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THE ONLY ALL-BUSINESS RESOURCE FOR BANKS AND CREDIT UNION BRANCHES

T H E B R A N C H L E N D I N G I S S U EJUNE 2018 | VOLUME 1 | ISSUE 6

Country BankOffering Country Service and Commitment to The Community for 30 Years

B R A N C H B U S I N E S S | J U N E 2 0 1 8 | C U B U S I N E S S . C O M

JUNE 2018 | VOLUME 1 | ISSUE 6TABLE OF CONTENTS

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7 EDITORS POV Title Tim O’Hara

8 IN-BRANCH PRODUCT SALES Becoming a Great Sales Coach Nick Brown

12 SHARED BRANCHING CO-OP Financial Services Divests of 12 Branches Keith Loria

16 MORTGAGE SALES Affinity FCU’s New Purchase Mortgage Marketing Program Is a Game Changer at the Branch Level HomeAdvantage from CU Realty Services allows branch employees to connect with members early in their home-buying journey Tina Powers

19 CUSTOMER SERVICE Building Customer Service at Your Branch A conversation with Mark Holder, Vice President and retail division manager at TruMark Financial® Credit Union in Fort Washington, Pennsylvania. Jim Romeo


21 PRESS RELEASE Nutmeg and Dmv Team Up for Convenient License Renewal Experience Connecticut drivers can now renew their drivers licenses in first-ever state partnership between dmv and a credit union

23 LENDING L INE As Interest Rates Rise, Credit Unions Must Evaluate the Lending Experience to Win Borrowers John Waupsh

26 BRANCH STRATEGIES Optimal Teller Scheduling, Just as Important Now than Ever Chad Davis

28 BRANCH HEALTH Don’t Write a Eulogy for Branches Just Pay Attention to How Their Role Is Changing Meredith Dean

32 BRANCH BUSINESS Motivated Workplaces Two Branch Managers Offer Four Ideas for Success Kaitlin Morrison

ON THE COVER: (SCARSDALE, NY)- June 20, 2018 – Local business leaders and community members gathered at Country Bank’s Scarsdale branch on June 14th for a Ribbon Cutting Rededication Ceremony and to honor the Murphy family who has led the bank for 30 years. Country Bank has grown into a successful New York metro area bank, while still offering country service and commitment to the community.

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ABOUT US

SUBSCRIPTIONSBRANCH BUSINESS is published monthly (12 issues per year) by The Banking BUSINESS Network, LLC. A one-year Digital membership is $75/yr. An online membership form is available at www.cubusiness.com/register.

TEAMBUILDERhttps://creditunionbusiness.com/the-team-builder/

SALES AND ADVERTISINGTim O’Hara, [email protected] or 561-282-6015 #1

CONTACT INFORMATION Credit Union BUSINESS MagazineP.O. Box 2223, Palm Beach, FL 33480(561) 282-6015 | (561) 588-7711 (fax)[email protected]


T H E B R A N C H L E N D I N G I S S U EJUNE 2018 | VOLUME 1 | ISSUE 6

Country BankOffering Country Service and Commitment to The Community for 30 Years

PUBLISHING TEAMTim O’Hara, [email protected]

Kaitlin Morrison, Editorial [email protected] Ashok Kumar, Associate Publisher [email protected] Manzone, Designer

BRANCH BUSINESS TEAM

Nick Brown

Tina Powers

Jim Romeo

Keith Loria

Kaitlin Morrison

Chad Davis

Meredith Dean

John Waupsh



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BY TIM O’HARA

The Branch Experience Is Not Going Away Anytime Soon

POV

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I read from time to time that branches as we know and love them are a thing of the past. Because of smart phones and the internet and “Fintech,”, it’s been widely predicted that consumers will soon bypass investing the time and energy to travel to

the branch to deal with actual human beings. Yet, everything that you will ever read in Branch BUSINESS eMagazine will be about how to make the branch experience better with professional people and not replaced by non-human machines. In my business, I’m fortunate to be part of a large circle of industry experts by LinkedIn and other social media. In fact, just 10 minutes ago, having answered a single e-mail invitation from a banking SVP on LinkedIn, I was able to accept 52 other invitations by pressing a single keystroke. That part just keeps getting easier, thanks to technology. But, there doesn’t seem to be a day that goes by without my receiving more than a few press releases from banks and credit unions about new branch openings. As a very proud Irishman, I found one that I received yesterday to be very interesting. It was about a new branch of the Country Bank of New York celebrating the bank’s 30 year anniversary by opening a new branch in Westchester County. It seems that the bank with 14 branches is controlled by a single family, the Murphy family – hmm, I’m pretty sure we’re related somehow. Here’s how this particular release began: “(SCARSDALE, NY)- June 20, 2018 – Local business leaders and community members gathered at Country Bank’s Scarsdale branch on June 14th for a Ribbon Cutting Rededication Ceremony and to honor the Murphy family who has led the bank for 30 years.

Country Bank has grown into a successful New York metro area bank, while still offering country service and commitment to the community.” And, I’m pretty sure you don’t offer country service and commitment with machines!

Local business leaders and bagpipers hold up the ribbon alongside JoAnn M. Murphy- Vice Chair of Country Bank, Carolyn T. Murphy- Vice President and Chief Marketing Officer of Country Bankfor a community-wide celebration of Country Bank’s 30 year anniversary at the Scarsdale branch. Thanks for reading! TimPlease contact me directly with any and all suggestions and story ideas. [email protected] 561-282-6015.

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Interior of new branch with welcome sign




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How Does Your Credit Union Stack Up Against These Sales Numbers

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B efore I present to potential credit union clients, I always do my homework. There are a number of things I research ahead of time, such as the credit union’s leadership team, the size of the credit union, and the

geographic spread of their branch network. I look at their asset size, total loans, and total deposits. But the most valuable information for both me and the credit union are the details I learn from reviewing their product penetration. Over the years I have researched a lot of credit unions. I have a few sources of information, including the call report submitted to the NCUA quarterly. From these sources of information, I can determine quite a bit about the credit union. I can tell where the focus of leadership lies, how engaged the members are in their credit union, and the sales culture that exists within the organization. The information I glean as I do my research is important in directing sales conversations with my potential clients. I want these conversations to really touch on the needs the credit union has so they feel they are receiving valuable insight even as I offer my services as a solution. This way, whether we end up working together or not, the credit union comes away with actionable knowledge they can apply. When researching a credit union, I am focused on finding areas of opportunity. I pinpoint specific ways in which the credit union can improve by providing competent sales training to their member-facing employees, team leads, and supervisors. I thought it might be beneficial to share some of the needs I often come across and find to be common needs for all credit

unions. These may sound familiar and may be known needs at your credit union already. For you, this may serve simply as a reminder and an opportunity to refocus as necessary.

