The NAFCU Journal July-August 2019 - 28

for consumer loan products, and built a
proprietary mobile banking app.

In 2018, Alliant Credit Union took a deep
dive into improving its digital framework.
Those efforts made the credit union more
technologically savvy and expanded its
digital reach in the financial space.

Last year, the ACU management team
started dedicating significant time and
resources to channel optimization to
ensure outstanding member experience
in an increasingly digital world. After
collecting and analyzing data, providing
analytics with multiple scenario projections and participating in significant
discussions and debates, the strategic decision was made to close most
branches and reallocate resources toward
improving ACU's digital capabilities. The
effort has already resulted in a significantly positive ROI with subsequent
improvements to digital capabilities, in
addition to higher Net Promoter Scores
from current members.

ACU's digital transformation officially
started five years ago when it began its
"digital shift" strategy. Since that time,
ACU has consolidated and updated its
data repository to drive reporting automation, built an online loan origination
system that allows members to apply

ACU also developed targeted marketing communications to help build trust
and educate members on how the credit
union's digital banking channels can
service their unique needs. For example,
ACU created four distinct campaigns
aimed at members who deposited checks

Credit Union of the Year
More Than $250M
Alliant Credit Union
Chicago, Illinois

Credit Union of the Year
$250M or Less

St. Thomas Federal Credit Union
St. Thomas, U.S. Virgin Islands
Resiliency is a core value embedded in St.
Thomas Federal Credit Union's community. When faced with adversity, it comes
together and triumphs. Despite extreme
adversity, STTFCU has persevered.
In September 2017, the Virgin Islands
were hit by two Category 5 hurricanes.
Hurricanes Irma and Maria left STTFCU
and the rest of St. Thomas in complete
devastation. Despite significant damages
28

to the area and displacement of some of
its employees, the credit union was able
to resume operations in manual mode
just six days after Hurricane Irma and
five days after Hurricane Maria. Employees stepped up to the plate and were as
resourceful as they could possibly be -
they resorted to using printed trial balances, battery-operated calculators and
portable fans in order to continue serving
members. The credit union operated in
this manner until the end of November
2017 with the assistance of a call center
located on the U.S. mainland.
Unfazed by the challenging circumstances, STTFCU stood by its motto:
"Not for Profit, Not for Charity, but for
Service." The team members at STTFCU
did an amazing job in inspiring and
motivating each other and the credit
union's members, which the institution's
growth and overall performance reflect.
STTFCU believes in giving back to
its community. With a staff of only 16

at the branches, with each campaign
tailored to the way the members had
historically banked.
Since depositing checks was one of
the most popular transactions at the
branches, ACU's goal was to convert
those members to mobile check depositors. An initial email triggered additional
communications whenever the member
made check deposits at a branch or an
ATM. These tactics allowed ACU to convert 10 percent of its members who had
not previously used its digital banking
channels into digital users.
Looking to the future, ACU will continue to invest in digital capabilities.
This includes evolving online banking
and deposit product-opening platforms,
and continuing to enhance its mobile
app and member support functions.
While its digital transformation is in the
beginning stages, ACU is already seeing
significant results. In the last five years,
the credit union has grown its member
base 155 percent and increased its mobile
banking app users 208 percent.
employees, the credit union still managed
to dedicate more than 1,000 hours in
2018 to initiatives influencing more than
5,000 members and nonmembers. The
various initiatives include "Teaching Kids
to Save," "Teaching Kids About Credit,"
career day presentations at local schools,
employee orientations at various businesses, and financial education events
about saving and budgeting.
This year, STTFCU remains committed
to educating members about trends
or new developments that could
negatively affect their accounts or
financial well-being. The credit union's
program topics include identity theft,
elder abuse and financial exploitation,
and password security. In addition,
STTFCU collaborated with a local
high school to provide on-the-job
training sessions, mock job interviews
and business etiquette skills. STTFCU
believes that focusing on younger
generations will ensure a better future
for the community of tomorrow.
THE NAFCU JOURNAL JULY-AUGUST 2019



