Don’t Get Left Behind in 2021

Have you and your #CUteam reflected back on the year 2020? If so, are you pleased with your marketing efforts and ROI? Or, is there room for improvement? If you’re like us, you know there is always room for improvement! When it comes to marketing, there is also room for innovation and creativity as to how you will get your credit union’s message and services out to your current and potential members. Don’t get left behind in 2021!

Innovation is what marketing thrives on and within the credit union industry, you and your team have ample resources to ensure that your strategy for the remainder of the year, will be successful. Oak Tree is here to guide you and your CU on how to be innovative and remain ahead of the game. When it comes to the financial industry, it is hard to be “unique.” With your competitors offering relatively similar products and services, standing out can be challenging. The following tips and suggestions can help your CU marketing team gain some leverage in an attempt to stand out from the rest.

Going mobile with your financial product marketing initiatives

You may have noticed, with the year we had in 2020, digital marketing is where the future of marketing will continue to go, and where your CU should focus its efforts. Going mobile with your CUs products and services while offering your members a seamless digital experience is where your CU can stand out. Doing business on the go is what your users are accustomed to, in fact, new research has found that we’re spending five hours a day on mobile devices, and 90 percent of our mobile time is spent using native apps. This means any marketing plans for your CU must include a heavy focus on mobile marketing, by ensuring there is a CTA (call to action), making sure any sign-up forms are short and easy to complete, and you have a solid and easy-to-read design layout. Your mobile marketing is about acquiring engagement and getting your brand out there. Making a sale is just the cherry on top.

Creating educational content

Creating educational content that revolves around your products and services will be very beneficial for your current and potential members. Making the content clear and easy to understand, for someone who may not have prior knowledge about finances should be your CU’s first step. According to a recent study, 45% of Millennials want financial products and services that help them with their budgets. Furnishing something that could assist users with budget-related issues that lead to solutions would set your CU apart from others, as well. Setting up a chatbot on your site that is available 24/7 to your users will also put you ahead of the curve while taking care of your members at the same time. People want instant answers and useful information, and you can give it to them!

Humanize your credit union through social media

As mentioned, social media and digital marketing are where your CUs efforts should lie. Credit unions are built on the relationships they have with their members and their ties within the communities they serve. Showcasing all the good your credit union does on your social media channels is a great marketing tool. Social media can provide a perfect medium to show the community that your CU is trustworthy, and it is a great way to humanize your credit union’s brand. Allowing your credit union to open up on social media also gives you an advantage if any negative feedback comes in, you can be sure to be on top of it. Connecting with the community bolsters your brand and tells your credit union’s story that could otherwise be left untold!

Don’t get left behind in 2021, Oak Tree can help your credit union lock down your 2021 marketing strategy, and we have all the best tools to help you analyze, plan, and optimize while bringing that strategy to life. Contact us for a free consultation!

New Year, New Trends

2020 was quite a year, right? So many changes presented themselves and we all had to learn what it truly means to be resilient. Credit unions everywhere faced new challenges and had to quickly adapt and think fast when it came to helping their members. Not only that but the way we market had to also take a quick turn to all digital platforms. In this marketing corner, we will discuss what your credit union can expect when it comes to marketing and best practices in 2021. It’s a new year and so new trends come into play.

BE TRULY ADAPTABLE. As we all saw, things can quickly change at the drop of a hat. While in the marketing profession, most of us are used to things changing quickly, and we must continue to prepare in advance. This means, don’t just wait until something falls in your lap before addressing the situation. Go looking for the disruptions! By doing that, you can ensure your team and CU can be actively prepared for anything in the foreseeable future. We all know that marketing means always adapting – and with the year we had, going into 2021 – just remember to continuously listen to your members and keep an open line of communication.

TAKE ON DIGITAL TRANSFORMATION. If 2020 gave us an insight into the future, it’s that we must be pushing for digital. According to Global Marketing Alliance, in 2020, investments in paid, owned, and earned digital channels now account for almost 80% of multichannel budgets, with digital advertising and search advertising taking nearly a quarter (22%), with social marketing (11.3%) and website (10.4%) topping the list. The change we are seeing when it comes to going digital is something that is likely to be permanent going forward. If your CU is not on all the possible digital channels, you are missing an opportunity to reach your members and potential members.