The Primary Financial Relationship The greatest source of opportunity for any credit union is within their existing membership. Generally speaking, all sales efforts will be focused on existing members and prospective members coming to the credit union for the first time. When I am looking at information, I look to see how well the credit union is capturing their members existing business and developing those coveted primary financial relationships. I often find that the credit union is missing a lot of opportunity. Unfortunately, that isn’t uncommon. A GOBankingRates.com article titled “50% of Americans Are Cheating – on Their Bank”, cites a survey which found that over 50% of Americans have more than one financial account for things like checking, savings, and loans. Of those, 31% of respondents listed convenience and flexibility as the reason they use multiple institutions, 24% reported having accounts at varied institutions in order to take advantage of the different products and services offered, and 20% said they were looking for lower fees. These survey findings provide evidence of the opportunity available for most credit unions. Let’s look at the most common areas of opportunity.

Deposits Yes, every account has to have a primary savings account, but where are the member’s actual savings?

BY NICK BROWNIN-BRANCH PRODUCT SALES


http://GOBankingRates.com


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IN-BRANCH PRODUCT SALES

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In another report by GOBankingRates.com published in 2017, 57% of Americans have less than $1,000 in savings. While the focus on the article is on the concern with lower savings balances, the article also points out that individuals with over $5,000 in savings is rising with 6% of Americans having more than $5,000 and 25% of Americans with over $10,000 saved. Interestingly enough, according to the NCUA’s U.S. Credit Union Profile report, the average credit union member had $10,421 on deposit at their credit union as of year-end 2017. This could mean that credit unions are doing better at attracting savers, or it could mean credit unions attract a larger percentage of members with high savings balances. By taking a close look at your credit union member savings balances and percentages (excluding members under age 18) you can benchmark against the averages. Are you capturing the opportunity at your credit union, or is there an opportunity to attract more deposits through sales efforts in the contact center, branch lobby, and online? Generally speaking, if your member has their savings balances with another institution, it is because they believe they are getting a better return elsewhere

or have access to savings products which meet their needs better. In most situations, your credit union offers similar or superior products and capturing that business is simply a matter of education and a better sales process.

Credit CardsCredit cards and credit card balances offer one of the best opportunities for growth. According to the U.S. Census Bureau, over 70% of American households have at least one credit card. That’s roughly 88 million households and 183 million people. NerdWallet.com reports in their “2017 American Household Credit Card Debt Study” that the average American caries $2,850 in credit card balances. Typically speaking, credit unions offer a superior credit card compared to other cards out there. They offer lower interest rates and better rewards programs. While this should be an easy sell, the NCUA reports that only 18.9% of credit union members have their credit union’s credit card. That’s 51% below the national average. Additionally, credit unions only hold an average of $532 in credit card balances per member.Credit card debt does represent a higher risk to the


http://GOBankingRates.com

http://NerdWallet.com


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membership and therefore you would generally not want to capture the credit card business from all of your members. However, that being said, there is significant opportunity out there not being captured to the detriment of your members.According to CreditCards.com, the average credit card APR at 16.38% as of January 2018. Assuming a credit union can recapture that credit card debt at an average variable rate of 10.5%, they can save your member $400 in interest per $1,000 in credit card debt. For a member who has $10,000, that’s $4,000 in interest savings. What member wouldn’t be interested in that?

Auto LoansCNN Money reported in 2017 that nearly 43% of adults in the US have an auto loan. Although it is true that the credit union industry is capturing a significant portion of the auto lending market, one in five credit union members still has their auto loan with a bank or captive lender. And more likely than not, a higher percentage have their auto loans with another credit union. A quick measurement of how your credit union is doing capturing your members’ auto business is to look at the average auto balance per member. According to the NerdWallet.com report cited above, the average American caries just under $3,800 in auto debt. The average credit union member has $3,000 in auto debt. If your credit union’s auto loan balance per member is lower than either of these numbers, there is room for improvement and significant opportunity for growth. From a sales perspective, the best way to capture the

opportunity is to teach employees the auto lending and auto recapture sales processes. This includes teaching them how to identify auto lending opportunities, how to engage the member in a sales discussion, how to qualify the opportunity, and finally, how to commit the member to take the next steps in the auto lending or recapture process.

ConclusionWe have only looked at 3 areas of opportunity in this article. Much more opportunity exists when considering checking account penetration, mortgage and home equity penetration, and ancillary products and services such as overdraft opt-in, debit card usage, and loan protection products. Creating value by capturing your member’s full financial relationship is a goal all credit unions should have. The only way to reach this goal is through sales. Employees and leaders need sales training which emphasizes the importance of capturing each member’s unique, full financial relationship. Such training should be consistent across the entire organization and provide a consistent sales process. When sales training is consistent and complete, it is easier for sales leaders to train and coach and for employees stay accountable.


http://CreditCards.com

http://NerdWallet.com


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Nick Brown Consulting, established and founded by Nick Brown in 2015, is a credit union–specific sales training group dedicated to bringing a proactive sales approach to every credit union. Nick Brown Consulting accomplishes this aim by providing sales consulting and training to enhance branch sales, outbound sales and lending center sales. With an emphasis on lending and cross-sales, Nick’s goal is empowering credit unions to add value in the life of every member in every interaction. Engage Nick Brown directly at 801-860-5807 or [email protected]. Ask about his credit union–specific workshops and online sales training, featured at www.nickbrownconsulting.com.

IN-BRANCH PRODUCT SALES




http://www.nickbrownconsulting.com


BY KEITH LORIA

CO-OP Financial Services Divests of 12 Branches

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A t the beginning of 2018, CO-OP Financial Services, a not-for-profit credit union-owned service corporation in Rancho Cucamonga, Calif., made it a strategic goal to sell all 10 branches that it owned.

