CUNA News Article – Marquis Sponsored: CRM Is Your Common Bond

Credit unions were created to serve a common bond—not for profit, but for service. The common bond has now shifted from a shared work or education experience into a broader relationship with members and communities. The mission of people helping people remains unchanged but how it is realized has evolved.

Check out the CUNA News Article sponsored by Marquis as Ryan Housefield, SVP, Sales Executive, explains how member circumstances are unique and require personalized service.

Click here to read the full article.

Connecting Sales, Marketing and the Front Line



Video Transcription 

Connecting Sales, Marketing and the Front Line – Move from Transactions to Relationships

Ryan Housefield, SVP, Sales Executive, Marquis

I’m a nice customer. You all know me. I’m the one who never complains, no matter what kind of service I get. I’ll go into a restaurant and sit quietly while the waiters and waitresses gossip and never bother to ask if anyone has taken my order. But I don’t complain. I just wait.

And when I go to a store to buy something, I don’t throw my weight around. I try to be thoughtful of the other person. If a snooty salesperson gets upset because I want to look at several things before making up my mind, I’m just as polite as can be. I don’t believe rudeness in return is the answer. I think that’s uncalled for.

No, I’m the nice customer. And I’ll tell you who else I am.

I’m the customer who never comes back.

Why they leave.

So, what are the stats on customers that never come back? Granted, 3% do move from the area, 5% do have relationships and partnerships somewhere else, only 9% find your competitor more appealing, and 15% have an issue with some facet of your product or service. But here’s the thing: the balance, the lion’s share – 68% – leave simply due to an attitude of indifference towards their business with you. Accenture said the same thing. It’s not about price. It’s about customer service, or lack thereof. And again, this is not necessarily about bad customer service. It’s much more subtle than that. So, let’s explore why and the opportunity some of that presents.

According to Bain, reducing attrition by just 5% can increase your profits up to 95%. That impact is all realized when you’re not spending your resources and spinning your wheels trying to replace the customers you’ve lost. Now you have a great foundation to build on and grow from.

Let’s look at another telling fact. According to Future Branches, 73% of your customers don’t know everything you offer, and would likely buy more if they did. But if your staff doesn’t know what your customers have and don’t have, both groups are in the dark. And at that point, all you can do is process a transaction.

What they expect.

Let’s recap the state of consumer expectations. First off, your customers assume you can see everything they have with you, don’t they? Based on that, they expect to be treated as a unique individual, not just another transaction. And if you know what they have, you should be able to make relevant recommendations that can help them.

Guys, your best customers expect you to know who they are. Everyone likes to be recognized. And as it was once said, “All customers are created equal. But some are simply more equal than others.” They expect you to be a trusted advisor and know what’s happening in their financial life. After all, that’s our fiduciary responsibility as a financial institution. But if we don’t record previous conversations and customer requests, it’s going to be pretty difficult to meet that expectation.

And then finally, regardless of where they engage you, they expect the left hand to know what the right hand is doing, and everyone to be on the same page. And if I was really going to boil that down, it all comes down to us honoring the relationship, taking note of what they shared with us and making it easy for the customer to do business with us.

CUNA News Podcast – Marquis Sponsored: Integrating Data to Deepen Member Relationships

Check out the latest CUNA News Podcast sponsored by Marquis as Dr. Tony Rizzo, Chief Marketing and Creative Officer, and Ryan Housefield, Senior Vice President of Sales, describe how credit unions that use data on the front lines can provide the engagement tools employees need to drive sales and decision-making while improving the bottom line.

Click here to listen to the podcast.

PPP, CRA and Fair Lending – How the Payment Protection Program Affects Compliance Reporting

2020 has been a year of incredible disruption. As the country and rest of the world deal with the fallout of the COVID-19 Pandemic, small businesses struggle to stay viable, retain employees and cover operating expenses. The Coronavirus Aid, Relief and Economic Security Act (CARES) was implemented to supply much needed economic relief.

The Payment Protection Program (PPP) portion of the CARES Act offered small business owners a means to meet their financial obligations. However, there are inherent difficulties involved. Business owners found supplying all the appropriate documentation and certificates to be a complicated process while financial institutions struggled with constant updates, unclear guidance and inadequate resources.

Regardless of whether ill intent was involved, protected classes did not consistently receive the aid they needed. This became apparent in May when a Unidos US survey1 was released. Of the Black and Latino small businesses requesting relief, over half asked for less than $20,000 to cover employment and operating expenses. Of those, 12% received the funding they requested and 41% received no help at all. 21% were still waiting to hear if they qualified. Examiners and regulators will be looking closely to make sure your institution lives up to regulatory expectations.

Reporting continues as usual.

Despite the difficulties, PPP lending will be considered when evaluating CRA and Fair Lending. PPP loans can be eligible for CRA credit if you know what you’re looking for, but that can be difficult to do.

Because PPP rolled out so quickly and the volume of requests was so large, many financial institutions were required to reallocate untrained resources to loan processing as a result. And with the August 8, 2020 extension, loan processing is still eating up valuable time and resources. Due to unfamiliarity with the documentation and application process, many of the reallocated personnel may not be aware of Fair Lending and CRA requirements and how it affects their financial institution. This has the potential to make it even more difficult to meet the demands of CRA and Fair Lending expectations.

Helpful Guidance

The best way to protect your institution from compliance risk remains the same as it was before COVID-19 became our new normal.

Document. Test. Monitor. Train.

Clarify what has happened with your loan processes to this point and get down the details now. Why were loans that were denied dispositioned in the manner they were? What procedures may have changed and why? How were fraud attempts dealt with? Then get your story down, including how you intend to rectify any at-risk policies. Once noted, leverage that knowledge to make sure protected classes are truly protected during PPP loan processing and the loan forgiveness stage.

Correct anything that can be fixed now, document and explain oversights and the actions taken to fix them and train your loan personnel top to bottom. Then review procedures and follow up on your actions to ensure you’re moving in the right direction. Finally, keep your Compliance Management System (CMS) up to date and your team, including the Board, on the same page. This is often an overwhelming and time-consuming endeavor. You don’t have to face it alone.

Marquis – here when you need us.

Let Marquis become your compliance partner. We offer a two-prong solution to help you get the CRA credit you deserve and tell your compliance story successfully.

CenTrax NEXT, our proprietary compliance system created exclusively for the financial industry, enables you to assemble, analyze and act on your data. This is not a software solution released in response to the current situation. CenTrax NEXT is a proven compliance reporting solution that will continue to deliver value well past COVID-19 and its fallout.

We also offer guidance with Marquis Professional Services. Our team of dedicated experts continues to stay current on the frequent updates, fluctuating requirements and possible reporting issues of PPP and all of their ramifications. Their job is to alleviate your stress, offering you the guidance you need to identify possible risk areas and develop your story.

Just as your financial institution stepped up to help your customers and members, Marquis is here to help you navigate the often-confusing demands and requirements when reporting your PPP loans for CRA and completing Fair Lending analysis. Please get in touch to find out more about CenTrax NEXT and Marquis Professional Services.


1 Unidos US