INCORPORATE OLD WAYS. While the New Year starts to unwind, some of our old values and ways of doing things will eventually return. Being able to incorporate old marketing tools with new and digital ones will be very beneficial for your CU. The future of marketing will fall within traditional and new, and effective ways of marketing. While some of your members may be ready to return to doing business in-branch, a lot of members will still be wary of doing so for some time to come. Being able to accommodate all members is what will make your CU stand out from the rest. Giving members the relationship that comes with banking with a CU through digital platforms is not always easy, but hopefully, with a good marketing team to back you up, it’s possible! The new normal for CU’s will be taking on a balance of both marketing worlds.

While there are sure to be other trends that may be predictable or unpredictable once we arrive in 2021, one thing that will always remain the same is Oak Tree’s ability to be there for your CU! With over 37 years of experience in the credit union industry, we can help make sure your CU’s marketing goals are being reached and you are staying ahead of the race. Our marketing services department is standing by to answer any questions you may have! If you would like more information about our custom marketing services, feel free to chat with us at MarketingServices@OakTreeBiz.com. 

Credit Union Information Governance

Is Information Governance Important to Credit Unions?

What do you know of credit union information governance? Nothing is more important to a credit union than compliance, and one of the biggest components to this is information governance. This term may not be so familiar to those outside of the financial sectors or corporate cultures, but it is something that has become more important with each passing day. Every company, especially credit unions, must contend with a myriad of ever-changing laws, compliance issues, competition, economic uncertainty, and the malicious hackers and criminals that are always a danger to their assets, which contributes to growing concern. Information governance is nothing more than the protocols put in place for any organization to keep its information secure, yet usable. It is being meticulous and disciplined in the collection, management, and output of any information or data in a corporation.

As more credit unions expand their use of fintech, we see a need for them to also bolster their practice of information governance. This has led to the growing need to be more careful with the bulk of data that has been collected. Especially as more states and even the federal government have begun to craft new regulations and controls on how such data can be used, how it must be curated or stored, and of course how to handle the liability issues if an organization is breached. Then there are also the resources used to collect, store, and safeguard this data as a cost to the corporation in comparison to the lifecycle of its usefulness or reliability.

Credit Union Liability Issues

Besides liability issues or the need to stay compliant, we have also seen that when credit unions craft and implement more stringent and careful protocols for their information governance it comes back to that very important shareholder – the member. Protecting the information on your members is also about protecting them from fraud and other abuse. It gives them confidence in your institution when they know that their information can be trusted with your credit union. This is just one more way to build that goodwill and reputation that helps every company survive through the most severe of situations.

There are many instances where it may seem that the data you have is at risk, and this can be very true when dealing with vendors. Oak Tree has been a trusted vendor and we completely understand and respect the need for such controls on sensitive data. Staying compliant doesn’t just mean being aware of the law, it is meant to protect all of us and allow us to feel accommodated.

Oak Tree Business Systems has been in the credit union industry for over 37 years, so we can say that we are confident, and encourage all credit unions to use our forms. We comply with both state and federal standards, meet the expectations of each credit union’s members and staff, work on each credit union’s data processing system (and within their policies), and have an effective compliant forms system.

ITIN Lending & Compliance

Cutting Through the Fog

In a Credit Union Times Expert Opinion Column, “ITIN Lending & Compliance: Cutting Through the Fog,” Oak Tree`s CEO talks about ITIN lending, and how it represents growth opportunities for credit unions. Here is an excerpt from the article about ITIN Lending & Compliance:

” ITIN lending represents a solid marketing demographic for credit unions. Is your credit union taking full advantage of it? If not, you should be. Here’s why. The Filene Research Institute recently concluded its incubator loan project in December 2017, with ITIN lending being the most popular segment of the experiment.

