Interior Federal Credit Union 2018 Annual Report
Issue link: http://www.epageflip.net/i/1088384
A MESSAGE FROM THE CHAIRMAN AND CEO First, we'd like to thank you for being a member of the Credit Union and allowing us to serve your financial needs. We had another very successful year and made many improvements to enhance the benefits that you, a member, were able to enjoy. Those members who save not only receive high saving rates, but by doing so, allow us to cover the lending needs of others. Our loan rates and fees on all of our services are very competitive, especially compared with industry standards. Finally, we continually look for new technologies that make us more efficient, reduce costs, and makes it easier for our members to obtain our services. Some of your Credit Union's major accomplishments in 2018 included: • Reached $200 million in assets. • Celebrated 83 years in business. • Welcomed the Public Lands Foundation to our field of membership. • Visited the Denver Federal Center for the NPS Wellness Fair and the Farmers Market. • Streamlined and combined applications for loans and membership, thus reducing paperwork. • Implemented Live Chat on our website. • Added Instagram to our social media presence. • Converted to the Money Management platform (from FinanceWorks™), a more efficient and user-friendly change. • Converted our Online Banking to a responsive design, which allows the information to adapt to the device screen being used, providing a more user-friendly experience. • Added Apple Watch® Banking. • Added Face ID login for iPhones®. • Added debit card travel notifications to our CardNav App. • Qualified members were granted an automatic increase to their Line of Credit on their Visa® Card. • Offered an 18-month Certificate Special with 2.68% APY. • Provided TrueCar® rate specials throughout the year. • Provided several loan pre-approval offers throughout the year, and updated the system to responsive design and the ability to add GAP insurance for a significant cost savings to the member. Specifically, your Interior FCU demonstrated strong financial performance in 2018. Our share, loan, and asset growth has been well above industry standards. We saw significant growth in our Student Loans. We feel this provides our members an opportunity to reach their higher educational goals and continue to support their financial needs after graduation. As we continue to expand our membership across the country, the need to meet those challenges in our electronic, online, and mobile technologies will remain a top strategic objective and drive us to look for upgrades in the future. We will also continue to keep security of our systems a high priority. With this strategy, we will invest with partners who only provide secure and cost-effective solutions. Thank you for responding to our member survey in 2018. We were fortunate to hear from our members last fall through the member survey, which we offer every third year. Your participation helps make the Credit Union a better financial resource for everyone. The results showed our favorable rates, lower fees, and range of product offerings, while emphasizing the need to continue efforts in improving ways to serve you conveniently. We were proud to provide special financial options to our members during the very difficult financial hardship at the end of the year and several weeks into January 2019, which was caused by the federal government shutdown. Thousands of members were aided by taking advantage of short-term no-fee loans, altering payment schedules on existing loans, reducing existing Personal Lines of Credit to 0% interest, and penalty-free withdrawals from restricted savings. Our motto is to be Your Natural Resource for Financial Services—during normal times and for those difficult times like the shutdown. In 2019, you can look forward to continued enhancements as well as new products and services. Some of these changes we have planned include a new Card Control Management feature within both our online and mobile platforms for debit and credit cards, Samsung Pay® and Google Pay™, Credit Card Rewards within the mobile app, a more robust money transfer program, and self-service ACH & Wires. We will also enhance some of our fraud security alert systems for both the Credit Union and our members, ultimately improving notification times. We continue to enjoy a very strong and collaborative relationship between our Board of Directors, our Management, and our Staff. Our member inputs and suggestions will continue to drive our pattern of growth as well as the advancements and new services to meet your needs. Our goal is to fulfill our mission statement: To provide excellent service to our members and meet their diverse and changing financial needs and interests. Thank you for allowing us to do that! Sincerely, John Nyce, Chairman of the Board Michael Merryman, President/CEO