By: Mark Roe
JMFA Executive Vice President-National Sales
Are you in the mood for some New Year’s resolutions that are both achievable and require zero hours in the gym? Well, here’s a handful of ’em that can help you deliver the best to your members while also improving your bottom line.
Resolution #1: Add more focus to member satisfaction
“Wealth, like happiness, is never attained when sought after directly.
It comes as a by-product of providing a useful service.”
When you lead with your members’ best interests at heart, positive outcomes follow. Are you viewing your overdraft program as a useful service that members can trust and rely on? If so, that means you’re offering a transparent overdraft program with upfront opt-ins, fixed limits and tracking features that alert you to potential situations where credit counseling may be beneficial.
Once you’ve set up a reliable, consistent and beneficial service for your members, you can reasonably expect non-interest income to follow.
Resolution #2: Utilize reports and data to your advantage
“New information makes new and fresh ideas possible.”
As technology improves, so do your opportunities to fine tune your overdraft program, proactively identify potential issues and analyze key performance indicators in new ways. With advanced reporting features on the market, you should have all the necessary information at your fingertips, with the ability to rapidly filter and export performance data to share with your team and shareholders so you can make adjustments and modifications as needed for optimum performance.
Resolution #3: Participate in continuing education opportunities
“The more that you read, the more you will know.
The more that you learn, the more places you’ll go.”
Learning is a lifelong endeavor, and that sentiment applies to overdraft programs, as well. As regulations change, technology evolves and consumer behavior continues to shift, there’s always something to freshen up on.
Continuing education in the form of in-person sessions, webinars and on-site training will keep your staff sharp on the nuances of maintaining a successful, compliant overdraft program—which your members will greatly appreciate as they lean on the service in times of financial urgency.
Resolution #4: Have the best compliance support on the market
“What is right to be done cannot be done too soon.”
Above all else, your overdraft program should be 100% compliant, 100% of the time. This not only protects your credit union, it also puts the members’ best interest at the forefront of your efforts, as mentioned above.
To get the best compliance support, it’s essential to research your overdraft program provider as well as get recommendations from other individuals in your industry. A company that offers 100% compliance is one you can trust to have your back.
Resolution #5: Partner with the very best provider
“When you are laboring for others, let it be with the same zeal as if it were for yourself.”
Your overdraft program provider should be working just as hard for you as you work for your members. How do you know that’s going to be the case? A company that offers contingency pricing, or a fee structure that directly correlates to how well your overdraft program performs, is a good indication that you can expect diligence and proactivity throughout the relationship. You should also be getting prompt support anytime you reach out, as well as communication on a regular basis to ensure continuous monitoring and maintenance of your program.
Want an easy way to keep all five of these resolutions going far beyond 2020? Learn more about how industry-leading overdraft consultation can take your overdraft program to the next level.