Unclaimed Property Roundtable Informs Many
By: Barbara Agin, NJCUL Vice President, Member Experience & Education

Live from Hightstown and delivered virtually to FOUR locations, attorney Peter J. Liska, informed attendees on both the legislation and many provisions of the New Jersey Uniform Unclaimed Property Act.  Liska reviewed the 10 page operations guide providing examples and fielding questions.  

Pictures in addition the attendees at the League (minus {me} photographer ) include our virtual attendees from Atlantic FCU, Members 1st of NJ FCU, Campbell Employees FCU and Rutgers FCU.

Learn more about our virtual capabilities and check out our upcoming Regulatory Update Webinar.  Looking for the full calendar?  Click here.

League Initiatives
Mission Accomplished: ROI with Free Rutgers Training for NJCUL Members
By: David Frankil, NJCUL President/CEO

I heard two things consistently from CEOs in my initial round of visits and phone calls back in July.

One was that the League needed to demonstrate a more quantifiable ROI on their dues investment.

The second was the need for cost-effective and local professional development programs. Not that CUNA, CUES, and others don’t offer solid options, but the fees, travel expenses, and total time out of office make it difficult for many of our members to take advantage of them.

I’m proud to say we’ve killed two birds with one stone.

League Initiatives
Leading the Way: NJCUL Named One of Five National Providers of ComplySight Compliance Consulting Services
By: David Frankil, NJCUL President/CEO

Many of you are familiar with ComplySight, the all-in-one Web-based compliance tool offered by NJCUL in partnership with League InfoSight and CUSolutions Group (NJCUL serves on the League InfoSight Board). It provides everything from content, tracking, reports, regulatory alerts, and more— basically everything you need to organize a comprehensive compliance program.

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Q&A: Branch Transformation Doesn’t Always Mean Construction

Sundeep Kapur, an expert in digital, branch, and engagement strategies, will be presenting a one-day NJCUL Workshop on Branch Transformation, on Tuesday, February 7. The session is designed for anyone that has ever wondered how they can make their investment in a branch, its people, and all the associated technologies more productive for the credit union, and more valuable to members as well.

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Q&A: The Three Most Common Mistakes Credit Unions Make in Branch Design

Sundeep Kapur, digital and consumer engagement strategist, will be presenting a one-day NJCUL Workshop on Branch Transformation, on Tuesday, February 7. The session is designed for anyone that has ever wondered how they can make their investment in a branch, its people, and all the associated technologies more productive for the credit union, and more valuable to members as well.

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Q&A: The Secret to Doubling Products Per Member

Sundeep Kapur, digital and consumer engagement strategist, will be presenting a one-day NJCUL Workshop on Branch Transformation, on Tuesday, February 7. The session is designed for anyone that has ever wondered how they can make their investment in a branch, its people, and all the associated technologies more productive for the credit union, and more valuable to members as well. 

This is the first of a two-part interview with Sundeep, where he discusses with NJCUL President/CEO David Frankil the potential gains from thinking about your branch in a different way.

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Branch Transformation George Jetson, Meet Joseph Schumpeter
By: David Frankil, NJCUL President/CEO

As a kid, the Jetsons were my favorite cartoon. There was just something about how easily futuristic technologies were magically integrated into daily life without any issues in Orbit City. George Jetson even walked their dog Astro on a treadmill without the inconvenient detail of dealing with what always occurs when you walk your dog. That clearly only works in cartoons.

Financial services has also become a mix of the traditional and the cutting edge, as disruptive, game-changing innovations are developed and make their way into our business. Except we don’t have that luxury of glossing over all the challenges of integration. 

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Santa’s Workshops May Be Closed, But Ours are Now Open for Business
By: David Frankil, NJCUL President/CEO

When I ask CEOs what they want from the League, the most frequent response has been “more”—more content, more training, more relevance, more value. Which is exactly where we want to take the League, re-positioning it as a true strategic partner, helping members grow and be more productive.

As part of this process, we’ve created a new series of one-day workshops focused on critical credit union operational issues. The name “workshop” was chosen deliberately—these are not symposia, or discussion groups, or academic seminars. They are workshops—come spend a day, roll up your sleeves, and dig into the nitty-gritty of a topic and walk away with valuable, actionable information.

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Why You Want a Low-Income Designation from NCUA (And How to Get It)
By: David Frankil, NJCUL President/CEO

The conclusion of nearly every article about the benefits of credit union membership is that you can join a credit union, and you should do it as soon as possible.

I’m telling you the same thing about the low-income designation (LID) from NCUA—if you meet the criteria, you should work through the process as soon as you can. A federal credit union qualifies for LID when a majority of its membership (50% + one member) qualifies as low-income. It’s as simple as that. 

