burdened …
My Marketing Strategy Nicolette Lemmon, President & Founder Over the past year, CU senior execs have offered their thoughts on the challenges and opportunities credit unions have faced in 2010 and beyond on our Credit Union Sustainability video microsite. From overdraft privilege to interchange, “Credit Union Land” is facing many challenges and sharing what executives are thinking across the industry helps highlight opportunities and ideas. All the videos of the CEOs, senior management, marketing professionals and consultants that participated are …
My Marketing Strategy Nicolette Lemmon, President & Founder For the last year, every week when I went to visit my mother in her memory care facility, the treat was to have lunch at the Quiznos down the street. I got to know the owner and often had brief discussions about the business environment and how he lost a lot of business from a mortgage company going bust that had employed 500 people in the office complex near his store. Each …