Key Findings

•  Aaron Chestnut is CMO of GUCU.
•  Michelle Dobbins is Director of Marketing at GUCU.
•  Kim Wall is Director of Business and Community Development at GUCU.
•  Tracy Bova is Brand Manager at GUCU.
• The rest of the contacts can be found in the attached spreadsheet.

Research Strategy

Strengths

• Perhaps the most significant strength of the Georgia United Credit Union (Georgia United) is the community bank's local popularity and customer loyalty.
• Established in 1958, the organization has prioritized its customer and community for over six decades with its "better banking experience," unique membership rewards and commitment to helping local residents through the Georgia United Credit Union Foundation.
• As a result, Georgia United was ranked as the Best-In-State credit union by Forbes in 2019, based on a survey of over 25,000 consumers.
• Ultimately, Georgia United's strong standing with existing customers and reputation as one of the best community banks in the state helps safeguard the organization's current assets under management while also attracting new potential customer accounts.
• In parallel, the community bank benefits from its status as a member-owned, not-for-profit organization.
• This corporate status gives Georgia United the independence and flexibility to make the longer-term and more nuanced business decisions that can be more difficult for publicly listed institutions.
• Finally, the community bank benefits from its relatively large scale in the Georgia banking market, with a ranking as one of the state's "largest and strongest" credit unions.
• Overall, Georgia United's 19 local branch locations, over 5,000 supporting credit union locations across the US and approximately 100,000 surcharge-free ATMs worldwide enable the organization to maintain a visible local presence and achieve economies of scale in its operations.

Weaknesses

• However, Georgia United's exclusive customer footprint in Georgia also represents a potential weakness for the organization.
• Specifically, the fact that all of the community bank's branch locations are located in one state makes the organization particularly vulnerable to area-specific changes and trends, and limits the organization's growth prospects in other parts of the country.
• Additionally, and perhaps more significantly, Georgia United offers a relatively limited range of products with a primary focus on offerings for individuals and families.
• Although the community bank touts is somewhat generic product offerings (such as checking and savings accounts, personal loans and credit cards) as "simple and convenient," the lack of more diverse offerings may make the financial institution less appealing to customers with non-standard or broader financial needs.
• Moreover, the lack of products specifically targeting small businesses or area industries may limit Georgia United's penetration into these significant sectors of the banking industry, potentially limiting growth and profitability.

Opportunities

• Despite these weaknesses, Georgia United is poised to capitalize on a number of emerging opportunities, including the growing ESG movement as well as the shift to online and mobile banking in the US.
• A preponderance of experts (e.g., McKinsey & Company, Forbes, Investopedia, Nasdaq, Bank of America) highlight the "emerging zeitgeist" and "meteoric rise" of ESG-oriented programs and investing in the US, and Georgia United is well-positioned to capitalize on this trend.
• Not only does the community bank have an active focus on supporting community stakeholders through the Georgia United Credit Union Foundation, but Georgia United was consistently recognized as one of the top places to work from 2015 to 2019 and is highly rated by consumer stakeholders.
• Considering the fact that having a strong ESG program has been demonstrated to help obtain large pools of capital, attract top talent and influence customer purchase behavior, Georgia United stands to benefit significantly from this trend given its historic focus on ESG goals.
• Additionally, Georgia United appears to be at the forefront of the growing consumer trend towards online and mobile banking in the US.
• Among the community bank's many digital assets are its corporate website and online banking functions (which receive over 400,000 monthly visits), multiple social media channels including Facebook (6,540 followers), LinkedIn (1,714 followers) and Twitter (532 followers), and various mobile assets such as its mobile app, digital wallet and even text banking.
• Overall, these digital investments will enable Georgia United to increasingly capitalize on the shift to online and mobile banking, which Business Insider has reported as the "most prevalent trend" in today's banking industry.

