Credit Union Geek

Marketing, Strategy, and The Force by Joe Winn

Tag: trust (page 1 of 2)

Even More Bad Advice – Part 2

Originally published on CUInsight.com

If you thought the last post was awful, this one is worse. We’re back to giving bad advice. This time, we’re talking choices, external link warnings, and, because it’s my top pet-peeve, passwords again!

More Options Is Always Better

“Enjoy checking…with choice! Find the account which matches your needs from our 5 different plans. They’re basically all the same, besides a 0.01% dividend. But who cares…options are essential!”

I get the concept: By creating a solution for every possible need, you can appeal to any potential member. Thus, your membership potential isn’t any one category, it’s humans (and sometimes even that is stretched…why can’t your dog share in savings?). Now that I’m thinking about it, a savings account for your pets is pretty cool. You could put away for their essentials, vet bills, unexpected challenges, and more. It’s like a savings goal, but separated in a fun way. Ok, that one is excluded.

Where was I? Oh, yes, choices. My business works primarily with the auto lending side of credit unions. In it, there is one main goal: Encourage the member to get pre-approved. However, people look for a car before a loan (unless they have no clue what they can afford/finance). As a result, many credit unions set up car-buying resources. They include calculators, lengthy PDF guides, and external company links. In many cases, they’re not even affiliated with those outside links! (Keep this in mind, it comes up later) What are you doing? Keep it simple! One link to do the fun “build/find a car” with a partner program (Disclosure: My company offers exactly this) and another to get pre-approved. Those outside company links? They often have their own financing programs. Bye bye loan (or ever knowing that member is looking to buy a car).

You may have heard of the “Paradox of Choice”. Give someone too many options and they’ll never make any decision. In fact, new research shows that this isn’t 100% true (science doubts itself always, boys and girls). What they found was that better options are better. More options for the sake of options makes people do one of two things: 1) Never decide and do nothing or 2) Decide based on meaningless factors (possibly because the important ones are hard to understand or not immediately obvious). If you must offer options, make sure they are equally good and clearly different.

External Link Warnings Keep Members Safe

A vestige of the World Wide Web’s “dark ages”, these are pop-up messages telling the browser that they are now leaving so-and-so’s website, and they cannot guarantee their safety, security, or that delivery will be in 30 minutes or less. You don’t need them. Many credit union legal teams claim they are mandated, but the only reference I’ve ever uncovered is a non-binding NCUA guidance from 2003. That’s Pi, or pre-iPhone. Weather widgets, local news scrollers, and other useless distractions were commonplace on most websites. Sure, if someone was clicking from their online banking to see what the latest news is in Anytown, USA, yeah, I’d want to ensure it was clear that site isn’t us.

You’ve learned a lot since then.

And if you’re that worried about where you are sending members, why send them there? (Remember the post Trusted Partners!) I’ve seen external link warnings on links to NCUA, loan applications, and more. You have legally-binding agreements with these partners or providers! It gives me the feeling these credit unions just said, “The world is a scary place. Let’s terrify our members, too. Oh, and make sure they never use our products.”

Alright, your legal team insists the warnings are necessary. Can’t argue. Just make them friendlier! Instead of a long text field in legalese, create a bright-colored, concise text notice. “Hey, just so you know, this link goes to someone we work with. They’re great, but we have to let you know they might have different policies on privacy than us. Click here to continue or just wait 5 seconds and we’ll get you on your way!”  Here’s an example from a client (name redacted). It’s still a bit long for my taste, but isn’t scary if you read it:

Simple, friendly, and still accurate. Always remember your mission. You’re people serving people. The second you adopt the terminology people associate with “big banks”, you’re no different.

So, instead of slapping warnings on every link, be diligent in working with people and companies who truly share your mission. Then you don’t need to warn anyone about anything. And, if it’s essential, be nice about it.

Passwords With Symbols Are Most Secure

We covered this in passing last time. But since the focus was on changing passwords, I want to cover this independently. Your password doesn’t need to go to the gym. And no, your password doesn’t even lift, bro.

Password strength is determined by how hard it is for a computer to figure it out, strictly by guessing. And you know the easiest way to make it really hard? Length. Not symbols. Not using aLterNatinG cases. Not replacing 13tt3rs with numbers. Sheer length. Here’s that amazing xkcd comic to explain why, once again.

If my password was “GoshIneverrememberpasswordsnomatterwhattheyare”, I can guarantee you, no computer in existence today will ever crack it. Yet you’ve already memorized it.

Many recent password leaks have had passwords figured out because the security they used was garbage. I can’t help you there. Insist their system gets an outside security audit regularly, and, if they’re responsive, ask if they’re using salted password hashes. If they aren’t, don’t give them your information.

With good security and strong passwords (ie. long ones), you can enjoy the convenience of online services with little worry of your information being compromised.

I never want to see those, “Your password must include 6 symbols, 2 emoji, 3 different cases, and one name of your favorite pet” prompts again!

And that’s just a bit more bad advice.