It didn’t take long for that strategy to become a reality. “On May 10, we co-announced with Public Service Credit Union of Michigan that they purchased seven of those branches in the Detroit area,” said Bill Prichard, director of public relations for CO-OP Financial Services. “There are two other branches in the Detroit area that will close, but the staff of those two branches are joining Public Service CU as their employees.” Then on May 24, InFirst FCU, based in Alexandria, Va., purchased Credit Union Family Service Center (CUFSC) in Marlow Heights, Maryland, saving it from closing down. This resulted in CO-OP divested itself of all of its branches, though all eight ongoing branches are remaining a part of CO-OP Shared Branch.

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Jim Hanisch, president of CO-OP Network, explained that owning branches is not a strategic imperative for the company, and sees the branches it just divested itself of are wonderful fits for both the purchasing credit unions.

“Finding the most efficient way to operate shared branching is part of our commitment to growing the CO-OP Shared Branch network,” he said. “Of the 5,700-plus locations in the network, all but 12 are now credit union-owned and operated. The remaining 12 are owned by state networks in Florida, Kentucky, Oklahoma, Virginia and Wisconsin.”

Taking on 7The seven branches PSCU acquired are located in NE Detroit, NW Detroit, Garden City, Redford, Southfield, Taylor and Ann Arbor. “Each location will continue to operate without significant changes,” said Dean Trudeau, PSCU’s president & CEO. “PSCU will respect and maintain the integrity of the shared branching agreements as we have always done with our shared branching locations.” Rob Mercier, PSCU’s SVP, noted the credit union has long been a supporter of shared branching and its members are the second-highest volume users of the Michigan standalone branches, so the deal made great sense.


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“For credit unions of all sizes, this network is vital to maintaining our ability as an industry to compete with Big-Bank branch networks,” he said. “PSCU prides itself in continuing this competitive advantage to the local membership of 600 plus credit unions from across the country. Human touch and convenience is still king.” PSCU currently has more than 32,000 members and $275 million in assets.

The InFirst FCU DealMarty Wye, president/CEO of InFirst FCU, said the Capital Heights CUFSC had recently closed and members began going to the CUFSC in Marlow Heights, as it was the last CO-OP-owned location in the CO-OP Shared Branch network, and they naturally were upset that it too was closing. She enquired about the branch in April and less than two weeks later, it was part of the credit union and Wye was delighted to have InFirst FCU’s first branch in the area. “InFirst Federal Credit Union saw an opportunity to continue to serve all credit union members and their families at that location,” she said. “We want to be able to serve credit union members when and where they need us. Our tagline is ‘Members First. Partners Forever.’ Credit unions are owned and operated by the people who use them. We are truly member focused, whether they are our members or members of another credit union.” InFirst FCU has credit union members nationwide, with the majority of them located in Maryland, D.C. and Virginia. It is part of the CO-OP Shared Branch network, allowing

members of one credit union to do a range of transactions at its own credit union, providing an opportunity for continued growth and financial education.

“InFirst FCU is an experienced operator of shared branch outlets, and we are delighted to work with their team during this transition,” Hanisch said. The plan is to close the branch for a few days, convert a new security system, install its network, train the staff and switch all of its ATMs over to Intelligent Deposit Taking ATMs by the grand opening on June 28. Two of the most senior employees from the Marlow Heights branch have decided to retire, but everyone has been welcomed back. “We want these employees because we know they have been a big part of this. Having everyone’s support is important to us. We expect this to be a smooth transition and are excited to be welcoming them to the InFirst team,” Wye said. “We are looking at this as an opportunity for us to serve our members and for other credit union members.”

The CO-OP Shared Branch NetworkIn August of 2017, the CO-OP Shared Branch network surpassed Chase in total number of branch offices, making the credit union cooperative the second-largest network of financial institution branches in the country. Of its 5,700-plus locations in the network, all



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but 12 are credit union-owned and operated, with the remaining dozen owned by state networks in Florida, Kentucky, Oklahoma, Virginia and Wisconsin. According to Prichard, the credit union network has added more than 400 branches over the past two years, also surpassing Bank of America and gaining ground on No. 1 Wells Fargo, which has about 500 more locations currently. In 2018, nearly 1,800 of the 6,100 U.S. credit unions share their branches and just about half are part of the CO-OP ATM network. “The shared branch network enables members to enter the branch of any participating credit union and conduct their business as if they were in their own home branch,” Prichard said. “In addition to member

convenience when traveling, shared branching offers credit unions revenue streams and operational efficiencies, and a key means of retaining members who move. The resulting profitability translates to ongoing investments in member benefits by virtue of the not-for-profit structure of credit unions.”

Keith Loria is an award-winning freelance writer who has written about everything from real estate to healthcare to entertainment, with some sports, business and travel thrown into the mix. Contact him at [email protected]



BY TINA POWERS

Affinity FCU’s New Purchase Mortgage Marketing Program Is a Game Changer at the Branch LevelHomeAdvantage from CU Realty Services allows branch employees to connect with members early in their home-buying journey

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H elping members achieve their homeownership dreams is the driving factor behind Affinity FCU’s new approach to mortgage marketing. The goal is grounded in practicality, but it

also recognizes the emotions attached to the home-buying journey. It’s a counterintuitive combination for most businesses, unless they are credit unions that are focused on providing exemplary member services. The largest CU in New Jersey, Affinity saw an opportunity and embraced big change. Headquartered in Basking Ridge, New Jersey, Affinity FCU has more than 20 branches in the tristate area and serves more than 165,000 members. While Affinity’s local real estate market is especially competitive, the CU also services mortgages across the U.S. “Affinity is dedicated to helping our members reach their dreams of homeownership,” said Carolyn Morganbesser, senior manager, mortgage originations. “That’s where the emotion comes in. Members are not shopping for a house. They are searching for a home. A place to relax, raise a family and enjoy life.” “From a member services perspective, we wanted to help get members into homes faster which requires

establishing relationships with members early, before they are ready to actually buy a home. This allows us to be a better partner to our members as they embark on making one of the largest financial commitments of their lives.” With almost two dozen locations, Affinity needed a strategy that could empower their staff with the ability to engage and nurture member relationships on the topics of both real estate and mortgage services. Affinity found the solution in HomeAdvantage®, a turnkey real estate program from CU Realty Services that offers members the ability to search for homes, research the market, connect with a preferred real estate agent and save money at closing. HomeAdvantage also features an online employee dashboard that allows front-line staff to quickly enroll members into the program. This ensures that even prospective buyers and sellers, regardless of whether they are ready for a mortgage or a move, can use the program’s powerful tools and stay connected to Affinity throughout their journey. “Our entire Affinity team was excited about implementing the HomeAdvantage program because it’s another free and valuable benefit to offer our members,” said Morganbesser. Because each member-