Threats

• However, Georgia United will continue to face strong competition as it looks to retain and grow market share in its local area.
• Notably, Georgia is an active market for numerous national and international banking conglomerates, including Wells Fargo, Bank of America, Chase Bank and PNC Bank.
• Additionally, Georgia United is one in a myriad of similar community banks that operate in the state.
• While this highly fragmented banking market will continue to pressure the community bank, the threat is somewhat tempered by recent developments.
• First and foremost, Georgia continues to be an attractive location for migration in the US, and the state's growing population will help to expand the overall banking market and potentially ease related competition.
• Additionally, one of Georgia's largest banks, SunTrust Banks, recently announced that it will be relocating its headquarters out of Georgia as part of its merger with BB&T, potentially shifting both the near and long term focus of this major competitor in the state's banking industry.

Headquarters

• The headquarters for Georgia United Credit Union are in Duluth, Georgia.

Number of Locations

• Georgia United Credit Union has 23 locations, including branches and co-op shared branches.

Regions Served

• Georgia United Credit Union only operates in Georgia.

Employee Size

• According to the company's description on LinkedIn, Georgia United Credit Union has over 230 employees.

Revenue

• The 2018 annual revenue for Georgia United Credit Union was $42.59 million, an increase from $37.51 million in 2017.

Mission Statement

• According to its 2018 annual report, Georgia United Credit Union's mission "is service — to serve you, our team members and the community."

Product Offerings

• The following products are available to Georgia United Credit Union members:
•  Vehicle loans 
•  Credit cards 
•  Home loans 
•  Lines of credit 
•  Personal loans 
•  Student loans 
•  New teacher loans 
•  Savings 
•  Checking 
•  Young member programs (The Money Mammals, Money Masters, scholarships)
•  Sterling Fund money market 
•  Certificates 
•  Online banking 
•  E-Statements 
•  Mobile banking 
•  Digital wallet 
•  Text banking 
•  Bill pay 
•  P2P payments 
•  Shared branching 
•  Instant access telephone teller 
•  Special services (Visa gift cards, wire transfers, notary service, signature guarantees, safety deposit boxes, cashier's checks, Visa cash advances, coin counters, and nightly depository boxes).

Kemper Insurance- Marketing Department

• Barbara Ciesemier is the Vice President of Marketing & Communications at Kemper.

• Greg Fasking is the Vice President of Consumer Marketing at Kemper.

• Christy Parnell is the Director of Marketing Operations at Kemper.

•  Brett Avants is the Director of Branding, Kemper Life & Health Group at Kemper.

• Michael Samec is the Director of Digital Marketing at Kemper.

• Donna Metzger is a Marketing Manager at Kemper.

•  Cicelyann Z. is a Senior Communications & Creative Marketing Executive at Kemper.

• Maritza Lerma is a Sales Marketing Executive at Kemper.

• Lauren Frazier is a Marketing Specialist at Kemper.
•  Devin Ingram is a Marketing Specialist at Kemper.
•  Ashle Easley is a Digital Marketing Specialist at Kemper.
•  Alyssa Stroner is a Sales and Marketing Representative at Kemper.

Marketing Department- Contact Information

• Barbara Ciesemier can be reached at bciesemier@kemper.com.

• Greg Fasking can be reached at fasking.g@kemper.com.

• Christy Parnell can be contacted at cparnell@kemper.com.

• Brett Avants can be contacted at bavants@kemper.com.
• Michael Samec can be contacted at msamec@kemper.com.
• Donna Metzger can be contacted at dmetzger@kemper.com.
• Cicelyann Z. can be contacted at czoccola@kemper.com.
• Maritza Lerma can be contacted at mlerma@kemper.com.
• Lauren Frazier can be contacted at lfrazier@kemper.com.
• Devin Ingram can be contacted at dingram@kemper.com.
• Ashle Easley can be contacted at aeasley@kemper.com.
• Alyssa Stroner can be contacted at astroner@kemper.com.

Research Strategy:

Strengths

• Kemper Insurance offers various insurance products, such as auto, home, health, and valuables, thus appealing to a broad spectrum of target markets. Offering numerous products also enlarges its customer base as shown by the 6.4 million policies the company currently services.
• Kemper Insurance is also one of the leading insurer brands in the United States. Its top AM Best ratings attest to its strong brand in the industry. A strong brand nurtures customer loyalty, improves credibility, and enhances customer recognition.
• The company also has a strong asset base as shown by its $12 billion worth of assets. Such a strong asset base provides Kemper Insurance with solvency.

