02/24/2008

Speaking at CUES Execu/Summit and we need your help.

By Tim McAlpine

On Wednesday, March 5, 2008, Larissa Walkiw and myself will be co-presenting a full-day session at the CUES Execu/Summit at Steamboat Springs, Colorado. The session is entitled How to Engage Gen Y on Their Own Terms and here is the official description.

"Currency Marketing is in the middle of a wonderful social media experiment with Alberta's Common Wealth Credit Union. To promote Common Wealth Credit Union's new Young and Free account to Alberta's 17 to 25 crowd, Currency has created an integrated marketing program centered around the www.youngfreealberta.com microsite. The thrust of the program is finding and hiring a spokesperson from Gen Y to represent the product, the credit union and their generation."

Don't tell Christopher Stevenson from CUES, but I have a secret agenda and I need your help brainstorming some ideas. In early January, I was a guest blogger on Open Source CU with the post Who's In Charge of This Stuff? The point I attempted to make is that credit unions will not fully embrace social media unless the ROI can be proven and the top credit union brass can wrap their heads around it by actually participating in it.
 

We will definitely touch on Web 2.0, Generation Y, user-generated content, the idea of letting others be co-authors of your brand and, of course, we'll discuss Young & Free in detail.

But here's the thing: Larissa and I have the top credit union brass captive for four and half hours! I really think we can make some headway and turn some credit union leaders' minds onto social media by actually creating some user-generated content on the fly.

The session is broken into two parts: two hours in the early-morning prior to the attendees skiing and then two and a half hours after they come in from skiing.

Here's what we have at our disposal:

1. Two presenters who will be spelling each other off
2. Two computers
3. Two video cameras
4. An Internet connection (I hope)
5. Six hours between the two sessions (to edit video or...)
6. The assistance of the credit union blog-o-sphere (if you are game)

How should we best use our time? Write your ideas in the comments.

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02/22/2008

Podcast 04: CU Skeptic

By Tim McAlpine

Welcome to episode 4 of Credit Union Innovators. My guest is the infamous CU Skeptic. I don't know who he is, but this is what he states on his blog.

He's a sub-30-year-old male that has spent the last few years working in and around the banking and credit union industry. He has heard the tales of credit union greats and seen what some would call the bottom of the barrel. He's seen the efforts of small town banks and has all of his personal accounts with one of the big banks.

His take on banks and credit unions? At their current state, credit unions as a whole are no different than banks to the end user. Each have their share of sellouts and standouts, but in his eyes, that’s the bottom line.

You can listen by streaming audio here or you can subscribe to it in iTunes and listen on your iPod.

 
Some links to get to know the CU Skeptic even better

+ His blog

Fast facts about The CU Skeptic

• What's your real name? Not telling
• Where do you work? In an office
• How tall are you? 6'1"
• Do you have a mustache? No
• Do you wear glasses? Onyl when its sunny
• Do you drink coffee? Yes
• Do you love your Mom? Of course
• Married? Yes
• Do you like bacon and eggs? Yes, but prefer breakfast sausage
• Favorite band? None, but enjoys Pandora
• Last vacation? Doesn't know
• Peanut butter or chocolate? Peanut butter

Production notes

+ Interview recorded with Rogue Amoeba's Audio Hijack and Skype
+ Intro recorded with a M-Audio Microtrack II mobile digital recorder
+ Edited in Audacity
+ Hosted on Evoca
+ Podcast RSS Feed through Feedburner
+ Music is A Song for Jake by Oregon Chad licensed through Creative Commons

NOTE: If you are listening on this page and want to post a comment, there is a good chance the CAPTCHA will time out. Make sure to hit the 'Post Comment' button twice. Copy your comment to your clipboard just to be safe. Thanks!

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02/20/2008

Do your people and your robots give exceptional service?

By Tim McAlpine

Most credit unions claim exceptional member service. Phrases like, "our people are our difference" and "we're nicer" are common refrains from credit union folks.

Fair enough, but how are your automated services doing?

Last night, I was once again reminded of how automated services shape my perception of overall customer service when I realized I was down to my last pill of a daily prescription.

Because my pharmacy offers an easy refill service, I didn't miss a beat. You can either refill your order online or by phone. I chose phone, entered my seven-digit prescription number, my birth year and I had my pills ready for pick-up on my way to work this morning. The pharmacist and I exchanged pleasant "morning's" and I was in and out in less than 90 seconds.

That's exceptional service. Humans and robots seamlessly working together. How does your credit union compare?

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02/18/2008

Virgin is looking to make Canadian banking cool!

By Tim McAlpine

According to the Financial Post, Virgin is planning to bring its beloved mega brand to the Canadian banking space in the not-too-distant future. Virgin has been operating in the cellphone business in Canada for a few years now. Richard Branson, the billionaire founder and chairman of Virgin Group Ltd., says:

"All the problems and frustrations that people find in the mobile phone industry, they find in the banking industry here. The banking industry is ripe for a strong competitor here."

What does this mean?

