“What Does the Promise of Online Financial Institutions Mean for Credit Unions?”
This website is an ongoing and active collaboration by several credit unions, CUSOs, vendors, and interested parties who are trying to innovate on the way credit unions think about and offer online services. But it should go far beyond that!
What about starting new credit unions? What about the potential to shift from a “physical focus” to an “online focus” to breath new life into an existing credit unions model? What about collaboration between credit unions through an online credit union offering? What about the idea of virtual branching?
Today most of us deal with the fact that our industry is running credit unions and in doing so trying to nurture organic growth through great operations, but is that enough? What about those who need to truly innovate and shift gears and at the forefront of all of their strategies put “building credit unions” out front? How will they do it?
What if…..what if….what if? From designing credit unions with truly revolutionary expense ratios, to reaching out to the future consumer, to understanding how to better be where the action is credit union leaders need to be skilled at architecting new designs for credit union processes and ultimately even completely new organizational models.
This website is designed to discuss that very challenge, to offer some ideas, and debate the potential of this emerging opportunity. We hope you will participate and help us potential craft a new future for credit union members.
During fall of 2007, CU*@HOME will be changing to It’s Me 247 Online Banking. A new name, a new look, and a new focus.It’s Me 247 is a member-centric initiative to provide a new way of marketing your services to your members. It’s Me 247 is an exciting new way to bank online. It’s Me 247 is a conduit to personalize your services to your members.
Download the “Approaching Online Banking” Presentation (A work in progress)
Because the world’s changing. Because your members are changing. Because new financial service consumers are changing even faster than your members, and the next generation of members for your credit union will come from this pool.If that’s not enough, it’s just time for a facelift and a new direction for your online banking member. When CU*@HOME was first released, many credit unions had very little exposure to online banking systems, but today every online banking member is far more Internet-savvy and has been exposed to all kinds of websites and online tools. Your members have a trained eye. They expect that you are going to stay ahead of them by offering new services and features, improving your security, and treating them as special.
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CU*Answer is working to create resources for you to communicate this new step forward. Partners in Practice has built tools for several channels of member communication and marketing.
CU*Answers has a plan to help you get the word out with posters, brochures, e-mail and much more. Visit the CU*Answers Kitchen for the latest details.
Click to enlarge.
As part of the It’s Me 247 focus, we’re creating a new Online Banking experience. This new experience lays the foundation for things to come.
It’s Me 247 Online Banking will include:
- Demographically Targeted Marketing
- New Navigation
- New Look and Feel
- Updated Development Platform for the Next 3 Years
A prototype or mockup of how the new It’s Me 247 Online Banking might look will be revealed during the Web Services and Online Banking Focus groups in mid April.
Coming July 2007
Future new login page
Connect with your online users and make them feel special with the Online Banking Community Pages. These pages include:
- Marketing your Services to your members
- Continuing Education
- Regularly Published Articles and Information
- Ongoing Contests
- All authored by CU*Answers
Leave it to us, we’ll take care of it for you through regular updates to the Online Community Pages. Updates will inform and educate your members of upcoming changes
and promotions coordinated with Partners in Practice and Member Reach.
Networking Multiple Charters
Now dare to define yourself as anything but “the average credit union.” You want to do more than simply branch through the Internet: you want to grow through the Internet. You wish to grow through collaborations with existing credit unions.
You wish to expand into new marketplaces and potential member communities beyond what your current charter can do. You might even consider a de novo Internet credit union charter: a start-up. With a little experience, you might even talk to existing credit union peers about helping them manage their credit unions as Internet credit unions.
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CU*Answers believes the world is coming to the small. As quickly as large organizations can build traditional financial institutions focused on branching and physical locations, the marketplace is working just as fast to respond to a growing consumer base that wants everything to start online.As online financial institutions become more and more prevalent in the minds of consumers, the expectations of credit union members that their credit union will transition their operations will also grow. Members will want to do business with financial institutions they trust. And trust is probably the most “virtual“ emotion of all.
In this day and age, building virtual identities is cheap, especially if you already have a built-in audience and an opportunity to capture their attention. Credit unions must get started now.
Check back here as we add new information and updates to the It’s Me 247 initiative. If you have any suggestions or input, please feel free to contact us or discuss it in the Ownership Community.