Weaknesses

• Kemper Insurance has a limited market share compared to its competitors. With just 2.37% market share, the company is unable to exploit its full potential in revenue generation. A small market share also leaves the company vulnerable to competition from new entrants.
• Another weakness is the company’s high premiums for some plans such as auto policies. Although the policies come with hard-to-find features and unique benefits such as childcare, they are too costly.

Opportunities

• Kemper Insurance can expand its geographic reach to grow its brand. Beyond the 50 states in the US and the District of Columbia, the company can venture into other the global insurance markets to increase its market share.
• The changing consumers’ needs also present a lucrative opportunity for the company to develop more products designed to address them. Customer-tailored products will help the company attract more clients and win their loyalty.
• Kemper Insurance can also engage in financially attractive acquisitions to enhance its franchise strategically. Acquisitions also help in increasing market share and brand development.

Threats

•  Competition is a major threat facing Kemper Insurance. Heightened competition in the industry has been driving the prices down. Lower prices could lead to reduced revenue for Kemper Insurance if it lowers its prices or loss of market share if it chooses to maintain its prices.
• Uncertainties linked to regularity approval of insurance rates, policy forms, insurance products, and license applications also pose a credible threat to the company’s operations. Government actions such as implementation of new federal and state laws are also a key threat.

Overview of Kemper Insurance

• The headquarters of Kemper Insurance is located in Chicago, Illinois.
• Kemper Insurance operates 156 locations as of December 31, 2018.
• The company serves all 50 states and the District of Columbia.
• Kemper Insurance has over 8,300 employees.
• The FY 2018 revenue (latest available) for Kemper Insurance was $3.725 billion.
• Kemper Insurance’s mission is to provide the “coverages you need, keeping your costs down, and delivering on our promises.”
• Kemper Insurance offers personalized insurance solutions to individuals, families, and businesses.
• The company’s insurance offerings include solutions for auto, commercial auto, boat, home, renters, condo, personal valuables, collectibles, personal catastrophe liability, identity fraud, package, and life & health.

SUMMARY

• Mark D. Cassin serves as a Market Executive and Senior Vice President at The State Bank & Trust. He reportedly enjoys building relationships with clients.
• Similar to Cassin, Andrew S. Farley is a Senior Vice President and Market Executive for State Bank. 
• David A. Anderson is a Senior Vice President and Relationship Manager at the bank.
• Tyson R. Moss is a Market Executive at State Bank. He helps clients secure agricultural and commercial loans, in addition to maintaining key relationships at the company.
• As a Business Development Officer at State Bank, Brandon J. McGaharan reports to Mark D. Cassin and Andrew S. Farley.
•  David P. Tedford is State Bank's VP of SBA and SBA Business Development Officer. He reports to Mark D. Cassin and Andrew S. Farley.

Strengths

• Perhaps one of The State Bank & Trust's greatest strengths is its broad portfolio of service offerings.
• Specifically, the community bank provides a full suite of financial services for both consumers as well as small businesses, including wealth management, private client services, mortgage banking and commercial and agricultural lending.
• In addition to more standard offerings, The State Bank & Trust also provides highly specialized financial products, including through its subsidiary Patriot Capital, which is an "industry leader" in convenience store and equipment financing.
• Overall, the company's wide range of service offerings and target customers offers a level of diversification that helps hedge the bank from downturns in any particular industry sub-segment, as well as generate cross-selling opportunities between products and customer groups.
• Meanwhile, another core strength of The State Bank & Trust is its community-centric focus and history.
• Established in 1902, the community bank has a "reputation for leadership and integrity" in Ohio after over a century of supporting its local community through major challenges, including the Great Depression and World War II.
• Additionally, despite The State Bank & Trust's "rapid growth," it has remained dedicated to serving primarily the northwest Ohio region, while maintaining a personal focus with taglines such as "your state bank."
• Meanwhile, the organization's A+ Better Business Bureau rating and positive customer reviews are further evidence of its strong and established foothold within the local community.