The program introduced the following five loan packages to immigrants/minorities:

• Automobile refinance loans
• QCash small-dollar loans
• Micro-finance small business loans (community-based)
• Payday payoff installment loans
• ITIN lending

To make these loans possible, credit unions used targeted data mining and alternative relationship factors in addition to credit scores, alternative data, and ITIN numbers rather than Social Security numbers as a basis for identification. And while this segment does carry risk, it can be measured. Plus, the numbers speak for themselves.”

To continue reading about ITIN Lending & Compliance, head over to Credit Union Times website HERE.

Oak Tree has been a leading provider of credit union forms and disclosures for over 37 years. Contact us for information regarding our forms or marketing services.

World Kindness Week

When it comes to compliant forms and disclosures for credit unions, there is Oak Tree Business Systems, Inc. For more than 37 years, we have been the ones supplying the best forms for credit unions from membership documents to the forms for all lending needs. It is World Kindness Week 2020!

When it comes to building a community, there are credit unions, who are always finding ways to show the #CUDifference and helping people open their eyes to a credit union with their many humanitarian efforts.

Let’s celebrate World Kindness Day and the #creditunions that know how vital such kindness is! Since 1998 this holiday has spread across the globe. From a day to a week we know celebrate every November a chance to unite under a united flag of kindness.

There are so many wonderful ways to celebrate this week. You can write random notes of kindness for others, even strangers. Help do errands for those in need. Cook a meal for a loved one. Even a hug is enough to show others that you care. It doesn’t have to be a huge action to show a little concern.

To see some great #HumanitarianHighlights where credit unions donate time, money, and other resources to help spread kindness every day you need to go to our Credit Union Blog! Did you do anything for World Kindness Week 2020?

Navigating Current Lending Trends

Navigating Current Lending Trends for Growth and Compliance

Following current lending, trends can boost loan applications and approvals. It can also spark new partnerships and provide a competitive edge in a volatile market. Let’s look at navigating current lending trends for growth and compliance; and how they can help your credit union grow.

How do I encourage membership growth?

CUs generally have lower loan rates, higher rates on savings and investment accounts, and fewer fees. While credit unions focus on securing memberships from younger generations, it’s important not to discount lending to small and mid-size businesses.

Due to economic uncertainty, small business owners are forced to seek online lending options. Online lenders are dominating the market with higher percentage approvals and quick funding.

Small businesses are worth the acquisition cost since most will need additional products like checking and savings accounts. A positive CU experience could solidify a long-term client both for business and personal financial needs.

How do I increase equipment loan approvals?

Once you have established relationships with small and mid-size businesses, they will likely need additional loans such as equipment financing. While it’s easy to put a business owner into a box by only recognizing his credit score or actuarial models, that box doesn’t meet the needs of today’s business owner.

Does the owner have collateral? Cash flow? Do they have a good reputation with your CU? All of these factors should also influence loan approval.

By underwriting each equipment loan, you can personalize the experience and collect pertinent data that can help upsell additional products and services.

Take the time to get to know local industries that are seeking loans. Do you understand their equipment needs? Are they able to source new or used equipment?

Establishing genuine care and concern for each business member’s needs can generate referrals and build trust among industries. Running a business in any industry is difficult and understanding the needs and unique financial mistakes can help your CU provide solutions to keep those businesses running without a hitch.

How do I go digital without losing members?

By 2025, it is estimated that over half of tasks currently held by various credit union personnel such as loan officers, tellers, and financial advisors could be automated according to Accenture. Although going digital could save financial institutions billions of dollars, it also affects the ability to provide a human experience, a touchpoint that credit unions rely on.

However, going digital doesn’t have to mean slashing the workforce or giving your members the cold shoulder. For example, OceanFirst Financial in New Jersey retrained its employees to assist digital banking roles.

Even though OceanFirst closed over 1/3 of its branches, through its employee retention efforts and forward-thinking mindset, it was able to keep over 90% of members who banked at the closed branches.

By adopting digital processes, OceanFirst also witnessed an 81% increase in mobile deposits (2019). Investing in retraining their employees not only educates their staff on digital processes but provides growth and sustainability for their coverage area.

