By Frank J. Diekmann
Some items I retrieved from the Credit Union Claw Machine, and full disclosure, some of these are a little musty because I kept dropping them and because, well, nothing in a claw machine is known for its freshness:
The Metaphor Motel
A good metaphor always deserves a nod, so credit to Ron Shevlin, chief research officer at Cornerstone Advisors and author of a recent report on the changing role of the checking account, in which he observed, “Increasingly, Americans treat their checking accounts like paycheck motels—temporary places for their money to stay before it moves on to higher-yield savings accounts, investment platforms, and other alternative financial services.”
But How Do We Really Know?
During the July NCUA board meeting, at which fired board members Todd Harper and Tanya Otsuka appeared as the result of a (temporary) court ruling, Otsuka joined Chairman Kyle Hauptman in person at the Alexandria, Va., headquarters, but Todd Harper participated virtually.
Harper’s first comments came after a discussion by Hauptman and agency staff over some of the new fraud threats presented by AI, including deepfakes of individuals that can be indistinguishable from the real person.
After Harper joked, “It’s been three months—have I missed anything?”, Hauptman asked, “Todd, is that actually you?”
What Could Possibly Go Wrong?
DoorDash customers can now take out a loan for a $40 order of burritos or a $50 pizza delivery..
Hey, Let’s Water Down Our Differentiation
I’ve written about this issue numerous times, but since I’m an optimistic pessimist, I’ll just keep preaching to my choir of one…
Received two separate press releases in the last week in which credit unions referred to their members as “customers.” This is either laziness, ignorance or some misplaced idea that the differentiation doesn’t matter and consumers really just want to be generic customers with no stake in the operation.
Meanwhile, big players like American Express and SoFi can’t mention the advantages of “membership” often enough. What do they seem to understand that some CUs don’t?
Best Ribbon Cutting
I’ve reported on enough credit union ribbon cuttings that scissor-related accidents affect my health insurance premiums—these are typically dubbed “guys in ties” pics in this business–so I have to rate this photo from Genisys Credit Union in Michigan as among my favorites.
Ten-Million More Reasons
PayPal has launched the “The Great PayPal Checkout,” a promotion it called its biggest sweepstakes ever. PayPal is giving away up to $10 million just for checking out with PayPal.
No credit union other than Navy Federal could ever budget for a $10 million giveaway (if you do, I feel your examiner might mention it), so that means you have to play to your other strengths. You know, like having “members.”
Adulting Really is Hard
An interesting finding was released by Zogo, the financial literacy app that uses gamification to teach users about money management. While initially designed for youth members aged 13-18, Zogo has unexpectedly resonated with at least one credit union’s adult members. The average user age is 33, with the 25-40 age group comprising the largest segment at 30.18%, indicating a strong demand for accessible financial literacy resources across all age groups.
Tragedy at Credit Union Part of Documentary
On April 19th, 1995, the bombing of the Already P. Murrah Federal Building in Oklahoma City, Okla. Killed 168 people and injured 684 others, including 18 of the 33 employees of what was then Federal Employees Credit Union.
On Netflix, there is currently a documentary titled “Oklahoma City Bombing: American Terror” that shares the story of that tragic day, and prominently features Amy Downs, who was a clerk in the credit union that was located in the building and who was buried under rubble and was among the last of the survivors to be pulled from the destroyed building. Downs would eventually go on to become CEO before retiring.
The documentary opens with footage shot inside the credit union sometime ahead of the bombing showing a bright, happy environment.
Today, Downs continues to speak to credit union meetings about how the day changed her life. It’s worth hearing if you see Ms. Downs on a conference agenda.
Frank J. Diekmann is Cooperator in Chief at the CU Daily and can be reached at [email protected].
