Be a Fast Follower

Consider competitors’ plans when developing your service delivery strategies.

November 22, 2010
KEYWORDS banking , debit , mobile , payment
/ PRINT / ShareShare / Text Size +

OnPoint Community Credit Union, Portland, Ore., bases its payment strategy on being a “fast follower” of trends with staying power, says CEO Rob Stuart.

The $2.8 billion asset credit union began offering mobile banking in 2009 because it quickly became an essential product in the West Coast market where JPMorgan Chase’s purchase of Washington Mutual in late 2008 intensified competition.

The credit union currently is exploring other mobile banking enhancements, including “tap and go” and deposit capabilities; online banking, including bill payment and presentment; and prepaid and reloadable cards.

“Everything is on the table at this point,” says Stuart, adding it’s important to consider members’ preferences and competitors’ strategies when developing delivery strategies.

Subscribe to Credit Union MagazineOnPoint Community also is committed to its branch strategy. It plans to add six to eight branches a year for the foreseeable future to its 19-branch network. The new branches will vary in size and appearance, based on location and the needs of local members.

Stuart expects many branches built in the near future to have smaller footprints than older facilities.

The strategy, he says, emphasizes both access to services and sticky relationships, which led the credit union to launch its own credit card portfolio in 2008. The credit union had issued more than 40,000 cards by the beginning of fourth-quarter 2010.

“We see the credit card and debit relationship growing and becoming more important over time,” Stuart says. “As human behavior changes, access becomes more important. And both a debit and a credit relationship offer access.”

You can’t rent a car, reserve a hotel room, or buy an app for an iPhone without having a debit or credit card, he notes.

It’s quite possible, Stuart adds, that younger members will consider credit unions’ access points as important as their products.

• Read the full article or subscribe now to gain access to all online content.

Post a comment to this story


What's Popular

Popular Stories

Recent Discussion

Great article! Unfortunately, most employees don’t feel valued or appreciated by their supervisors or employers. In fact, research has shown that the predominant reason team members quit their jobs is because they don’t feel valued. This is in spite of the fact that employee recognition programs have proliferated in the workplace – over 90% of all organizations in the U.S. has some form of employee recognition activities in place. But most employee recognition programs are viewed with skepticism and cynicism – because they aren’t viewed as being genuine in their communication of appreciation. Getting the “employee of the month” award, receiving a certificate of recognition, or a “Way to go, team!” email just don’t get the job done. How do you communicate authentic appreciation? We have found people have different ways that they want to be shown appreciation, and if you don’t communicate in the language of appreciation important to them, you essentially “miss the mark”. Additionally, employees need to receive recognition more than once a year at their performance review. Otherwise, they view the praise as “going through the motions”. A third component of authentic appreciation is that the communication has to be about them personally – not the department, not their group, but something they did. Finally, they have to believe that you mean what you say. How you treat them has to match the words you use. If you are not sure how your team members want to be shown appreciation, the Motivating By Appreciation Inventory (www.appreciationatwork.com/assess) will identify the language of appreciation and specific actions preferred by each employee. You then can create a group profile for your team, so everyone knows how to encourage one another. Remember, employees want to know that they are valued for what they contribute to the success of the organization. And communicating authentic appreciation in the ways they desire it can make the difference between keeping your quality team members or having a negative work environment that everyone wants to leave. Paul White, Ph.D., is the co-author of The 5 Languages of Appreciation in the Workplace with Dr. Gary Chapman.

Your Say: Who should be Credit Union Magazine's 2014 CU Hero of the Year?

View Results Poll Archive