Trusted News for Credit Union Leaders
Credit Union Times
OCTOBER 3, 2018 | VOL. 29 | NO. 34 | CUTIMES.COM
FOCUSREPORT:
SOCIAL MEDIA
Social media is frequently a part of most CUs’ marketing
conversations these days, but how can they create effective
campaigns? In this Focus Report, hear from two CUs that won
awards for recent social media campaigns on what trends to
focus on and how other CUs can hook their members with
social media, too. Y6
Must Reads
HUMAN RESOURCES
AI and Employee Engagement
Driven by robots and fueled by
artificial intelligence, the consumer experience evolves on
a daily basis. Although some
express their fears about data
mining and the loss of privacy – “How do they know what I
want?” – increasingly, consumers want to be offered something
they care about, something that
reflects their unique personality,
something that customizes the
consuming experience.
This desire for customization
crosses all generational boundaries. And most of these consumers are employees, as well.
For that reason, employees expect a customized workplace experience that includes a menu of
benefits options and ease of enrollment in a plan. They want to
be able to enroll independently
and to know they have chosen
the best plan for themselves and
their family.
But most aren’t experiencing this. When enrollment time
rolls around, they are confronted with a single, one-size-fits-all process that is years behind
anything they encounter as consumers. The result? Engagement
remains discouragingly low and
employees continue to opt for
plans that don’t really meet their
needs.
But HR professionals and benefits managers can change all
that. They simply need to tap into
the data that’s available, which
tells us that one-size-fits-all benefits plans are obsolete. Y14
Governance
Structure
Create a strong
one to ease
compliance. Y12
Hitting the
Bull’s Eye
Learn 10
keys to digital
targeting. Y9
MARKETING
CU Makes Financial Literacy Engaging
veryone knows financial literacy is important, but let’s be blunt
– financial literacy can
be … well ... kind of boring, especially for young people who may
opt to watch grass grow as a more
exciting venture.
Which brings us to the next
logical question: Is there a way to
make financial literacy engaging,
The $616 million Merrimack
Valley Credit Union reported it
has successfully caught the at-
tention of its millennial members
by challenging them to test their
financial smarts with CashIQ.
The web-based and smartphone-
friendly PlayCashIQ.com features
quizzes, designed to test mem-
bers’ acumen on nine financial
topics and with chances to win
cash and prizes, including dis-
counts on financial products and
services.
During a soft rollout of CashIQ
in August, among MVCU members who completed 1,400 quizzes in less than two weeks,
more than 80% reported to be
millennials.
“Our goal in starting this project
was to find a more innovative way
to engage our members, especially our millennial members and to
teach them much-needed financial literacy skills in a way that is
fun and that they would
PETER STROZNIAK
pstrozniak@cutimes.com
Y16
Respond to
Auto Buyers’
Behaviors
LENDING
JIM DUPLESSIS
jduplessis@cutimes.com
ar buyers typically
make loans an afterthought, but some
credit unions are
working to be at the forefront of
their members’ minds as they
shop for vehicles.
Randolph-Brooks Federal
Credit Union in San Antonio, Texas ($9 billion in assets, 769,214
members) allows members to
shop online through its preferred
dealer network or Carvana, a
Phoenix, Ariz., company that
sells used cars online and delivers
them directly to buyers.
Other credit unions use services such as GrooveCar, which
allows credit unions to put a local car-buying site on their websites, connecting members with a
network of the credit unions’ preferred dealers.
The approaches differ, but the
goal is the same: To get shoppers
to the credit union’s website first,
to the virtual tire-kicking pages
quickly and ultimately draw them
back for the loan.
“It’s all about en-
gaging the mem-
ber, and getting
from point A to
point B very quick-
ly,” Robert O’Hara,
GrooveCar’s vice
president of Y17 O’Hara