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MnCUN Filene collaborate on Gen Y research

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ST. PAUL, Minn. (5/30/12)--The Minnesota Credit Union Network (MnCUN) has partnered with the Filene Research Institute to offer state-specific research on how Minnesota credit unions can attract and retain Gen Y members.

The analysis incorporates more than 10 years of young adult research conducted by Filene into opportunities and challenges facing Minnesota credit unions in serving Gen Y.

Using Minnesota demographic information, the Filene report outlines the distinct characteristics, behavioral trends and financial needs of 18-34 year olds in the state.

Keeping in mind the range in size and access to resources among Minnesota credit unions, the report makes "good, better, best" recommendations. Credit unions of all sizes can customize the recommendations to meet their needs, strategic initiatives and long-term goals.

Filene provided five primary recommendations:

  1. Identify the specific needs of Gen Y;
  2. Enhance young adults' awareness of credit unions;
  3. Enrich products that appeal to Gen Y members and meet their needs;
  4. Engage credit union employees in outreach strategies; and
  5. Measure success.
"This research helps to tackle the ever-growing challenge facing the credit union movement, which is how credit unions can effectively capture, develop and nurture the next generation of credit union members," Mark D. Cummins, MnCUN president/CEO. "More than just providing data on this problem, Filene's report takes the analysis one step further by offering practical action steps that credit unions can implement."

Working with the Filene Research Institute, a credit union advisory group helped to shape the report and ensure that it was practical for Minnesota credit unions.

Committee members included:

  • Harry Carter, TopLine FCU, Maple Grove;
  • Marty Kelly, U.S. FCU, Burnsville;
  • Bridget Moeller, Greater Minnesota CU, Mora;
  • Russ Plunkett, Postal CU, Woodbury; and
  • David Sawin, Minnesota Catholic CU, Little Canada.
In addition to the written report, Filene is delivering the research results in different formats, including a webinar series and video summary of the recommendations. Individuals can view the video online. Use the link.

Corporate Central unveils membership options

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MUSKEGO, Wis. (5/30/12)--Corporate Central CU, Muskego, Wis., has rolled out new  membership options for credit unions with additional service and capital commitment choices.

Credit unions now have the option to establish membership at an associate member level with less capital than required for full membership or no capital commitment.

Corporate Central CU offers two levels of Associate Membership. The newly established partner level allows access to all correspondent services, all settlement services, and a line of credit proportionate to perpetual contributed capital (PCC) commitment. PCC commitments begin at $10,000.

The correspondent level allows access to all correspondent services with no capital commitment.

"Corporate Central CU never impaired any members' capital and has very strong retained earnings," said Robert W. Fouch, Corporate Central president/CEO. "We established new flexible membership options as a means to help credit unions across the country find a stable home for their financial relationships and establish membership with the strongest corporate credit union in the country."

American Airlines FCU installs image-enabled ATMs

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FORT WORTH, Texas (5/30/12)--American Airlines FCU, Fort Worth, Texas, has completed the installation of new image-enabled Diebold ATMs at 15 of its branch locations.

Diebold is a CUNA Strategic Services provider.

The new machines feature complete ATM deposit automation allowing AA FCU members to make envelope-free deposits. The image-enabled devices capture check images, determine check amounts, complete the deposit process and then provide front and back copies of checks printed on the ATM receipt. There also is a paperless option to decline a receipt.

"This is the kind of member-friendly service improvement we're continually working to provide," said American Airlines CU President/CEO Angie Owens. "These machines add a new layer of convenience while providing added security and simplifying the deposit process."

Owens said the credit union hopes to expand to other locations in coming months.

Branch locations featuring the new image-enabled devices include: American Airlines headquarters and Alliance Airport in Fort Worth, Southlake, Hurst and Euless, Texas; Tulsa, Okla.; and airport locations at Dallas-Fort Worth, Los Angeles, Chicago O'Hare, Newark, LaGuardia and JFK in New York.