• Virgin is one of the world's most popular brands and has an uncanny ability to transcend categories.
   
• Virgin offer a range of banking services including peer-to-peer loans in the U.S. and personal banking services including credit cards and mortgages in the U.K., South Africa and Australia. They will bring these services to Canada.
   

• Virgin will employ its amazing marketing machine to disrupt the conservative Canadian retail banking space.

What can your credit union do?

Every new player in the space is going to dilute market share, but honestly, I think Virgin will mostly hurt the big banks by drawing attention to their weaknesses. This may actually create additional opportunities for credit unions to differentiate themselves in the wake of this increased attention.

For credit unions, now is the time to:

• Stop acting like just another bank.
   
• Live and breathe a highly differentiated brand. 
   
• Create game-changing products and services.
   
• Deepen member relationships.

This is the same stuff that I've been preaching for the past decade. Now might be a good time to get started.

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02/15/2008

See you at Northern Voice.

By Tim McAlpine

My good friend Gene Blishen has encouraged me to attend Northern Voice on February 22 and 23 in Vancouver at the University of British Columbia. Two credit unions are major sponsors of this event—Mount Lehman Credit Union and Vancity are representing!

I must admit, even though I have been blogging for over a year, I don't consider myself a 'real' blogger yet. This should be interesting to mix with some of the non-credit union power bloggers that I follow.

I am particularly interested in the keynote speech by Wordpress founder Matt Mullenweg.

The event poster (shown above) was designed by Gene's son, Basco5. Isn't it great? Charlie Trotter has a post about the interactive design process.

Hope I see you at Northern Voice.

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02/14/2008

Want to start another revolution? The difference between banks and credit unions – part 2.

By Tim McAlpine

The last time I posted a video by Larissa Walkiw, the Common Wealth Credit Union Young & Free Spokesperson, it travelled around the world like wildfire.

Well, Larissa just posted part 2 today. Here is the original post.

 

The more people that see these videos, the better. Part 2 is more specific to the Alberta marketplace, but the credit union differences of local decision making and free ATM access are universal.

Again, this is 100% Larissa's work. We are very proud of her. Feel free to post it on your website or blog and please include the following credits.

Video courtesy of Common Wealth Credit Union's Young & Free Initiative. This is the original work of the 2008 Young & Free Spokesperson Larissa Walkiw. Copyright 2008. Visit www.youngfreealberta.com for more information.

My online conscience, Ron Shevlin, left this comment on a previous blog post.

"I don't think that the number of other blogs and sites that link to the video are measures of success."

Good point. I'll leave Larissa's RSS feed subcribers to generate local success. I'll enlist mine to help the credit union movement. I have heard from numerous people that sharing part 1 caused people to become credit union members! And afterall, that is our purpose!

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02/14/2008

Where I'll be: upcoming conferences.

By Tim McAlpine

This is going to be a very busy year for credit union conference travel for me! Here's what I have lined up so far:

	Northern Voice 2008 February 22, 2008 Vancouver, British Columbia What: BarCamp-style blogger gathering Doing: Attending as an interested newbie
	CUES Execu/Summit 2008 March 5, 2008 Steamboat Springs, Colorado What: CEO and executive five-day summit Doing: Conducting a full-day session Topic: Engaging Generation Y on thier own terms. I am thrilled to be co-presenting with Young & Free Spokesperson Larissa Walkiw. We have 4.5 hours to fill, so we have our work cut out for us!
	DOXIM Exchange 2008 April 23, 2008 Toronto, Ontario What: Annual user group meeting for DOXIM ECM software Doing: Speaking Topic: Where does traditional marketing fit into a Web 2.0 world?
	CUES Experience May 13–16, 2008 Minneapolis, Minnesota What: Immersion learning for marketing, technology and operations leaders Doing: Attending and being immersed in learning
	MACU Marketing Games 2008 June 4–5, 2008 Whistler, British Columbia What: Canada's big credit union marketing conference Doing: Attending and sponsoring
	CUES Annual General Meeting June 24, 2008 Cancun, Mexico What: Hello Mexico! Doing: Speaking Topic: Small is beautiful—your credit union can remain small and successful
	FORUM Solutions/Trabian Partnership Symposium October 1–2, 2008 Fishers, Indiana What: The coolest credit union meet-up this year Doing: Speaking and being Live Shevled Topic: A look behind the scenes of Young & Free

Boy, that is a lot of travel coming up. There are a couple more events in the Spring and Fall that I am considering, but I have to weigh them with all of my other business and family commitments.

I can't wait to meet up with all of my credit union friends and to meet new friends as well. If you are attending any of these conferences, please let me know. I love to connect with like-minded credit union advocates. I am also looking for folks to interview for our Credit Union Innovators podcast while I am on the road.

As each event gets closer, I'll give some more details.

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02/13/2008

We just had lunch delivered... from Seattle!

By Tim McAlpine

My friend Jeffry Pilcher from Weber Marketing Group felt bad about the comments he left on this post. Truth be told, I thought my blast back was worse!

