leveraging the cooperative principles & financial …...leveraging the cooperative principles...
TRANSCRIPT
Doing Wel l by Doing GoodL e v e r a g i n g t h e C o o p e r a t i v e P r i n c i p l e s & F i n a n c i a l L i t e r a c y
i n Yo u r M a r k e t i n g E f f o r t sC h r i s t o p h e r M o r r i s
thedisclosuresmusic.com
Credit unions are unique
Staff’s understanding of that uniqueness is critical to ROA, member service and marketing.
What’s the Difference?
71% of non-members aged 18-24 are “not at all familiar” or “not very familiar” with CUs
2013-2014 CUNA Member & Non-member Survey
Employees Need Help
• CU employees hold weaker perceptions of their credit union’s brand identity than their members [!]
• CU employees exhibit a tremendous amount of consensus about the “credit union idea” but have a very difficult time explaining the idea to external parties.
Filene Research Institute
Develop an Elevator Speech
Ensure you (& your CU) staff can articulate yourcredit union difference in 30 seconds or less.
Worldwide CU Movement
• 105 Countries• 57,480 Credit Unions• 217,373,324 Members
2014 Statistical Report, World Council of Credit Unions
Cooperatives
Cooperative Principles
Cooperative Principles1. How many co-ops can you name?2. What do cooperatives and credit unions
have in common?
9 Operating PrinciplesDemocratic Structure
1. Open and Voluntary Membership2. Democratic Control3. Non-discrimination
Service to Members4. Distribution to Members5. Building Financial Stability6. Service to Members
Social Goals7. Ongoing Education8. Cooperation among Cooperatives9. Social Responsibility
Operating Principles
1. Do you practice these in your credit union?2. Are there barriers to following these principles?3. Are these principles still relevant?
International Credit Union Operating Principles
What 1-3 things can you do to incorporate the operating principles at your credit union?
Before We Move On…• Recognize the strategic advantage credit
unions have due to their unique cooperative not-for-profit culture– ….and tell that story!
• BONUS: Understand credit union history; it will help you exercise philosophy
Financial Ed & Community Outreach
A Marketing Advantage• Most members don’t know you do it
because it’s part of the CU difference.• Drives loyalty & a sense of your CU being
part of the community• Increases your members’ & community’s
financial well-being
• Partnership with Public Broadcasting System (PBS)
• Biz Kid$ TV series produced by Emmy Award-winning creators of PBS & Disney’s “Bill Nye the Science Guy”
• Free classroom curriculum
bizkids.com & ncuf.coop
Experiential Learning
Strategic PhilanthropyCredit unions’ charitable contributions (and outreach activities) should align with—and
advance—their guiding philosophy of helping members improve their financial
well-being.
CU Donation PolicyMost look like this:
The credit union will only make donations to “organizations, programs, or events that will benefit the communities where the credit union does business.”
CU Donation PolicyBetter guidelines for charitable donations:
– Focus on member’s financial well-being• What are your members going through/struggling
with? – Focus on your CU’s core values and guiding
principles (three is a good number)• This will also help narrow down potential
community partners
CU Donation PolicyFocus then turns from:
“Our donations support the community” to
“Our donations improve the financial well-being of our members and in the
community”or even…
“Our donations are working to end poverty, hunger and financial illiteracy for our members
and in the community”
Each year, REI donates millions of dollars to support conservation efforts nationwide and sends dedicated teams of volunteers—members, customers and REI employees—to build trails, clean up beaches, restore local habitats and more.... Through responsible business practices across the company, we strive to reduce our environmental footprint.
Our core purpose guides everything we do: we all work to inspire, educate and outfit for a lifetime of outdoor adventure and stewardship.
- from rei.com
UW CU’s Giving Focus:Since our founding in 1931, UW Credit Union has been dedicated to giving back to our communities and remains committed to these priority areas:• Financial Literacy. Providing financial education programs in the
community and awarding college scholarships for deserving, need-based students.
• University of Wisconsin and Affiliates. Supporting events and programs associated with the campus communities we serve.
• Quality of Life. Giving to charitable causes in our communities that are focused on meeting basic human needs, which includes increasing accessibility for home ownership in the state of Wisconsin.
- from uwcu.org
Are you Telling Your Story?Financial Education & Philanthropy:• Why should people care?• Track it / keep data:
– # of people affected, $ saved, etc• Testimonials from people affected• Pictures• Member stories!
Strategic Philanthropy:A Step Further…Mission into Action
• Become part of the strategic architecture of your communities’ financial literacy efforts.– Leverage your consumer finance expertise!
• Find unlikely partners in your community such as non-profits, local government, other cooperatives, farmers’ markets, food banks, asset-building coalitions, etc.
• Have a full-time community outreach professional
Mission into Action: Ideas• Hold a “Member Appreciation Day” that
focuses on financial wellness• Hold financial education seminars in non-
traditional places, such as: Youth detention centers, housing expos, health fairs, and so on.
Mission into Action: Ideas• Sponsor “work-ready” certification program
that teaches important skills that are essential for a student’s success in the workplace
• Bring financial programs to the community (ie: VITA, community events, local TV, etc.)
A New Toolkit
Taking it Home…• Develop an elevator speech for your CU• Display the principles in your offices,
branches, etc.• Share the principles in your new employee
orientations and staff meetings/trainings.• Share the Foundation’s cooperative
principles video with staff & members.• Use the principles as guidance in your
decision making processes especially during planning.
Taking it Home…• Seek partnerships with other credit
unions and cooperatives.• Experiential Learning
– ie: field trips to local co-ops, etc• Tell your financial education & impact stories• Be strategic in your philanthropy
– …and take a look at your donation policy• Attend the Foundation’s Development
Education (DE) Training
• Better understanding of CU difference turns employees into ambassadors and even evangelists.
• Understanding + passion = creativity
Ensure Employees (& Members!) Know Your CU Difference
