Oregon CU Hires CEO
The 17-year financial services veteran previously served as vice president of marketing at the $502 million Amplify Federal Credit Union in Austin, Texas. While there, he generated a $75 million growth in assets, set a record for growth in membership deposits and loans, as well as developed and implemented a new name and brand for the credit union, according to D. Hilton Associates Inc., which made the announcement of White's new role.
Oregon Employees FCU serves more than 10,000 members.
GM Extends Invest Pact
As expected, General Motors Corp. has extended its Invest in America deals, the car discount program of the Michigan Credit Union League, through year-end.
Chrysler Corp. is already on board the now nationwide program started earlier this year to build rapport with automakers. Invest is still working to bring Ford Motor Co. into the plan.
The Michigan league, which is coordinating its efforts with CUNA, traced more than 73,000 vehicle sales to the program of which 80% used CU financing.
GM had originally planned to end the program March 31. "The extension of the GM contract is reinforcement for the idea that, as credit unions seize the opportunity to promote member discounts and generate results for the automakers, Invest in America will become a great win-win opportunity for the automakers and the economy in addition for credit unions and their members," said David Adams, president/CEO of the league.
Under the deal, CUs sign nonbinding participation agreements that ensure their continued participation and member benefits. CUs are asked to complete the forms so the Michigan league's CUcorp subsidiary can quantify activity for GM and Chrysler.
CUs are now being asked to complete certain minimal marketing requirements in order to continue participation beyond the first quarter as part of the extension deal.
Ad Agency Wins Awards
Hyatt Advertising has been recognized at the American Advertising Federation awards with five awards, four for work directly related to credit unions.
Hyatt, based in Redlands, Calif., took home one award for a radio commercial written and produced for the $1.1 billion Arrowhead Central Credit Union, San Bernardino, Calif. The commercial was part of a "wildly successful" promotional tie-in with the San Diego Zoo and San Diego Zoo's Wild Animal Park.
Hyatt also created a direct-mail promotion for Los Angeles-based Pacific Resource Credit Union that featured a chocolate Visa card. And Hyatt's brand awareness billboard for FAA First Federal Credit Union, Los Angeles, also won. FAA First Federal specializes in the aviation industry, and the billboard shows a plane, tilted starboard, with the headline, "Bank Right."
An ongoing campaign for credit union CUSO Auto Expert won a silver award in the business to business category. The campaign is centered on unusual promotional items, such as a customized, single-color Rubik's cube with the line, "We make everything easy." This campaign won multiple gold awards in last year's AAF competition and was a finalist on the regional level, where national agencies and global brands compete. This year's silver award was for a box mailer containing an actual apple and orange. A single line of copy read, "Comparing us to anyone else is like..."
DeposZip Signs Up Eight
Eight more credit unions have signed on to
DeposZip, a business and consumer remote deposit capture service developed by EasCorp Federal Credit Union.
American Broadcast Employees Credit Union, Boston Firefighters Federal Credit Union, Franklin Trust Federal Credit Union, Grow Financial, iQ Credit Union, Money One Federal Credit Union, Torrance Credit Union and Tremont Credit Union are now using DeposZip, according to EasCorp.
With their participation, a total of 38 credit unions nationwide now offer DeposZip, which has processed more than $125 million in deposits since its launch at the end of 2007, EasCorp said. To date, DeposZip has processed more than 112,000 deposits.
Fiserv Study Finds Bill
Pay Increases Loyalty
The more bills a consumer pays online, the less likely he or she is to leave the financial institution hosting that service, according to a recent Aspen Analytics study of online bill payment among 10 million customers of a top 10 U.S. bank.
The study, sponsored by Fiserv's CheckFree e-commerce operation, found that customers who paid bills online were 76% less likely to churn than average bank customers.
Heavy users of online bill pay services, meanwhile, were 95% less likely to leave, according to the study, which analyzed transactions conducted during a 16-month period in 2007 and 2008, according to Fiserv.
Online bill payers also were 15% to 20% more profitable than those who did not use the service, the study found.
The Aspen Analytics researchers also found that declining online payment activity can serve as a warning that a customer may move to another institution, providing an opportunity to take preventative action.
"The Fiserv and Aspen Analytics Study is the most comprehensive of its kind to date and again proves that online bill payments create a much deeper and more profitable relationship between the household and the bank or credit union offering these services," said Kirk Gripenstraw, senior director of analytics for Aspen Analytics.
"Consumers get hooked on the convenience of these services and don't want to go through the time-consuming transition of accounts and bill payment transactions that would result from moving to another bank or credit union. By mining transactional data to identify those customers whose bill-pay activity is declining, financial institutions can identify those most at risk of leaving and use this window of opportunity to try to prevent customer churn from occurring," Gripenstraw said.
A research brief on the study conducted by Atlanta-based Aspen Analytics, a division of Aspen Marketing Services of West Chicago, Ill., is available at www.checkfree.fiserv.com/whitepapers.
Connexus Credit Union
Offers Mobile Banking
Connexus Credit Union of Wausau, Wis., is now offering its 20,000 members the convenience of mobile banking.
The $255 million institution is using technology from its online banking vendor, PM Systems of Chapin, S.C., to allow its members to view balances, transfer funds and pay bills with Internet-enabled phones or PDAs.
"With mobile banking, our members can now manage their account while they're in line at the coffee shop or going from one meeting to the next," said Jackie Edwards, Connexus' business development manager. "We've literally erased the boundaries of traditional banking and given our members more freedom and, ultimately, more time in their day to do other things."
The service is available through the online banking site at www.connexuscu.org. The 74-year-old credit union primarily serves employees, retirees and family members of Liberty Mutual Insurance, UMR (formerly Fiserv Health) and staff, students and alumni of Northcentral Technical College.
NAFCU Creates Agenda
Aid for Annual Meeting
Attendees at NAFCU's annual conference this summer can use technology to help them take advantage of the sessions that best fit their needs.
The association is creating an online "agenda builder" that lets people select topics of interest such as finance, operations and technology, marketing and compliance. The application will then use those selections to identify the corresponding sessions and allow conference goers to build a personalized schedule.
"With the agenda builder, attendees can quickly pinpoint the offerings that would be most beneficial to them and create a schedule tailored to meet their individual needs and those of their credit unions," said NAFCU President Fred Becker.
This year's conference, scheduled for July 21-25 at Gaylord National Resort & Convention Center in National Harbor, Md., will have five redesigned educational tracks. There are more than 40 sessions planned, covering topics such as executive management, finance and economics, board education, growth and innovation, technology and regulatory compliance.
The keynote speakers are business consultant and best-selling author Scott McKain and radio talk-show hostFred Grandy,former member of Congress and television actor. Award-winning singer Kenny Rogers is scheduled to give a concert.
The agenda builder and the entire conference brochure are available at www.nafcu-annual.org. The conference early registration deadline is May 29. NAFCU is offering member and nonmember credit unions under $35 million in assets special discounted pricing this year. For more information, contact NAFCU's member service center at 800-344-5580.