Technology continues to radically change the way credit unions serve their members, and it’s also changing how the MCUL serves its member in ways that could scarcely have been envisioned a generation ago.
Today’s member credit unions can update themselves on the day’s news on the MCUL and CUNA Web sites, or via an electronic version of the League’s Michigan Monitor in their weekly e-mail. Audio conferences, Webinars and Internet sessions are providing credit union professionals and volunteers with access to regulatory compliance updates, legislative action calls and key education sessions from the comfort and convenience of their offices or their homes.
In this bold, new world, it’s appropriate that technology be further utilized to get the message out about the many benefits of effective state and national credit union trade associations and a strong Credit Union System. And, in 2007, the MCUL will be doing precisely that.
To help credit unions take full advantage of all that MCUL/CUcorp has to offer, the MCUL is ready to send a free Apple iPod Nano to every Michigan credit union, compliments of Sprint Nextel. A technological marvel, the sleek and pocket-sized digital player can store vast amounts of audio and visual data through downloads and podcasts available at the beck and call of the user.
“The iPod Nano is the high-tech way for credit unions to stay connected to the valuable services provided by the League — at anytime of the day or night, whenever it’s most convenient,” said MCUL President/CEO David Adams. “We’re very excited about this promotion, and we’re grateful for the sponsorship support of Sprint Nextel, which is making it possible.”
Podcasts — audio files that can be downloaded from computers or MP3 devices — have exploded in popularity in recent years and are expected to draw some 10 million listeners in 2006. Their major advantage over conventional programming is that they can be listened to at anyplace and anytime at the user’s convenience. Since podcasts can be downloaded to MP3 players, users can tune in at a PC, in traffic or at home in their living rooms.
“Allowing people to listen to information when and where it’s most convenient for them makes podcasting a unique and ideal medium for much of the League’s information and education services,” Adams said. “Just as TIVO allows people to watch TV shows when they want, podcasts allow people to catch up on the news or participate in a training program when it’s most convenient and relevant.”
According to MCUL Education and Events Vice President Ann Jones, credit union professionals and volunteers invariably cite convenience, portability, timeliness and affordability as key components in successful education programming.
“Podcasts offer all these qualities,” Jones said. “They allow meeting content to be captured and archived in a way that allows people to use the information in a time and place convenient to their schedule. This is especially valuable for smaller credit unions, as it allows them to coordinate training and work schedules without compromising member service and incurring the added time and expense of having to travel off-site.
“What’s more, busy managers and executives can keep on top of market trends, regulatory changes and legislative challenges on their work commute or by multitasking in the office.”
Very economical to produce, podcasts can also be used to promote upcoming conferences and programs, with potential participants able to tune in for a preview of speakers and topics before making a commitment to participate.
The new technology also has the potential to add depth to the MCUL’s current slate of publications and member outreach. MCUL publications such as Michigan Monitor and Contact Magazine can serve as springboards for regular podcasts, with MCUL staff interviewing sources quoted in stories to expand information content and audience appeal.
A Michigan Monitor story on member business lending, for example, may typically only provide an overview of a complex issue. A five-minute podcast interview with a business lending expert would go in far greater depth, exploring operational questions, marketing and minimizing risk.
CUcorp sales staffers could also utilize podcasts to update their credit union clients regularly on new product offerings, special promotions and related news.
Adams noted that the retail banking industry has already begun experimenting with podcasting, particularly to tap into younger consumers who are typically more receptive to new technologies. One of Canada’s financial service giants, Scotiabank, recently introduced an on-going podcast series, “The Money Clip,” to offer money management tips. The podcast series is an audio extension of Scotiabank’s digital newsletter, The Vault, which reaches 1 million permission-based subscribers.
Focused on advice and education from financial experts, The Money Clip podcase was ranked the No. 1 business product on iTunes Canada shortly after it was launched.
“Obviously, this technology is soon to become a critically important component of credit union marketing and information dissemination,” Adams said. “And the MCUL will help member credit unions take advantage of this emerging information technology to communicate with their members.
“The Michigan credit union movement has a proud tradition of innovation and trend-setting. This was the home of the first credit union share draft and the first shared-branch network. The MCUL has been a leader in offering Internet and technology-based products and services such as League InfoSight, the MCUL Online Learning Center and CU Village. Adapting and utilizing this important new technology is consistent with our heritage and our mission to serve our credit unions.”
To receive its complimentary iPod Nano, a credit union need only do three things: affiliate with the MCUL and CUNA in 2007; participate in the MCUL/CUcorp Sprint Nextel promotion offering special discounts to credit union members; and invest in the Michigan credit union cooperative advertising brand campaign.
“The benefits here extend far beyond the free iPod,” Adams said.
“A strong trade association with broad participation from Michigan credit unions will enable us to ensure a friendly legislative environment, reasonable regulatory compliance standards, effective media advocacy, timely and pertinent education programs and access to important news and information.”
Adams termed the partnership with Sprint Nextel to provide discounted services to credit union members a “classic win-win.” Sprint Nextel will give credit union members 10 percent discounts on monthly recurring phone charges; CUcorp will provide the marketing materials. All credit unions have to do is tell their members about it. “This partnership doesn’t cost a credit union anything, and it’s a great benefit to their members,” Adams said.
The Michigan Credit Union Brand Campaign is highlighting credit union uniqueness and the advantages of credit union membership to Michigan consumers, motivating them to “find a credit union near you at lovemycreditunion.org.” The ad runs also emphasize advocacy issues by helping influence the views and perceptions of legislators regarding credit unions.
“The Credit Union Brand Campaign is having an impact,” said Cooperative Advertising Forum Executive Director Lori Bahnmueller. “Scientific statewide research has shown that more Michiganians had an understanding and appreciation of the credit union value proposition after the initial flight of ads ran in 2005.
“But we need to maintain that momentum by gaining the support of as many Michigan credit unions as possible. Just like a successful legislative advocacy program, successful branding requires a strong, sustained effort.”
All credit unions recently received a mailing including their 2007 member-ship fee invoice, information on the Sprint Nextel program, cooperative advertising invoice, the CUNA “Power of Cooperation” brochure and a pair of iPod earphones. The deadline for participation to receive the iPod Nano is Jan. 31.
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Regulatory Affairs
