Volume 5, Issue 22
MnCUN Member Benefit – Complimentary 2016 Salary Survey Report
We pleased to provide our members a complimentary copy of the 2016 CUNA Staff Salary Report. This report provides the most comprehensive industry specific salary analysis available to credit unions. The report is formed from a survey that features compensation data for 90 positions, including the CEO, plus 10 part-time positions. There is also a specific report for credit unions less than $50 million in assets.
The CU Staff Salary report will be available in August, and the Small CU Staff Salary report is released in late September. We will provide information about how to access the reports once they are published.
If you have any questions, please contact John Wendland at the Network.
Complimentary BSA Training Now Available
Your complimentary compliance training is now available for download on the Network website. Empower and educate your staff with this BSA and OFAC Compliance webinar. The hour-long, recorded session covers all of the necessary information for your annual BSA compliance training requirement.
This training is for members only, part of our new 2016 dues supported services. A second complimentary webinar will be available later this year. If you have any questions regarding the training or your MnCUN membership benefits, please contact John Wendland.
NCUA 2016 Grant Round Opening Tomorrow
NCUA's grants and loan program provides financial assistance to eligible low-income designated credit unions.
- $2 million in grants available, subject to available funds.
- Applications will be accepted from June 1 through 30.
Four funding initiatives:
- Capacity and Growth – Credit unions considering new lending programs, deposit products, or other growth strategies that will increase financial service opportunities for their members can apply for up to $15,000 in assistance.
- Cyber Security – Up to $7,000 will be available for each eligible credit union to enhance their cyber security posture and protect member information. Some examples include hiring a consultant to perform a Systems Test or encrypting sensitive member information.
- Staff Training – $3,000 will be available for selected credit unions to pay for training topics related to credit union operations such as, but not limited to: compliance, lending, and collections.
- Student Internship – Up to $4,000 is available to each credit union to hire students enrolled in high school or college.
Easy-to-access online application materials are available on NCUA’s website.
Save the date - Crew young professionals group St. Paul Saints game
NCUA requests credit union feedback on examinations, supervision
NCUA Extends Call Report Deadlines for July, October reporting
NCUA Board revises 2016 Meeting schedule
NCUA issues Regulatory Alerts
16-RA-O5: Amendments relating to small creditors and rural/underserved areas under TIL
View all Regulatory Compliance news stories
Helping account holders spread the buzz about Kasasa
When honeybees discover a new source of nectar, they perform a mid-air dance, notifying other workers of the location. It’s a highly visible way to communicate, and everyone gets the message, proving once again that Mother Nature is a marketing genius.
When it comes to attracting new account holders, community financial institutions face a similar challenge. How do you motivate one satisfied customer or member to spread the message to their network?
Recent research sheds light on this challenge by revealing that Millennials are constantly on the move, which means they’re moving accounts, as well. Nearly one in five Millennials has switched financial institutions in the last 12 months, as opposed to just one in ten 35-54 year olds who have switched.
With 83 million Millennials in the U.S. alone, this switching behavior represents business that’s up for grabs. Business you can claim by increasing your visibility in the marketplace.
Get your fans talking…and grow new accounts
Customers talk about their experience — positive and negative. This is ideal for you, due to the exceptional customer service that you deliver every day. However, there is a crucial next step: making it easy for account holders to promote your institution on their social networks.
When your account holders are asked, “Where do you bank?” the name of your institution should be on the tips of their tongues. According to a study in 2014, 44% of people look first to friends, family, and coworkers when switching to a new financial institution.
Some institutions have succeeded with programs that rely on physical paperwork trails and incentivize account holders with door prizes. These can work well but demand constant maintenance by staff, especially to prevent unqualified reward payouts.
Still other institutions encourage referrals through online channels, including social media. This greatly expands their reach and taps into a current trend: 70% of people who purchased a product in the last three months say that a friend or family member suggested it online. Millennials, in particular, believe that other consumers care more about their opinions than companies do and so they post their opinions online, where anyone can access them.
What’s missing from existing approaches? A comprehensive process that:
- Allows account holders to easily share your institution
- Simplifies account opening
- Verifies unique account information
- Monitors account holder qualification status
- Automatically sends the referral bonus
A super highway for refer-a-friend traffic
Organic account holder growth via word-of-mouth marketing can make a huge difference in your profitability; it’s low cost and attracts loyal account holders.
In order to enhance this type of growth for institutions like yours, we launched Share Kasasa™, an automated, gamer-resistant program that incentivizes your biggest fans to promote your institution. Account holders can easily refer their friends via Facebook, Twitter, and email — and get rewarded for doing so.
The system automatically matches referrers with referrals to deliver rewards in the form of gift cards. Gift card delivery is triggered once a referral opens a new account and qualifies for their monthly Kasasa rewards.
Inspire fandom: Get people to promote your institution like crazy
Share Kasasa helps spread the message about your institution and the rewards of holding a free Kasasa checking account — all without hiring extra staff, filing tedious paperwork, or finding closet space for toasters.
To learn more about Kasasa, contact MnCUN Director of Business Development, Kris Jacobsen by email or at (651) 288-5515.