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The Uberized credit union

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first_img 68SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Bradley Blue No matter what Brad were to say about himself in this bio, it would be easy to find the truth about him with a simple google search. This applies to … Details So many recent articles have talked about our need to “Uberize” credit unions. But how?How can we disrupt an industry that has traditionally had little competition by facilitating mutually beneficial exchanges between people with existing assets and people who need them?(Pauses for dramatic effect.)(Waits for the stragglers to catch on.)Credit unions were disruptive long before Uber was a sparkle in Garrett Camp’s eye. In fact, this chart in Google’s NGram viewer makes it seem as if the term “disruptors” was invented just for us.Beginning in 1934, when the government finally allowed credit unions to compete with banks, it took credit unions just over 30 years to reach 50 million members. In today’s world this may seem slow, but consider it took the telephone 75 years to reach 50 million users, just over 50 years to reach 50 million US air travelers, and about 40 years to reach 50 million US car owners. For a modern reference, Uber has yet to eclipse even 10 million users worldwide in its 7 years of existence.(Graph courtesy of Credit Union Resouces Inc.)Credit unions were once the disrupter to banks what Uber is now to taxis, but our collective hustle to “Uberize” banking shows how far removed our industry is from those grassroots beginnings. In so many ways, we have become just another taxi brand waiting in line at the airport with the other assorted national and community brands, waiting for our turn to be called forward, and watching Simple, Venmo, Ally, Square, Lending Club, Credit Karma etc. bypass the line repeatedly to pick up fares.The best way for credit unions to “Uberize” is to stop looking like the rest of the cabs. When is the last time someone passed on a taxi for a different brand of taxi? It happens all the time with Uber because the company is remarkably different in convenience and cost. In the same way, credit unions must present a remarkably different value proposition to bypass the line of banks. And while we may not be able to become more convenient than these newcomers due to the costs and risks inherent in doing so, we already offer better rates, and we’ve got a value proposition in our cooperative structure which cannot be emulated by competitors.A differentiated credit union industry pays dividends, emphasizes member participation in annual meetings and other activities, provides personalized service, and participates meaningfully in the communities it serves. It delivers better rates, charges fewer fees, and conducts business in transparency. Most importantly, a differentiated credit union industry highlights member ownership as the primary point of differentiation.When we repeatedly hear the myth that “nobody cares about the credit union difference,” it’s tempting to believe it and start to look for success in faster delivery channels, sexier apps, etc. And while emulating the quick growth of Uber by developing technology is enticing, we shouldn’t ignore the successful strategies used by one of the most powerfully disruptive movements in history: our own.last_img read more

Wednesday people roundup [updated]

