Just how bad is it for credit unions?

first_img 5SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Those of us hoping that an analysis of the impact that Dodd-Frank regulations were having on credit unions and community banks would help bolster the case for regulatory overkill were sadly disappointed to read a recent report detailing the impact that Dodd-Frank. While acknowledging the concerns of small bank and credit union representatives, it concluded that it is too soon to definitively say whether smaller financial institutions are facing headwinds because of Dodd-Frank or macro trends unrelated to regulations.  Nevertheless, the GAO was willing to note:The numbers of both full-time and part-time employees generally have decreased since the third quarter of 2010.Noninterest expenses as a percentage of assets are generally the same for credit unions of different sizes and generally have decreased for credit unions of all sizes since the third quarter of 2010.Smaller credit unions tend to have lower earnings as a percentage of assets than larger credit unions, but earnings at credit unions of all sizes generally have increased since the third quarter of 2010. continue reading »last_img read more

3 P’s to reclaiming member service superiority

first_imgBy now many of you have probably read the alarming results of consumer satisfaction in financial services in today’s environment. For the rest of you, you may want to sit down before reading further.The highly respected annual survey published by the University of Michigan, the American Consumer Satisfaction Index (www.theacsi.org),  compares satisfaction scores across all industries, including financial services. Within the “Financial Services” category, it further breaks down results into banks, community banks, and credit unions.The 2019 report showed that, for the first time EVER, credit unions ranked below banks in consumer satisfaction. Bank score = 80; credit union score = 79. While one point isn’t that big of a deal, this point is a huge deal: the credit union score has been steadily declining the previous five years in relation to banks. After a +9 point margin in 2014, the credit union advantage has dwindled to +5, +2, +1, and +0 since.Further, a deeper dig into the results shows that credit union scores dropped further in almost every service category compared to banks, including loyalty-building categories like “ease of opening accounts” and “problem resolution”.While these eye-popping findings shouldn’t lead to panic, and it certainly isn’t the case at every credit union, they should get every CEO laser-focused on taking immediate action in 2020 to move the needle back in the positive direction. Here are three general and critical areas to center your attention:PeopleIn previous articles, we’ve presented numerous ideas about improving the culture for your employees and optimizing their engagement. In addition, we’ve shared ideas for enhancing the member experience and making that experience a positive differentiator. Whatever excuse you’ve had in the past for not acting on those ideas needs to go away … stop delaying and start changing.Everything should pivot off of people – employees and members! Strategic plans, tactical initiatives, budget allocation decisions, and goal setting all need to be people-focused. Challenge yourself with the question, “What else do we need to do to completely maximize our employee and member experiences?Regarding staff, do the following:Stop making excuses for underperforming employees, including long-tenured ones. If they’re in the wrong roles, get them into the right onesEstablish clearly defined expectations for performance and hold everyone accountable to adhering to them – stop over-paying for under-performanceProvide as much investment in development as possible – making sure it’s development that will make employees better contributors to your cultureFor members, do the following:Mine your data and find out as much about your members as possible, especially how they like to do business with you – there’s gold in that data if you dig for itKeep your finger on the pulse of member performance and behavior, especially the most valuable ones. Gather their feedback and suggestions at every touchpoint and act on the resultsReach out to members on a consistent basis with a genuine, sincere “thanks!” How often do you hear thanks from a retail business? It sure makes a big difference when you doPlaceAs a consumer it’s impossible to not notice how retail environments have changed over the past 10-20 years. Look at your local Macy’s store today and contrast its layout from 2000. Compare a Tesla showroom today to a Ford dealership in the past. Think about a Nike store compared to a sporting goods store 20 years ago. Most restaurants and hotels have changed dramatically during this time, especially those in the popular mid-price range.In each example, the physical store changed but so did the people, feel, and image. It’s not just about colors or furniture or wallpaper; it’s about the experiences created by the physical environment. The way retail establishments have changed recently is the same way credit unions need to change today. Modify the physical environment however necessary to create the type of new, fresh experience today’s consumers expect.Specifically, look at:Branches – does your environment look like 2020 or 1920? There are a lot of efficiencies that can be gained from a refresh in addition to creating a more memorable experienceCall center – most people think calling a business is a negative experience – long wait times, employees who are hard to communicate with, being transferred, never ending recordings – stand out for the right reasons by making your contact center a pleasant experience for all callersWebsite – it doesn’t have to be flashy, but it shouldn’t be text-on-screen, either. In many cases, your website is the first impression a consumer has of your company; what message is it sending about your brand and what expectation is it setting for their experience with you?Online & Mobile – while relatively new tools in our industry, it’s amazing how many of them look so old. If you’re going to drive members to e- and mobile-channels, make sure they feel modern and deliver a positive experience or they will actually turn consumers awayProcessThis component is all about being fast, easy, and efficient. In some cases, technology will make up much of the solution; but, in most cases, simple re-engineering will suffice. Look at every process in your credit union and put it through a detox program. Immediately supplant the “we’ve always done it this way” mentality with a high spirited “let’s find the best way!” attitude.In the past we’ve been able to expect the member (and potential member) to do business with us on our terms. For the most part, they remained loyal – sure, they complained a bit, but they generally stuck it out with us, in spite of some hiccups. However, those days are over … tomorrow’s consumer will not be complacent. They’ll simply say, “Goodbye.” How many current and prospective members can you afford to say goodbye?Here are some ways to get them to say, “Hello”:Number of steps – don’t overcomplicate what should be a simple transaction (i.e., opening a new account, getting a simple loan); if it currently takes 20 steps to do a transaction, try to do it in 10 or 5 – and free up time to do more with each member interactionConsistency – provide an equally positive experience across all delivery channels – don’t let a member have one experience at branch A and a different one at branch B; today’s consumer expects a consistently positive experience regardless of how and where they interact with youLanguage – we live in an industry full of acronyms and jargon, but the consumer doesn’t care. They want to clearly understand what we’re telling them and expect of them; so simplify your language and shorten your documents to minimize concerns they may haveThere’s a lot more depth to the 3 P’s but these suggestions can get your team started on the path to reclaiming that top spot in member satisfaction. Remember, if you don’t take care of your members and create the best experience possible, someone else will (and, apparently, the banks have been!).Let us know what you think about the ACSI results and how your credit union is responding – we’d love to hear what’s working and not working to best serve your members and claiming the top satisfaction spot in your market. We can be reached at https://fi-strategies.com/contact-us/. 2SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Paul Robert Paul Robert has been helping financial institutions drive their retail growth strategies for over 20 years. Paul is the Chief Executive Officer for FI Strategies, LLC, a private consulting company … Web: fi-strategies.com Detailslast_img read more