The NAFCU Journal July-August 2019

Table of Contents for the Digital Edition of The NAFCU Journal July-August 2019

The NAFCU Journal July - August 201
Contents
Conferences
From the Chair
Washington and Industry Briefs
The Bottom Line
The Future Is Now
Balancing Act
2019 NAFCU Annual Awards
2018 NAFCU Annual Report
Executive Spotlight
Management Insight
Compliance Central
Inside NAFCU Services
Industry Perspectives
The NAFCU Journal July-August 2019 - The NAFCU Journal July - August 201
The NAFCU Journal July-August 2019 - Cover2
The NAFCU Journal July-August 2019 - Contents
The NAFCU Journal July-August 2019 - 2
The NAFCU Journal July-August 2019 - Conferences
The NAFCU Journal July-August 2019 - From the Chair
The NAFCU Journal July-August 2019 - 5
The NAFCU Journal July-August 2019 - Washington and Industry Briefs
The NAFCU Journal July-August 2019 - 7
The NAFCU Journal July-August 2019 - The Bottom Line
The NAFCU Journal July-August 2019 - 9
The NAFCU Journal July-August 2019 - 10
The NAFCU Journal July-August 2019 - 11
The NAFCU Journal July-August 2019 - The Future Is Now
The NAFCU Journal July-August 2019 - 13
The NAFCU Journal July-August 2019 - 14
The NAFCU Journal July-August 2019 - 15
The NAFCU Journal July-August 2019 - 16
The NAFCU Journal July-August 2019 - 17
The NAFCU Journal July-August 2019 - Balancing Act
The NAFCU Journal July-August 2019 - 19
The NAFCU Journal July-August 2019 - 20
The NAFCU Journal July-August 2019 - 21
The NAFCU Journal July-August 2019 - 22
The NAFCU Journal July-August 2019 - 23
The NAFCU Journal July-August 2019 - 2019 NAFCU Annual Awards
The NAFCU Journal July-August 2019 - 25
The NAFCU Journal July-August 2019 - 26
The NAFCU Journal July-August 2019 - 27
The NAFCU Journal July-August 2019 - 28
The NAFCU Journal July-August 2019 - 2018 NAFCU Annual Report
The NAFCU Journal July-August 2019 - 30
The NAFCU Journal July-August 2019 - 31
The NAFCU Journal July-August 2019 - 32
The NAFCU Journal July-August 2019 - 33
The NAFCU Journal July-August 2019 - 34
The NAFCU Journal July-August 2019 - 35
The NAFCU Journal July-August 2019 - 36
The NAFCU Journal July-August 2019 - 37
The NAFCU Journal July-August 2019 - 38
The NAFCU Journal July-August 2019 - 39
The NAFCU Journal July-August 2019 - 40
The NAFCU Journal July-August 2019 - 41
The NAFCU Journal July-August 2019 - 42
The NAFCU Journal July-August 2019 - 43
The NAFCU Journal July-August 2019 - 44
The NAFCU Journal July-August 2019 - 45
The NAFCU Journal July-August 2019 - Executive Spotlight
The NAFCU Journal July-August 2019 - 47
The NAFCU Journal July-August 2019 - Management Insight
The NAFCU Journal July-August 2019 - 49
The NAFCU Journal July-August 2019 - Compliance Central
The NAFCU Journal July-August 2019 - 51
The NAFCU Journal July-August 2019 - Inside NAFCU Services
The NAFCU Journal July-August 2019 - 53
The NAFCU Journal July-August 2019 - Industry Perspectives
The NAFCU Journal July-August 2019 - 55
The NAFCU Journal July-August 2019 - 56
The NAFCU Journal July-August 2019 - Cover3
The NAFCU Journal July-August 2019 - Cover4
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