By James Collins
Retro Credit Union is led by its core values of:
- Tradition: If it worked back in 1983, it should be fine now
- Stability: We use proven technology and procedures expertly crafted during the Bush presidency – the first Bush presidency
- Simplicity: You save, you spend, you borrow. Three accounts. This isn’t Taco Bell at 1 a.m.
Our Strategic Plan has five columns (it used to be “Pillars” but that was too trendy):
Digital Banking
Digital banking has been the biggest obstacle to achieving greatness. Doing business when and where a member wants leads to complacency. At Retro CU, the branch is the center of our universe. Majestic, Monumental, absolutely no place for Children.” Open convenient hours (9:30 a.m. – 4:30 p.m., which is veryconvenient for those who work there) and limited to Monday-Friday as God intended. From the grand entrance door down to the pens chained to a desk, this exudes the unwritten promise that, “Your money is here….somewhere.”
Personalized Lending
Auto-decisioning is the crutch of the modern lending department. At Retro, we promise you a comfortable chair in a large waiting room, a clipboard with an attached pen, and our loan officer “Bob,” who has been doing this since the Spice Girls were “a thing.” Bob takes the time with every member and has promised to get back to everyone within a few weeks through a personalized phone call (note: Bob doesn’t like voicemail, and neither do we), so make sure you answer.
The Check in Checking
We put the word “check” back into “checking.” At Retro, some old-school technologies work even in the most extreme environments, so you can always “check” your balance. For one, we give each member free checks complete with a cutting-edge “carbon-copy” feature, which is technically the first blockchain.
Second, we have a complete automated telephone experience which can give you yesterday’s balance any time you need it. And finally, each checking account comes with a uniquely designed ATM card that lets you check your balance before you get charged five bucks, because, of course, we never joined anyone’s network.
Old Takes on New Products
We have classic takes on today’s so-called “solutions,” such as “Save now, Pay Later” accounts. This may revolutionize lending by taking lending completely out of the loop.
Constant Communication
Today’s credit unions don’t talk to their members enough. We aim to fix that by bringing back the printed newsletter, the mandatory printed statement for every member (no more lonely members who only get junk mail), and even a signed birthday card to every member when we have time to fill them out.
No Going Back
In all honesty, there is no going back. Technology has brought the industry forward in many ways: speed, accuracy, doom scrolling – albeit at a cost. The cost is being impersonal, mechanical and blurring the credit union difference. Credit unions must adapt principles that utilize technology to deliver products and services better – and with the pizazz that only comes with membership in an organization in which they are the owners.
But bring back Christmas Accounts. I still miss them.
James Collins is a longtime credit union CEO, CFO and finance executive with more than 30 years of experience leading and growing credit unions. He currently serves as VP of Finance at Sunward Credit Union. That’s long enough to know where most of the bodies are buried, but wise enough not to provide a map. He can be reached at [email protected]