Return journey

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ECE set for £41.5m management buyout

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Three days of rain thwart Florida reopening, cause severe flooding

first_img“This is epic. Never had this much rain in 3 consecutive days in 8 years of living here. 10.58″ and counting… will be over a foot easily,” tweeted Brian McNoldy, a hurricane and climatology expert at the University of Miami.As of Tuesday night, there were no reports of damage.The rain ruined the long Memorial Day weekend and prevented crowds from forming at the recently reopened restaurants and beaches in Broward County, north of Miami, that opened Tuesday.The weather also puts at risk the launch, planned for Wednesday, of a rocket with two astronauts on board from the Kennedy Space Center in Cape Canaveral, in the center of the state. South Florida residents were unable to enjoy the reopening of restaurants and beaches after two months of coronavirus lockdown, when three straight days of rain Tuesday caused severe flooding in Miami and other coastal cities.Floridians have received warnings for severe storms, tornadoes and flash floods since Sunday, as streets turned into rivers and electricity flickered.Images of cars flooded up to their windows have circulated on social media, as well as photos of people kayaking through the streets of Miami. Some people were even surfing, towed along by a rope attached to an SUV. Meanwhile, in northeast Florida, another disturbance producing storms has a 30 percent chance of becoming a tropical cyclone, according to the National Hurricane Center.Hurricane season officially begins June 1, but this year it was pushed forward by Tropical Storm Arthur, which formed two weeks ago in the Atlantic Ocean and passed by the coast of Florida and the Carolinas.center_img Topics :last_img read more

