What do rising interest rates have to do with Marketing? Is Pride only a June thing? Are you helping your members with student loans? Is getting advice from social media ever a good idea? Oh, and we hired a cat. Here’s what we noticed, in case you missed it:
Welcoming the newest iDiz staff member!
Meet Oscar, the fuzziest new hire since 2020. Oscar has recently joined our HR department as our Head of Stress Management. Welcome Oscar, we’re excited to have you aboard!
How long before your next mortgage loan promotion?
The U.S. residential market (valued at about $45 trillion) has historically been highly sensitive to interest rates. As interest rates go up, homeowners become more hesitant to sell and give up their locked in low rates (under 4%). That means less homes for sale, pushing prices higher by 42%. In April, total existing housing inventory was under half of the four-decade average. Plus, after hitting a 15-year peak in 2021, new home sales sank almost 27% year-over-year. Maybe try a HELOC promotion, instead?
Keep the pride alive
Pride Month is over, and there aren’t quite as many rainbows around, but inclusion, empowerment, diversity, and celebration are fundamental parts of credit union DNA 12 months a year. Visit cupride.org for resources, events, ideas, and discussion year-round.
Oh, and here’s something simple and impactful you can do right now — on the Google Business profiles for each of your locations (you HAVE claimed your profiles, right?), add the LGBTQ Friendly and Transgender Safe Space tags! You can also add a tag for “Gender Neutral Restroom” if this applies.
How will the 4th Industrial Revolution affect your members?
The first Industrial Revolution (late 18th century) was propelled by mechanization and steam power. The second (19th century) came through electricity, mass production and the assembly line. The third (20th century) introduced computers, automation, and IT. The Fourth Industrial Revolution is here, with AI, smart machines, robotics, blockchain, and virtual reality already triggering leaps in productivity greater than we have ever seen before. But it will also put 20% to 40% of existing jobs at risk over the next decades. What does that mean for credit unions, many of whom were founded by factory employees pooling their money to help each other?
Expect student loan stress, questions, and scams
Paused student loan payments are set to resume this fall, and the Supreme Court just struck down the Biden Administration’s plan for student loan forgiveness. Less sweeping relief plans may in the works, but overall the situation is fast-changing, uncertain, and highly stressful for folks with significant student loan balances, or who might have trouble resuming their payments. And any time there’s uncertainty, expect hordes of scammers to take advantage. Make sure you reach out and step up right away to help educate and empower your members. Times like these are what credit unions are made for.
How the US compares to other Democracies
After enjoying the annual blast of fireworks celebrating Independence Day, it was interesting to see how democracy in the US compares to others around the world. This score defines the U.S. as a “flawed democracy,” and ranks it 30th overall in the world. (“Flawed” in this case simply means there are problems, but still considered to have free & fair elections and civil liberties.) Hopefully soon we can get past the political and cultural divisions that are holding us back from that higher score?
Expert advice from… social media?
While other social media platforms really aim for the “social” part, LinkedIn has always strived to help users show off their expertise. Most people are likely familiar with LinkedIn Learning, especially if they’ve stepped foot on a university campus in the past decade or so. But they might be less familiar with LinkedIn’s other features, such as LinkedIn Answers. Answers as a forum of sorts for experts to respond to people’s questions. It could be a decent way to get opinions and feedback that are, well, let’s go with “more relevant” than you might get from users on other platforms.