Do you know the score?
How often do we ask that question - and are even able to provide the answer? Do you know the score? In team sports, the coach relies on statistics to determine the direction to take the team, but when it gets right down to making a difference, the coaching is taken directly to the player. As CEO you are the coach. Your task this month is to use statistics available to you from CU*BASE to find the source of your success. Which members are the high-five contributors to your credit union?
FACT: Credit unions know numbers! We count the number of memberships. We tally up the number of accounts. We know the balances in our general ledger. We measure branch transactions. But are we clear on the actual number of people who participate in our business and take full advantage of products and services we promote? When it comes to "go" or "no go" do we know the individuals at the core of the decision making process?
Give these questions a spin and see if you can find the pulse of the members, who through their financial committments, are keeping your credit union performing above the bar.
Memberships and households are vital to credit unions, but for this month, let's unlink them and consider the individual. Our normal analysis would have us ask, if we have 8,500 loan accounts how many families does that represent? For this month ask, how many individuals are in that number? Who are the decision makers we need to reach out to and thereby extend our successes into the future?
If you haven't caught it yet, the theme this month of April is Knowing the People Who Score as Members.
And here's a hint. Answer these questions as of month end March 2008 - scored on April 1, 2008.
1. How many people (members) participate in your Certificate Savings Offerings?
What is their total savings with the credit union? Count all savings products, then break them out by product. How can you coach your members into the right savings products for the right reason at the right time?
2. How many of your members are actively participating in your bill pay program? Analyze these stats!
Is the average savings balance for a bill pay member higher or lower than balances of a member who participates in your certificate program. Look back at question #1 above. How about loan balances in comparison to borrowing members? Use the answer from question #4 below.
3. What % of your active online banking members are participating in your e-statement offering?
What can you do to boost e-statement enrollment? Have you taught your staff how to coach members into signing up for e-statements?
4. How many people (members) participate in your Loan Offerings?
What is their average loan balance?
5. How many people (members) participated in your Loan Offerings one year ago?
What factors do you think have contributed to the change?
Teams forming now!
Each of your members has potential. When they are on your team, you want them to score. Your members don't need to merely hear about how great it is to be a credit union member. They need to experience the benefits of membership and assimilate your products and services into their financial plan. Give your members the score; make them an integral part of your team. Keeping score is one way to assure that everybody wins. Game on!
Lending By The Numbers - How did you do?
This month, we've talked about the importance of teams and the affect you have as a coach in finding the potential in your members. Last month our focus was on your lending portfolio and what those numbers translate to in terms of growth in your membership and productivity of your team.
If you answered the CEO Tickler questions from February, congratulations! Hopefully the exercise provided insight you will now use to increase your lending profitabilty even more. You should have used the lending dashboard from CU*BASE menu MNLOAN, Option # 8 - Work/View Application Status for most of these discoveries.