‘We don’t know what we don’t know’ on medicinal cannabis

first_imgStuff co.nz 24 November 2019Family First Comment: the Faculty of Pain Medicine (part of Australian and New Zealand College of Anaesthetists) was also advising doctors not to prescribe medicinal cannabis, as research showed its effects to be “disappointing”. “At the moment the Faculty of Pain Medicine is saying the data is saying don’t do it,” A Marlborough GP says the prescription of medicinal cannabis could be premature.The Medicinal Cannabis Scheme is expected to be operational at the beginning of next year, enabling the commercial cultivation and manufacture of medicinal cannabis in New Zealand.Medical cannabis company Puro has secured two sites in Marlborough, with plans to start commercial cultivation when the “law allows”.But Renwick Medical Centre GP Dr Buzz Burrell said the science has not caught up with the public debate on the prescription of medicinal cannabis.“The pure science of cannabis is so in its infancy, it’s scary,” he said.“When we’re talking about prescribing a product that has not undergone phase-one trialling, we don’t know what we don’t know.“It’s almost fascinating that we are being asked by society to jump the gun and start prescribing something which hasn’t completed phase-one trials yet.“We owe it to the public to be as cautious [with medicinal cannabis] as with anything else we prescribe.”He said most drugs prescribed to the general public underwent four phases of trials before being released.Burrell said the Faculty of Pain Medicine (part of Australian and New Zealand College of Anaesthetists) was also advising doctors not to prescribe medicinal cannabis, as research showed its effects to be “disappointing”.“At the moment the Faculty of Pain Medicine is saying the data is saying don’t do it,” he said.“Chronic persistent pain to a certain degree affects 20 per cent of the adult population.”“If we promise these one in five people that this will alleviate their pain and suffering, that’s absolutely cruel.”He hoped the Medicinal Cannabis Scheme, which would legislate a licensing regime and standards of quality, would reveal the products were safe to prescribe, particularly for chronic pain.“It would be wonderful to have a safe product we can prescribe, but at the moment I can’t say that with confidence,” he said.READ MORE: https://www.stuff.co.nz/national/health/117559141/we-dont-know-what-we-dont-know-on-medicinal-cannabislast_img read more

Trump shrugs off VFA junking: ‘We’ll save a lot of money’

first_imgIn a speech on Wednesday (Thursday inManila), Trump said that the termination of the military pact between the twocountries “would even save a lot of money for US.” MANILA – United States President DonaldTrump said he did not mind President Rodrigo Duterte’s decision to end adecades-old military agreement with the US. United States President Trump and President Rodrigo Duterte attempt to shake hands in this November, 2019 photo. Trump dismissed concerns about the Philippines canceling a major military accord, saying the decision would save Americans money. GETTY IMAGES “I don’t really mind if they would liketo do that, it will save a lot of money,” Trump said. “My views aredifferent from others.” “The United States had helped thePhilippines defeat Islamic State militants and I have a very good relationshipwith (President Rodrigo) Duterte. We’ll see what happens,” Trump said. Duterte, however, said that thecancellation of Dela Rosa’s visa was just the last straw as he thought of thetermination since the US senators called for the release of Sen. Leila de Lima.The opposition sentor has been jailed for her alleged involvement in theillegal drug trade in the New Bilibid Prison./PN Trump has frequently expressed a desireto bring US military forces home from decades-long deployments abroad and hasstrong-armed some allies into paying more for the right to US defense. Duterte earlier ordered the terminationof the VFA with the United States. The decision will take effect in 180 days. Duterte first expressed his desire toterminate the between the Philippines and the United States when the UScancelled the US visa of senator Ronald “Bato” Dela Rosa.last_img read more

Daniel Armstrong

first_imgDaniel Armstrong, age 61 of Batesville, Indiana passed away March 7, 2020.  The son of Bill and Ilene Armstrong was born on April 8, 1958 in Quebec, Canada.  Daniel worked as the head of maintenance for the Oakmont Apartments in Hillindale Commons for many years.He is survived by his former wife, Barbara Oaks and their children Danny Armstrong and Alexandra Armstrong along with his brother, Timothy Armstrong and sister Edith Scharf.His wishes were to be cremated.  There are no services at this time.    Meyers Funeral Home is assisting the family.  www.meyersfuneralhomes.comlast_img

Allardyce wary of United threat

first_img But Allardyce knows how good United’s squad is and is wary they will be taking the Hammers more seriously than they would if they were sitting pretty at the top of the league. “Talent can always come out and deliver at any specific time,” he said. “They are probably more dangerous when they are doing not so well than when they are on the crest of a wave. Sometimes they can come and be a little complacent against the lesser teams when they are flying high and they have got these big games at the top of the league and big games in the Champions League. “You have got to look at the last away game they played, they overcame West Brom comfortably. “There are a lot of people saying Man United are more comfortable and playing better football away from home because there is not quite as much pressure. “I just base it on the fact that the last away game they played against a Premier League side they won 3-0 and it will be a difficult game with the talent they have got.” With winning the Champions League seemingly the only realistic route United have to playing in the competition next season, Allardyce reckons following in the footsteps of Ferguson would have been daunting for anyone. When asked why Moyes had found it difficult, the West Ham boss replied: “The transition, I would say. The Red Devils have struggled under new manager David Moyes this season and will go into the match in east London seventh in the table and 12 points off the league’s top four. Despite beating Olympiacos 3-0 on Wednesday night to overcome a first-leg deficit and advance to the quarter-finals of the Champions League, Moyes has failed to deliver the spark to seamlessly continue the success United enjoyed under Sir Alex Ferguson. West Ham manager Sam Allardyce is fearful the Manchester United side that visits Upton Park on Saturday will be more dangerous than if they were fighting to retain their Barclays Premier League crown. “Transition is a big thing when one man has been in charge, one of the greatest men ever to manage a football club in the world, transition after 27 years is a big thing. “It is a massive, massive job for David and of course this season has been a massive learning curve for him. They haven’t had as good a season as he would have liked but it hasn’t surprised many of us that once someone as great as Sir Alex leaves it will be difficult for whoever takes over.” Allardyce has known of Moyes for quite some time, as the 59-year-old remembers being sent on a scouting mission during his time as a youth coach at Preston to watch the then Dunfermline man play against Falkirk. Moyes has since claimed Allardyce’s report led to his move down south to Preston, but Allardyce recalls it was not the best outing for the former Everton manager. “He got sent off after about 38 minutes or something like that,” Allardyce recalled. “David probably remembers more than me. “I’d driven all the way up because (then Preston manager) John Beck had sent me up to go and watch David and even in the 38 minutes I said to John he would do Preston all day long.” For West Ham, the visit of Moyes’ United comes on the back of two league defeats on the road and Allardyce will be hoping his side can get back to winning ways as he looks to remain clear of the scrap for Premier League survival. Press Associationlast_img read more

