Technology, In-House Education, And More

Five can't-miss data points featured this week on CreditUnions.com.

This week, CreditUnions.com looks at technology in small credit unions, in-house education programs, and more.

Here are five data points you can’t miss:

46.00%

That’s the share draft penetration for credit unions with less than $100 million in assets who offer mobile banking, remote deposit capture, electronic signature authentication, electronic bill pay, electronic member application, electronic loan application, electronic share account application.

In comparison, credit unions in the same asset range who offered some of these seven technologies posted 43.00% share draft penetration, and those that offered none had just 15% penetration.

Learn more about what technology can do for institutions of a certain size in Does Technology Matter To Small Credit Unions?

$6,000

That’s the amount that the Philadelphia-based Ardent Credit Union contributes, per year, on behalf of its employees undertaking an in-house MBA program, or about two-thirds of the total cost.

The staff member can then pay the remainder through payroll deduction or choose another payment plan that works for them.

To see what’s involved, how many employees the credit union had sign up, and when they plan to graduate from the program read A Strategy To Offer In-House Education.

$32,600,000,000

Texas ranks first among all states in terms of auto loans outstanding, with $32.6 billion. California, the state with the largest overall asset base, follows with $30.6 billion in auto loans outstanding.

To learn more about the state with the highest number of credit unions, as well as how it compares to its neighbor states, check out Texas Credit Unions.

600

That’s the credit score cutoff that Langley Federal Credit Union uses to determine those elligible for its Essential Checking product.

Langley believes a checking account is an essential aspect of a healthy financial life. Often, unbanked and underbanked individuals fall victim to high-rate predatory financial services that suck them into cycles of debt. Its Essential Checking is a pared down checking account that Langley hopes provides stability to members who need it the most.

Read more about the product in How To Serve Members With Sub-600 Credit Scores.

101

That’s the population of Onigum, Minnesota, where Kate Lee, marketing director of Affinity Plus FCU, grew up.

There weren’t many employment opportunities in Onigum, so at age 14, she headed across Leech Lake for a job in a gift shop in touristy Walker, MN. There, she worked for a husband and wife team and quickly learned her first lessons about navigating different leadership styles.

To see how her credit union career started and how her time with the institution has inspried her leadership style, read Kate Lee On Leadership.

September 26, 2016

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