ICYMI (In Case You Missed It)

In Case You Missed It – 12.11.2024

How members look at branches. The Hyundai/Amazon partnership. The continuing need for EV loans. Job satisfaction and water on Mars. Here’s what we noticed, in case you missed it:

Is this a branch or a gym membership?

This thought-provoking article on The Financial Brand from Rivel Banking Research, entitled “How Consumers Value – and Use – Branches is Shifting in Subtle Ways“, the following sentence jumped out at me:

For consumers, bank branches offer everyday convenience to do transactions, the ability to speak to a professional in-person, but importantly, provide a sense of safety even if they never visit.

What’s more, a strong preference for knowing a branch is nearby (whether or not they ever visit) isn’t just a Boomer thing; it stays relatively stable across generations, although the details of who prefers to do what in a branch vary quite a bit. In sum, even in the online age, branches are still important. And perhaps that local touch is a built-in credit union advantage.

Bits of Mars and ancient water

Believe it or not, bits and pieces from Mars have landed on earth many times after being ejected from the red planet by collisions with other celestial bodies. Although there are no little green men that came along for the ride, the latest excitement in Mars rock circles is the analysis of a particularly interesting chunk of Mars called “Black Beauty” that shows clear evidence of hot water on Mars over 4.4 billion years ago. Fascinating!

Amazon sells cars now. What does that mean for CUs?

Amazon and Hyundai are rolling out a new partnership where, in 48 US cities, you can buy a new Hyundai on Amazon. More cities and more brands are coming next year. However, it’s still not quite as easy as 1-click ordering new socks, even though pricing is mostly up-front.

If you need to finance the car, you’ll apply inside Amazon for financing via Hyundai Capital. Leasing is not currently an option, although there is a way to generate firm offers for trades. But in the end, it’s mostly a front-end for local dealerships who will complete the transaction and handle delivery, warranties, service, etc.

In any case, for those in the business of financing cars, this is a slightly new wrinkle you need to be ready for – make sure your members know they can choose “Cash” and get their financing from their credit union.

EV market matures

Speaking of cars… according to the stats from auto industry boffins Cox Automotive, the market for new and used EVs continues to grow at a moderate pace. Electric vehicles are slowly becoming more and more mainstream, a wider range of better EVs are coming to market, and a robust market in used EVs is developing as numbers rise and battery longevity fears fade.

Now then… who’s going to be the first credit union to outfit a VW ID.Buzz minivan as a mobile branch and win all the cool points?

How do you feel about your job?

According to Pew Research, most Americans feel good about their job security, but not their pay. About half are extremely or very satisfied with their job, and think of it as a career. (Not surprisingly, white/older/middle and upper income workers are the most satisfied.) But about a third of workers, across all income levels, say their pay has not kept up with the cost of living, and their job is “just something to get by.” Even so, 63% say they are less likely to look for a new job, saying it would be difficult to get the kind of job they’d want.

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