THINK 14 kicked off today in New Orleans with four tracks of Evolution Sessions aimed squarely at blowing the lid off of the credit union movement. These industry-focused sessions brought a practical, tactical approach to some of the leading challenges of the day.
Track by track, here are a few key insights:
TRACK ONE: THINK Fast & Lean Legislation, regulation and litigation are poised to disrupt your business – along with massive innovation in the payments space. What can you do? Think strategically. Get up to speed on recent developments in EMV; stay on top of the ever-breaking mobile wallet story; and find the tools you need to lead your organization intelligently through challenging times. Slow and steady won’t win this race.
TRACK TWO: THINK Bigger Credit remains one of the most compelling opportunities for credit unions right now, but how do you make a significant impact in the market and sustain member loyalty? Key suggestion: Consider your rewards program a profit center and market it accordingly. Building loyalty and engagement takes the front seat.
TRACK THREE: THINK Different Differentiating your credit union from big banks, small banks, other credit unions and new alternative financial institutions takes some ingenuity, but credit unions can stand out from the crowd. Sharpen your community involvement – and tell that story. Don’t rule out innovating ahead of the pack: Social media lit up today in response to Rachna Ahalawat’s introduction of CardNav, a breakthrough in card controls and alerts.
TRACK FOUR: THINK Impact As the consumer experience changes, credit unions must rise to meet new expectations. From devising a digital plan to deploying analytics and finally understanding the omnichannel experience, new approaches and insights spell the difference. You have more options than you know: “It’s almost embarrassing how much more data you have compared to Amazon – and how much more Amazon is doing [with less]. They would kill to have what you have,” said Brian Bodell, CEO of Finivation.
THINK Social
THINK 14 attendees were socially active, positive, energetic and enthusiastic – generating a large spike in traffic at the start of the Evolution sessions. Many said they couldn’t keep up with posting, there were so many great insights.
Most shared topics: mobile wallets, Ondot and cause marketing
Top 5 Social Insights
@CookeonCUs: 80% of consumers differentiate between TP brands yet only 10% differentiate between retail financial institutions. #coopthink
@ronaldohardy: Credit unions began as an innovative idea to transform financial services. What happens if we push ourselves to innovate again?
@onthegreen88: 90% of consumers want to hear about what causes we support and how we are supporting them – Phillips McCarty – Good Scout Group #coopthink
@jpooley99: Technological advancement is our members’ expectation. Are we a championship swimmer, or just simply treading water?
@Howie_Wu: Leverage data you already have to strengthen cardholder relationships. Keep ‘em coming back for more!
Up Next
Tuesday Morning: Branding expert Debbie Millman and Cirque de Soleil Director of Creation Welby Altidor weigh in on living the promise – what it means and how to make it happen.
Tuesday Afternoon: Entrepreneur and social media expert Gary Vaynerchuk and Randi Zuckerberg, founder/CEO of Zuckerberg Media dive into what consumers really want to experience.
Follow the action!
Follow the hashtag #COOPTHINK on Twitter, Instagram and Facebook.
Fun during the City Launch
