Driving Low-Cost Deposits that Deliver

About the Podcast

Many credit union executives assume that once they acquire new members, those members will embark on a journey to become loyal account holders. This assumption is often wrong. If those new members never fully onboarded or engaged with your credit union, then they’re costing you money.  So merely “winning the account” doesn’t really count.

podcast with
Preferred partner
Velocity Solutions
Share

Listen On:

iTunesSpotifyApple PodcastRSSStitcher

Key Takeaways:

  • [01:56] We were in a non-traditional environment during COVID but as we started coming out of COVID the lending side really started picking up. 
  • [02:43] In 2022 we saw the most aggressive rate hike since the early 80’s. We created this environment where we went from a surplus of deposits and a zero basis to a lack of deposits at a much higher basis. 
  • [04:01] Nothing lasts forever. You have to deal with what is happening in front of you. 
  • [05:01] Credit unions truly have a chance to use this high-rate environment and their message in this marketplace to show some differentiations and grow deposits. 
  • [07:31] The national rate of closure including all banks and credit unions is about 40% within 12 months of new account openings. 
  • [09:46] It is much cheaper and faster to reacquire accounts that are dormant that go out and get a brand new member. You just failed to convert their behavior. 
  • [11:25] Today’s members live and die for the most part by the user interface and that user interface is almost predominantly on the mobile device.         

Presented By

Steve Swanston
Steve Swanston

Steve Swanston, EVP - Sales - Velocity Solutions

Steve Swanston joined Velocity Solutions in 2015 as Executive Vice President of Sales. He is responsible for defining the firm’s sales strategy via both organic and acquisition growth in order to maximize market share, as well as identifying and developing strategic partnerships with industry groups and channel partners. Steve previously spent 10 years working at John M. Floyd & Associates (JMFA) as Executive Vice President of Sales and Business Development where he was instrumental in the firm’s sales growth. Steve left JMFA in 2013 to join CU People as its Executive VP. CU People is a leading SaaS provider of human resource and payroll outsourcing solutions to credit unions. Steve has a BS in Journalism & Marketing from Texas A&M University and enjoys golf, college football and coaching his children’s baseball and soccer teams. As a resident of Houston, he has developed a deep sense of appreciation for air conditioning.

Velocity Solutions
Velocity Solutions is the NAFCU Services Preferred Partner for Account Holder Premium Card Rewards Program and Overdraft Management Solutions.

Related Resources

Add to Calendar 2024-06-26 14:00:00 2024-06-26 14:00:00 Gallagher Executive Compensation and Benefits Survey About the Webinar The webinar will share trends in executive pay increases, annual bonuses, and nonqualified benefit plans. Learn how to use the data charts as well as make this data actionable in order to improve your retention strategy. You’ll hear directly from the survey project manager on how to maximize the data points to gain a competitive edge in the market.  Key findings on: Total compensation by asset size Nonqualified benefit plans Bonus targets and metrics Prerequisites Demographics Board expenses Watch On-Demand Web NAFCU digital@nafcu.org America/New_York public

Gallagher Executive Compensation and Benefits Survey

preferred partner
Gallagher
Webinar
Add to Calendar 2024-06-21 09:00:00 2024-06-21 09:00:00 The Evolving Role of the CISO in Credit Unions Listen On: Key Takeaways: [01:30] Being able to properly implement risk management decisions, especially in the cyber age we live in, is incredibly important so CISOs have a lot of challenges here. [02:27] Having a leader who can really communicate cyber risks and understand how ready that institution is to deal with cyber events is incredibly important. [05:36] We need to be talking about risk openly. We need to be documenting and really understanding what remediating risk looks like and how you do that strategically.   [16:38] Governance, risk, compliance, and adherence to regulatory controls are all being looked at much more closely. You are also seeing other technology that is coming into the fold directly responsible for helping CISOs navigate those waters.  [18:28] The reaction from the governing bodies is directly related to the needs of the position. They’re trying to help make sure that we are positioned in a way that gets us the most possibility of success, maturing our postures and protecting the institutions. Web NAFCU digital@nafcu.org America/New_York public

The Evolving Role of the CISO in Credit Unions

Cybersecurity

preferred partner
DefenseStorm
Podcast
Add to Calendar 2024-06-21 09:00:00 2024-06-21 09:00:00 2024 Mid-Year Fraud Review Listen On: Key Takeaways: [01:16] Check fraud continues to be rampant across the country. Card fraud is affecting everyone. [04:31] Counterfeit US passport cards are just another new toolbox in the bad actors’ toolbox. [07:21] Blocking the fallback is the only way to defeat counterfeit cards. [11:17] The best way is constant education to your members in as many channels as you can. [13:02] We are still seeing overdraft lawsuits. Make sure the programming you have at your credit union matches what you have displayed for the members. Web NAFCU digital@nafcu.org America/New_York public

2024 Mid-Year Fraud Review

Strategy & Growth, Consumer Lending

preferred partner
Allied Solutions
Podcast
Add to Calendar 2024-06-13 09:00:00 2024-06-13 09:00:00 Democratizing AI-Powerful Regulatory Compliance for Every Financial Institution  Listen On: Key Takeaways: [02:11] One of the interesting components of a survey that Wolters Kluwer did last year was that 57% of our respondents reported that growing levels of regulatory scrutiny were a key worry for them. [04:01] Naturalized word processing and machine learning all have been in our lives but they have also been used in regulatory compliance for many years.  [11:09] Augmented intelligence is using AI to automate tasks that are simple tasks to do. [16:37] Volumes and expectations are increasing. AI is fast-moving. It is super attractive but it must be used correctly.     Web NAFCU digital@nafcu.org America/New_York public

Democratizing AI-Powerful Regulatory Compliance for Every Financial Institution 

Compliance

preferred partner
Wolters Kluwer
Podcast