OFS meets on relationship pricing
DENVER - Open Financial Solutions - a consortium of nine large CUs looking to use technology advancements to better serve members - met recently with Tower Group President/CEO Mark Sievewright on how relationship pricing can drive a more "member-centric culture." "One of the best ways to differentiate your credit union from other financial institutions, is to focus on member relationships, rather than products. This approach ensures that you're focusing on what's important to the members, while still promoting the products that will generate a return to the credit union," said Open Financial Solutions President/CEO Rae Miles. Understanding members' needs means collecting and analyzing data to paint a picture of members' needs, said Mike Atkins, CIO of Bellco CU, Denver. Once CUs know what members want they can try and get more of their wallet share by utilizing relationship pricing or account benefits, according to Andy Hunter, president of Patelco CU. The OFS CUs said they will meet again soon to look at techniques for analyzing cost structures and implementing eight steps they identified in establishing a member-centric price structure. The nine OFS credit unions include Boeing Employees Credit Union, First Tech Credit Union, Orange County Teachers Federal Credit Union, Suncoast Schools Federal Credit Union, Wescom Credit Union, GTE FCU, Patelco CU, Bellco CU, and U.S. Central Credit Union.