CU*ONLINE is the Web Design & Maintenance division of Alonzi
Technical Consulting.
All Rights Reserved.
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** Marketing Your Online Calculators
One of the most effective ways to help your members make sound
financial decisions is to provide them with online calculators. However,
simply posting a calculator is not enough.
The reason financial calculators are so beneficial is because most members don't understand the formulas behind these calculations. This same lack of understanding often prevents them from using your financial calculators effectively. You not only have to provide the tool, you have to explain to your members how and when to use it.
For example, many car dealerships are offering a choice between a $2,000 rebate or 0% financing on a dealership loan. If a member buys a $20,000 car, takes the $2,000 rebate and obtains a 5.75% APR/36 mo. loan from your credit union, they'd end up paying $10 LESS per month than if they'd taken the Dealership's 0% financing offer.
If you have a Loan Calculator from CU*Online on your Web site, you can refer to it when explaining why CU auto loans are better in the long run. Encourage your members to use this calculator (or our Loan Comparison Calculator) to run the numbers, and figure out which offer will save them the most money.
Here's another idea: refer members to specific calculators in your newsletters and printed brochures. For example, in an article about
scholarships or the new IRA contribution limits, end with the note:
- Are you saving enough for retirement AND your children's college education? Visit our Web site and use our What-If Savings calculator to find
out!
Or end a story on refinancing with:
- Should YOU be refinancing right now? Visit our Web site and use our Mortgage Refinancing Calculator to
learn more!
CU*Online has a variety of financial calculators for sale. You can view them
online here.
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** How Safe Is Your Financial Information?
Two Cambridge PhD students recently claimed to have developed a system which could theoretically download large amounts of confidential financial information; thus allowing a potential thief to steal vast amounts of cash. The pair announced a plan to publish details of this system on the Internet in a bid to force banks to improve their security.
Students Michael Bond and Richard Clayton said it was possible to find the secret "key" from the crypto-processor used to scramble customer PINs. The "key" can translate the PIN into the 16-digit number on the front of cash cards, meaning a criminal could plunder thousands of bank accounts.
However, financial industry experts say the computer program will not work since no major financial institutions use IBM's 4758 crypto-processor, on which the students' system is based.
Richard Tyson-Davies, director of public affairs at the Association for Payment Clearing Services, says: "This is a fascinating piece of work, but where it falls down is that the banks have moved on and nowadays PINs are produced randomly and not in relation to an account number."
It's yet another reminder that there are people out there who want to steal your data. This is why the NCUA now asks you to check with your vendors every year to make sure they regularly update their encryption software. For similar reasons, CUNA now urges you to put the following tagline at the bottom of your Home page:
- This Credit Union assumes no liability for content or availability of linked sites.
If you don't have this disclaimer on your Web site yet, you'll need to
add it eventually.
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** Building a Successful Company Intranet
An intranet is a powerful tool for sharing information among employees. But is yours a winner? Here are some warning signs that your intranet is a bust.
- Employees are too busy to contribute content to the intranet.
Everyone ultimately benefits from the exchange of knowledge. When employees are actively sharing information, the innovation curve goes up steeply because they are building on one another's experience and ideas.
It's difficult to watch one teller write up a procedure as members queue in line behind the remaining tellers. However, all managers and employees need to understand the value of this effort. When employees don't exchange knowledge, they find themselves re-creating solutions for the same problem over and over again. Solutions and best practices are not being determined. Worse, valuable experience is lost each time an experienced employee leaves.
Managers need to entrust content ownership and management to their employees. Consider offering incentives for employees to contribute to the intranet. It's in your best interests to do so.
- Intranet content management is out of control and disorganized.
Information needs to be logically organized (by employee standards) and easily navigated. Political issues often arise when departments or employees put their own needs before those of the company. Take the company with the "invisible" pension calculator on its intranet; it was in the IS section of the intranet because the tool had been created by IS, not HR.Few comparisons can be made between a Credit Union and a company of that size, but consider where Hewlett Packard made their savings. The company was able to reduce Human Resources paperwork, streamline processes such as travel bookings, eliminate the need for call centers, and reduce costs for printing, fax machines, copiers and servers.
The ability of a growing company -- large or small -- to manage its increasing paperwork and control hiring & training expenses can significantly impact your bottom line. A successful intranet CAN make a difference.
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