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facing employee—tellers, loan officers, member services, etc.—has access to the program’s dashboard, they can capture customer information much earlier in the process, creating a pipeline for purchase mortgage customers. Prior to implementation, CU Realty Services trained Affinity staff on location at multiple branches so that employees at every level were equipped to use the HomeAdvantage dashboard as a way to promote the purchase mortgage program. David Lehmkuhl, an Affinity member for 30 years, was the credit union’s first member to close on a home using HomeAdvantage. He learned about the program on Affinity’s website. Intrigued by the program’s Cash Rewards benefit, Lehmkuhl signed up and found a house right away. Within an hour, a HomeAdvantage real estate agent was in contact with him. Members who buy or sell their home using an agent in the program

qualify to earn HomeAdvantage Cash Rewards at closing, a cash-back benefit that yields an average of $1,570 in savings per transaction. The HomeAdvantage Cash Rewards were an especially important feature for Affinity. “Since members can apply their Cash Rewards toward closing costs, they don’t need to save as much money upfront, which gives them the opportunity to get into their homes faster,” said Morganbesser. The cash-back benefit provided the Lehmkuhls with an unexpected home-buying benefit. “We applied our Cash Rewards toward closing costs,” said David Lehmkuhl. “We wanted to be careful about how much money we took out of our investment accounts because the market was doing so well. Using HomeAdvantage meant that we could leave that money where it was so it could keep growing and keep working for us!”



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Also important to Affinity branches was access to an established network of local real estate agents. This was essential to closing more purchase mortgage loans. According to Morganbesser, “The HomeAdvantage agent network was a big draw. Some of our past agent relationships didn’t work. Now, we have a great, dependable network. And our loan officers like that it can be used at the branch level to accommodate the member’s needs.” From the member perspective, Affinity’s shift to a new real estate model makes the home-buying journey easier. “The process was very different from when I bought a house 19 years ago through another lender,” said Lehmkuhl. “This time, everyone was so helpful in walking me through the entire process. I can’t say enough about my HomeAdvantage real estate agent and my Affinity mortgage loan officer.” Ultimately, a robust real estate program can become a cornerstone from which to build overall credit union health and member satisfaction. And exceeding member expectations in the mortgage department can positively impact the CU in other areas, too. “Success in mortgage services opens the door to increase other member services such as credit cards, personal and auto loans, and more,” said Morganbesser. Affinity FCU is the first New Jersey-based credit union partner for CU Realty Services, the largest real estate credit union service organization (CUSO) in the U.S.

About CU Realty Services, LLCCU Realty Services provides real estate services to credit unions across the nation, helping them increase their purchase mortgage business. Launched in 2001, the CUSO has worked with more than 100 credit unions and mortgage CUSOs nationwide to offer its turnkey real estate program, HomeAdvantage®. Through the program, credit union members can search for homes, research neighborhoods, calculate costs of homeownership, connect to experienced real estate

agents, and earn HomeAdvantage Cash Rewards. By offering this program to members, credit unions are able to attract, identify and engage more home buyers, and consequently close more loans. To learn more, visit www.curealty.com. About Affinity Credit UnionWhen you become a member of Affinity Federal Credit Union, you belong to something better – a community. With more than 20 branches, Affinity is the largest credit union headquartered in the state of New Jersey, proudly serving the tri-state area and ranking in the top 2% of all credit unions in terms of asset size. With thousands of businesses, associations, clubs and individuals comprising the Affinity family, we are truly a community connected. Affinity members have access to a network of more than 5,600-shared branches and nearly 30,000 surcharge-free ATMs nationwide. As a member-owned, not-for-profit, full-service financial institution federally insured by the National Credit Union Administration (NCUA), Affinity’s products and services are designed to fit member needs, all while offering great rates and fewer fees. From consumer and business banking services that include a full suite of deposit products, mobile and online banking, to auto, real estate, education and personal loans, Affinity offers the right tools for its members’ financial success. For more information, please visit affinityfcu.com and follow us on Facebook (AffinityFCU), Instagram (AffinityFCU) and Twitter (@AffinityFCU).

Tina Powers, COO - CU Realty Services



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BY JIM ROMEO

Building Customer Service at Your BranchA conversation with Mark Holder, Vice President and retail division manager at TruMark Financial® Credit Union in Fort Washington, Pennsylvania.

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M ark Holders is the vice president and retail division manager of TruMark Financial® Credit Union in Fort Washington, Pennsylvania. We spoke to Mark to understand his approach

to customer service at TruMark. Here’s how our conversation went.

Branch Business: From your perspective, how important is it to invest in customer service training for today’s branch staff?

Mark Holders: Training my team to handle the various aspects of member experience is critical to TruMark Financial. How we handle member interactions sets us apart from other organizations. We constantly coach our team on improving their performance to provide a consistent level of service to our members. The training we provide never stops. We always find ways to make improvements to our training and processes.

Branch Business: What are some of the better ways to conduct such training?



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Mark Holders: The best way to conduct this training is through consistent coaching and feedback. Our branch managers provide on the spot and formal coaching on member interactions to their employees. They also role play various member scenarios with the team.My regionals also coach this when they conduct visits.

Branch Business: Do you feel that customer service should be monitored and evaluated periodically to ensure that a high level of customer service is being maintained?

