Industry News

CU Marketing Corner - Creating Personas for Targeting Your Demographics Every financial institution can improve on the success of some aspect of its services, whether that aspect be consumer lending, home equity lending, or savings and checking accounts. Sometimes every service can use a little attention. To get the results you want with marketing, you’ll have to think of your services as individually unique as the people who need them most. No two services are the same. Seeing as they serve different needs, it’s only fair to direct their benefits to a different targeted group. This is where creating personas for…

Consumers are not the only ones who have to watch out for phishing scams, businesses including credit unions are now being targeted.  Business Email Compromise (BEC) phishing has increased over 2,370% in the past two years, according to the Federal Bureau of Investigation.  Between October 2013 and December 2016 there has been more than $5.3 billion in losses in the U.S. from over 40,000 incidents that have occurred.  It comes down to the users in your credit union, you can have the best security software your budget will allow but one or two clicks from an employee and the workstation…

So how do you keep members engaged so they keep coming back for your products and services first every time? The answers may surprise you, but they shouldn’t. In order to keep credit union members happy, we offer four things.  Yet, we need to make a point before we launch into the list. There is a universal appeal aspect to each of the points you are about to read. Keep this in mind, as certain points may speak to a particular methodology. Remember the basis above all. You can always change methodologies to suit different demographics.  How to Keep Credit…

Ultimately, financial institutions all have the same sort of financial services on their menus. Presenting the quality of your credit union’s products through appetizing descriptions like rates and fees should be enough but won’t end up competing against the streamlined advertising efforts of big banks. Big banks have big bucks to promote a sort of fine dining experience and won’t have much trouble beating your discount deals. Luckily, as credit unions your FOM (Field of Membership) will give you a community to draw members from. Your FOM defines much more than the parameters of eligibility for new members; it shows…

The credit union industry is constantly changing, and that means being in touch with lawmakers regarding regulatory issues and concerns is important. Not every credit union faces the same issues or shares the same experiences, but being able to come together and discuss things gives everyone a chance to be heard. This is why each year credit union leagues and associations from around the nation gather in Washington DC to “Hike the Hill” and demonstrate their support for the industry. With this event, representatives can get involved on a personal level and express their concerns and experiences to those who…

Once Upon a CU: Members and Financial Fables Every credit union is unique in ways that are generically defined by their FOM. Unfortunately the basic facts and figures that define membership eligibility does not convey the magical community and beneficial services that can entice potential members to grow your financial realm. Building a narrative can change the imagery of facts and figures into metaphorical flowers and fairies. Here are a few steps to get story-telling: Step 1 Create Your Timely Stories: Your credit union has a rich history, a thriving present and a limitless future. Before you continue to step…

Our article titled, "Technology Loans: Is Your Credit Union Ready?" was recently featured in the CUJournal. Take a quick peak at the article which touches on the use of loans for technology in today's growing tech obsessed age: The Asset Backed Securities market, or ABS as it is known, is growing and could soon open up new opportunities for your credit union. You may be surprised to learn the reason. Automobiles are increasingly becoming less relevant as a central asset. What’s taking their place? Smartphones. Be sure to visit CUJournal to read the whole thing! HERE  

Oak Tree was recently featured in the CU Times with an article explaining how the new Economic Growth, Regulatory Relief and Consumer Protection Act (S.2155) will affect your credit union. It goes on to explain the benefits and positive impacts of the new law and what to expect now that it has been implemented. Check out this snippet: So what does the passing of S. 2155 mean for credit unions? Ultimately, it means they will be able to focus more on the business of running a credit union, rather than funneling financial resources and employee time to ensure regulatory requirements…

The Wisconsin Credit Union League is hosting a CEO Roundtable this August. Designed to foster networking and share knowledge, the event allows CEOs to meet face to face with other mid-sized Wisconsin credit union CEOs. These events can be a real source of strength for midsized credit unions. The mid-sized credit union segment is holding strong according to the most recent available data. In 2015 there were 733 credit unions with $100 million - $250 million dollars in assets. The following year that number fell to 726, marginal by most statistical standards. For credit unions in the $50 million -…

It is safe to say that members are the driving force behind what helps a credit union thrive. It goes back to why they started in the first place: serving the underserved, or a specific group of people. With that being said, credit unions go above and beyond in the efforts of drawing in potential members, and most importantly, keeping the current ones content. When looking at the benefits of banking with a credit union versus a bank, credit union members and many others would say that the good outweighs the bad. This comparison has been one of the main…