my new mortgage

My fiancee and I just closed escrow on our first house together about 3 weeks ago. It appears that the mortgage company we used will be selling the loan to Wells. Not then end of the world as I’ve used them before.

I went to their site tonight to sign up for online banking, and can’t. Called their 1-800 number and after getting transferred it appears that I have to make my first payment either on the phone (for $20) or in a branch before I can access my account online.

Sweet. Can’t wait to see how everything else turns out.

i have a vision

I have a vision where online banking:

  • is easy, both at home, in the car, and walking the dog.
  • has integrated account aggregation, not a separate service.
  • tracks my spending for me. No need for Quicken. And lets me categorize my expenses too.
  • lets me change my address, order a new debit card, suggest a new product to my CU, chat with a live member service rep, view my email statements easily, dispute charges, and know when I’m out of checks and orders me new ones. (Not that I actually use checks…)
  • is seamlessly integrated into the CSS of the homepage.
  • has ads that are relevant to me, not the same thing every time.
  • let me open ANY account I want to.
  • actual can replace a fully functioning branch.

Until then, beam me up Scotty.

Think big

One of the problems I see credit unions having is not having a larger-than-life vision. Many companies have BHAG’s (Big Hairy Audacious Goal) but they probably are little things like ROA at 1.5% or checking penetration of 70% or the most branches in their community charter.

As big as some of those BHAG’s are, they aren’t big enough. Just because most credit unions are smaller in size in both assets and employees, doesn’t mean we shouldn’t think like a big.

It’s the franchise mentality. Starting from cashing a check to locking the front door, every process in a branch should be identical everywhere you go. Every teller sign and banner in a branch should be the same. Every Starbucks triple-latte tastes the same no matter if you are in Kalamazoo or Denver. Because credit unions normally can’t expand outside of a state boundary, we never think of having 100 branches. But when you have 100 branches, or 1000, you have to have processes and brand awareness that is unanimous everywhere.

Ask yourself, what would we do if we had to roll this process or new marketing material out at 101 branches? And your answer should be applied to all 4 of yours.