Mark Holders: Absolutely. Member service should be monitored every day. At TruMark Financial, we get daily feedback from our members regarding service. We have a robust “Voice of the Member” program that encourages our members to provide feedback on their daily interactions with the credit union. This allows us to be responsive to our members and enables us to make changes to enhance the member experience. My team constantly engages our members for feedback. As a team we also reflect on our performance to find ways to enhance the member experience.

Branch Business: What advice could you share with regard to best practices to build and maintain customer service for your branch and branches?

Mark Holders: One key point about member service is that it is not just a branch responsibility. Today the interactions members have with other departments can affect member satisfaction. It is important all departments march to the same beat, so members receive the same level of service regardless of the channel with whom they interact. Several of our back-office departments receive surveys on performance related to member interactions. This helps other departments understand the important role they play in member service.

Branch Business: How important do you feel customer service will be in the next 3-5 years? Can you explain?

Mark Holders: The service we provide to our members will be a key driver of our success in the coming years. Today when someone is not satisfied they can go to social media and have that seen by hundreds or thousands of people. I only see the reach of social media expanding in the future. The companies that can provide exceptional member experiences will be the winners in the future. We have to continue to provide a service that is memorable and keep our members coming back.

Jim Romeo (www.JimRomeo.net) is a copywriter focused on business and technology.


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Nutmeg and DMV Team Up for Convenient License Renewal ExperienceConnecticut drivers can now renew their drivers licenses in first-ever state partnership between DMV and a credit union

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(Rocky Hill, CT) – June 19, 2018

G overnor Dannel P. Malloy announced today that the Connecticut DMV will open its doors at Nutmeg State Financial Credit Union’s Milford location. The collaboration is part of the new DMV

Express initiative to partner with local organizations to provide driver’s license and identification renewals. The credit union was chosen as a partner by the DMV following the announcement in 2016 that the AAA Northeast motor club would stop renewing licenses at its offices in Fairfield and New Haven counties. The partnership allows for people to conveniently take advantage of either Nutmeg or DMV Express services. Nutmeg’s Milford location will be their second in New Haven county and will be the credit union’s first location that features completely self-serve technology. Members will be able to utilize this location to perform transactions including account transfers, loan payments, check and cash deposits and withdrawals, get a new or replacement debit or credit card, apply for a loan, and more.

PHOTO: from left: CT Governor Dannel P. Malloy, John Holt, President & CEO of Nutmeg Financial Credit Union and Benjamin Blake, Mayor of Milford, celebrate the grand opening of the DMV Express at Nutmeg’s Milford location that will provide driver’s license and identification renewals.CHRIS ANTHONY PHOTOGRAPHY



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In addition to the extensive and convenient services already offered at Nutmeg, residents will now be able to renew their driver’s licenses in the same location. The service is a first of its kind in the state. “We are so excited to partner with the DMV,” said John Holt, President & CEO of Nutmeg. “Our intent is to offer convenience through technology whether you are doing your banking or renewing your license. We have always been dedicated to providing outstanding service and convenience for our members and will offer that same commitment to the DMV clientele.” Eventually, the credit union envisions opening additional licensing centers in the area. Nutmeg is continuing to expand their branches from central Connecticut into the southwestern and western reaches of the state.

There was a grand opening for Nutmeg’s Milford location, located at 977 Boston Post Road, Milford, CT 06460, on Wednesday, June 6th at 11:30 AM with Governor Dannel P. Malloy and DMV Commissioner Michael Bzdyra. The celebration included a ribbon cutting ceremony, giveaways, and refreshments. “We are excited about opening this Milford location to serve the Southern Connecticut area. We believe this partnership will serve the citizens of Connecticut well by giving them additional places for license and ID card renewal services,” said DMV Commissioner Michael Bzdyra. About NutmegChartered in 1936 and headquartered in Rocky Hill, Nutmeg State Financial Credit Union is open to anyone who lives, works, worships, attends school or volunteers in Hartford, New Haven, Middlesex or Tolland Counties as well as Shelton, Stratford and Bridgeport. They provide members a friendly environment in which to bank, and take pride in educating consumers about the advantages of joining a credit union. Visit them at www.nutmegstatefcu.org for more information.



http://www.nutmegstatefcu.org


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As Interest Rates Rise, Credit Unions Must Evaluate the Lending Experience to Win Borrowers

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W hen shopping for a loan, interest rate repeatedly ranks among the most important factors that influence the consumer’s decision; however, rate is not the one and only factor

considered. Good thing, too. Interest rates will continue to rise in 2018, which will eventually lead to price wars. But instead of competing by offering “bottom of the barrel” prices, credit unions must evaluate the overall experience – and by experience, I mean more than just instant lending decisions and great front-end experiences touted by fintechs and alternative lenders. Credit unions must look beyond the initial application and decisioning process to evaluate transparency, flexibility and control, as these factors increasingly outweigh the importance of interest rates alone. But first, it’s important to understand the types of experiences consumers expect. Not surprisingly, each generation expects something different from the lending experience. When it comes to Baby Boomers, interest rates take precedence over all other factors that contribute to the overall experience, but that does not mean they do not care about the experience. Boomers are actually drawn towards loans with interesting features that enrich their experience. In fact, a recent consumer study by Kasasa® revealed that 74 percent of the 50-59 age group said having the ability to withdraw money

that has been paid ahead of their loan schedule would be “extremely” or “very” valuable. Additionally, this generation is known for taking the time to research and submit important documents online, but still appreciates the in-branch experience when borrowing money. Gen Xers also appreciate a great in-branch experience, but they have learned to embrace the option of an online experience as well. This generation enjoys a sleek, digital platform as well as the convenience of digital lending applications. They can be skeptical about loans, so straightforward loan terms are best for this group. Gen Xers may not care about interest rates as much as Baby Boomers, but they do consider it. With Millennials, however, providing an excellent experience is key to winning over this generation. In fact, 65 percent of this generation says they make

LENDINGLINE

BY JOHN WAUPSH



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decisions based on the consumer experience, while only 35 percent make selections based on rates. Millennials are technologically literate and known for booking vacations or ordering groceries via their mobile phone. To most members of this cohort, the lending process is arcane and outdated, especially when compared to the easy, fast processes that they are accustomed to experiencing. They appreciate high-quality user interface design that is simple and quick to use.

