Nearing 40 years of experience in the Credit Union Industry, Oak Tree is a leading provider for lending documents and forms for Credit Unions. We provide all types of forms (all types of formats), data linking services, training, compliance support, legal opinion letters, preprinted brochures and documents, as well as web-based and mobile forms. Marketing Services for credit unions also available.
The current situations are new and can be troubling for many. Almost every person has been affected in some way by the impact of COVID-19. Being a part of the #CreditUnionMovement means we are going to need to be ready to act. Your members are going to be needing all kinds of assistance. Your credit unions thrive during these times because you know how important your members are. This is why we wanted to remind the credit unions, we’re here for you to adapt. It can be to the Covid situation, after the pandemic and the “new” normal, or at any time you want to improve your credit union forms and budgets.
When the pandemic first began its spread, we saw that many credit unions were quick to act in efforts to protect and help their members. There were halts to fees, repossessions, and foreclosures. We saw credit unions lower their rates on emergency loans and perform other actions to prepare their members for the days ahead. Oak Tree had also put forth many resources to assist the credit unions in their mission to support their members.
Now, we are seeing another stage in this situation where many communities are confident in their ability to reopen their businesses and allow for more interactions, with certain safety protocols still in place, of course. That is where Oak Tree is once again acting as a proactive partner to the credit union industry. Along with our standard practice of staying ahead of the trends and regulatory changes, we also want to find other ways to help credit unions adapt to the new normal.
No one is alone in these times, as we are all a community and that is the lesson learned from our time with credit unions. We are here to do our part and help you adapt. As you are ready to transition, see how our forms can better enhance your lending portfolio. Check out our products & services, then contact us to start using the most reliable and compliant forms and disclosures for credit unions nationwide.
There comes a time when your credit union might be stuck, not seeing any results or any change. A time when you can take a step back to assess your position to get creative and think outside the box. If your credit union is in this position, wanting to make changes and redirect marketing efforts, the best place to start is the classic SWOT analysis. Even if you have done a credit union SWOT analysis before, it can always be updated. We want to look at Credit Union SWOT Analysis as it applies to your credit union.
This tried, and true exercise offers a way to explore your credit union internally and externally by analyzing strengths, weaknesses, opportunities, and threats. By asking and answering questions that pertain to your credit union and outside competition, you can uncover many pathways of promotional success. Following are the four-quadrant breakdowns and some sample questions to get you started!
Strengths
For any credit union, their strength comes from their member pool and so this is a good time to look at how much your members trust the company. That is a strength. Being a non-profit also helps give your financial institution some other benefits that can help, especially when it comes to the revenues leveraged from fewer tax obligations than some competition.
Strengths are your credit union’s attributes and abilities that you can utilize in future strategies. These are things that you already possess.
What promotions have been successful?
Does your CU Team have special skills you can utilize in the future? (e.g., education, creativity, networking.)
What does your credit union possess in assets that can be used to your advantage? (e.g., members, branches, community, equipment, technology.)
What competitive benefits make the #CUDifference and put your credit union above the big banks?
Weaknesses
Every credit union starts with a charter and that can restrict your ability to gain more members due to the community you serve. Acknowledging this as a weakness allows you to look for new ways to expand the charter or ability to gain new members. Being a non-profit also means, for many credit unions, that there is less capital for infrastructure or new technology. It will be important to not invest in fads, but be ready to serve your credit union with the fintech it needs to better protect and serve your members.
Weaknesses are areas of your credit union’s operations that can use some work or added attention in order to benefit fully from promotions or campaigns.
What are some aspects of your credit union that can be improved or can use a competitive edge?
Does your credit union need more of a physical asset to succeed?
Is your CUTeam putting their energy and talents toward the wrong direction?
Are you having trouble with branch location or online engagement?
Is your credit union marketing strategy working?
Opportunities
This is where Oak Tree can really help your institution because we offer membership forms that can be used for the next generation of young members eligible to join your credit union. Also, not all credit unions offer small business lending — and if you are one of those credit unions it may be time to see how Oak Tree Commercial and Business Lending Forms can help you.