Ideye effort rescues point

first_img Press Association The Baggies’ record signing almost left the club in the final hours of the winter transfer window on Monday but came off the bench at half-time at Turf Moor to head in the equaliser. Burnley were two up inside 32 minutes through Ashley Barnes and Danny Ings but Chris Brunt pulled one back just before half-time for Albion. This time Dean Marney’s cross from the right was dummied by Ings, who then picked up Arfield’s header and hooked the ball across goal for his strike partner. Berahino was unsurprisingly given a mixed reception by the travelling supporters when he made his entrance, and West Brom at last began to manage a few forays into the Burnley box. Joleon Lescott might have done better with a header from Fletcher’s free-kick. In the 32nd minute, however, Burnley doubled their lead as Ings finished off a fine move with his eighth of the season. Marney’s pass out to the right was dummied by Trippier which freed George Boyd, and his cross was perfect for Ings to head in off the post. It all looked rosy for the hosts but they had lost two of their previous three games from 2-0 up and their Achilles heel came back to bite them again. Burnley have conceded more headed goals than any other team in the Premier League and, with the first half into injury time, Brunt was allowed to head in Callum McManaman’s corner from five yards. The ball seemed to come more off shoulder than head but Clarets goalkeeper Tom Heaton was helpless as it bounced over him and into the net. Both managers made changes for the second half. Burnley’s was forced as Michael Kightly replaced the injured Marney, while Tony Pulis sent on Ideye for Chris Baird, with Brunt dropping to left-back. There was a half-hearted Burnley appeal for a penalty when Barnes tumbled under pressure from Craig Dawson trying to reach another excellent Trippier cross, but referee Mike Dean was unmoved. With 67 minutes gone, West Brom drew level as Burnley were exposed at a corner once again. This time Brunt’s delivery from the right found record signing Ideye all alone in the centre of the box and he headed in his third goal for the Baggies. It was Burnley’s turn to threaten from a corner nine minutes later but Lescott was in the right place to clear Jason Shackell’s header off the line. The final chance of the game went to Berahino but he could not quite reclaim his hero status as a combination of Heaton and Ben Mee on the line denied what appeared a certain goal. It was a first Premier League goal of the season for Brunt, who lost the captain’s armband to deadline-day signing Darren Fletcher. The point was enough for Burnley to climb back out of the relegation zone but they desperately needed all three with an extremely tough run of fixtures coming up. Saido Berahino’s “naughty chair” was parked on the bench as the Baggies striker was dropped following an interview where he spoke of wanting to move on to bigger things, but he was called upon in the 18th minute after an injury to Victor Anichebe. Burnley boss, Sean Dyche, meanwhile, named an unchanged starting line-up for a 10th successive Premier League match. The club have come in for criticism from some supporters this week after failing to add to the squad during the transfer window, but holding on to Ings was a significant consolation. Dyche substituted the striker at Sunderland last weekend because he felt constant speculation had affected the 22-year-old, but there was nothing sluggish about Ings as Burnley made a flying start. After Ings fired over, the hosts thought they had scored when Kieran Trippier’s cross was touched back to Scott Arfield by Barnes, but Ben Foster reacted superbly to push the midfielder’s shot onto the underside of the crossbar. However, West Brom, who had thrashed Burnley 4-0 in September, could not stem the tide and it was no more than Burnley deserved when Barnes headed in the opener in the 11th minute. Brown Ideye was West Brom’s unlikely saviour as they fought back from two down to draw 2-2 at fellow strugglers Burnley.last_img read more