So how can credit unions appeal to all generations? These generations may differ on what makes a stellar experience, but they can all agree that the traditional lending process must be reinvented. To compete with megabanks and alternative lenders and give consumers across all generations the experience they want, credit unions must look beyond interest rate and quick lending decisions and instead focus on three key areas: transparency, flexibility, and control.

Transparency Borrowers want and need a better understanding of the basics of their loan. In fact, it is no secret that most consumers want to pay more on their loans in an effort to pay it off quickly. However, most consumers have a limited understanding of how debt works or the impact of paying off debt quickly like increasing financial security, reducing stress and improving a credit score. Let borrowers know where they stand – give members more transparency by providing an easy-to-use interface, such as a dashboard, that will make it easy to access and manage their loans.

FlexibilityWhile most consumers want to pay extra towards their loans, they typically tend not to do so. According to the Kasasa consumer study, only 31 percent of consumers

regularly pay extra toward their loan each month. This is because they know that life will happen – an emergency or life event will come up when they need those funds – and the loan won’t allow them to take back those extra dollars. Consumers despise this lack of flexibility in borrowing, but this no longer has to be the case. Credit unions can offer loans with new take-back™ functionality, enabling borrowers to pay off their loan faster but leverage take-backs to access extra payments in times of need, eliminating that fear of parting with ‘extra money’ while also enabling the member to make better financial decisions like paying down debt faster. This ability to withdraw money later may influence consumer behavior, especially for the 28 percent of survey respondents that do not currently pay extra towards their loans and the 31 percent that only “sometimes” do.

ControlLast, borrowers want more control. Credit unions can achieve this by providing a seamless way for borrowers to see instantly the impact of payment changes prior to actually making them. With a sleek, mobile-friendly dashboard, members can manage their debt by actually seeing the status of their loan in just seconds. They can



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also see the impact of payment changes before they make them, providing greater control and enabling them to make better financial decisions. As the economy continues to bounce back to pre-recession levels forcing interest rates to rise, credit unions must look beyond low rates and speed of decision when competing for business. Consumers still consider rates when shopping for a loan and they still value a great application experience, but credit unions have an opportunity to talk to members about something completely different – a loan with take-backs. In extensive testing, a loan with take-backs is preferred by nine out of ten consumers over comparably priced loans. By offering transparency, flexibility and control, credit unions can be much more competitive while offering something that is good for the consumer, putting them ahead of megabanks and alternative lenders.

John is Chief Innovation Officer at Kasasa® where he leads the team that architects the company’s products including Kasasa, a suite of nationally-branded products and rewards checking accounts offered exclusively at select community financial institutions. Prior to Kasasa, John founded FIRST ROI, which was the first company to drive online business for community financial institutions. You can also find John’s book, “Bankruption: How Community Banking Can Survive Fintech,” on Amazon.



BY CHAD DAVIS

Optimal Teller Scheduling, Just as Important Now than Ever

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W hen it comes to scheduling in the branch, in 2018 it’s easy for management to take a reactive approach. At some point, most institutions have had some sort of

initiative related to optimizing their staff. A “we’ve already done this mentality” comes to mind. Still, credit unions want to improve service in the branch, which includes minimizing customer wait time during busy periods that are often short and unpredictable. Fortunately, proven technologies are enabling banks to automatically perform ongoing analyses on in-house transaction data and use it to achieve far more efficient scheduling, not only for tellers, but also for other branch staff who are used to fulfill the teller role intermittently. Credit unions that employ such methods can save tens of thousands of dollars, per branch, per year, as can be seen in the 2017 Kronos FMSI Teller Line Study. The study, which incorporates transaction data from more than 1,000 branches across North America, quantified the productivity difference between high- and low-performing branches. We found an 19% decline in productivity since the early 1990s. Here’s the good news. There are proactive steps a branch manager can take to identify problems and achieve at least moderate improvements, such as: Evaluate Non-Teller Staff. Consider what non-teller staff – managers, supervisors and platform staff – you are using to cover teller line volume and determine if this is an appropriate use of their time, given their intended role/position. Ask yourself if the volume could be handled more efficiently by staff whose stated job

description is to process member-facing transactions.Establish a firm expectation for the use of non-teller staff regarding teller line coverage. For example, is the expectation for a Head Teller to spend the least amount of time processing transactions? Then, have a coaching discussion with teller supervisors/managers to set expectations for their role. Set Teller Guidelines. Review the performance of staff whose primary function is to perform teller transactions and estimate how much time they are spending performing non-processing functions. Your employees should be able to estimate this. Make it clear that honesty is important and that there is no “wrong” answer. What are the tellers doing when they are not processing teller area transactions? Is it work that adds value to the organization, branch and/or customers? Are you scheduling employees as efficiently as possible to meet the volume needs?Incorporate Strong Scheduling Practices. Implement industry best practices by scheduling the optimal level of tellers based on historic transaction volumes. Use higher paid positions on the teller line only when absolutely necessary to ensure service excellence. Undergo a thorough review of branch traffic flow service needs. Hire Part-time Tellers. Hiring part-time staff for peak volume hours is the most cost-effective means of covering those periods. Part-time tellers generally do not perform as many ancillary duties as full-time staff, and, if the positions are staffed correctly, are not present for non-busy periods.



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Implement a Workforce Utilization System. The steps above can only take you so far, and, realistically, even some of them are more successful and easier when you have the right metricsin hand. Consequently, we urge all credit unions to implement a transaction-based workforce optimization initiative. With such a program, transaction data from your core processor is harvested and compared against your teller schedules to determine periods of non-volume activity. This enables the most efficient scheduling possible. The system can be implemented in-house with custom programming or you can purchase a third-party solution.All credit unions are searching for ways to improve their bottom lines. The labor cost of tellers is one of the largest line items on the expense sheet. Yet, Celent estimates that only 3% of North American financial

institutions use a dedicated branch efficiency staff reporting and scheduling system. Adopting all the recommendations listed above could decrease your overall teller labor cost by 30% or more.

Chad Davis is senior industry marketing manager, Financial Services Practice Group, Kronos, which is a leading provider of workforce management and human capital management

cloud solutions. Kronos’ industry-centric workforce applications are purpose-built for financial institutions of all sizes. He can be reached at [email protected].