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first_imgSyntrus Achmea – Fiduciary management guru Anton van Nunen has left his job as director of the Strategic Pensions Management (SPM) division at Dutch pensions provider and asset manager Syntrus Achmea. Johan Cras – who has had joint responsibility for fiduciary advice since October 2012 – has now taken on Van Nunen’s position. Van Nunen is to relaunch his consultancy, which he quit following his appointment at Syntrus to avoid conflicts of interest.PME – The €40bn pension fund for the Dutch metal industry has appointed Eric Uijen as chief executive. He is to succeed Hans van der Windt, who is to retire on 1 July. Currently, Uijen is director of the notaries scheme SNPF, which is preparing a merger with the pension fund for notaries’ staff in the Netherlands. At the same time, he is chairman at SBZ, the industry-wide scheme for care insurers.Momentum Investment Solutions & Consulting – The company has been appointed to act as the CIO for Lloyds Bank’s pension schemes. Richard Cooper, head of Momentum ISC, will become the CIO for the pension schemes during the term of the appointment and lead the teams responsible for the management and oversight of the investment of the group’s pension scheme assets. Before joining Momentum in August 2014, Cooper was at Mercer for 20 years, where he was a senior partner in the Investment Business.Amundi – Two senior fixed income portfolio managers have been added to the London-based Global Fixed Income team. Myles Bradshaw, head of global aggregate strategies, joins from PIMCO, where his main focus was European macro strategy. David Ric, head of absolute return strategies, joins from BlackRock, where he was responsible for rates strategies across institutional total return G10 currency, euro and sterling-denominated portfolios.Newton Investment Management – Henrietta Jowitt and Susan Noble have been appointed independent non-executive directors to the board. Noble has more than two decades of experience as an investment management professional, including key roles at Robert Fleming Asset Management and Goldman Sachs Asset Management. Jowitt has held a number of senior marketing roles within the financial services industry, with stints at private equity house Advent International Corporation and global asset manager Schroders.Erste Asset Management – Stepan Mikolasek has been appointed head of equity. He was member of the board and CIO at Investiční společnost České spořitelny, the Czech investment company of the Erste Asset Management group. He will be in charge of the newly created equity management team of Erste Asset Management. At the same time, Peter Szopo will become head of the equity team in Vienna and chief equity strategist.Polaris Private Equity – The Danish/Swedish lower mid-market private equity investor has appointed two new members to its team. Martin Lindh joins as investment manager from SEB, while Thorsten Madsen, who also joins as an investment manager, was previously with Implement Consulting Group.Schroders – Dan McFetrich has been appointed as a global sector specialist within the Global & International Equities Team. He joins from Fidelity Worldwide Investment, where he had worked since 2008 as senior industrials analyst. Before then, he held roles at Dresdner Kleinwort and Nomura Asset Management.Meketa Investment Group – Timothy Atkinson has been appointed senior vice-president. Atkinson, who joined Meketa in 2008, was previously based in the firm’s Boston office. He joins the London office to perform manager due diligence across the EMEA, specialising in credit and other debt strategies.Skagen Funds – The Norwegian fund manager has appointed Sophie Brodie as communications manager for its UK business. She joins from Jupiter Asset Management, where she worked for seven years as investment communications manager.Stanhope Capital – Edward Clive, a senior director within the firm’s investment research department, has been appointed head of private funds. He previously worked at Lazard and Vantage Group, and has been with Stanhope for five years. EIOPA Stakeholder Group, ING CDC Pension Fund, Universities Superannuation Scheme, Syntrus Achmea, PME, SNPF, SBZ, Momentum Investment Solutions & Consulting, Amundi, Newton Investment Management, Erste Asset Management, Polaris Private Equity, Schroders, Meketa Investment Group, Skagen Funds, Stanhope CapitalEIOPA Stakeholder Group – Philip Shier has been elected chair of the European Insurance and Occupational Pensions Authority’s pension stakeholder group, following the resignation of Benne van Popta. Aon Hewitt actuary Shier, who was appointed to the Occupational Pensions Stakeholder Group (OPSG) in 2011 and reappointed in 2013, will serve out the remainder of Van Popta’s two-and-a-half-year term. IPE understands that members of the OPSG elected him during the group’s first meeting of the year, held in EIOPA’s offices in Frankfurt on 9 March.ING CDC Pension Fund – Fook Ley Wong has been appointed senior portfolio manager at ING’s new CDC Pension Fund. He will be co-responsible for the scheme’s matching and return portfolio. During the past two years, Wong has been in charge of portfolio construction, selection and monitoring of the global equity portfolio for the clients of the former DPFS, the provider for SPH, the €10bn pension fund for general practitioners. DPFS was taken over by the €188bn asset manager PGGM in 2013. Wong started at DPFS as senior portfolio manager in 2008 after two years as senior investment manager at PGGM. Between 1996 and 2006, he served as controller, senior performance analyst and fund manager at the €110bn asset manager MN.Universities Superannuation Scheme – Guy Coughlan has joined the multi-employer defined benefit (DB) scheme for the UK higher education sector as chief financial risk officer. He joins from Pacific Global Advisors. The newly created position will see Coughlan manage the integration of the scheme’s risk management strategies, and develop and oversee its funding strategy. Coughlan joined the scheme as a trustee in January and chairs its risk committee. He also spent 17 years at JP Morgan, where he left as head of pensions advisory for Europe.last_img read more

