ProMedica FCU takes its card program to the forefront of its business
Over the past five years, the payments landscape has rapidly evolved and many credit unions are now taking advantage of various initiatives and solutions to remain relevant and improve their business portfolios. One credit union in particular has experienced significant growth in business after partnering with CSCU. ProMedica Federal Credit Union’s Marketing/Business Development Director, Chris Tarsha, shares the experience of being a part of CSCU’s Optimize Program. He and his team used the Portfolio Growth Solutions (PGS) product with expert guidance from their CSCU portfolio consultant.
There may be challenges but opportunities abound
ProMedica Hospital & Health Care is the largest employer in northwest Ohio and southeast Michigan with over 17,000 employees, 2,300 physicians and more than 800 healthcare providers employed by ProMedica Physicians. Additionally, it offers a health plan, which serves over 300,000 members.
With Promedica Hospital’s system extending to such a large network, there is an opportunity for ProMedica Federal Credit Union (PFCU), which aims to serve ProMedica Hospital & Health Care employees, their immediate family and affiliates.
Consumer demand for convenience is impacting the customer experience like never before. As one credit union representative put it in this short video, “technology has spoiled us completely. Everything’s about accessibility, being convenient.”
With January’s credit union trends report projecting loan growth in 2017 to exceed 10 percent, credit unions have a huge opportunity ahead of them.1 Your success this year and beyond may well depend on how convenient it is for members to do business with you.
Your Competition Gets It
Competitors realize that consumers increasingly prefer conducting business when and where it suits them, not around office hours or locations. It’s no surprise that 71 percent of financial institutions said improving the customer’s digital experience was their top priority for 2017.2
In 2016, Denver-based CUSO CU Service Network conducted a sweeping survey on top credit union issues and burdens. The findings revealed fascinating trends in the credit union landscape. Take a look at this infographic.
Also, be sure and stop by the NACUSO Network Lounge at the 2017 NACUSO Network Conference to learn more about CU Service Network.
There are numerous types of mortgage and real estate fraud prevalent in the industry today. Recognizing the Red Flags may help with detection and prevention, and at the very least, encourage further investigation to ensure the validity of the transaction.
POWER OF ATTORNEY
There are valid reasons for a party to use a power of attorney, but documents can be easily fabricated. To limit the potential for fraud, the best case scenario is for the buyers and sellers to appear in person at closing.
SIGNATURE ON DOCUMENTS VARY
Signatures on closing documents should be compared with signatures in the chain of title. A current seller has most likely signed a prior mortgage and these signatures can be compared. Forgers may misspell names or sign them differently leaving off middle initials or designations such as “Sr.” or “Jr.”
PROPERTY IS FREE AND CLEAR
A very small percentage of Americans own their property free and clear. If there was a mortgage on the property that has been paid off over a 30-year period, it would be uncommon for the owners to obligate themselves by taking out a new loan on the property. Asking the question, “Why are there no liens on the property?” and verifying the details of the transaction may uncover the possibility of a forgery in the chain of title.
Mobile economy affects business of all types. The Federal Reserve Bank reports 86% of adults in the US have cell phones today, and they are using them for all types of business. For business leaders who wonder how to speed their business forward by closing business more effectively, digital transactions are a definitive part of the answer.
Market data, combined with internal studies at eDOC, clearly demonstrate the disruptive effect of mobile technology on consumer behavior. It highlights the importance of every business leader becoming an aggressive tactician in leveraging mobile technology to perform digital transactions. Becoming experts in mobile enterprise digital transaction management is a core competency requirement of the contemporary business leader.
If you’re wondering, “Where can I tap into resources that can help me transform and win?” I’ll suggest one source, the cooperative credit union service organizations of the industry, known as CUSOs. These industry owned businesses drive down barriers of entry, and related costs through cooperative aggregation and engagement. These days it is easy to find them. All that is needed is a browser; go to ncua.gov and look for the CUSO registry. The power of the industry cooperatives is available, leverage it!
Every year the NACUSO board and staff makes it a point to attend the Governmental Affairs Conference (GAC) in Washington D.C. And this year was no exception.
