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» Lora Bray
Where Does it All Go?
The thrill of payday is short-lived for many consumers.
July 21, 2014
Help members find opportunities to learn, save, and invest.
Help Consumers Celebrate Financial Independence
For too many, poverty stands in the way of financial independence and a comfortable lifestyle.
July 16, 2014
Partnerships and collaboration can help create financial security.
What’s the Secret to Success? Questions!
We all want better answers, but first we need to ask the right questions.
July 14, 2014
Curious people are better able to define clear objectives and identify potential opportunities, research show.
Take a Selfie!
Image repair does not occur easily.
July 6, 2014
‘The No. 1 challenge for banks is differentiating themselves from other financial firms that have bad reputations.’
The Great Recession: Still on Shaky Ground?
The recession may be over, but many consumers have yet to find solid financial ground.
June 23, 2014
How can you help members find financial highs while confronting recessionary tremors underfoot?
Lollipops, Dog Biscuits, and the Evolving Branch
Back in the day, everyone was happy visiting the branch—‘even the dog left the CU with his tail wagging.’
June 10, 2014
Expect the traditional branch to shift to assisted self-service.
Our Employment Situation: What Is America Singing?
The employment picture is improving overall, but it remains fuzzy for young workers.
June 9, 2014
‘Job prospects for young high school and college graduates remain dim.’
Housing: Residence or Investment?
Home prices have been rising for 28 consecutive months.
June 1, 2014
Americans favor real estate as the best long-term investment.
Bridge the Trust Gap
How does your CU instill and maintain consumer trust?
May 19, 2014
Converting disengaged customers into fully engaged customers could open up billions in deposits and investable assets.
Digital Disruption: Bust or Blockbuster?
Transforming member relationships can be both good—and risky.
May 13, 2014
The digital transformation is changing how financial institutions interact and serve consumers.
View All Articles by Lora Bray
Credit Union Magazine
July 2014 digital edition
Regulators Focus on Interest-Rate Risk
Rewards Keep CU Cards ‘Top of Wallet’
A Social Media ROI Success Story
‘Always Know and Listen to Your Customers’
Where Does it All Go?
While I thought that the premise of the article was good, I found one point very disturbing. It is that the Visions FCU ages people off their board at age 70. I found that really offensive. It perpetuates what I believe to be the regrettable marginalization of elders in our society, and the often erroneous assumption of debility and decline after a certain chronological age. Lots of folks over 70 are leading dynamic and viable professional lives and contributing to our society. How about Warren Buffet, a number of Supreme Court Justices, Jimmy Carter, the late Nelson Mandela and the late Maya Angelou, to name but a few, along with scads of writers, academics, performers, artists, and often our friends, neighbors and colleagues. If Visions wants new people on their board, it seems as though the term limitations and a nominating committee can accomplish that without aging all people off at age 70. I think that’s so insulting. And if those were paid employment, it would be illegal. I do wish you’d have picked a different credit union to profile---one that perhaps does many of the same things, without the arbitrary age exclusion. There have to be others out there.
David, good point about the "recovering comfortably" comment. That was an editorial addition--which I'll remove.
Many good points but too rosy? Will the "Federal Reserve raise short-term interest rates 1% per year for the next three years, starting in 2015—“probably next year at this time” ? I have heard from other economist that the US government will go bankrupt if that happens due to the QE the fed has done for several years. Also it seems an exaggeration to say “We survived a heart attack,now the economy is recovering comfortably." Comfortably recovering is too ignore the economic stress that many members still live with daily that will eventually affect many credit unions.
Karan, Great article and insight. I would also recommend that you start getting those credit cards into the hands of the youth BEFORE they are in college. One of the best ways to reach this young generation is through mom and dad. Before the student goes to college, get them started with a credit card (even if mom and dad are joint on it). It's never too early to start marketing credit cards. Mark
I would respectfully disagree that transactional data is a good place to start. In my opinion, relationship data is a much better starting point. Transactional data tends to require more "mining" of thousands/millions of transactions to identify opportunities or threats. Relationship data, however, involves identifying and profiling your high-value relationships (those profitable relationships with multiple products/services, for example) and leveraging that information to attract/cross-sell similar members. Generally involves a bit less effort and quite a bit higher return.
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