Why should I partner with fintech?

As the need for a personalized digital banking experience paralyzes credit unions, fintech can provide the perfect partnership.

Your CU doesn’t have to become fluent in online coding or start from square one. By partnering with fintech companies, credit unions can expand their network of businesses, and simplify the loan process to engage more members at a faster pace.

This strategy is particularly important for CUs that lack manpower and budget in the areas of risk, underwriting, and compliance.

Fintech can also help CUs gather data analysis regarding their potential and current membership. The data measures credit risk allowing the credit union to understand the borrower’s financial behavior before a transaction has commenced.

By using smart credit risk technology, CUs can feel comfortable approving the loan, even if traditionally the borrower may have questionable credit on paper. This is the main avenue fintech uses to speed up loan approvals.

It’s important to choose a fintech early in the game. As fintech gets more established the rates start to increase, which means the cost of partnership can as well. Coronavirus has forced scenarios we have never conceived before. Only being able to communicate via a virtual world is right up fintech’s alley so take advantage of their automation techniques in personal and small business lending.

What’s next for the U.S. economy?

Since 2000, credit union lending as increased in both first mortgage and auto. Totaling $81.6 billion (26.0% of all credit union loans in Q2 2000) and $440 billion in Q2 2019 (41.1%), first mortgages have seen an increase of over 15%. Auto loans have increased too from $123.6 billion in 2000 to $374.4 billion in 2019.

However, 2020 has ushered in a global pandemic, social unrest, and an economic downturn. With all of these factors, it is unlikely that the nation will be as strong economically as it was between 2015-2019. Here are 3 factors that could limit economic growth in the next couple of years.

1. Political Uncertainty

President Trump frequently tweets and according to JP Morgan, those words go way beyond social media banter. JP Morgan nicknamed the tweets the ‘Volfefe Index’ after a confusing 2017 “covfefe” tweet. These specific tweets are showing a significant impact on Treasury yields.

Depending on the content, tweets affect volatility in the market which affects the pricing of options and securities.  As the November election looms, uncertainty in the market is considered commonplace.

2. Low Inflation Rate

A low inflation rate is meant to keep the recovery going. However, when inflation rates are already low, cutting them can make a weak economy weaker.

The probability of an additional 25-basis-point rate cut averaged approximately 87% for contracts expiring between the end of 2019 and September 2020 as found by the Federal Reserve Bank of Atlanta’s market tracker.

3. Future Economic Trends

As a higher ratio of Americans is retiring, the U.S. has seen a slowdown in productivity. Less productivity means less economic growth. This decline of economic growth along with a decline in consumer spending could be problematic for a quick economic recovery.

Even with lending wrapped up in the chaos of economic uncertainty, now is the time to invest in technology and comply with industry regulations to stay competitive. Listening to the needs of your members can help your CU weather economic uncertainties. Here at Oak Tree we follow the lending trends in the credit union industry and are here to help you adapt. What’s your feedback on navigating current lending trends for growth and compliance at your credit union?

Dealing with Bad Reviews for SEO

CU Marketing Corner

The classic saying, “Any press is good press” continues to become more and more false with the reliance on online reviews to influence patrons. With the emergence of more and more review sites, blogs, comment sections, etc., it is impossible to ignore online opinions when considering SEO and potential members. There is no easy answer to dealing with bad reviews for SEO or even at all, but let’s delve in a bit more on this contentious subject.

There are great benefits of reading reviews as a consumer. One can learn from real experience by verified customers about what to expect. The ultimate negative for businesses comes with the misuse of internet speech to express anger, which unfortunately occurs more often than good experience reviews (without review incentive). Sadly, oftentimes complaint is stronger than praise.

No review, comment, or reference should go unnoticed. It’s imperative to engage your community both good and bad, though negative reviews from upset consumers take a bit more delicacy to turn things around in your favor. Bad reviews affect your SEO, online reputation, and ultimate conversion.

So now what to do with bad reviews?

