While some see red, Old Hickory Credit Union is seeing pink.
by Ron Daly
I'm sure football fans have noticed all the pink surrounding their favorite teams, cheerleaders and even stadium equipment the past few weeks. Sports Illustrated even "went pink" in its most recent issue, all to acknowledge the fight against breast cancer. I saw a great program go across the DigitalMailer production line this week and wanted to share it with everyone.
1. A team of Old Hickory CU employees will be participating in the Nashville Making Strides Against Breast Cancer event on Saturday, Oct. 24. Their goal is to donate $2500 to the American Cancer Society; 2. Old Hickory CU is selling pink umbrellas for $15, with $7 of that going to the American Cancer Society. These umbrellas also come with a set of coupons for credit union services that benefit members; and 3. All branches are offering information on breast cancer awareness, as well as supplemental cancer insurance policies.
When we inquired about the eLert topic Malinda Warchus, Assistant VP of Marketing commented “It might seem like a strange thing for a financial institution to send out an eLert about, but we are committed to improving the lives of our neighbors and making a positive difference in our communities. The outpouring of response from our members tells us that they like joining our cause.”
Not strange at all...and we agree with the members! In fact, I hear our DMI team is in line for any umbrellas that are left once the members are taken care of.
Most of the time, Credit Unions think they can only use member email addresses for eStatement notifications, newsletters or selling a new product or service. Those same email addresses can be used to communicate the difference between a bank and a credit union, as well as raising awareness among CU members the community outreach credit unions are involved in. Old Hickory CU has done just that by tying into a national promotion and using inexpensive methods of communication (email, electronic alerts, and monthly newsletter) and community outreach to reach members and potential members at a fraction of the cost.
Kudos and this effort speaks to the character of Old Hickory CU employees and management. Keep up the great work!
Imagine increasing your electronic statement enrollment leaps and bounds with a single e-mail. Sound impossible? Not with DigitalMailer's "One Click" campaign.
After nine years of creating and implementing electronic statements for credit unions across the country, we've seen and heard some great promotional offers to encourage eStatement enrollment. iPod, Camera, Wii and PDA giveaways are pretty standard, as are plant-a-tree promotions and monetary incentives. Folks who sign up are happy with their statements and credit unions are happy with the savings.
Recently, we started a new campaign which lets members sign up for eStatements by clicking on a single button in an e-mail. One click is all it takes to enroll in eStatements and move away from costly paper and printing. We recognized after creating a number of these campaigns that several key steps could be rolled into one. By verifying an email address, sending an email with the legal agreement attached, allowing the member to read through the agreement and sending their "opt-in" agreement to the credit union, we would be cutting out unnecessary steps, thereby saving time and money.
"One of the good things about this campaign is that members don't have to go to an enrollment page, type in personal info such as account number, SSN, email, name, etc. They click the button and we find the info in the CU system. No need to exchange personal info at all." --Traci McNamara, Account Manager, DigitalMailer
Two credit unions that are currently using the "One Click" campaign:
Hudson River FCU decided to use the "One Click" in conjunction with a $100 offer to draw in new eStatement users. Since sending their e-mail in April, they've increased total eStatement use by 15%! Hudson River plans to run the same campaign in May and June, and with similar results month to month they stand to save over $14,000 with eStatements.
Belvoir FCU has offered eStatements for the past seven years. Introducing the "One Click" campaign in the middle of April, they've experienced a total 5% growth, and are running the campaign again in May. Even more interesting, there's no offer attached - people just click to sign up! Belvoir will be running the same "One Click" campaign through june. If they have the same success in June, they will be saving an estimated 50% of their total cost by switching those paper statements to e-mail!
Something to take away from this campaign and its successes :
1) When members know it's easy to get started with eStatements, they'll go for it.
2) Your eStatements can lead to great savings. The more enrollments you have, the more you save on printing and postage.
3) It can work with a special offer or without.
4) You can get the campaign for your CU and get started right away!
On Greed and Fear: How Credit Unions get the most out of the crisis.
by Ron Daly
Came across an article today written by Warren E. Buffett. Buffett knows money, I think that's safe to say. Read his very good article here.
