Today, it’s tough to be a on the lower side as a Credit Union. The competition is getting bigger with other large FIs of all types and it’s difficult to stay alive while offering the same stuff that everyone else is doing.

Well, that COULD be the real problem!

You don’t have to give everything to everyone, especially what others are offering. Follow some unique ways to leverage your built-in advantages to stand out from your competitors.

I’m giving you 6 free great ideas, free of cost:-

1.Bring in Mobile Branches

It’s not practically possible to build mortar or brick branches as its difficult to maintain and yes, expensive. Meanwhile, everywhere you go, you find lots of food trucks offering something tempting for your tastebuds right? How about getting your branch on wheels or a fleet of mobile branches? Get your CU Wheels to community events, visiting major employees during lunch hours, visiting local farmer’s market, stores during Saturdays and even at the Church Parking lot on Sundays! I am talking about the visibility in the community so, take your wheels where you can grab people’s attention!

2. Money -Mobile

How about associating with carriers like Lyft and Uber? Many companies follow this strategy to bring in people. Don’t you feel how amazed your members will be if they can just click the button on the application and a mobile branch pops up? Most of the members seldom visits a branch — now it’s your turn to change their mind and built a lot of loyalty by meeting them in person and when they need your help!

3. You need a Community Organizer more than a Branch Manager!

Even if your branches stay at one place or spread around, make sure you make use of your branches and their branch managers. Your branch managers have to become community organizers which will turn their branch into a valuable community hub. Community involvement must be a critical career expectation for the staffs and branch managers and has to be designed for different uses tailored to their community. Let them host movie nights at the branch near parks, Pinewood Derby at the branch in the ‘burbs or even a Food Truck Friday.

4. Auto Loans — Total Car ownership Loans!

The auto loans are boring old bread & butter product for all lenders. You don’t need to be one of them as they are very much same and you end up talking about the rates. You should be knowing your members and the community better than anyone else. Put your Credit Union magic into existence! What if you have taken all the costs of owning a car — oil changes, loan, tires, maintenance, insurance etc — bundled into one monthly cost?

How about members getting a auto loan like “Car Care Card” Visa, and one that is a combined payment for budget instead of several unknowns. You can associate with local providers to include perks such as discounted rental car or free rental car when their car is getting repaired, rides to and from the garage, discounts on car washes, car seats, insurance, tires and so on..

5. Make them feel valuable and they will be happy to work with you!

Are you a Amazon Prime Customer? If yes, you know the benefits right?

Amazon Prime customer are offered with free 2-day shipping (Sometimes in 1 day), unlimited TV and Movies streaming, early access to the deals, special offers etc. They pay $99 a year as they get lots of offers and quickly get more value that in return. Same goes with the case of Sam’s Club and Costco. Active customers earn their membership fee back into savings which also shows a commitment — its like they have a stake in getting most value in return.

Why can’t you follow the above examples? Offer a $50 or $100 yearly package which gives great value back to your members. Club with special rate discounts with better rewards, lower or no closing costs on mortgages, personal lines of credit which transfers to cover overdrafts automatically and avoid fees etc. Again, you can partner with other local businesses for offering great perks and discounts. Very soon, the membership program is going to be successful and starts to build an actual value — converting your members into loyal advocates!

6. Finally, a great Turnkey Intranet Portal for enhancing Employee Collaboration!

This sounds like advertising, heheh..but no..Over 50 million people in US have been using Office 365 for years till date. Your employees do play a great role to the success of your organization. What if a dedicated Intranet Portal for Credit Unions can boost your productivity and customer satisfaction? We, Dock Intranet Portal team are dedicated in providing portals (powered by Office 365 and SharePoint Online).

You work hard for building a strong member community by delivering competitive services and nurture sustainable relationships. To get both on track can be really difficult without having the right applications in place. Getting all your colleagues on the same page for collaboration and communication with members more effectively is the important piece of material required for long sustainability.

How are you going to compete with larger banks when they continuously brand their products proactively and exclusively to poach your customers?

If you are an existing Office 365 Customer, good news is that you already have the platform for Dock Intranet Portal. All we need to do is Plug and Play!

With the capabilities of Dock, your organization can: –

  • Be productive by organizing contents
  • Collaborate with your team members
  • Active content for Company News and Announcements
  • Policies and Procedures Management
  • MSR and Teller Procedures
  • Human Resources — PTO Management
  • Streamlines Corporate Communication

While none or all of these Big Ideas might be right for your particular credit union and your community, you definitely need to step outside the “mini-bank” model in order to perform different. Find out what is perfect for your community and go where your competitors can’t follow!

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