Credit Union ‘Jump Starts’ Staff Passion for Hispanic Member Service with Immersion Exercises, Training
Buy-in from management was a critical first step to developing the Prime Financial Credit Union’s (PFCU) Hispanic member growth plan. And it did not come easily. After all, the credit union was still recovering from a conservatorship, and prudent board members wanted to be sure the plan would be strategic and well-executed.
“We saw this large population that really needed our products and services, and we wanted to do it right. Just throwing up a sign that said, “We speak Spanish,’ was not going to cut it,” said Colleen Jakubowski, PFCU’s chief operating officer.
To lay the groundwork for their strategic roadmap, the credit union began working with Coopera on a series of surveys to reveal the true needs of the Hispanic community in Milwaukee. Coopera also spoke with PFCU’s staff to uncover sentiments employees may not want to share with the credit union’s leadership.
“Coopera’s staff took us through an immersion exercise where we went to a local market for lunch,” said Jakubowski. “We were challenged to speak Spanish the entire time and to get to know people in the community. It was something of a cultural awakening for us. That activity really jump-started the passion. We learned a lot about a culture we didn’t know, and came away understanding that’s exactly what we can do for our members.”
PFCU Mobilizes Team of Volunteers
Training bilingual employees to not only speak the right words but also have the cultural awareness to adequately explain financial products was critically important, as well. In January 2016, PFCU mobilized a team of 13 volunteers who are now leading the execution of the credit union’s Hispanic growth plan. Divided into subgroups, such as marketing, Spanish language and compliance, the team is playing an instrumental role in the development and launch of PFCU’s new branch location.
PFCU has also developed a business curriculum for a class of Spanish speaking employees who want to expand their knowledge of the U.S. financial system vocabulary. According to PFCU Director of Organizational Development Amy Goratowski, these individuals are highly engaged and passionate about continually improving their skills.
Among the challenges Jakubowski and Goratowski cite is difficulty containing staff excitement about the prospect of gaining new members from the Hispanic community. “We can’t do it all,” said Goratowski. “We still have to be frugal, but the great thing about this community is word of mouth. Once they become aware of all we have to offer, it will be huge.”
To read more about PFCU’s Hispanic membership growth strategy, download “Hispanic Member Growth Not Just for ‘Gateway States’ Anymore.”Leave a comment
Something was changing in the community. The staff of Milwaukee’s Prime Financial Credit Union (PFCU) could feel it. More visitors to the 90-year-old cooperative were asking for Spanish translators and fewer came equipped with the basics of U.S. financial system awareness.
“It got to the point where it was a topic of conversation at every meeting,” said Colleen Jakubowski, PFCU’s chief operating officer. “We knew there was a Hispanic community here. But we didn’t know how large it was, nor how underserved many of the members of that community were.”
Her colleague, PFCU Director of Organizational Development Amy Goratowski, agreed: “Over the years, we had noticed less volume in our branches. It became clear we needed to devote a location to the Hispanic community – somewhere they would feel immediately welcome and comfortable. We’re excited to be breaking ground on that branch as we speak.”
Talk with Jakubowski and Goratowski and you can feel their excitement about the future of Hispanic membership growth at PFCU. The pair have a self-described justice mentality that has intrinsically motivated them to pursue improvements in the way the cooperative serves this influential and growing segment of Milwaukee – a city that saw its Hispanic numbers rise nearly 175 percent from 1990 to 2014. “We really get excited by the prospect of making things better for people,” said Jakubowski. “It’s what we like to do.”
Rich Experience Adapting Products and Services
Because the credit union serves a high percentage (70 percent) of members who reside in low-income neighborhoods, there is rich experience adapting products, training employees and making community connections already within PFCU. Jakubowski and Goratowski believe these competencies are helping them achieve early success in their Hispanic membership growth plan. “By serving segments that need special assistance or special products, we are actually getting back to our roots,” said Jakubowski. “Bigger financial institutions are about making money. That’s not us. We’re about reaching those people that need us most.”
Getting back to the credit union’s roots was an objective that came after a lot of soul searching. The only Wisconsin credit union to survive conservatorship, PFCU emerged ready to recommit to the right people. “We took a hard look at everything we were doing,” said Jakubowski, who noted the credit union is fully staffed at 55 with four active branches and a strong net worth. “What we discovered is we were doing a better job chasing people who maybe didn’t need us rather than serving those who did. These were the people we saw every day.”
Among the discoveries made during what Jakubowski calls the “enlightening period” was that many of the credit union’s most loyal members were not taking advantage of beneficial products, such as low-rate credit cards or fee-free checking accounts. As a result, leadership began to seek out grants and designations that could help them execute on their reignited mission to help community members become and stay financially healthy. They achieved a low-income designation from the NCUA, which has allowed them freedom to pursue new objectives, such as those inside the Hispanic membership growth plan.
Products Designed to Build Credit Histories
Many of the products and services already on the PFCU roadmap are ideal for the local Hispanic community, Coopera research has found. Payday loans, for example, are providing a much-need service as new regulatory requirements are expected to shutter some payday lending businesses. A responsible lender, the credit union will only allow one loan at a time, and each loan will be capped at $500. Because the credit union reports on these loans to the credit bureaus, members who take advantage of the product will be building credit histories, an important step to establishing financial wellness.
PFCU’s credit rebuilder account, too, is a great match for many unbanked people in Milwaukee. Members can open the account immediately with zero deposit down, and there is no minimum balance. A portion of the funds goes to pay off debts, which helps members increase their credit scores. The credit union also offers certificates for as low as $250 and other loans for as low as $500.
To learn more about the strategic evolution of PFCU’s Hispanic membership growth strategy, download “Hispanic Member Growth Not Just for ‘Gateway States’ Anymore.”Leave a comment