We all feel the strain of keeping up with the changing times. Many credit union CEOs agree that attracting and retaining members is one of the top three challenges that credit unions face. In order to meet the ever-evolving needs of members, credit unions should rely on innovative solutions to add to their product portfolio. Innovation plays a crucial role in the credit union industry, which is why we recognize ingenuity and inventiveness through the NAFCU Services Innovation Awards. This year’s winners have created outstanding innovations that help credit unions thrive in an increasingly saturated financial services market. They are:
Insuritas. The InsureNOW™ product was designed for credit unions with large member bases, big data CIF/CRM capabilities, and high member affinity levels. InsureNOW™ allows credit unions to provide highly customized, concierge-level insurance offers to their indirect borrowers at the very moment when the member intends to shop for insurance. The most innovative part of InsureNOW™ identifies insurance policy renewal dates for each member and generates targeted, automated pre-populated e-engagement communication to these indirect borrowers 30 days before their insurance policy renews.
See Jeff Chesky, President and CEO of Insuritas, at the NAFCU Annual Conference as he discusses “Online Banking to Online Selling – Transforming your Credit Union Website into a Fee Income E-Commerce Machine” on Thursday, July 24 at 1:00—2:00 p.m. and 2:15—3:15 p.m.
DDJ Myers. The Board Performance Assessment was developed to meet the need to support credit union boards. The assessment is designed to guide boards in reaching their highest level of performance, and create a high standard of excellence between board and CEO, one of the most critical interactions within the credit union. The innovation lies in the assessment’s ability to make boards more cohesive and pinpoint critical areas where improvements could be made.
Burns-Fazzi, Brock. Their Executive Benefits Learning Series helps credit unions understand effective methods for executive compensation and benefits to help recruit, retain, and reward their executive team. Complex topics in executive benefits and compensation are broken down into tax, accounting, legal, regulatory compliance, funding, and administrative concepts allowing credit unions to increase their knowledge and gain free practical advice. The innovative series consists of monthly, free live webinars which are recorded and archived for future reference.
For a recap the of 2014 BAFCU-BFB Executive Compensation & Benefits Survey, register for next month’s webinar on August 20.
Allied Solutions. UniTrac is a proprietary insurance tracking system that benefits credit unions by reducing the risk associated with collateralized loan portfolios. The tracking solution is completely workable online for credit unions through their client portal: CenterPoint. CenterPoint offers clients full access to insurance history and document images, letter notifications, customer service call notes, and claims. Lenders are able to view, work, print and download reports, submit claims, update required data fields and chat online with Allied representatives.
Join Sundeep Kapur as he discusses “Reduce Costs, Increase Member Engagement and Drive Revenue” at the NAFCU Annual Conference on Friday, July 25 at 10:00—11:00 a.m. PT.
A big thank you goes out to these companies and all of the other entries who continue to provide credit unions with innovative solutions that drive success.