1. Don’t let a review sit idle and forgotten. It will show a sort of admission of guilt and poor care and trust within your business.
2. Good-will gestures: Make some suggestions on how your institution can make it right without encouraging a “cry for treats” mentality.
3. Be honest, polite, and attentive. Your tone should be of utmost service: apologetic and true to brand voice.
4. Multiple modes of contact: respond directly and offline. This allows open communication with opportunities for public display as well as private interaction.

Oak Tree’s marketing team can be your SEO partner in combatting the ups and downs of online communities. Contact us today for a free consultation!  #creditunionmarketing

Credit Union Financial Fables

Credit Union Financial Fables

CU Marketing Corner

Once Upon a CU: Members and Financial Fables. Every credit union is unique in ways that are generically defined by its FOM. Unfortunately, the basic facts and figures that define membership eligibility do not convey the magical community and beneficial services that can entice potential members to grow your financial realm. Building a narrative can change the imagery of facts and figures into metaphorical flowers and fairies. Tell a tale about your Credit Union Financial Fables today!

Here are a few steps to get story-telling:

Step 1: Create Your Timely Stories

Your credit union has a rich history, a thriving present, and a limitless future. Before you continue to step two, take time to consider the special traits and qualities that made your institution what it is today and consider the possibilities of how it can connect to the bright future of your community. Take into account what makes your community special and identify connections in order to tell a story that you’re membership will want to engage in and pass on.

Step 2: Define Your Characters

A credit union’s members keep its story alive through the generations, they could/should be the hero/heroines of your Credit union story and their financial journey provides the parts of your narrative.

The antagonist (i.e. financial illiteracies, empty retirement funds, upcoming tuitions) will vary but is a strong tool in conveying a meaningful message for your credit union. Your credit union is the slew of story aspects that create a happy ending for your protagonist members.

Step 3: Give Your Story to Your Members

Even though your narrative is so masterfully written it should be in the general curriculum along Homer’s, Odyssey was told through a sort of ‘banana-phone/campfire flare that depended upon the storyteller until someone decided it best to write it out.

Let your members have the story to tell and participate in. It may provide insight into characteristics that your credit union didn’t realize or will shift importance on dramatic aspects of the narrative.

Oak Tree Business Systems Inc.’s team of creators and marketing specialists can help you write out your story and build a strategy to get your pages read by potential members. Contact marketing services to discuss our marketing packages today by emailing marketingservices@oaktreebiz.com.

Best Credit Union CEOs of 2017

For the credit union world, the eventful year of 2017 is now a thing of the past. When we take a look back at the past twelve months we remember the highlights and bright spots from around the industry. Credit unions who saw success were recognized, as well as the individuals who helped facilitate accomplishments and achievements. is your CEO on the list of Best Credit Union CEOs of 2017?

It goes without saying that in order to prosper in any industry, it takes a team effort. And although it may seem a bit cliché, it is true. Everyone must do their job to the best of their ability to create cohesiveness and keep everything operating smoothly. This all doesn’t just happen out of nowhere or overnight. Strategy and direction for a team or close working community all come from somewhere and that place is usually at the top.

With credit unions and most workplaces, the CEO is tasked with creating an environment and culture unique to their situation that can provide the most efficient plan of attack to developing success. In most cases, you can say that they are the most valuable member of a team because of the types of characteristics they must possess.

In 2017 there were plenty of standout credit unions that owed much of their success to the credit of their CEO. This came in the form of awards and other means of recognition that we would like to highlight. Take a look at some of the best credit union CEOs of 2017.

