The Federal Credit Union May-June 2014 - (Page 2)

VOICES & OPINIONS Name a strategy you are employing to compete against the "big banks." " A strategy we are employing to compete against 'big banks' is to present Arizona FCU consistently with the seven principles of a cooperative - as a membership organization that offers financial services. The benefits of membership will be proportionate to each individual's economic participation with their cooperative. As one obvious benefit example, we distribute capital proportionate to members' participation every year a surplus is achieved, including surplus distributions of $5 million in 2013 and $3 million in 2012. We have a membership proposition that offers tangible and measurable value over and above their membership dues. It is a strategy of establishing both mutual expectations and mutual benefit of our not-for-profit cooperative design and structure. Our strategy is to highlight how we are different from a bank, not the same. " - RONALD L. WESTAD, president and CEO, Arizona FCU, Phoenix " An item we continuously offer - and big banks rarely do - is our financial education and our in-school credit unions. Financial education is offered to schools, adult career centers, churches, Army Community Services and other groups looking for budgeting, check writing, credit score and loan classes in the area. We won second place in the Louise Herring Award for our in-school credit unions and first place in the Desjardins Award for our financial education from League of Southeastern Credit Unions in 2013. " - JIM MITCHELL, president and CEO, Army Aviation Center FCU, Daleville, Ala. " Our strategy for competing with the 'big banks' is to limit how much we need to compete. We target a position within the calmer water and deliver a value proposition focusing on trust, sense of family, low fees, well-above-average rates and a narrow product line within which we can strive to be best in class. This allows us to apply our limited resources to areas that directly benefit our owners, rather than fighting for highly contested space. " " For the past nine years, we've returned $50 million in bonus dividends and loan interest refunds to members. The annual return rewards loyalty. If someone has his mortgage, vehicle and credit card with Ascend, he's not only going to receive a larger return than someone who only has a savings account with us, but he's also sharing in the success of the credit union. That's something the banks simply don't offer. " - CAREN C. GABRIEL, president and CEO, Ascend FCU, Tullahoma, Tenn. - RICHARD A. FEHR, president and CEO, APCI FCU, Allentown, Pa. 2 THE FEDERAL CREDIT UNION MAY-JUNE 2014

Table of Contents for the Digital Edition of The Federal Credit Union May-June 2014

Voices & Opinions
Calendar of Events
From the Chair
Inside NAFCU
Business Talk
The Lending Landscape
The Social Life: A Social Media Roundtable
NAFCU's 2014 Annual Report
Getting to Know...
Management Insight
Compliance Central
Inside NAFCU Services
From the President's Desk

The Federal Credit Union May-June 2014