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#3465: Why Does It Appear 'Easier' to Merge Credit Unions Than to Launch One?

9/17/2024

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If you missed it live, Zest AI’s Denise Wymore and Your Credit Union Partner's Tom Sakash joined us on the show to provide a CU De Novo Collective update — and asking: Why does it appear "easier" to merge credit unions than to launch one?

With more and more credit unions being merged but very few launched (145 lost to mergers to 4 launched in 2023), Tom and Denise are on a mission to make the process of launching new credit unions more efficient and attractive than ever. According to Tom, there are more than 60 new credit union proposals out there right now.

That said, they shared some hurdles de novo credit unions experience getting started but provided ideas on how to mitigate those challenges so more new credit unions can launch.

Denise and Tom also talked about the launch of the Louise Herring Fund to Support New Credit Union Charters that will help in this endeavor, as well as the positive discussions they've had with the NCUA.

Lastly, they addressed what the industry may look like if smaller credit unions disappear, sharing the significance of having new credit unions added to the industry.

Check it out and let us know your thoughts. And be sure to watch the entire episode below for all the details.

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#3464: Canvas Credit Union's New CEO Talks About the Power of Leadership Continuity...

9/16/2024

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Canvas Credit Union new President/CEO Chad Shane joined us on the show to talk about taking the helm at one of Colorado's largest credit unions. Chad shared his background, already being at the credit union for 13 years as Chief Lending Officer. That said, he addressed the power of continuity, as well.

Chad also shared a few of his top short- and then long-term goals for the organization -- what needs to be done to keep the success rolling and help Canvas stand out from the competition.

In addition, he touched on a couple of challenges he sees that are on the horizon for Canvas -- essentially what keeps him awake at night.

Lastly, Chad discussed where he sees the industry as a whole right now — and how he sees Canvas doing its part to help keep the industry moving forward.

Check it out and let us know your thoughts. And be sure to watch the entire episode below for all the details.

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#3463: How CFCU's Detroit Lions Partnership and 'One Pride CD' Enhances Member Engagement...

9/16/2024

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Community Financial Credit Union’s Blake Woods stopped by the show to share how the credit union's partnership with the NFL's Detroit Lions, along with its super successful "One Pride CD" offer, has greatly enhanced member engagement -- and saved them a bit of money, too, in increased savings.

Blake discussed how the Detroit Lions partnership works, as well as its benefits to the Community Financial and its members. He also explained the details behind their "One Pride CD" offer and how it has really upped the ante in member engagement -- almost gamifying participating member savings.

According to CFCU's website, its One Pride Certificate of Deposit starts off at 2.00% APY and grows 0.25% APY every time the Lions score the first touchdown in a season or post-season game. Odds are that money is going to grow, as the Lions look to continue their run of success this year.

“How Community Financial’s Detroit Lions’ One Pride CD offer enhances member engagement and makes money for members — partnership with Detroit Lions”

Blake also provided some advice for other credit unions looking at doing something similar, whether it's sports, snowfall, or just about anything else that could be gamified.

Check it out and let us know your thoughts. And be sure to watch the entire episode below for all the details.

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#3462: How Any Credit Union Can Leverage AI-Driven Marketing Platforms to Enhance Digital Banking...

9/15/2024

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Russell Country Federal Credit Union's Julie McCamley and DeepTarget’s Preetha Pulusani stopped by the show to share their message and experience on how credit unions of all sizes can leverage AI-driven marketing platforms to enhance their digital banking channels?”

For example, Russell Country FCU ($110 million in assets) saw incredible success in its marketing campaigns by leveraging DeepTarget’s data-driven online banking solutions. Both Julie and Preetha shared how the partnership with DeepTarget influenced Russell Country FCU’s overall marketing strategy -- as well as what aspects of the relationship have helped drive success for Russell Country’s digital campaigns.

With just $110 million in assets, Russell Country FCU is competing against much larger institutions. That said, Julie and Preetha provided specific strategies they implemented to ensure that the credit union maintains a competitive edge and thrives in this digital-first landscape.

In addition, they discussed how the use of data-driven marketing has impacted the way Russell Country FCU has engaged with members?

Lots more in this insightful conversation with Preetha and Julie. Check it out and let us know your thoughts. And be sure to watch the entire episode below for all the details.

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#3461: How Tucson FCU's 'Fixed4Five' Mortgage Loan Offer Helps First-Time Homebuyers...

9/12/2024

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Tucson Federal Credit Union’s CEO Matthew Gaspari stopped by the show to discuss his credit union's innovative "Fixed4Five" mortgage loan (ARM) offer.

Matthew explained what it is, how it works, why they created it, and the tremendous feedback they have received from members since launching.

With Fixed4Five, members can lock in a fixed rate for five years, and then their rate will adjust to match market trends and financial goals. Here are some of the loan's features:

An initial five-year fixed-rate period, offering stability and predictability for new homeowners
Subsequent rate adjustments every five years not to exceed 2%, even allowing borrowers to potentially benefit from favorable market conditions
A lifetime cap that limits rate increases to no more than 5.00% over the loan's lifetime, providing long-term peace of mind
Availability for 30-year mortgage terms, providing lower monthly payments

Matthew how the Fixed4Five Mortgage Loan is particularly advantageous for homebuyers who:

Anticipate changes in their financial situation over time
Want to benefit from potentially lower initial rates compared to traditional 30-year fixed mortgages
Desire the flexibility to refinance or sell their home before or after the initial fixed-rate period

Check it out and let us know your thoughts. And be sure to watch the entire episode below for all the details.

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<<Previous

#3465: Why Does It Appear 'Easier' to Merge Credit Unions Than to Launch One?

#3464: Canvas Credit Union's New CEO Talks About the Power of Leadership Continuity...

#3463: How CFCU's Detroit Lions Partnership and 'One Pride CD' Enhances Member Engagement...

#3462: How Any Credit Union Can Leverage AI-Driven Marketing Platforms to Enhance Digital Banking...

#3461: How Tucson FCU's 'Fixed4Five' Mortgage Loan Offer Helps First-Time Homebuyers...

Mike Lawson, Host

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