Opportunities are external factors in your “CUCommunity” that your institution can take advantage of for potential growth and success.
Is there a FOM expansion or more significant market trend that your credit union can take advantage of to promote financial services and grow your membership?
Can your credit union engage in community events and business partnerships to grow awareness and community support?
Is your credit union website ADA compliant?
Is your FOM growing due to regulation changes? Are there increasing numbers and businesses that can apply to your credit union?
Do your current members trust you as their primary financial institution?
Threats
The first threat that all companies must look at is their direct competitors. We’ve all heard some company or CEO claim they “have no competition”, but that is simply untrue. Even if you have 99% of the market share there is always some competition out there, even if they are not a threat yet. For credit unions the threat is usually some bank or other credit union. Today there is also a rise in fintech firms offering the services of other conventional financial institutions and so these must be acknowledged and monitored.
Threats are negative factors that you have no control over and cannot likely change. Always keep account of threats to prepare for speed bumps.
Are competing banks and credit unions expanding in your area?
Is your Credit Union Community economy stable, growing, or declining?
Is your credit union engaged in evolving with fintech and credit union innovation?
And is your Credit Union Community seeing lending rates drop?
Take some time to fully answer the SWOT analysis to start off in a good direction. Knowing where you stand, where you exceed, and what can improve is essential as a strong foundation for building a strategy for growth. Oak Tree can help your credit union analyze, strategize, and optimize. Contact us today for a free consultation.
Happy New Year everyone and welcome back to another #HumanitarianHighlight! Thinking back at all of the accomplishments our #CUfamily has done, we can’t express how incredibly happy we are to see everyone’s involvement in making a difference within the community. Let us know what you think about this blog, and please tag us using #HumanitarianHighlight if you know of a credit union that went above and beyond for their community. Cheers to New Beginnings!
Thank you so much to Palisades FCU for volunteering yet AGAIN with the Food Bank of the Hudson Valley to help sort, organize, and package food items that will be donated to the community. This time around, PCU was able to package 2 TONS OF FOOD!! Outstanding job everyone!
Caring about their community a little extra during the holiday season, Elevations CU‘s members have brought in their toy donations into the branch for children in the community!
During the WCYY Fan Page’s #Markathon event, Atlantic FCU had their branch manager present a $1,000 check to help raise funds for The Center for Grieving Children, Maine. The grand total of money raised at the event was an astounding $80,000!!
“Expressing feelings in a safe place is part of the healing process after a death. At the Center, children, teens, young adults, and adults benefit from a supportive environment where they can be with others who have experienced similar losses. We provide peer support groups for children ages 3-18 and their parents and caregivers; young adults ages 19-30; and bereaved parents and young widowers/partners.” The Center for Grieving Children
Let’s give a big round of applause to the staff and members from Arlington Community FCU for collecting holiday gifts and wrapping them for children of incarcerated parents.
Donated $34,000 to 12 nonprofits all across Iowa and eastern Nebraska as part of its “Spark the Spirit” giving campaign. That’s not all, Veridian CU also donated $5,000 to Central Furniture Rescue!!
This incredible credit union Texas Trust CU presented a $5,000 check to Toys for Tots! Wonderful job to all members and employees for working together in making all of that possible. An interesting fact about Texas Trust CU is that since 2011, they have supported Toys for Tots and have donated a total of $40,000 to the organization!!
How touching is this? America First CU delivered new gym shoes and socks to the annual Warm the Soles of Kids program to about three dozen Gibson Middle School students.
Thank you for reading this Humanitarian Highlight! Please check out last week’s post, and please do not hesitate to contact us with any questions about our product & services through our email or by phone (800) 537-9598! Cheers to new beginnings!
The October blood drive was a HIT! We couldn’t have been in more awe of how it turned out and the positive response that we received. With support from the Southern California Blood Bank, we were able to break our initial goal and exceeded far above what we hoped for. Our employees also helped create a #CUdifference by taking time out of their workday to donate and helped be part of this #community event. Having the ability to help create a difference is what we strive for. Being able to see all our #CUfamily come by, brought us so much joy to see how many local credit unions stand up to help our community supply blood for those who need it the most. We are forever grateful for those who came and for those who couldn’t come but called to express how happy they are to see a company making a change.
