There is a famous quote from Henry Ford: “If I had asked people what they wanted, they would have said ‘a faster horse.'"
His quote is uttered throughout boardrooms and classrooms alike, shining as one of the finest quotes in modern times. It is the phrase that comes to mind when I ask Kristen Tatlock, compliance manager at CU Service Network, what she does differently for her credit union clients.
Without hesitation she responds, “We help them identify what they need instead of them telling us what they need. Because sometimes, they don’t know what they need.”
Essentially, you don’t know what you don’t know.
Tatlock continues to explain in a sweet southern drawl. “We don’t just give our clients a checklist that says ‘Here’s what you need to do.’ We hold our clients’ hands.”
For anyone who is familiar with outsourced compliance offerings, this practice may come as a surprise to you. The compliance services market is certainly not lacking in competition—I can think of nearly a half dozen providers off the top of my head.
But the concept of a “hand-holding” approach, if you will, is very unique. And as it turns out, credit unions have been asking for it.
What do credit unions really want out of a compliance service? What is lacking in the industry?
In the spring of 2016, CU Service Network surveyed 60 CEOs of credit unions ranging from $30 million to $1.6 billion in assets about their pain points. The results across the board were staggering: 98% of respondents said that staying compliant was a hugely critical issue for their credit union in the next three to five years, if not the most critical.
They lamented that outsourced compliance services didn’t offer what they needed, and desperately wanted an offering that was more credit union-centric and supportive.
After years of research, CU Service Network had narrowed down what was lacking in credit union compliance into three main issues, which we discuss in a new white paper, “A Faster Horse:”
1. Clarity. Credit unions are often left confused with the answers they receive from their vendors. They have expressed a strong desire for detailed citations, phrases, and sources to back up answers.
2. Intimacy. Credit unions feel that their compliance resources keep them at arm’s length. There is a lack of deep understanding about individual credit union needs, and this translates to a passive and lofty relationship.
3. Flexibility. Compliance service contracts have notoriously rigid terms. Commonly, credit unions are not able to cherry pick what fits their needs, or receive “on-call” style compliance services, both of which are desired.
Download the full whitepaper to take a deeper dive into each of these three areas, get examples from select credit unions, and see how CU Service Network is leveraging their knowledge to redefine how compliance services help credit unions.
ALICIA DISANTIS is marketing program manager for CU Service Network.