Weaknesses

• However, The State Bank & Trust's community orientation also represents a key weakness for the company, given that operates within a highly limited footprint.
• Notably, The State Bank & Trust currently operates only 20 banking centers, six loan production offices and 24 full-service ATMs, which are almost entirely concentrated in nine Ohio counties.
• While this physical footprint provides a reasonable level of coverage given the relatively small operating area, it makes the bank more vulnerable to any area-specific trends or changes, and offers less opportunity to market expansion and growth.
• Additionally, The State Bank & Trust is exposed to the pressures of the national equity markets through its holding company SB Financial.
• Although SB Financial was ranked in 2019 as the 94th best publicly traded community bank by American Banker Magazine, The State Bank & Trust will continue to be hamstrung in its decision-making given the lack of financial independence.
• While such public scrutiny can be challenging for any financial institution, it may be particularly acute for an organization that, by definition, is more focused and subject to local markets rather than the broader concerns of institutional and other public investors.

Opportunities

• Despite these weaknesses, The State Bank & Trust has made investments in its online communications and distribution channels which may enable the company to take advantage of the increasing shift to online banking in the US.
• While its digital footprint remains somewhat limited, the community bank has invested into a robust online presence include its corporate website (which receives 56,000 visitors per month), social media channels such as Facebook (2,278 followers) and LinkedIn (701 followers) and a proprietary mobile banking app, which is available for both Android and iOS smartphones.
• Overall, these investments well-position The State Bank & Trust to take advantage of the shift to online and mobile banking, which Business Insider has reported as the "most prevalent trend" in today's banking industry.

Threats

• However, The State Bank & Trust will continue to face the threat of competition from a highly competitive local banking market.
• Beyond national players in the Ohio banking industry, The State Bank & Trust also faces competitive pressures from a variety of more similar local banks, including over 25 community banks in Central Ohio alone.
• As further evidence of the area's fierce banking competition, Ohio has seen over 20 merger and acquisition deals in just the past few years.
• Moreover, considering recent profitability weakness for community banks in Ohio, organizations such as The State Bank & Trust are expected to continue to face significant competitive pressures.

Headquarters

• The headquarters for The State Bank & Trust are located in Defiance, Ohio.

Locations

• The State Bank & Trust has 27 locations including loan production offices, but not including ATM locations.

Regions Served

• The State Bank & Trust serves Ohio and Indiana.

Employee Size

• According to its annual report, The State Bank & Trust had 250 full-time equivalent employees as of December 31, 2018.

Revenue

• In 2018, The State Bank & Trust earned $49.9 million in annual revenue. This was an increase over the $45.6 million earned in 2017.

Mission Statement

• The State Bank & Trust has the mission of helping its customers "succeed with money at every stage of [their] life. Whether [they] want to save it, invest it, grow it, borrow it or access it, [they] can always depend on State Bank."

Product Offerings

• For personal banking needs, The State Bank & Trust offers the following products:
•  Checking 
•  Savings 
•  eServices (mobile wallet, BillPay, PopMoney, mobile apps, and online banking)
•  Mortgage loans 
•  Mortgage applications 
•  Mortgage tools 
•  Credit cards 
•  Personal loans and lines of credit 
•  Wealth management 
•  Investment and asset management 
•  Estate planning 
•  Private banking 
•  Brokerage services 
• For business banking needs, the State Bank & Trust offers the following products:
•  Business checking 
•  Business savings 
•  eServices (online banking and BillPay)
•  Treasury solutions 
•  Employee benefits 
•  Commercial real estate loans 
•  Small business loans 
•  Manufacturing loans 
•  Credit cards 
•  Business loans and lines of credit 
•  Wealth management 
•  Investment and asset management 
•  Retirement services 
•  Insurance 
•  Business succession planning 
•  Brokerage services 

Key Findings

•  Thorpe Miller is VP of Marketing and Business Development at IMCU.
•  Jennifer Hawkins is Director of Business Development at IMCU.
•  Gina Terrill is Business Development Manager at IMCU.
•  Nikki Thompson is Communications Manager at IMCU.

• The rest of the contacts can be found in the attached spreadsheet.