Again, we want to thank everyone for stepping up to the plate and we hope to have another event like this soon!
Read our Press Release!
PRESS RELEASE CONTACT INFORMATION: Oak Tree Business Systems, Inc. Richard Gallagher, 800-537-9598 Marketing@oaktreebiz.com
RELEASE DATE: 14 October 2019
Oak Tree Business Systems, Inc. Asked the Community to Help Donate Blood and They Stepped Up
Oak Tree Businesses Systems, Inc. — the only credit union forms company you’ll ever need, hosted a local blood drive and had a great turnout.
Costa Mesa, CA October 2019 — A successful blood drive sponsored by Oak Tree Business Systems, Inc. in collaboration with the Southern California Blood Bank was a HIT! Thank you to the many people who rolled up their sleeves and gave donations. We couldn’t have been more in awe of how it turned out, and the positive response that we received. With support from the Southern California Blood Bank, we were able to break our initial goal and exceed far above what we hoped for. Employees of Oak Tree and local credit unions, walk-ins, and others who saw the ad campaign for the blood drive showed that Orange County has so many great people willing to donate a little time and a little blood to those in need. Watch the video on our YouTube Channel!
Earlier this year, we saw the supply of O-positive and O-negative levels run dangerously close to empty, and some locations were totally out of stock of these life-saving supplies of blood. This year, many blood drives were canceled across the nation due to extreme weather conditions, and that is why Oak Tree stepped up and helped host this drive on the first of October.
“To know that my blood, O negative blood, is literally the doctors’ and emergency rooms’ first line of defense – it’s very important for me to donate, and donate on a regular basis.” Ben C., type O negative donor
We thank the community and our employees who helped create a #CUdifference by taking time out of their workday to donate and be part of this community event. Having the ability to help create a difference is what we strive for. Being able to see all our #CUfamily come by, brought us so much joy to see how many local credit unions stand up to help our community supply blood for those who need it the most. We are forever grateful for those who came and for those who couldn’t go but called to express how happy they are to see a company making a change.
Being a part of this community has really made us stand tall in wanting to help many more people. When we got word that our goal was surpassed, we immediately wanted to know what was donated and how many lives we saved. Our report came back and we found out we saved 54 lives!!! How incredible is that?! As claimed by givingblood.org, throughout the U.S., company-hosted blood drives supply half of overall blood donations in the U.S. It makes us so happy to know that we were able to help create a difference. In today’s society, everyone is always “on the go.” So when events like these come up, having the time and ability to help out the community will not only allow for a good deed but also allows for that person to take a breath from the hectic lifestyle we all have going on.
Again, we want to thank everyone for stepping up to the plate! You all truly don’t understand how excited and proud we are here at Oak Tree. We helped save lives and never knew that’d be possible on such an easy note. Our goal for the next event will be even higher, so we are excited to surpass it yet again. Our society is changing, and we are here to help create that chain reaction.
“Being able to provide blood to help others in need, truly touches my heart. Donating blood can be such a small act, that turns into saving someone else’s life. I’d say that it’s pretty cool.” Richard Gallagher, CEO, Oak Tree Business Systems, Inc.
Just like saving lives, we are proud to supply compliant forms to our #CUfamily to offer their members. Oak Tree Business Systems is a reliable source for credit union forms year after year. We are fast, efficient, knowledgeable, mindful of costs, and dedicated to the credit union industry. With over 35 years of industry experience, we work with you to create forms that accommodate your credit union’s technology objectives and facilitate a smooth workflow. Let us help you, help your members!
For more information on Oak Tree please visit https://www.oaktreebiz.com/blog/oak-tree-blood-drive
About Oak Tree Business Systems, Inc.
Oak Tree has been in the credit union business for over 35 years, developing, supporting, and maintaining lending and operational documents for credit unions in all 50 states, Puerto Rico, and the Virgin Islands. Forms are your credit union’s tools of the trade. Ideally, these forms integrate seamlessly with your technology for streamlined performance. More importantly, they must comply with both state and federal standards or your credit union could face serious liability. This is why Oak Tree Business Systems is a reliable source for credit union forms year after year. #CreditUnionPartner
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?
