NASHVILLE, Tenn. – Credit unions are driving away complacency and promoting a sense of urgency using four key strategies, NAFCU President/CEO Dan Berger said during the trade association's annual conference general session Wednesday morning. The conference, which features the theme Get Up and Move, continues through Friday at Music City Center here.
Berger provided examples of how credit unions dare to stand out, innovate, give members something to talk about and hustle, following visits to more than 300 credit unions in 18 months.
The $615 million Orion Federal Credit Union in Memphis, Tenn., led by President Daniel Weickenand, stands out by giving back to its community, Berger said. In the last five years, Orion has grown from 40,000 members with an average age of 55 to 60,000 members with an average age in the mid-40s. Loan growth increased more than 40% over the last two years. Weickenand credited those stats to the credit union's charitable efforts. They included:
- At one elementary school, nearly one-third of the children weren't attending school because they didn't have decent clothes, shoes or school supplies. Orion donated 350 backpacks containing school supplies and much-needed clothing.
- Orion was a key sponsor of a major outdoor performing arts pavilion that hosts 53 events a year. Orion invited local nonprofits to attend and lets them speak from the stage about their cause.
- A school for disadvantaged boys had very few books in its library. Orion donated hundreds of books and purchased 32 computers.
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Weickenand suggested credit unions encourage branches to adopt a school, sponsor venues that allow the credit union to recognize the work of local nonprofits and partner with organizations where credit union involvement will make a big difference.
The $242 million Arlington Community Federal Credit Union in Arlington, Va., fostered innovation and targeted millennials by forming a new department called Efficiency and Innovation, or E and I. Berger said the E and I team has helped the credit union offer cutting edge products and services that rival those of much larger institutions.
Reaching millennials, CEO Karen Rosales added, takes more than just great services and products. It takes building trust and focusing on the credit union's values of integrity, empathy and community.
Arlington Community purchased the website NotABank.org, and developed a marketing campaign around how it was different from a bank. The staff wore t-shirts with slogans like, "Does your bank have strong roots in Arlington? Mine does. NotABank.org."
The $534 million USF Federal Credit Union in Tampa, Fla., actively engaged millennials by launching an internship program last year that trains students to work in two on campus branches at the credit union's SEG, the University of South Florida.
Berger said USF Federal CEO Rick Skaggs shared that feedback from the program has been incredible. The students serve their peers, help to recruit and retain members and have become ambassadors for the credit union.
USF Federal completely redesigned its branches, too, Berger said. Patterned after an Apple store, members are greeted by staff carrying iPads.
There are no teller lines. Young employees teach members in the branch how to use the credit union's electronic services. Members learn how to make remote deposits on the USF app and fill out membership and loan applications on an iPad.
Skaggs recommended that credit unions seeking millennial members should sponsor corporate networking events for college seniors, entrepreneurial leadership programs and community food or toy drives.
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