EL SEGUNDO, Calif.-The sentiments behind Bank Transfer Day is still out there, and $746-million Xceed Financial CU intends to tap it.
That's the position of Teresa Freeborn, CEO of the SEG-based credit union. She told Credit Union Journal her focus will continue to be on the "workplace strategy" the former Xerox Credit Union implemented after its March 31, 2008 name change.
"This means we will remain relentless in delivering quality and innovative programs to our SEGs nationwide," she said.
Freeborn believes the economy and consumer confidence will remain "somewhat the same" in 2013 as it was in 2012. That includes ongoing consumer sentiment toward seeking alternatives to the big banks.
"We believe there will be a continued need to help members restore their credit, as well as to help them find solutions to keep more cash in their wallets at the end of every payday," she said. "We will continue to focus on building stronger relationships with our SEGs, especially those with large nationwide footprints. We also remain committed to consumer financial education and will look to enhance the resources we make available to our members and non-members to help them make better financial decisions in 2013."
More Rock Stars
As reported in Credit Union Journal ("Treated Like a Rock Star," Nov. 28, 2011), Xceed has had a great deal of success with its "Personal Banker" program. Freeborn said 2013 will see further enhancements to the program.
"We not only hope to get more members enrolled, but we also are developing more tools and resources for our associates who have the role of a Personal Banker, such as a certified training program and more member communication tools," she said.
Another goal will be to continue to drive quality lending growth. Freeborn said specific tactics will include more instant pre-approvals, enhancing debt consolidation offerings and improving online lending capabilities.
"Member engagement will remain another key strategy, as we will put a greater focus on cross-selling and member satisfaction," she said.
Net Promoter Coming Soon
Xceed will be migrating to a Net Promoter measurement system in 2013. Freeborn said its online services and remote delivery remain key, adding that XFCU will look to capture more business from its members, especially through their payment transactions.
"We also plan to maximize social networks in order to drive more business versus simply using it as a communications tool," she said. "We will continue to seek out strategic merger opportunities. As a credit union committed to serving SEGs, we are positioned to partner with other credit unions to enhance the SEG value proposition while retaining the legacy of serving those SEGs."
Xceed posted three consecutive years of losses-$918,000 in 2008, $18.5 million in 2009, then $3.8 million in 2010-before earning $2.5 million in 2011 prior to a $1.5-million Corporate Stabilization Fund assessment.
In its most recent Call Report, for Jan. 1 through Sept. 30, 2012, Xceed reported $3.2 million in net income, excluding a Corporate Stabilization Fund assessment of $576,265.