Thanks Jeffry. Lunch was delicious.

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02/13/2008

P2P lending in Canada, eh? IOU Central launches.

By Tim McAlpine

Much like William Azaroff, I have been looking longingly South of the border at all of the new peer-to-peer lending services that Canadians can't utilize. Well, I can now personally test the Canadian P2P waters with a new service that launched in Canada this week—IOU Central.

I immediately setup an account, linked it to my credit union account and I am in the lending business. The setup process was dead easy, while still offering a number of security layers including e-mail verification and bank account verification.

It felt a little odd to offer up my social security number and my bank account number to a brand new entity that I only learned about hours ago. This will be the hardest thing for most people to get over.

I have only looked at the lending side of things so far. There are about a dozen people looking for loans—everything from debt consolidation to new appliances to funding a short film. The interface is clean and simple and you can easily finance a portion of someone's loan. I am looking forward to experimenting.

It's too bad that this didn't launch with a credit union affiliation like ZOPA did in the US. If it did have a credit union affiliation, I would feel more like I just setup "Tim's Credit Union" rather than the "Bank of Tim."

I was amazed at how fast I was able to setup my account and the fact that I did not need to leave my chair to do so. Credit union leaders need to take note and take action while the bankers stick to denial.

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02/12/2008

Social media round-up: financial institutions, Generation Y and the Interweb.

By Tim McAlpine

More financial services organizations are jumping into the social media fray these days. Here are the latest batch of initiatives you should check out.

RBC p2p (Business to Consumer)

The RBC p2p site launched in late September 2007. Canada's largest bank, the Royal Bank of Canada, conducted a national search to find six university students to write about financial services. The lucky six have been selected and will begin blogging and vlogging on March 1, 2008.

This is a bold initiative from a very large financial institution. RBC p2p has a very clear target market and six young people that are ready to get started. This program has the potential to humanize a huge bank and appeal to a new generation of potential customers.

It appears that the bloggers will be primarily discussing money matters which might be pretty boring to follow and may not produce many blog comments. The site feels a little too corporate and also feels very proprietary and controlled. During the audition phase, comments weren't allowed which made for a very one-way conversation. A closed video system confines viewing to the microsite which will limit linking and embedding and stifle any viral potential. Since there is no product tie in, success and ROI may be difficult to measure and prove. I am also unsure how authentic and real this program will ultimately feel to young people.

RBC is to be applauded for embracing the social web and going where none of its big bank competitors have dared to go.

 

Agent4Change (Business to Consumer)

Agent4Change was just launched this week by Credit Union Central of Alberta.

CUCA is looking for a young person who wants to make a social or environmental change in an Albertan community.

The winning Agent4Change will be between 18 and 24 and be chosen online through a public vote. The lucky winner will be compensated with $20,000 in consulting fees along with an Apple laptop. Young Albertans will be encouraged to apply by creating a YouTube video and submitting an application online.

The basic premise has been proven to work in Alberta with Common Wealth Credit Union's Young & Free Program so it shouldn't be a problem to attract submissions. The environmental and social spin is smart and should connect with Generation Y.

I am curious to see how two similar initiatives in the same credit union system will coexist. They are actually very complementary and CUCA has asked Common Wealth's Larissa Walkiw to be one of the seven judges.

CUCA has put together a very interesting social media campaign. I know how difficult it can be to get every credit union in a province to agree on a concept. Well done. It will be fun to watch.

 

What Money Means (Business to Consumer)

This is a fun scholarship promotion put together by Oklahoma's Tinker Federal Credit Union. Scholarship applicants are asked to create and upload a video that expresses what money means to them. The top eight submissions will be voted on by the public and one lucky student will receive a $2,000 scholarship. Video applications are due by March 14, 2008.

The design of the site is fresh and simple. The use of original photography is refreshing and professional. For the applicants and the visitors to the site, it would be nice to see the applications as they come in. It would be a shame to put all the effort into making a video and never have it displayed unless you make the top eight.

I will be curious to see the applicants and watch the voting. I wonder if the prize values will be enough to draw in the numbers?

This is a great idea and far more interesting than the typical credit union scholarship application process. The PR potential and brand awareness with this approach far exceeds anything your credit union could garner with the typical short essays and application forms.

Bravo, TFCU!

 

Project New Age (Business to Business)

Project New Age is a Generation Y educational and credit card services marketing site from PSCU Financial Services, a large US CUSO. The site keeps tabs on current Generation Y marketing trends and provides useful information for credit unions looking to connect with young people.

The site combines useful information with some fun entertainment. The blog is kept up to date and highlights current youth-oriented campaigns and marketing trends.

Although the blog is kept up to date, there are zero comments which either means people are unaware of the site or the content is not resonating.

That's my quick take

More and more financial institutions are beginning to utilize social media to connect with potential young members. This is great. As the social web matures, we'll see more creative and original uses of the tools at everyone's disposal.

I would love to hear what you think of these new social media initiatives.

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