THINK Blog

Revenue is on everyone’s minds, though generating revenue is often easier to visualize than to realize. And in case you’re having a hard time even visualizing it, here are a few quick ideas for beating the bushes, fresh from the latest issue of THINK Magazine:

1. Get invested. Mark Hoaglin, Vice President, Investment and Insurance Services, Patelco Credit Union, thinks there’s plenty of room for growth in most credit union investment services departments. “Often, the problem is a lack of focus,” says Hoaglin. “The tendency is for management to say, ‘This (department) isn’t performing very well; let’s take a look at the next program.” Instead, try instilling a sales culture that supports investment services organization-wide. If you’re going to have an investment team, why not one that runs at full throttle?
2. Read your cards. What if you could determine which card users are under-utilizing their accounts and entice them to charge more? Genisys Credit Union in Auburn Hills, Mich., did exactly that. Using CO-OP Revelation data, Genisys targeted 11,145 members who were using their cards sporadically for a mailing that touted the benefits of signature debit transactions and highlighted popular rewards for usage. The uptick? Signature debit card usage increased 66.5 percent within the targeted group. Could your members use similar encouragement?
3. Count pennies. At the THINK Conference this past spring, Lynn Kneebone, Director of Sales, CO-OP Financial Services, shared how one credit union lost more than $500,000 in revenue by sacrificing a few pennies of profitability on each card transaction by using two or even three processors. Ouch.
4. Start a CUSO. No, it’s not for everyone. But MaPS Credit Union in Salem, Ore., runs six different CUSOs as a way to maximize capacity in certain departments, reach out to otherwise untapped markets and/or promote the organization’s expertise.
5. Look for new services to consider, such as health savings accounts. HSAs give members and potential members a new reason to get involved, provide an additional benefit for select employee groups to promote and create excellent cross-selling opportunities.

Think these ideas won’t work for you? Find ideas within your own organization by encouraging staff input or mining vendor relationships (your vendors know a great deal about your industry and are often willing to share expertise). Remember that innovation begets innovation – and that’s important because pulling ahead of today’s revenue challenges is going to take more than a single great idea: You’re going to need many.