This week, CreditUnions.com looks at digital experiences that improve performance, a reason to switch to a quarterly review system, buying a branch in a banking desert, and more.
Here are five can’t miss data points: ContentMiddleAd
8.7 Percentage Points
Nearly half of all credit union members use their credit union’s transactional website. That’s an 8.7-percentage point increase over five years ago. But is a digital footprint really that important? You bet your bottom dollar.
Learn more: 4 Digital Expereinces That Improve Performance.
4
Starting in the fourth quarter of 2016, Ascend Federal Credit Union changed its performance review. It chucked the annual approach and replaced it with a quarterly meeting between managers and staff. The content has changed, too. Rather than focus on quantitative performance metrics, these meetings promote conversation about an employee’s contribution to the credit union’s core values.
Learn more: 4 Reviews Are Better Than 1.
1,000
When Eddie Black, the CEO of Vocal Credit Union, attended a hearing at the Montana State Legislature in March 2017, he struck up a conversation with Ben Ruddy, the CEO of Dutton State Bank. Ruddy was on the verge of closing a branch that served the small city of White Sulphur Springs whose population wasn’t quite 1,000 as of the 2010 census in a banking desert. So Vocal stepped in and acquired the branch.
Learn more: Bye Bye Banking Desert.
3
Despite not spending much time explicitly talking with her kids about money, a Gen X mother shares three ways any parent, or financial institution, can encourage money management.
Learn more: How I Accidentally Raised Money-Smart Teens.
$400,000
Year-end financials are proving prosperous for the members of at least one credit union. Late last year, Sentry Credit Union returned $400,000 in bonus dividends and interest loan rebates to its members. The dividend bonus is 2.5 times more than its average dividend output, and the interest loan rebate is 12.5% of what members paid.
Learn more: A Great Member Giveback.
Happy Reading!