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Qwickrate offers investment options for Calif.Nev. CUs

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ONTARIO, Calif. (12/22/11)--QwickRate Inc, a new business partner of the California and Nevada Credit Union Leagues, offers a marketplace for non-brokered funding and investing for credit unions.

The Marietta, Ga.-based company will provide California/Nevada league-member credit union subscribers instant access to a nationwide listing of more than 3,000 pre-screened institutions so they can find the best certificate of deposit (CD) returns, the league said.

QwickRate offers alerts on CD maturity, rate and history of institutions. It also offers automated tools so credit unions can track investments, including those with third-party sources such as brokerage firms and corporate credit unions. Credit unions can also use the tools to determine which investment options are right for them.

In California, 139 credit unions subscribe to QwickRate. Overall, QwickRate has more than 1,300 credit unions and more than 2,000 community bank subscribers.

Building lifetime value is CUNA Council paper topic

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MADISON, Wis. (12/22/11)--Credit unions looking to build the value of their memberships must look beyond revenues and expenses and instead understand each member's contribution to the credit union, according to a new CUNA Operations, Sales & Service Council white paper.

"Building Member Lifetime Value" discusses strategies used by credit unions to leverage member lifetime value to drive revenue and profitability.

Member lifetime value (MLV) is a measure of each member's contribution to the credit union based on margin, retention rate and cost of capital.

Author Jeff Rendel explains that credit unions can improve their capability to grow more profitable member relationships by:

  • Calculating each member's profitability and their lifetime value;
  • Measuring and increasing the membership-retention rate;
  • Increasing the sales-based engagement and results of frontline leaders;
  • Making the most of on-boarding and outbound marketing programs;
  • Increasing the loyalty of members already loyal to your credit union; and
  • Benchmarking the credit union's sales culture, functions and results.
Rendel provides real-world examples of credit union successes and shares the tools each credit union used to build its MLV model.