New CU Values App Finds, and Represents, Value
July 2, 2016
July 4, 2016
Let’s paint a quick picture.
You’re a credit union seeking to test the waters of providing more value to your members, promoting your products and services, and improving member experience on mobile platforms.
If this were 2009, you would likely need to investigate a custom mobile app build, invest in branding, marketing and onboard staff. Since it’s actually mid-2016, the breakneck pace of changing technology has allowed smaller credit unions to move to mobile with a smaller footprint.
Enter CU Values. The app is developed with Strategic Link partner Larky. CU Values pulls together multiple partners to essentially invest in a larger mobile effort, allowing credit unions with any size marketing budget to have outsized impact on a mobile screen. How’s that for cooperative?
“This program really is an embodiment of ‘cooperatives cooperating’ to the benefit of all Northwest credit union members,” said Bill Paulen, President & CEO of Generations Credit Union (Olympia, WA), an early adopter of CU Values.
Gregg Hammerman, Co-Founder of Larky, echoed that sentiment, noting the CU Values reach.
“CU Values encourages credit unions of all asset sizes to utilize targeted promotions in the right place at the right time while encouraging membership in their credit union,” he said. “Participants range in sizes from $30 million in assets to over $1.1 billion.”
The catalytic effects of more credit unions joining also leads to more available offers in the platform, too. That means a larger opportunity to make a big impact with consumers.
How it works
Credit unions can purchase ‘shares,’ each for $150-per-month. Each share includes one location-based notification to promote a product for their credit union. The standard example is of a notification at an auto dealer promoting auto loans, but credit unions can customize and build relationships with local business as they see fit.
In addition, each share includes three unique offers at merchants in those communities, along with mobile advertising within the platform.
“CU Values does all the heavy lifting, added Paulen. “We just need to do our part in suggesting great local companies for the Larky team to contact. Larky takes it from there. Most of the work on our side can’t really be categorized as work, it’s too much fun!”
“This program really is an embodiment of ‘cooperatives cooperating’ to the benefit of all Northwest credit union members.”
– Bill Paulen, President & CEO, Generations Credit Union
“We handle reaching out to the merchants, negotiating the deal and getting them into the system,” Hammerman said.
Paulen described how many credit unions are tightening their marketing budgets, but still looking for ways to improve what they bring to members.
“This is one of the lowest cost methods to offer a modern reward experience to your members. And because it’s being rolled out as an offering to all participating credit union members, the reach and potential benefits to members are far beyond what you could offer on your own,” he said.
And the bow on top? CU Values helps to build on partnerships with local business in addition to members—a fact that Craig Reed, Director of Strategic Partnerships for Strategic Link, thinks can only help all Northwest credit unions reinforce the value they bring.
“It’s a great addition to help showcase that value,” he said. “And we get to do it in a cooperative way.”
To learn more or get started, visit http://www.nwcuastrategiclink.com/cu-values.
Strategic Link is the NWCUA’s wholly-owned service corporation, using the power of collective action to provide the Association’s member credit unions with exclusive, high-quality, competitively-priced products and discounted services. Try our new CU Match Up tool to find the right partner for your credit union’s business needs. Contact Director of Strategic Partnerships Craig Reed at email@example.com today to find out how Strategic Link can help your credit union save money while meeting its goals in 2016 and beyond.
Posted in NWCUA.