😎 Seems to be a little dissension [comments!] in the ranks, we better get back to business...
We have acknowledged the "Kleenex dilemma" [see Chapter 3 link] - that most folks view a credit union as just a "generic bank". That is a tremendous problem. Why? Because being considered a "bank" means the credit union is being identified in the members' eyes by what it does - checking, savings, loans, branches, ATMs, mobile app - the similar services, not why it is different.
If credit unions can't change that member perception, then credit unions will eventually "lose out" to bank competitors. How so? As we discussed [see Chapter 7], by definition "a non-profit bank" (i.e. a credit union) is a second rate, "half-a" bank; because we know "the why" for banks is profit! (... and folks, they are really good at it!)
How would you demonstrate to members that a credit union is different?
✅ For your credit union unicorn, as with any business, you might want to start by answering these 4 important questions:
- What do members want?
- Can you deliver what the members want?
- How will you measure success or failure?
- What image do you want to leave in the member's mind?
As a word of encouragement; although creating a unicorn is a difficult task when "bank" is the generic word for the category and most of the members can't tell the difference, there is clearly an excellent opportunity to succeed.
What is that opportunity? Well, what are you up against? Is there a weakness, an opening, a gambit, a niche? Give it some thought....
For example, how do members and consumers most often view a bank? After all, why is it that they call them...
... "piggy" banks?
.... get the picture?
😎 Look forward to your comments and thoughts.
What’s the deal with LB moving mortgage lenders back to the branches? What about the ones who work from home? Or the Real Estate Loan Originations VPs?
ReplyDeleteNot that I disagree with their decision in doing so, just generally curious. I guess collections department is next.
The ones that work from home will remain under loan admin management. The vp and svp structure will stay in place because that allows secu at any point to flip the switch again and have them back out under branches. This is most likely a temporary solution to "save face" and win back branch support. Once mortgage volume picks up with lower rates on the horizon and loans get sold to fannie and freddie mlo will be back out again.
DeleteUnfortunately, you are more than likely right! We will see if she plans to rollback the rest of Hayes’s bull**** restructure he did over 2 years ago
DeleteThat's why the SVPs and VPs need to go. Better yet - have them report to RSVPs instead of the clowns in LA.
DeleteHow are branch mlos working from home? Doesn’t that defeat the purpose of being “branch”?
ReplyDeleteNot all MLOs were branch MLOs. Different channels. Online, phone, etc.
DeleteBased on the comments of the prior post, appears the branches are full of children. Makes me really want to do business with SECU…
ReplyDeleteI'm all for defending our positions within the credit union because we are ALL a crucial part of a successful business! The attacks on each other accomplish nothing. We've got to put all the "who is better than who" chatter to the back burner and focus on working together for a common goal - to SAVE OUR CREDIT UNION! I'm "just a teller" so I'm definitely not claiming my job is any worse or any better than anyone else's. We're all here, with Mr.
DeleteBlaine and friends, fighting for our membership and OUR SECU!
Amen! A bunch of whiny babies who do nothing but complain and throw each other under the bus! So immature!
Delete""piggy" banks? "
ReplyDeleteusually the biggest buildings of any downtown ...
Heather Little in explaining MLOs going back to the branch - "I can't stomach seeing a branch VP right this second". "Sorry we didn't win". And folks wonder why there is an "us" versus "them" mentality. What an idiotic comment. Her arrogance is not unexpected coming from Loan Administration.
ReplyDeleteThe MLO in our branch spent the afternoon crying. She picked the wrong side - plain and simple. Suck it up!
DeleteCan’t wait to put them to work! It’s rediculous to think that as a VP I should be expected to sit at the front desk or do notaries. That’s what I have employees for!
DeleteThe @10:05am comment is probably not a branch VP, but just trying to stir the pot. However, there are VPs that think like this unfortunatly. This could be a major HR issue down the line. Perfect excuse for executive management to fire the "resistance" when they start treating the specialists poorly when back under branch thumb. Take win branch management, don't be jerks.
DeleteAt 10:05, it’s ridiculous you can’t spell ridiculous and yet are somehow a VP? Also, true leaders never ask their staff to do something they aren’t willing to do.
Delete10:05 it's "rediculous" that as a VP you are helping your members?
DeleteThere is still much to be decided on MLO’s. I’m happy to have them back in branch but we don’t know when or how they will be used. The mortgage industry started layoffs a long time ago. We see the lull in activity just like other mortgage lenders.. Eventually rates to refinance and purchases will swing and the MLO’s will have more than they can handle. Good managers will handle this. I’ve heard of MLO’s being treated terribly and I hate this. Not the case I my district and hope all are treated with respect.
ReplyDeleteThe Real Estate SVP/VP’s are good folks with good intentions and I will continue to support and work with them. I don’t want anyone to lose their jobs.
FAS seems to remain on an unwarranted pedestal. I don’t understand and most of FAS has much room for improvement. Many former reps are just as good or better than FAS Specialist.
Loan Administration has carried on Jerry’s ego.
Collections is coming back unless something has changed since this afternoon. While it adds work to branches, ultimately the members and SECU win with better local service.
I blame the board for so much of the change and not Ms. Brady. I still have faith that Ms. Brady wants the best for membership and employees. Mr. Blaine and Mr. Lord must have recognized something in Ms. Brady or she would’ve never advanced to a position to be considered for a CEO position.
Mr Blaine and Mr. Lord, I have worked for both of you and agree with you on most causes (RBL, decentralized collections, higher deposit rates). Mr. Blaine you have commented on employee morale many times. I can tell you the return of Tax Prep could be the most damaging to employee morale. If you were in a busy Tax Prep branch the stress this created was unbearable. The stress grew exponentially after you retired and I’m confident that most employees don’t want this service to return.