BY MEREDITH DEAN

Don’t Write a Eulogy for BranchesJust Pay Attention to How Their Role Is Changing

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T hink mobile devices are sounding the death knell for the credit union branch? Research is showing, in fact, that CU branches still have plenty of life left in them. Their roles are just changing. Find out how to make

your physical locales viable now and into the future.Every day more consumers conduct financial transactions with their mobile devices. They’re tapping their phones at the point of sale, they’re taking pictures of checks and depositing them remotely, and they’re balancing online checking accounts. Banks and credit unions are simply making it easier for Americans to manage their finances on the fly, generating a great deal of debate about the impending death of the branch. But according to the 2015 FMSI Teller Line Study, branches – in fact – are not on life support. Far from it. They are evolving from a place to conduct transactions into centers for financial advice and sales. The numbers show that branch transaction volume is indeed declining, in fact, a full 45 percent since 1992. Certainly, tough decisions are ahead for banks and credit unions regarding their bricks-and-mortar locations. But those decisions should be based on detailed insights of where branches have been, where they are heading and the types of adjustments – both culturally and technologically – needed to make branches viable in the future.

Follow the TrendsFor nearly 25 years, FMSI has conducted a detailed annual study of teller activity volumes, using the month

of March as a benchmark. The annual Teller Line Study is a compilation of statistics from community banks and credit unions in geographic regions from all across North America. The March 2015 study encompasses over 16 million teller transactions and compares the same information to the previous 23 years of the study. The trends inform us about transaction volumes, pay rates, labor costs per transaction and part-time utilization. Here are some important statistics from that study:• Along with the 45.3 percent reduction in teller line

transaction volume since 1992, community banks and credit unions in that same period collectively have had a 90.1 percent increase in staff salaries and benefits.

• Those two factors have contributed to a 133.3 percent increase in labor cost per teller transaction since 1992.

• In that same period, teller line productivity has dropped 18.5 percent in the number of transactions processed per teller hour.

The Teller Line Study also shows that the ratio of population to branches has declined from 9,340 people per location in 1970 to 2,970 in 2014. It’s a staggering metric, resulting from a nearly 300 percent growth in the number of branches since 1970 while the population growth was nearly half of that. Together, the decline in the ratio of population to branches and the recent decline in bank branches – down nearly five percent as of June 2014 from the all-time high of 99,550 locations in 2009 (FDIC) – suggest that the market is starting to correct itself from being “over branched.”



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Data shows that the decline in branches is more the result of a market correction from a glut of branches as opposed to alternative channels replacing the branch. Still, those alternative channels will eventually have their lasting impact on financial institutions’ offices, as bricks and mortar transactions continue to fall while online and mobile banking activity relentlessly marches higher. A new study by Javelin Strategy & Research reveals that the United States has reached a tipping point – the number of mobile users now surpasses the number of weekly branch visits.

The Sales-Centric BranchThe shift in financial services delivery will ultimately transform a credit union’s branch system to become sales- centric – as well as a place for consumers to get advice from a trusted resource. And many financial institutions are beginning to take this step today.Yet it will take time for the sales-centric branch to become the financial services industry standard for a litany of reasons. They include the impact of commercial deposits, the cost of branch physical transformation and the complexity of transitioning staff. However, we see two key reasons the change will occur slowly. First, while branch transactions are dropping, a great deal of transactions are still taking place at financial institutions’ physical locations – the large majority being simple deposits and withdrawals. It will take time for those types of transactions to move to electronic channels.In fact, if you continued the rate of decline as recorded by the Teller Line Study out another 20 years, the average monthly branch transaction volume would be approximately 3,500. The second reason this shift will take time is that no matter how simple the other channel technologies are, the reality is there will always be some who never adopt them. Nevertheless, at some point in time, these simpler

transactions will certainly almost completely migrate to more efficient channels when future generations replace the older population segments of today.

Plan TodayTherefore, it’s wise to begin making transition plans now. Those financial institutions that move the soonest toward creating sales-centric branches in retail footprints that appeal to the growing segment of heavy digital users will likely have an advantage over competitors in the years to come. These new sales-centric offices will look and operate drastically differently from today’s traditional deposit- centric locations. Catering to digital users seeking out the branch for advice on financial products and services, these branches will deliver what FMSI calls “higher-quality” interactions that lead to a greater share of members’ wallets. These higher-quality interactions are more likely to lead to closed product sales and additional cross-selling. As a result, they’ll represent much more profitable exchanges than simple deposits and withdrawals – especially with labor costs of more than $1 per transaction.

Tech Supports Sales CentersTechnology will play an important role in the sales-centric office, both in branch and in the hands of consumers. Lobby cross-sell metrics backed by on-demand sales-reporting tools, we find, lead to account holders taking more products and staff increasing their performance. With smartphones users expected to more than double by 2020, reaching 6.1 billion globally, according to Ericsson, credit unions should leverage such technology to enhance the branch experience. Consumers are also beginning to understand how the two forms of interaction – virtual and in person – work together, thanks largely to other industries.For instance, consumers use their smartphone apps




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to reserve movie theater seats, order pizza and set appointments at the hair salon. People are becoming accustomed to getting what they want through their mobile devices, and fulfilling their branch banking needs should be no different.

Branches Here To Stay – But ChangingAll the movement toward mobile is generating concerns about the death of the branch. However, statistics show there’s no need to write a eulogy, as branches are not going away. They’re simply changing purpose. Branches someday won’t be the place to deposit checks. Rather, they will be a center for sales and deepening member relationships as well as a place for consumers to receive trusted financial advice. Those

credit unions that recognize this shift the soonest, and that take steps to transition their bricks-and-mortar focus away from transaction centers, will be successful for years to come.

Meredith Deen is the Chief Operating Officer of FMSI. FMSI provides easy to use, yet sophisticated, business intelligence and performance management systems that facilitate efficient staff scheduling and systematic lobby

management of the branch. She can be reached at [email protected]. For more information, visit www.fmsi.com or call (877) 887-3022.




