This week CreditUnions.com looks at remote deposit capture for business relationships, social media engagement, NCUA’s Financial Performance Reports, and more.
Here are five data points you need to know:
A new app is helping California Credit Union build $10 million a month in remote deposit volume for business services.
The operation sees approximately 1,100 deposits a month from merchant capture, not yet including mobile, averaging $9,000 each. Users include property managers and homeowner associations, medical and dental offices, construction companies, and even some smaller credit unions that do their own banking with California Credit Union.
Learn more in Bank On Business With Mobile RDC.
When Elevations Credit Union began entering into new market areas, the leadership team quickly realized the credit union needed to build market and brand awareness.
So, the credit union launched its first-ever TV commercials starting in 2016. It also developed a new series for social media, Adventures in Localism, with the goal to hit 100,000 views on Facebook and YouTube.
To see what made the video series so successful and what lessons can other credit unions learn from Elevations’ success, check out 4 Tips To Build Social Media Engagement.
The NCUA produces quarterly financial performance reports (FPRs) using 5300 Call Report data provided by credit unions. The reports themselves are divided into six categories: capital adequacy, asset quality, earnings, asset/liability management, productivity,and growth (referred to by the NCUA as other ratios).
The report provides insight into a credit union’s health as the individual categories delve into safety and soundness metrics.
Read 6 Must-Know Metrics From The NCUA’s Financial Performance Reports for a breakdown of one metric ineach category.
For an investment of less than $2,300 and a bit of staff time, TruStone Financial Federal Credit Union drove some serious social media engagement by helping worthy causes help themselves.
The Twin Cities-based credit union staged the Show Us Your NeighborGood competition last December to showcase local volunteerism in the form of nominations, selfies, and digital voting. Katie Grindeland, TruStone’s director of marketingand communications, says the campaign drove a 245% increase in Twitter mentions and 50% increase in Facebook posts during its four-week run last December.
See how the credit union made a positive impression in It’s All ‘Neighbor’ Good At TruStone Financial.
Credit card loans for all credit unions in the United States exceeded $52 billion in the first quarter of 2017.
As credit card lending grows and reaches more members, credit unions would do well to pay attention to several metrics to successfully develop a credit card program. Find out more by reading 7 Metrics To Evaluate Credit Cards.