Thank you from a Legacy Employee.
Next to go needs to be lending back to MSS. Loan admin is full of spineless hacks.
DeleteTax prep served 100,000 members. Employees need to put their heads together and figure out a way to reinstate the service to the owners of SECU. Doing tax prep was one way SECU could keep employees in local branches and local communities all across North Carolina. It was a piece of the job.. just like collections and working on the teller line and making loans. Every branch. A member could walk in any branch and get the same services across the state. a Member OWNER. Yes for 2.5 months it was a stressful crunch.
DeleteFAS can do taxes. Its a specialized skill set. Alot of them are CFP or working towards it. Should be easy to grasp for them.
DeleteLegacy 9:50 - Well said!
DeleteTaxes can be difficult and complicated (as designed), that I could understand why folks don't want to deal with them ... could be a new department for all the new C-suites to 'transfer' to ... ;)
ReplyDeleteONLY simple returns were accepted. VITA. $60,000 maximum income. lots of state employees/member owners in that category(100,000) and don't know how on earth to fill out the forms. don't have a computer. live in rural North Carolina and have no/dial up internet service. SECU could charge a $100 "aggravation to employees" fee. Did that not soothe your feelings for 2.5 months? sure helped the members, and got them a lot of money back, that they then spent in local communities. SECU was also about helping North Carolina by having thriving communities all across the state. KEEP the JOBS local!!
DeleteTaxes were a waste of member resources. IRS already has other preparers and an easy way to find them.
Deletehttps://www.irs.gov/individuals/find-a-location-for-free-tax-prep
Sure hope employees are helping members find somewhere for tax help.
DeleteOk, back to bigger issues…
ReplyDeleteWhat do members want?
High savings rates, low loan rates, simple products with no “gotchas”, knowledgeable staff and knowing they can 100% trust the folks they are dealing with.
Can you deliver?
For 85 years SECU has already proven that you could deliver.
How will you measure success or failure?
Members will give you a clear-cut answer with their pocketbooks and their feet. Pick the area, are you growing in the right direction?
What image do you want to leave in the members’ mind?
Over time that the members come to realize that there really is a difference, that they believe they are coming to “friends and family” for their financial needs. Strong, multi-generational relationships. Most members don't give a crap about Raleigh, the CEO or the Board. They care about the local staff member who helps them and their family.
Maybe these answers are too simple. But while the answers may be simple the execution is incredibly difficult. Need great leadership at all levels, committed staff, decentralized structure and decision making, hire the right people, train them, then get the hell out of the way, great products and systems, and trust, trust, trust between all involved.
Do all that and everybody gets their “I am a Unicorn” t-shirt.
What do the Members want? They want their credit union back - the one they supported - helped to build - the one they own. The financial institution they sent every family member, friend and neighbor to for financial help and assistance over the past Decades.The one they trusted to do the right thing for their specific needs every time.
ReplyDeleteSECU has always operated with Members first - up until This Board in 2021 made the fatal decision of bringing in the worst leader ever in the door as CEO. He waltzed in the door making ridiculous promises to employees and gained a small following there. He brought in outsiders without a clue of what a credit union really is and placed them in leadership positions. He bought out legacy employees who lost sight of the members and their coworkers for their own personal gain. He divided - weakened - and left this mess for others to clean up.
All this damage in less than two years with the blessings of This Board - and yes the Eight must Go.
Time to get back to serving our Members and building back better - time for all employees to put the credit union and our Members first.
Just a reminder, there was a time when most all SECU employees were happy coming to work - until This Board wrecked our credit union. I guess the question is, are we willing to work together to get SECU back on track?
Are we able to make a motion at the annual meeting to terminate all these bankers in loan admin and IT? If the board won’t do it then we as members need to. Let’s start a list! Obviously Leigh, Bomba, and all the Loan Admin execs are top of the list.
ReplyDeleteSecond this idea! Don’t forget to add HR Jared
DeleteLet's try to answer the four questions Blaine has posed.
ReplyDelete1) Lowest loan rates, highest savings rate. People who work in "their" branch that know them by name. Questions answered knowledgeably. products that will help members save money for ???whatever so that perhaps one day life won't be paycheck to paycheck. Most member owners live paycheck to paycheck. The Board should ALWAYS remember this.
#2. Centralization and complication(RBL) hinders ability to deliver. Long wait times, freezing and no career path. Hring bankers with no creditunion understanding. The Boards' lack of understanding of the culture. Hayes desire to change the culture that The Board approved. Many obstacles at the moment. Can be cleared up but Loan rates( NO RBL) and savings rates have to change. Career paths, training of the new hires in the philosophy of SECU.
ReplyDelete#3. Deposits(assets) will grow(not by borrowing money or selling off real estate) but by members bringing money back to SECU. RBL will be thrown in the dustbin where it belongs at SECU. Some members will not be better than other members. Lower the investment entry at FAS back to $250, not $3500! Do not hinder members ability to build wealth in anyway. SECU helps members build wealth. (or it did for 85 years) The school bus driver is just as important a member as the president of the university system!! They are both state employees and both have essential and important jobs in North Carolina. Build wealth for all members, treat them all equally, and all the numbers will begin to turn back around.
ReplyDelete#4. SECU is working for you. Owned by you, managed for you. Here to help you financially every way SECU can. Including the employee hated tax prep. (suck it up for 2.5 months y'all. It really helps the members!) SECU is local and has a local presence. Known for professionalism and well trained employees. Members tell people where to put there money and for 85 years it wasn't at the BANK or Coastal. It was SECU. Bring that back!!
ReplyDelete