Research Strategy

Strengths

• Having been around since 1956, Indiana Members Credit Union is Central Indiana's largest credit union, with 27 full-service branches catering to more than 125,000 members.
• Its services are open to anyone that lives or works in Central Indiana, and the savings of its members are federally insured to a minimum of $250,000.
• In 2018, Forbes named Indiana Members Credit Union the top credit union in Indiana on its first-ever "Best-In-State Credit Union" listing, which is based on overall recommendations and satisfaction, and five subdimensions, including branch services, digital services, terms and conditions, trust, and financial advice.
• IndyStar named Indiana Members Credit Union one of the Top Workplaces of 2019 because of its commitment to providing competitive products and community service.
• Also, in line with its tagline of "keeping it simple," the credit union offers its members simplicity, using advanced technology, in an environment where financial products are becoming increasingly complicated.
• Indiana Members Credit Union won gold in IndyStar's Best Things Indianapolis 2019 award in the Best Bank or Credit Union category. The award featured 6,000 nominations and almost 100,000 votes.

Weaknesses

• A customer complained that the bank does not have an adequate number of locations as well as inconveniences experienced due to temporary difficulties in using their account internationally.
• Another customer complained that someone at the credit union's business center was rude and condescending during a mere 1-minute call.
• Its mobile app has a 3.5-star rating on Google Play, with several users complaining about their inability to log in to the app. Users have also reported that the app crashes.
• The credit union is rated 3.3 on Wallet Hub, based on 21 reviews. Complaints include that it places an 8-10 day hold on checks worth a few thousand dollars and that its web pages are difficult to navigate.

Opportunities

• In Indianapolis, over 16% of residents are underbanked, having to deal with risky and costly alternatives such as payday loans, which traditional banks offer. Residents, especially those in the low-income bracket, are fed up with the high rates and fees traditional banks charge, with 25% of FDIC-insured bank branches in Indianapolis shutting down over the past decade. This presents an opportunity for credit unions such as Indiana Members Credit Union to offer low-cost options to the city's residents.
• Due to unanticipated competition, rising customer expectations, and changes in the platform economy brought about by digital technology, financial services & insurance executives are now favoring full-scale digital transformation. It is, therefore, pertinent for credit unions like Indiana Members Credit Union to follow this trend and modify the way they interact with their members and other credit unions daily. With an expected 36% decline in branch visits through 2022, this digital disruption is a call to develop agile member services platforms, which will put the credit union in a position to scale.

Threats

• Although Forbes named it the top credit union in Indiana in 2018, Indiana Members Credit Union slipped to fourth place in the 2019 listing behind Evansville Teachers Federal Credit Union, FORUM Credit Union, and Interra Credit Union based on the same criteria as 2018, an indication that it is facing fierce competition from fellow credit unions.
• As with other credit unions in the country, Indiana Members Credit Union may have to spend more to grow deposits, as loan-to-share ratios reported by the 20% of credit unions that hold over 50% of credit union assets are 90 or higher, and money market mutual fund yields have eclipsed 2%, up from 0%. This suggests that going forward, credit unions face a threat of pressure on interest margins.

Overview of Indiana Members Credit Union

• The headquarters of Indiana Members Credit Union is located in Indianapolis, Indiana.
• Indiana Members Credit Union operates 27 locations.
• The company serves Central Indiana counties such as “Bartholomew, Boone, Brown, Clinton, Decatur, Delaware, Grant, Hamilton, Hancock, Hendricks, Henry, Howard, Jackson, Jefferson, Jennings, Johnson, Madison, Marion, Monroe, Montgomery, Morgan, Putnam, Randolph, Ripley, Rush, Scott, Shelby, Tippecanoe, and Tipton.”
• The estimated employee size of Indiana Members Credit Union is 310 employees.
• The estimated annual revenue of the company is $60.6 million.
• The mission statement of Indiana Members Credit Union is “to better the lives of those we serve, through our credit union philosophy of People Helping People.”
• Indiana Members Credit Union offers products and services such as savings and checking accounts, automotive and mortgage loans, online banking, and bill payment.
• The products and services provided by Indiana Members Credit Union’s personal division include savings and checking accounts, Individual Retirement Accounts, mortgage loans, auto loans & leases, consumer lending, student loans, credit cards, investments, retirement planning, education planning, financial management, online banking, mobile banking, and cybersecurity services.
• The products and services offered by the company’s business division include savings and checking accounts, Individual Retirement Accounts, Health Savings Accounts, financing, and treasury management.

