BELFAST, Northern Ireland–One credit union has gone to great lengths to get its members personally invested in its brand.
The $1.4-billion Westerra Credit Union in Denver has.
Speaking to WOCCU’s World CU Conference here on the issue of “Keeping Values Constant With Growth,” CEO John McCloy—whose grandfather had been born in the host city of Belfast—said it has sought to “touch our members so they know we are working to keep those values constant.”
Westerra–an amalgamation of four credit unions that merged from 2005-09—has a community charter and 105,000 members.
“We incorporate member participation into our brand strategy,” said McCloy. “We ask members to tell us what they value most about Westerra. They submit photos, stories, and videos on our website, in our branches and on social media.
We incorporate their testimonials into our marketing and communications. Members tell us how we made a difference in their lives, and talk about our traditional values. People tell us they like using a local cooperative that they own.”
McCloy said those member testimonials are used in all employee training programs, which has helped employees to feel their work has purpose and that “they are helping to change people’s lives.”
McCloy noted that people, including workers, choose to use companies that “share the same values.”
Why $52.80?
A significant value component for Westerra is its investment in its communities, especially with local schools (one of the merged CUs was Denver Public Schools CU). The credit union donates $52.80 to schools and non-profit organizations for every account referral that is opened at the credit union. For every loan, checking or savings account opened by parent, family members and friends, it also donates $52.80. Students can obtain a free debit card with their school colors and mascot.
Why the $52.80? Denver is the Mile High City, and a mile is 5,280 feet.
Westerra also seeks to live its values by working to make its members fiscally fit.
“We conduct financial checkups and focus on the members and their individual financial needs,” McClure said. “We meet with members to conduct a needs assessment. We talk about ways to save them money on loans, strategies to save money for the future, review their credit score—credit scores are mystifying to most members—and offer what they need and not a featured product of the month.”
Those members receive a free Fitbit from the credit union.
“This positions Westerra as a trusted advisor and a resource for financial education,” said McCloy. “We are valued partner for their family and their community.”