This week, CreditUnions.com profiles a credit union running a three-person member advocacy team, another that is using predictive analytics across the entire enterprise, and a third that reimagined its online loan application experience.
Here are five can’t-miss data points:
Its hard to walk down the halls of a credit union sales and marketing department without overhearing words like member experience, member centricity, and member advocacy. These concepts are baked into nearly every credit unions brand message and reach into every part of the organization. But putting that message into practice can be challenging. That’s why Georgias Own Credit Union has created a three-person team dedicated to member advocacy, which works across all departments to ensure the member experience is always considered.
Read: Member Experience Runs Deep In Georgia
Data analytics at Financial Center First Credit Union requires answering two challenges from its CEO: first, tell him what he doesn’t know. Second, tell him where the credit union needs to play next. See how FCFCU views data and predictive analytics, and how it uses them across the enterprise.
Read: Use Data To Act, Not Just Analyze
In early 2018, the third-party loan origination system for TruStone Financial Credit Union announced updates to its operating system. The company was adding functionality and improving the client experience. The changes got the credit union thinking about its own loan processes, and how it could make improvements to its online loan application routing. It turned out that contact center managers were manually routing more than 100 online loan applications each month.
Read: Where Do Online Applications Go?
Credit union shares and deposits increased $64.9 billion, or 5.6%, over the past year to reach $1.2 trillion in the first quarter of 2018. The majority of this growth came from regular shares, which increased $26.4 billion year-over-year. Credit unions reported an annual increase in all deposit products except for IRA & Keough accounts, which decreased 1.0%.
Read: Deposits By The Numbers
As of second quarter 2017, credit unions reported 16,141 ATM locations, down 607 from June 2016. This can be attributed to shared ATM strategies and increased online and mobile initiatives. Credit unions offer convenience through an array of channels outside of ATMs. In fact, 77.2% of credit unions reported offering online banking, while 56.9% of credit unions reported serving members through mobile banking.
Read: 7 Facts About Digital Banking At Credit Unions