“The Three Pitfalls Lurking in Member Feedback Programs”

TOOLS AND RESOURCES FOR CREDIT UNIONS • APRIL 2016

Trends and Topics

New Credit Union Association Launches in of the Month Canada On January 27, the Canadian Credit Union Association (CCUA) “The Three Pitfalls was launched, representing Canada’s credit unions and caisses populaires (outside of Quebec). It Lurking In Member is the first national credit union- governed organization Feedback Programs” in Canada, distinct in its Member feedback is the most commitment to co-operative values. effective — and cheapest — research The CCUA is owned and directed you can do. And yet most Credit by 316 credit unions and caisses Unions don’t take advantage of even a populaires, totaling more than small portion of the free feedback they $185.7 billion in assets and serving can get from their Members. more than 5.57 members from more than 1.817 Without it, a CEO might as well flip locations across a coin when major decisions have to the country. be made concerning new services, new These CCUA products, Member needs, or major members are governed by more than changes at the Credit Union. 2,800 volunteer directors and employ more than 28,500 Canadians. Without Member feedback, you’re just trying to be a psychic … or The new association’s mandate a gambler. and priorities are focused on national advocacy, regulatory And yet, getting information, opinions, suggestions, and legitimate compliance, professional feedback from our Members can be simple and inexpensive. development and education, and building awareness about the credit This month’s AIL Blue Paper examines “The Three Pitfalls union difference. Lurking In Member Feedback Programs.” Basically, it’s a guide of “The creation of the Canadian what to do, how to do it, and when to do it. It also introduces some Credit Union Association, and the of the newer technological programs that Credit Unions are using transfer of the assets of the former to obtain feedback. Credit Union Central of Canada, comes at an important time. For your complimentary copy, just contact your AIL representative or call the Through a shared vision of success, AIL Credit Union Center at 800-278-6661. credit unions have never been better continued on page 2

PUBLISHED AS A PUBLIC SERVICE BY THE CREDIT UNION CENTER OF AMERICAN INCOME LIFE INSURANCE COMPANY, P.O. BOX 2608, WACO, TX 76797. CALL THE CREDIT UNION CENTER HOTLINE AT 1-800-278-6661 WITH SUGGESTIONS, QUESTIONS AND REQUESTS. VISIT OUR WEBSITE AT: www.ailife.com 2 • April 2016 • Credit Union Lines

CU Trends and Topics The survey also found that almost three-quarters of British Columbians don’t think luck plays a big role continued from front page when it comes to their finances. Yet just over one-fifth positioned to create a more vibrant future for Canadians indicated they are including at least one of the following — one that is built on the strengths and diversity of strategies that involve an element of luck in their co-operative finance,” said Martha Durdin, CCUA retirement plans: President and CEO. The association has a new domain at • Waiting for an inheritance — ccua.com. 10 percent • Finding a partner with savings Many British Columbians Unprepared for — 9 percent Retirement • Gambling — 9 percent Ninety-six percent of British Columbians say a • Getting support from children — 5 percent good retirement requires careful planning, but 46 On a positive note, if given a $10,000 windfall, the percent haven’t taken any of the basic steps to prepare, majority said they would either save it for the future (39 according to a new Vancity survey. percent) or pay down their debt (30 percent).

Serving the Community

Libro Credit Union Unveils Libro owners, staff, community, and Social Purpose Assessment the environment, while carrying out Tool our vision of growing prosperity in Libro Credit Union in London, southwestern Ontario.” Ontario — the province’s third-largest The Social Purpose Assessment Tool credit union — announced on March 1 is available for download at libro.ca. that it is sharing a new Social Purpose Assessment Tool across the credit union industry. CU Partners with Food Bank to Support The purpose of the tool is to assist credit unions in Budgeting Classes strategic planning, operations, and management. Credit Conexus Credit Union in Regina, Saskatchewan will unions can use this scorecard to determine where they sponsor workshops on nutritional cooking and personal stand with best, leading, and next practices in social finance management hosted purpose, corporate social responsibility, and values- by the Regina Food Bank. based banking. The scorecard also suggests practices The recently announced credit unions can adopt to increase their positive impact partnership is a three-year and enhance their social purpose mission. commitment by Conexus. “We wanted to get a better sense of where we are The programs will offer today in the social purpose journey and how best essential skill development to an estimated 700 clients. we could take an innovative The CU will provide $50,000 annually to maintain the approach as we begin to fully classes. embrace social purpose as our At the official launch, Eric Dillon, CEO of Conexus business model,” said Steve Credit Union, and Steve Bolton, Libro Credit Union Compton, CEO of the President, CEO, and Head Regina Food Bank, spoke Coach. “We commissioned of the positive impact the the development of this tool programs will have on the to help shape Libro’s strategic roadmap and to help community. “Supporting others in their journey. The tool proved very useful in the financial health and well-being of our members is at understanding the ways we can create shared value for the heart of what we do,” he said.