Image credit: ArsTechnica, http://cdn.arstechnica.net/wp-content/uploads/2013/05/correcthorsebatterystaple.jpg

Are You “Bad News” Honest?

This past weekend, we had reason to celebrate. Not one, not two, but three of our credit union partners were launching one of our solutions. At some of these credit unions, we had been working with their team to coordinate all factors involved for more than a year. This was good news, for their lending department, their members, and us. For one partner, we had just completed twenty training sessions with their entire staff. Their team is excited and we are all ready to make it happen!

And then, on Friday afternoon, the server platform powering the service began experiencing severe problems. Our final training session ended up being an exercise in improv and apology, as nothing worked! It was still an engaging time, with good questions posed and explanations given (though the “in action” part was a bit lacking). Needless to say, we were concerned.

Our servicing partner was made aware of the problems and began investigating the root cause. At around 10 p.m., we were told the necessary fixes were put in place and it should work fine.

So we tested from our end and continued to see residual problems. Uh oh. Do we just hope all works fine and stay quiet? Beg forgiveness if a credit union reports problems?

No way. We view our credit union relationships as partnerships. Trust is at its core. The thing with being a trustworthy partner is that you have to communicate the bad news as much as the good.

That’s what I did. It was a crap e-mail to have to send on a Friday night. I explained the issues the platform may be experiencing and suggested a delay of their launch, if possible. My biggest concern was an issue on our end would be seen by their members as a problem with the credit union. How would the members know the difference? The system is branded to their name, so, it represents them.

Due to the timing, they were unable to delay launch activities. Luckily, we have not heard of any member complaints or other issues. The platform is functioning as it should be now. All’s well that ends well, in this case, at least.

I want our company to be known to our credit union clients as, “that business which isn’t afraid to give us really bad news, even on a Friday evening.” As a credit union, do you have any partners you believe would give you bad news? Does it inspire lower or greater trust?

I’m interested in various perspectives and stories you may have of similar experiences. Don’t be afraid to use the comments below!

Image credit: http://conversationcircles.sg/wp-content/uploads/2014/10/trust-fall1.jpg

Trusted Partners

Originally published on CUInsight.com

Depending on the audience, I have a variety of secret lives. Here, my secret life is that of a credit union marketing partner. When working with CUs, I’m a secret ninja and industry blogger.

Now you’re wondering about the ninja part.

As a strategic partner, it is in everyone’s best interests to work closely together. A credit union is never “just another client”, whereas, we strive to never be “just another vendor”. Some of our relationship partners are real friends, and discussions can evolve beyond weather and sports into family. We are in it for the long term to help every partner (and individual staff/member) exceed their goals.

This is often not how we are received.

We understand. All of us have been in a business relationship that felt one-sided up-front or started out great, then fell apart over time. How can we know which to trust and which to cast away? Better off just keeping them all on a tenuous balance: Work together, but don’t share enough to give them any “power” over you. Ensure the contract protects you, then protect your members just the same.

Thing is, I can’t disagree with anything in the previous paragraph. Ensuring every member’s safety, privacy, and satisfaction is top priority, and nothing should ever compromise this approach. Yet your partners are how you expand member offerings, and any barriers you place can affect the member experience. Where’s the balance?

As part of our offerings, we assist credit unions to place landing pages on their sites linking to a partner portal for their members. The linked site is owned by a third-party, but contractually covered for privacy, due diligence…you name it. Despite this, some credit unions still pop up large warnings when navigating to the pages; we call them speed bumps. Not a great way to inspire confidence for your members.

None are doing this out of spite. All believe it is a requirement from NCUA, and their own counsel or examiner reiterates this idea. Hey, when the regulator says to do something, you don’t argue!

Trouble is, this is all based on a non-binding piece of guidance from 2003 (PDF). Remember the web back then? We all had sparkling unicorns and weather banners adorning our sites. Because, Internet! Given these were coming from unrelated third-parties, it made sense to inform your members of potential risks navigating there. Today, portals are custom sites designed specifically for the institution, with specifications laid bare in lengthy contracts. If that isn’t a trusted site, I don’t know what is. Even more odd, many credit unions have warnings when clicking the NCUA icon…or their loan application!

Each speed bump warning may seem innocuous, but they create falloff in member clicks, and generate suspicion in your members. “If my credit union doesn’t trust them, why should I?” It’s a valid question.

Whenever you engage in a partnership or contractual agreement, I believe it should be to each other’s benefit. Both parties gain equally and with mutual respect. If you ever feel that is not the case, it’s probably not a great partnership. Putting barriers in the way of these efforts tilts the balance of trust. If your MSRs were recommending a service, they wouldn’t say, “We have this great program, and it would be perfect for you, but be careful, since we don’t really trust them with any of your information.”

Why do it online?

Disclosure: Credit unions working closer with their partners may include my company. Therefore, I may benefit financially from their changes.

Older posts

© 2017 Credit Union Geek

Theme by Anders NorenUp ↑