Governor declares this ‘wind week’ in Iowa

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first_imgA 150-foot-long wind turbine blade positioned on the northwest corner of the Iowa State Fairgrounds was the site of a ceremony Monday. Governor Kim Reynolds signed the blade — and signed a proclamation declaring this “wind week” in Iowa.“As the governor of this state, I certainly understand the importance that renewable energy has not only for Iowans, but for our economy,” Reynolds said. American Wind Energy Association C-E-O Tom Kiernan says more than nine-thousand people are working in 10 different Iowa factories that are supplying things like wind turbine towers and blades.“I was in Washington, D.C. with a wind tech from Iowa talking about the jobs and he corrected me. He said: ‘No, no, no. This isn’t just a job. This is a career,’” he said. “….We’re having, because of the training programs, more people stay in Iowa and rural America.” Iowa Economic Development Authority director Debi Durham says one-third of all consumers make purchasing decisions based on a company’s environmental and social impact.“Indeed, businesses are increasingly focused on their environmental footprint and the fact that we can power a production economy with affordable, reliable and renewable energy is a powerfall calling card for our state,” Durham said. “It’s one of the many reasons sustainability-minded businesses like Facebook and Apple and Google have chosen Iowa.” By 2020, Iowa wind turbines are projected to account for 40 percent of the energy produced in the state.last_img read more

The quality is there to be seen Steven Fletcher

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first_imgThe Sheffield Wednesday striker believes the Scotland national team can do well in what’s left of the UEFA Nations League campaignThe Scotland national team is fighting as hard as they can to get promoted from the UEFA Nations League C to the B.They are currently sitting in second place of Group 1, tied with Israel in points but with the Israelis winning on head-to-head points.This is why is very important for the Scottish to beat Israel in the next fixture on November 20th.And for striker Steven Fletcher, the quality is there to succeed.“It is a young energetic squad; the quality is there to be seen,” he told the BBC.ScotlandScotland needs a hero: Billy Dodds Manuel R. Medina – September 10, 2019 According to former striker, Billy Dodds his country needs a hero to inspire future generations as the team’s hope to qualify to the EURO 2020 is small.“You don’t understand how good players are until you train with them. You see how high the tempo is, and it’s good.”“It’s nice to be back with these boys,” said the 31-year-old.“They’ve got a good group of young talent there. It’s nice just to be part of it.”“For the young lads, it was a professional performance by them,” he explained.“They [Albania] went down to 10 men early and sometimes that can work in their favor and not in ours, but we did well, we kept the ball, and when I came off it was good to just sit back and watch them passing the ball about; they were very good.”last_img read more

NCL is latest cruise line to pay commission on FCCs opens books

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first_imgNCL is latest cruise line to pay commission on FCCs, opens books on Encore Travelweek Group << Previous PostNext Post >> Tags: Commission, Norwegian Cruise Line MIAMI — Following similar moves made by Carnival and Royal Caribbean, Norwegian Cruise Line has announced that it, too, will award commissions on Future Cruise Credits (FCCs).Travelweek confirmed the news with NCL, which said that beginning June 1, 2018, when guests redeem a future cruise certificate that was issued after June 1, travel agents will receive a full value of that booking’s commission.NCL becomes the latest cruise line to adopt such agent-focused policies. Last week, Royal Caribbean announced that effective April 1, agents will receive full commission when passengers redeem an FCC. Carnival Cruise Line made the same move back in July 2017.In other news, NCL is officially opened bookings for Norwegian Encore, the latest addition to its fleet and its fourth Breakaway-Plus class ship. Caribbean cruises beginning in fall 2019 are now on sale.For its inaugural 2019 season, Norwegian Encore will cruise out of Miami every Sunday, and sail seven-day voyages to the Eastern Caribbean, beginning with its first journey on Nov. 17, 2019 through April 12, 2020.More news:  AMResorts has a new Sr. Dir. of Cdn. Sales & Consortia Rel’ns“Our decision to have the inaugural season of Norwegian Encore cruise the Caribbean reinforces our long-standing relationship with this region and strengthens our support to some of the most beautiful islands in the world,” said Andy Stuart, president and chief executive officer of Norwegian Cruise Line. “We are excited to reveal the ship’s new features and amenities over the next few months, and look forward to continuing to offer our guests the freedom and flexibility to design their ultimate cruise vacation aboard our newest ship.”center_img Posted by Thursday, March 22, 2018 Sharelast_img read more