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Loan Pricing Ought to be More Scientific Than Just Checking Out the Competition
By: David Frankil, NJCUL President/CEO

Setting the right price for a product or service is a challenge for any business. Set prices too low, and you negatively impact margins and starve the business of capital – in the extreme, fixed and variable costs might not be covered. Set prices too high, and sales suffer and the business itself might be threatened.

Discuss prices with your competitors, and you might become a long-term guest at a Federal institution not of your own choosing.

Understanding price elasticity of demand – the relationship between price and quantity – is a challenge that many large companies spend millions of dollars trying to understand.

For credit unions, there is an added component that comes with the financial services territory – risk. The risk that a member might default on a loan plays (or should play) a role in determining the interest rate that borrower should pay, which is just as important as understanding the true cost of capital in making pricing decisions.

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Incoming NJCUL Chairman Andy Jaeger: A Fresh Outlook and Direction for 2017
By: Andy Jaeger, NJCUL Chairman and CUNJ President/CEO

It is no surprise that the last few years have been challenging for the League, between the turnover at the top to the impact of an ever-so-slowly improving economy and persistent low-rate environment on New Jersey credit unions. 

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New Member Benefit - An Early Holiday Gift for NJCUL Member Small Credit Unions
By: David Frankil, NJCUL President/CEO

Smaller credit unions face many challenges in marketing their products and services effectively, but the most basic is developing professional collateral material to promote solutions…without spending a fortune. A crisp, clean look and feel is critical to communicating the value of our solutions, and that doesn’t come with bargain-basement design efforts.

To help jump-start the process for small credit unions without the hefty price tag, Bo McDonald, CEO of Your Marketing Company (one of our partners), has stepped up to provide high-quality, professional promotional pieces that small NJCUL member credit unions can use completely free of charge—or with a modest fee for customization. The first in the series is an eye-catching promotion of holiday loans (see graphic below).

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Focusing on Young Professionals and Millennials
By: David Frankil, NJCUL President/CEO

I’m guessing that every generation has had some sort of conversation about the younger generation that goes a little something like this: We don’t understand them or their behaviors, what motivates them, how to manage them, or how to market to them.

You know, all those old sayings like… 

Kids, you can talk and talk till your face is blue
Kids, but they still just do what they want to do
Why can’t they be like we were, perfect in every way
What’s the matter with kids today?

The song is at the end of the clip: https://www.youtube.com/watch?v=1wCXr_6wgns
(for those of you that are classic movie buffs). 

Whether the digital revolution has made the challenge of comprehending millennials more difficult than other eras is a topic for others to tackle, but we do need to address two key questions –

  1. How do we attract young professionals to credit unions as future leaders, and what is the best way to both develop their skills and motivate them?
  2. How do we need to adapt our marketing and other strategies to focus on the millennial segment of our members and prospective members?
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Value and Relevance: Walking the Walk
By: David Frankil, NJCUL President/CEO

I’ve written about how we are transforming the League for 2017 to be more valuable and relevant. But what does that really mean?

This week we made the first in what will be a series of announcements that offer up examples of steps the League is taking towards this transformation.

Peer group benchmarking is a great management tool to highlight opportunities, whether for productivity improvements, greater leverage, and/or for growth. You all have the ability to access your own Call Report data – what is harder is to see how you compare with your peer groups on key performance parameters for growth and productivity.  

With enough time and enough resources you could do the analysis yourself – after all, Call Report data is available on the NCUA website. But who has the time to identify who should be in your peer group, download their Call Report data, crunch the numbers, and analyze the results?

To me, this is exactly what a League focused on value and relevance should be doing for its members. 

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Marketing MRI: Finding and Bridging Value Gaps
By: David Frankil, NJCUL President/CEO

I recently sent a note to the entire membership with a preview of some of our 2017 initiatives, noting that they were developed from conversations with over 60 CEOs, and were part of our philosophy of market-led growth.

The process is actually more strategic than just having a good chat with a CEO. The question we’re answering is how to ensure that the value you’re providing actually matches up with what the market needs.

Let me use a case study with a gaping value gap from a consulting engagement I finished just before joining NJCUL to illustrate the approach we’ve taken with the League.

The client was a midsize general contractor (~$10M in revenue) offering integrated architectural design and construction services, focused primarily on office buildings, warehouses, and distribution centers. They wanted to know why they weren’t growing faster, especially when they saw new competitors winning jobs they thought should be theirs.

They thought the problem was a bad salesperson – but the engagement quickly evolved into a more extensive assessment of their fundamental value drivers.

We used an active listening process I call a “Marketing MRI,” and it has two components – internal and external. The first step is to interview employees at all levels of the company to understand their perception of key value drivers and what they see as the issues impeding growth.

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