The Bankwatch

Tracking the consumer evolution of financial services

NetFinance2007 meeting notes – Verity Credit Union employee blog

These examples were the best part of the meeting for me – First Shari.

My take:  this is a unique and powerful effort that gets as close to the Cluetrain as I have seen.  engagement of employees, with each other and with customers, and that was the Cluetrain message.  The openness will bring enormous benefits to all, such as a recent post from an employee that highlighted certain internal customer processes.   I think that was a good thing – either the process is right and will be justified, or its wrong and the CU should change it.  Either way the customers will win.  (I eagerly await the treatment of that comment, when I get back online)

Shari Storm – Verity Credit Union “Who are V”

  • Anyone in the CU can blog
  • Shari interviews them for 10-15 minutes and sets the rules – no religion, no family secrets
  • no legal or compliance preview on posts
  • requests they do at least 1 per month, and no more than 1 per week
  • any employee, no editors (occasional spelling correction)
  • Stats
  • 1,000 readers
  • compare to 15,000 monthly statements from the CU – good penetration
  • Great tool for crisis management
    • web site was hacked last year -directed people to blog for updates
    • 2006 storm updates, closed branches, and customers chipped in with comments on status of their neighbourhood
    • TJ MAxx type updates
  • Employment:  Seattle has a tight job market – the blog highlights Verity as an attractive employer
  • 1% of all new members (customers) cited the blog as their reason for opening at Verity
    • 2.7 services
    • $9K deposits
    • $11.5 loans/ mortgages
  • Q&A – how did you circumvent compliance and regulatory
  • A) do not mention product
  • Coming soon:
    • move off Blogger (Editor:  smart idea!!)
    • Podcasting with outsiders
    • Product review forum


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    Written by Colin Henderson

    April 20, 2007 at 11:20

    Posted in Business Models

    2 Responses

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    1. That 1% citing the blog for joining their CU is quite interesting.

      Ed Terpening, Wells Fargo

      April 20, 2007 at 17:23

    2. Great boys94afa2cb4ca531e882acf6422e5277cb

      Hello people

      February 1, 2008 at 02:00

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