Interview: Glen Urban

2009-01-27T06:09:00.001-08:00

It’s been almost three years since Trey Reeme conducted an online interview with Glen Urban in reference to his book called Don’t Just Relate…Advocate! It seemed appropriate, especially since I have started this blog, to take stock of where we are (with CUs and Advocacy) three years later. In my opinion, the credit union buzz about Glen’s book has long since past and Advocacy, as a way for credit unions to differentiate themselves in the marketplace, has stalled. This is not to say that the strategy has died in the business world; indeed, Urban continues to work with other industries including his latest successful effort to link advocacy to healthcare. Check out his site call Plan Prescriber ---which is being used by powerhouses like WalMart and Walgreens to help create a level of trust with their customers.

And the potential for credit unions to leverage advocacy for their benefit is still very much a possibility. Glen's product advisor software (from his company called Experion Systems) is still in place with many of the large CU players and Experion Systems is still a strategic partner for the owner CUs in Member Gateways. And many credit union industry innovators and leaders still consider Glen's strategies spot on.

So I decided it was time to update things with this interview, and as usual, Glen was more than willing to accommodate me as he is still as avid advocate for credit union advocacy.

Roger Conant: I’m going to be candid from the start, Glen. It’s my opinion that the effort to integrate principals of advocacy into the credit union culture (as a formal strategy) is stalled. In my “day job” I have occasion to continually review the online strategies for a number of our 1100 plus credit union clients (large and not)---and I just don’t see many of your principals of advocacy being leveraged. I know you’ve had great success with your web loan advisor software for many of the top CUs, but beyond that---where is the beef?

Glen Urban: This is a tough time for banks and Credit Unions. Probably Credit Unions are doing better than banks because of the trust they have from their clients and more prudent loan practices. Advocacy is even more important now. Trust makes the system work and Credit Unions can get a significant number of new deposits and members by reinforcing that trust with openness and a genuine commitment to help members make the right decisions in these tough times. In terms of advisors, Experion has a new line of low cost powerful software for financial advice and hopefully these will gain more acceptance in the Credit Union industry when budgets are tight.

RC: In your book, you list eight components that underlie trust/advocacy (transparency, product/service quality, cooperating design, etc.) One of those imperatives is advice and product comparisons. Several top CUs (Bethpage, Johns Hopkins FCU, etc.) are using your “advice” software from Experion Systems, but few have seized the opportunity to use “product comparisons” as a core strategy (Bellco Credit Union, Chevron FCU, SACU, etc.). Why are credit unions not using product comparisons to back their claims of low rates?

GU: Product comparisons take courage to use. You can be sure your customers are making these comparisons so why not help them do the right thing. However you need the “best” products. Not necessarily the lowest cost, but the best trade-off of cost, trust and service. Now is the time to have good rates and use trust to differentiate and earn premium margins.

RC: There’s no doubt that many credit unions are addicted to finding the key to resonating with young adults (Gen Y). Doesn’t a culture of advocacy (transparency, innovative products, advice & product comparisons, etc.) have all of the potential to connect with this hot market segment?

GU: Gen Y definitely is an anti marketing generation and many old “push” marketing practices turn them off. Use of honest advice and community feedback in peer to peer systems can go a long way to attracting these groups. How about a YouTube video on a Gen Y woman benefiting from the Credit Union trust and advice?? The Internet allows you to segment communication to this group, but be sure you back it up at the branch and train your people to treat Gen Y with respect.

RC: Do you have any suggestions how the small and even mid-sized CUs might implement advocacy strategies without busting their budgets?

GU: Check out Experion Systems and their new low cost advice systems.

RC: And finally, have you given up hope that credit unions (as a group) will ever formalize a culture advocacy/trust?

GU: No -- we are still committed and as I say trust and advocacy are a real opportunity to capitalize on Credit Unions now that you really can not trust those big banks!

My CU Advocate

Interview: Glen Urban