Anyway, he said something in his op-ed piece that really stuck with me:
"A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful."
This was one of those things that, on the first read, was smart sounding. But reading it again gave me a clarity I hadn't expected. It made me think about our industry and how we SHOULD be looking at the opportunity presented. Now, more than ever, attention is placed on the stability of credit unions versus big banks. In the midst of the big earning days of low-rate loans and bum securities, banks were greedy and CUs were fearful...fearful of loaning and mortgaging irrational sums. Naturally, lending money to people who couldn't afford to pay it back turned out to be a bad idea.
So now comes the time where CUs are thriving and banks are scrambling to make up the difference. Is this the time to drop marketing? Is this the time to be weak-willed when it comes to drawing members? Quite the contrary.
Now's when CUs need to:
1) Market Hard 2) Consider their next round of member rewards and incentives 3) Become the "Bull" of finance, not the "Bear".
You are worthy of attention, CUs - you made the right decisions at the right time and you're getting praised for that. Now's your chance to be greedy when the other financial institutions are fearful.
Great Ideas from Credit Unions Like Yours: A Home for the Brave
Ron Daly brings you another edition of "Great Ideas from Credit Unions Like Yours", highlighting great ideas and innovations in the Credit Union industry.
Sgt. Joshua Brett and his wife were having trouble getting their mortgage. The Massachusetts couple wanted a home of their own, having dealt with Joshua's distance after three tours in Iraq and the shaky housing market. With few options, they turned to a new program developed by MassHousing. The program, called A Home for the Brave, was designed to help men and women of the Armed Services find affordable housing. The mortgage requires no downpayment, has payment protection and features closing-cost assistance for eligible veterans. The loan was initiated by First Citizens' Federal Credit Union and was backed by more than fifty institutions eager to give recognition to the brave service of a Veteran.
Has your Credit Union given to the community in a special way? Is there a program you'd like us to feature? Send us a message in our comments section.
Ron Daly talks about another great innovation in the Credit Union industry.
HarborOne Credit Union saw a problem. People for whom English is a second language are frequently left out in the cold when it comes to services they might find helpful. Marketers tend to write (and think) in one language for one audience, so some services fall under the radar of a non-English-speaking household. How, then, can you have a frank and helpful conversation about finance when you are meeting with people who speak a different language than your own? Likewise, how can you ask the questions that need asking with a barrier blocking communication?
HarborOne Credit Union provided a solution: the Multicultural Banking Center. The center was opened almost one year ago and has been a ringing success, both for HarborOne and the minority and immigrant populations they were hoping to serve. Non-English speaking people, or people that use English as a second language, are often targets of predatory investment scams. With the help of the Multicultural Banking Center, these people can learn about savings, checking accounts, credit lines and the home ownership process. HarborOne extended its services to include other community outreach programs designed to get people in need on the fast track to financial security.
HarborOne's MBC program has been so successful, it is under review by the National Credit Union Foundation (NCUF) to be used as a model for future facilities of its kind.
What's your take on the Multicultural Business Center? Is your Credit Union reaching customers in new and helpful ways? Talk to us in our Comment Section.
Ron Daly discusses the best thing your teen can do for his or her future in this, the first installment of "Great Ideas from Credit Unions Like Yours". DigitalMailer will highlight great innovations in the hopes of getting others to connect, communicate, and grow.
Summer camps are a great way for kids to stay busy during those long slow days between the end and start of school. There are camps for just about everyone, whether it's sleep-away camp programs where kids get in touch with nature or day camps where kids can get experience in things like technology and acting. But where's the summer camp for kids that need to learn the value of a dollar?
Welcome to Oak Ridge, Tennessee. This year, the ONRL Credit Union is sponsoring two week-long, half-day camps called Camp Money Matters, which is specifically aimed at teens to help them get acquainted with things like checking, credit cards and savings. Best of all, the camp is free. This seems like a really great program - not only does it let kids interact with each other and give them something to do, it teaches them that money doesn't just come from nowhere and that proper investment and good planning can make all the difference.
Feel free to sound off on Camp Money Matters in our comments section.