We kicked off our trip with our monthly board meeting, followed by the Legislative & Regulatory Advocacy Committee meeting with guest Dennis Dollar. He gave us an update on Legislative issues and priorities such as:
We agreed that our legislative and regulatory advocacy priorities for 2017 are:
- Continue opposing costly and unnecessary vendor authority legislative priority
- Advocate for expansion of CUSO lending powers, especially auto loan origination
- Support national data-security standards and support issues good for the credit union movement (i.e. FOM expansion, supplemental capital)
- Support expansion of MBL powers
- Monitor issues/changes to CUSO Registry
With our marching orders in hand we set out to meet with key people to make sure the only CUSO trade association was heard. We met with NCUA Board Member Rick Metsger, representatives from NAFCU, NASCUS and CUNA. While Jack was busy in those meetings Shawna and Denise visited with our Platinum and Gold sponsors in the massive exhibit area. There were some amazing displays this year – it was bigger and better than ever. They also got to thank some of our newest members and great supporters such as Buzz Points, CU Prodigy, eDoc.
Special shout-out to Mastercard – an amazing supporter of the NACUSO Network Conference. They brought into the exhibit area what can only be called a “total immersion” experience. A trailer, that you walked into that took you through the home of the future. Using Masterpass you can order your groceries on your refrigerator and have them delivered or see inside the fridge from the store to see if you need something. You can download your public transportation tickets onto “wearable technology” like a ring on your finger. It was amazing and exciting.
On Monday night we celebrated the career of Stan Hollen, retired CEO of CO-OP Financial Services who received the Award for Outstanding Individual Achievement at the Herb Wegner Awards dinner. A record crowd of 900 also honored The Cooperative Trust (aka The Crahsers) and Maria Martinez, CEO of $139 million Border FCU in Del Rio, Texas. There was hardly a dry eye in the house as she told the story of growing up an undocumented immigrant in a house with little money but lots of love. How it inspired her drive and passion to serve the underserved.
Now that we’re all back home and are looking at our event just 5 weeks away we are inspired and excited to see everyone that believes in cooperation among cooperatives come together to network and collaborate and of course have some fun in Orlando. See you there!
Each month we are highlighting at least one NACUSO member with an interview style format that is meant to be fun and informative. This month our focus is on Buzz Points, a new NACUSO member and first time exhibitor at the 2017 NACUSO Network Conference in Orlando on April 10th – 13th.
PART ONE: Life Story and Experiences
What’s your current position and can you give me a brief overview of what it is you do in your work?
EVP Direct and Channel Sales. I work to create strategic partnerships to expand the Buzz Points footprint. Our ultimate mission as a company is to leave the credit unions we partner with and their communities better than they were before we came. Supporting local is more than just a feature of the Buzz Points platform, it’s what our company stands for. It’s why we do what we do.
What would you say most motivates you to do what you do? What are you most excited or passionate about?
I have been in the community banking arena for almost 10 years and have worked with some great people. In doing so, I have seen firsthand how credit unions truly are mission-driven and are always looking for ways to provide better value to their members. I love being part of a team at Buzz Points that helps credit unions to increase member value and strengthen the local communities where they live and work.
I want to hear the story of how you came to work with credit unions. What attracted you to work for Buzz Points?
It goes back pretty far for me. I was raised by a single mom with five children, so times were hard. When finances were tight, it was her local credit union that was there to provide help. I was attracted to Buzz Points mainly because I am passionate about helping credit unions succeed, compete against the big banks, and strengthen their local communities. It was a no brainer for me to align myself with a company that gives me the chance to give back…
Like many of my friends (Seahawks fans) last Sunday we just hoped for an entertaining game. Super bowl commercials have become so innovative because historically Super Bowl games are a snooze fest. Never has a Super Bowl game gone into overtime and more often then not it’s a blowout (Seahawks beat the Broncos 43-8 in 2014).
Boy oh boy we were not disappointed on Super Bowl Sunday. Brady set all kinds of records in Houston. In case you were out of the country, the Patriots overcame a 25-point deficit midway through the third quarter to pull out the 34-28 win in the first ever Super Bowl overtime, and in the process set or tied enough records to all but confirm this was the greatest Super Bowl in NFL history. 24 records were set and another seven records were tied.
There are only a few human beings that might have the athleticism, skill and tenacity to break Brady’s record in our lifetime. Tom Brady officially passed Dan Marino’s all time passing record of 62,361 yards by 221 yards. Dan Marino is now 5th on that list. So in NFL terms, Tom Brady is a “better quarterback” than Dan Marino.
But Plato said “The measure of a man is what he does with power.” When you are a high profile sports celebrity you have all kinds of “power,” including the ability to influence others. That’s why so many companies offer endorsement deals to them, to convert that power into a stronger brand and sales.