NAFCU CEO of the Year, CUs with assets of $250M or less

Daniel L. McGowan Jr., Pioneer West Virginia Federal Credit Union

NAFCU CEO of the Year, CUs with assets of more than $250M

John D. Unangst, Franklin Mint Federal Credit Union

Mayor’s Award, Rochester Hills, MI

Tom Dluzen, Chief Financial Credit Union

City of Lawrence Good Scout Award

Kevin Ryan, Financial Center First Credit Union

NWCUA Awards

Tom Johnson, STCU- Lifetime Achievement

Connie Miller, Icon Credit Union- Advocate of the Year, Idaho

Gene Pelham, Rogue Credit Union- Advocate of the Year, Oregon

Jeff Kennedy, TwinStar Credit Union- Advocate of the Year, Washington

Lifetime Gonzo Credit Union Leader, GonzoBanker

Doug Samuels, Space Coast Credit Union

Most Admired CEO, San Diego Business Journal

Teresa Halleck, San Diego County Credit Union

California and Nevada Credit Union League Awards

Teresa Freeborn, Xceed Financial Credit Union- Lifetime Achievement Award

Richard Cooper, Mendo Lake Credit Union- Distinguished Service Award

Dennis Flannigan, Great Basin Federal Credit Union- Distinguished Service Award

Diana Michaels, Western Health Care Federal Credit Union- Eternal Flame Award

Carolinas Credit Union League Awards

Dorinda Edwards, American Partners Federal Credit Union- Lifetime Achievement

John Radenbaugh, Carolinas CUL- Lifetime Achievement

Cathy Pace, Allegacy Federal Credit Union- Individual Achievement Award

Other Mentions

Individual awards are not necessarily the only thing that sets a credit union CEO apart from the rest. We looked at CU Journal’s list of top credit unions to work for to recognize a few more CEOs because as we mentioned before, creating a desirable work environment starts at the top. Take a look at the top 5 credit unions from the list.

Consumers Credit Union

CEO: Kit Snyder

Texas Tech Federal Credit Union

CEO: Chris Hutson

Bay Federal Credit Union

CEO: Carrie L. Birkhofer

One Nevada Credit Union

CEO: Bradley Beal

Michigan State University Federal Credit Union

CEO: April Clobes

Thank you to everyone on our list for continuing to prove why credit unions are a step above when it comes to financial institutions. We also invite you to let us know who else deserves to be recognized for their leadership efforts because we know there is no shortage of excellence around the credit union community.

Oak Tree knows the significance of important leadership. As a leading provider of compliant forms and disclosures to credit unions for over 35 years, we know what it takes to create a successful working and business environment. See for yourself by checking out our products and services page, and sending us a message. We would love to hear from you!

Quality of Life

The Credit Union Contribution

Make no mistake – “Quality of Life” drives us all. Our actions each day, sleeping, waking up, eating, working, exercising, socializing, and so very much more, are all motivated by individual day-to-day factors such as being tired, hungry, lonely, wanting better fitness, wanting to “feel” better, and so on. But at the end of the day, what we all want is a better “Quality of Life”; for us and for our loved ones.  As a part of the Credit Union Community, it is important to think of the quality of life and the credit union’s contribution to it as it pertains to the members and the staff.

This is exactly what your members are after. Each and every member walking through your Credit Union’s door, calling your Call Center, Emailing you, Chatting with you online, Responding to your Direct Mail – they’re all looking for something they believe will improve their Quality of Life – true needs, true wants, and true desires.

Your Credit Union’s internal policies dictate just how far you can go to respond to your member’s needs, wants, and desires, but within those policies, YOU MAKE A DIFFERENCE!

The Difference

This difference – improving their Quality of Life – can be profound. A safe place to invest their money, a debit/ATM card for safe access to their funds, a credit card for important purchases, an auto loan for a better/safer set of wheels, a home equity loan to access their well earned but unassessed property equity – all ways that YOU can help.

There is a saying that being a professional means doing what you need to do even if at times you don’t really feel like it. Passing through this barrier can indeed help you help others, and improve their Quality of Life along the way. By being there where you are, when you are, fully prepared, and knowing your job better than anyone else, you stand to help improve each and every member’s Quality of Life that you come in contact with.

So make your way through your day, of course working on improving your own Quality of Life, but realize that your members are expecting the same – and doing just that is in your hands.

At Oak Tree, like you, we’re constantly taking stock in our purpose in your day by giving you the very best in easy to use forms that are safe, compliant, and purposeful, making it easier for you to do your part to never miss any opportunity to improve your members “Quality of Life.”

For more information please visit www.oaktreebiz.com, and learn about our products & services for your credit union.