BY KAITLIN MORRISON

Motivated WorkplacesTwo Branch Managers Offer Four Ideas for Success

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H ow can your credit union improve itself as a place of work for your dedicated employees in the upcoming year? Branch Business sits down with two branch managers. Keep reading to discover

insights into how this pair of stellar leaders motivates their teams and reaches their goals.How can your credit union improve itself as a place of work for your dedicated employees in the upcoming year? Branch Business sits down with two branch managers. Keep reading to discover insights into how this pair of stellar leaders motivates their teams and reaches their goals.Every branch wants to start the new year strong with a motivated, productive team. Credit union branches around the nation are doing great work for their members by listening to their employees and becoming better workplaces. With a new year quickly approaching, many managers began planning for January early on.Wondering what it takes to make a better workplace in 2017, we decided to ask two branch managers to share their insights with us. Read on to learn more about how these two star branch managers motivate their teams and reach their goals.

New Year’s Insight #1: Embrace your observational skills and invest time in understanding your workplace culture.

“Simple observation is the most effective way to read the culture of your branch,” said Koy Stone, branch manager of SC Telco Federal Credit Union’s Verdae Office in Greenville, S.C. “Numbers and reports do not show you everything.”

Instead, Stone suggests observing employees as they interact with each other and with members. This way, you can identify opportunities to improve and find outstanding employees who deserve your recognition.When you notice excellence, recognize it. At SC Telco Federal Credit Union, handwritten notes displayed at every branch call attention to what great employees are doing. “One of our core values is to have the ‘Heart of a Servant’ …. These notes serve as a motivator along with a reminder about why we’re here: to serve the members and to serve each other.”

New Year’s Insight #2: Promote a sense of ownership by always looking for responsibilities you can share with your staff.

“I do get my staff involved for the upcoming year’s budget planning in the fall,” said Brittni Romero, a branch manager at Guadalupe Credit Union in New Mexico. “Once the management moves into the planning sessions and goals are established, we discuss each goal in the branch.” Whether the goals they discuss are recruiting new members or improving ROI, the entire Guadalupe Credit Union team has an opportunity to provide suggestions and feedback that will shape the branch’s

Koy Stone, branch manager of SC Telco Federal Credit Union



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strategies for the upcoming year. Getting employees involved is one way Romero promotes buy-in at her branch. “Getting everyone’s participation helps the entire team take ownership, which in turn makes achieving those goals more realistic as we move into the new fiscal year.” She also recommends building rapport with your team by showing them you care about their development and career growth with your credit union. Earning their trust encourages your team to share their ideas, and it draws your attention to potential problems. Connecting with your team can be as simple as keeping open communication and regularly acknowledging how they contribute to your team’s goals.

New Year’s Insight #3: Let your members define ‘success.’ Then allow this definition to shape tangible goals at your branch.

Stone says tangible goals should always serve the needs of your membership rather than distract you from them. Quantitative goals, such as acquiring new members or increasing loan volume at your branch, are excellent ways to understand how you are serving your members. These numbers, however, have limitations. Qualitative information is also important.“I believe member surveys provide one of the best indicators of my branch’s success,” said Stone. As a member-driven and member-owned organization, you should never forget to invite your members to define success at your credit union. You ultimately answer to your members, so any service

or product that fails to deliver for your members represents an opportunity to improve.While you do need to understand your members and set appropriate goals for your branch, you should also know where you are and where you want to be. Having a conversation with your team to determine your goals goes hand in hand with knowing where your branch is currently winning (and struggling). “No matter what (benchmark) you choose to measure your success, the most important first step is determining where you currently measure up and then where you want to be.”

New Year’s Insight #4: Offer meaningful incentives in line with your employees’ motivations. Get to know what works well for your workplace culture so you don’t crush it with the wrong incentives.

Cash incentives and other tangible awards can be a great way to recognize your team for their hard work during the year, but sometimes personal, heart-felt recognition can be more meaningful. By understanding and shaping your branch’s culture, you can learn how to use incentives with your employees that are in line with the values you want to promote at your credit union. You can also find effective motivators for your branch. “The important thing is to know what motivates your team and how they prefer to be recognized,” Stone says.At Stone’s branch, a New Year’s event helps recognize the entire team’s work while also symbolically beginning the year on a positive note. Incentives throughout the year can be very simple and inexpensive, as long as they make work more interesting. “I have discovered that any gesture to break up the monotony of the work week serves as an effective incentive for motivating a team.”

Brittni Romero, branch manager at Guadalupe Credit Union



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Romero says her branch uses a mix of different incentives but stresses the importance of personal acknowledgement. Cash incentives are a great motivational tool, she says, but branch managers need to avoid relying solely on cash to incentivize their team if their employees are actually looking to be recognized at work. Since recognition is such a powerful motivator for many people, finding a way to integrate more personal recognition is often worthwhile for managers. Beyond simply letting your team know how well they are doing, try to reward individual efforts to contribute to the group’s goals. “Even though we offer cash incentives for a lot of things, personal acknowledgement goes further…. If it’s a busy day, I always tell them ‘thank you for doing such an amazing job – you all ROCK.’ They love being recognized and appreciated.”

Make 2017 the Best Year for Your Branch’s Workplace CultureAfter putting together the right team, great managers are able to keep everyone motivated and productive. Creating a workplace where your whole team can truly thrive may help you reduce turnover, increase productivity and ultimately provide members at your

credit union with amazing service. Leading your team means modeling your credit union’s workplace values. Your team members need a real picture of how they should be doing business. Of course, without knowing what your organization’s values actually are, leadership can become a difficult gamble. I believe your branch’s future is bright if you are willing to empower your team to follow your values and serve members first. To accomplish this aim, you absolutely must choose a destination and make a plan.Great branch managers like Stone and Romero teach us that good leadership is really about living your organizational values, placing people first and doing solid strategic planning for your branch’s future. They both strive to model continuous improvement as a strategy and as a daily practice. Like them, you can also build everyday excellence at your branch by focusing on your staff and allowing them to take on meaningful responsibility. With motivated employees, you can lead your branch to be even better in the upcoming year. Take a small step forward by building a strong branch culture.

In addition to covering Branch BUSINESS for CU Business, Kaitlin is a freelance business writer based in Central Washington State. She is passionate about educating her readers and is a proud credit union member and

supporter of credit unions. You can read more of her writing at www.kaitlinmorrison.com.

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