This week, CreditUnions.com finds millions of ways to thank members, keys in on Black Friday specials that work, tabulates grant funding in 2018, and more.
Here are six can’t-miss data points:
Back in 2015, Dupaco Community Credit Union looked for a way to better engage members so they’d be less likely to leave and contribute more to the bottom line. Above all, it wanted to design a program that rewarded members for participating in desirable behaviors it was targeting whether that be taking out a loan, stashing away some savings, or using mobile banking. The answer Thank Use has returned nearly $9 million to Dupaco members in the past three years. In 2018 alone, more than 50,000 Dupaco members collected more than $2.6 million.
Read: 2.6 Million Ways To Thank Members
Cyber Monday which takes place Nov. 26, 2018 has replaced Black Friday as the largest single sales day of the year, and with it come the requisite threats of theft by cyber fraud. They include old attacks in new forms, such as the so-called Magecart groups that are placing digital credit card skimmers on hacked websites, as well as the rapid growth of card-not-present fraud as a result of EMV chip card adoption, and good ol’ fashioned phishing in all its nefarious forms.
Read: Talking Turkey About Cyber Monday
Dan Clarke, chief operating officer of Service Credit Union, has been working with credit unions since he was in high school. When Clarke joined Service, he brought with him a history of turning Black Friday into a member benefit bonanza, with steals and deals on loans and deposits alike. With some retailers, including Target and Amazon, releasing their Black Friday ads weeks early for Black Friday 2018, opportunities abound for credit unions to help members during this hectic season. Clarke shares his experiences and lessons learned from more than 10 years of offering Black Friday specials at credit unions with very different asset sizes and branch networks.
Read: Black Friday Brings Bright Deals
Members Advantage Community Credit Union started offering Black Friday loans a few years ago to give members cold hard cash for shopping. However, the credit union has learned over the years that the $2,000 loans are popular with members for many non-holiday reasons.
Read: A Black Friday Special That Meets Yearlong Needs
Low-income credit unions from 42 states and the District of Columbia received grants from the NCUA this year. How many credit unions? Which states received the most? Where did the money go?
Read: Grant Funding In 2018
When South Carolina Federal Credit Union launched its DOMOTO or Doing More Together marketing campaign for business services at the beginning of October, it wanted business owners in the Columbia area to know it applies the same approach to small businesses as it does to its natural person members. That means offering a full array of services to its niche: small businesses with $500,000 to $1.5 million in revenue.
Read: South Carolina FCU Doesn’t Wait For Small Business Saturday