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.
Good-will gestures: Make some suggestions on how your institution can make it right without encouraging a “cry for treats” mentality.
Be honest, polite, and attentive. Your tone should be of utmost service: apologetic and true to brand voice.
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
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.
Credit Union Lending Documents and Data Processors
Are you considering a data processor switch? If so, there are several things to consider in order to ensure the process goes smoothly. Following these steps will make the transition efficient and minimize any headaches.
Three Questions for Data Migration Success
So you are planning a switch and need to know where to start? Answering these three questions is a good start.
When? Timeline is an important matter to consider. You never want to wait until it is close to the time for your contract to expire. Waiting gives the vendor all the power. Ultimately, it creates a scenario where the credit union may decide to stay even if switching is better because it is easier and less stressful. To prevent this, create a 24-month timeline and stick to it.
Who? There are many factors to ponder when making a switch. The infrastructure and technology of the potential vendor are huge considerations. Understanding these will let you know how well they fit in with your credit union’s goals and strategy. Also, you need to consider things like continuity and disaster recovery with respect to compliance.
How? All parties involved by the switch need to be aware of the what, why, and when. The best strategy is for credit union leadership to inform employees regarding the change and why it is necessary. Newsletters, email updates, and meetings are a great way to keep employees in the loop. Nobody likes flying blind during a core provider change.
Core Processing Compliance and Forms
Remember, before you worry about forms, check how long the forms provider has been in business and that their forms integrate with any core processor. Your credit union needs to make sure all fields are mapped correctly. Furthermore, check that these forms are up to date regarding all state and federal regulations.
Also, attending data processor conferences is a great way to get hands-on experience and learn about new technology updates from core processing vendors.
Take a look at these recent conferences: April 17-19, 2018 Fiserv Forum Las Vegas, NV May 8-9, 2018 Correlation 2018 Client Conference San Deigo, CA August 27 – 30, 2018 Symitar 2018. San Diego, CA
Any of these would be worth attending. Know one that didn’t make our list? Let us know so we can keep you informed!
Choosing Who to Integrate Lending Documents With
What can we say? Oak Tree is already certified with many data processors, with more in the queue as changes and upgrades are made. Change and adaptation are the nature of data processor migration. Our compliant forms, your data processor’s choice.
We have walked with many credit unions through a core processor switch.
To lighten the load a bit, Oak Tree forms integrate with any data processor. Here is a list of common processors we support and a list of core processors:
If you have questions about your forms in relation to the switch, give us a call. We will answer them and put your concerns to rest. Switching core processors is a huge undertaking as it is. Forms compliance should not be an issue to lose sleep over during the change.
In-House Data Linking Services
Jack Henry/Symitar
Episys
Symforms
SymPDF
D+H/Harland
Finastra – (Previously known as Ultradata)
FSP
Alps Forms – (the lending side of FSP (Financial Services Platform) /Finastra)
Front Office Forms – (the membership side of FSP (Financial Services Platform)/Finastra)
PDF Packages
Globally Linked Packages
Individual Forms with Fields
Smart PDF Forms (SmartForms: PDF with fillable fields) Globally linked Adobe Acrobat Reader enabled .pdf packages & Standalone Adobe Acrobat Reader enabled .pdf forms with fields
Symitar Sytems, Inc (Jack Henry & Associates ·Inc., SymPDF)
Synergent Corp
Systronics, Inc
TCI (Teledata Communications, Inc.)
Temenos
TOTAL/1 Services Corp.
United Solution – OnCore XP2
Vision XXI
Wayne Macpherson (CRIterion)
XP2Systems
…and more
If you have questions about your forms in relation to the switch, give us a call. We will answer them and put your concerns to rest. Switching core processors is a huge undertaking as it is. Forms compliance should not be an issue to lose sleep over during the change.
Call us at (800) 537-9598 to learn more on how we can help your credit union.