Marketing Department (Overview)

• There is no marketing department structure of Johnson Financial Group available in the public domain but the Chief Marketing Officer of the company group is Emily Larsen. She heads the marketing department and reports directly only to the President of the group company.
• The group company is, however, practicing what appears to be a segment-driven marketing structure. The latter entails that companies, like Johnson Financial Group, set up teams that cater to defined customer segments.
• Under this marketing model, marketing projects come from the consumer insights team, who work "closely with senior leadership to ensure marketing activity meets corporate objectives." This marketing model ensures that all divisions of the company are aligned by segment, among other things, because they are all focused on the same target audiences and insights.
• Johnson Financial Group has three divisions in terms of products and services. They are wealth, banking, and insurance.
• The group company segments its marketing department into Consumer Marketing Segment, Wealth Marketing Segment, and Commercial Marketing Segment. These departments are headed by some members of the senior leadership team, and they report to the Chief Marketing Officer.
• The Commercial Marketing Segment encapsulates the banking and the insurance divisions of the group company. This is believed to be so because part of the responsibilities of the office of the Commercial Marketing Manager includes commercial banking and insurance.
• Based on the work management trend provided by Adopt, product managers under these departments report and work together with heads of the departments, while officers in each department answer to the product managers.
• In this age of information technology, the rise of digital incorporates digital channels, either within IT, on its own, or within a company's marketing organizational structure.
• Johnson Financial Group has a department called Digital Marketing Specialist. It is unsure, however, what the right governance model is for this department because the group company has a Chief Marketing Officer and a Chief Information Officer as part of its leadership management.
• According to management experts, "campaign management and execution are best driven as shared service support, along with social and digital marketing." Therefore, in a group company like Johnson Financial Group, the marketing department structure will have digital marketers collaborating with product managers, and other senior marketing departments.

Names and Contact

•  Emily Larsen is the Chief Marketing Officer at Johnson Financial Group. Here is her LinkedIn contact but her other contact details are available only via paid subscription.
• Kelly Frisle is the VP Consumer Segment Marketing Manager at Johnson Financial Group. Here is her LinkedIn contact but her other contact details are available only via paid subscription.
• Alyssa Schwabe is the AVP Digital Marketing Specialist at Johnson Financial Group. Here is her LinkedIn contact.
• Kate Gruettner is the VP, Wealth Marketing Manager at Johnson Financial Group. Here is her LinkedIn contact.
• Other top names in marketing are Vicky Morrison (VP Internal Communications Manager), Angela Rust (VP Card Product Manager), Bonnie Bishop (VP Contact Center Program Manager), KEITH ROWDEN (AVP Marketing Manager), Heather Jirgensen (SVP Marketing), Helen Johnson-Leipold (VP Consumer Marketing) and Michael Krueger (SVP Retail Product Manager). Their contact details are available only via paid subscription.

Research Strategy

Strengths

• Johnson Financial Group has a wide range of services that include loan provision, insurance, savings account, wealth and investment management. This makes it possible for the company to reel in more revenue from these services.
• The John Trust unit is popular among high-net-worth clientele and institutional investors, with approximately $2 billion of assets, under the company’s management. Such an impressive profile and portfolio puts the company at an advantageous angle over its competitors.
• The ability of the company to not only provide private banking services but also international ones provides an opportunity for the company to attract more international investors and clientele.
• A review through the company’s LinkedIn profile shows that Johnson Financial Group is proactive in CSR, with annual events and charities, thus endearing the company to the community. This can also help to expand the stakeholder network, and attract top talent within the communities.

Weaknesses

• Having a minimal presence on other social media platforms such as Facebook and Twitter is a major weakness, especially in this digital age where business continues to thrive and expand on these platforms, by reaching out to millennials and young upcoming professionals that use social media to network.
• Having been in the business for 5 decades means that Johnson Financial Group has had issues with client retention in this digital age. As opposed to the older demographic, millennials require non-traditional techniques to influence their buying behavior.

Opportunities

• As the trusted and official holding company for an institution such as Johnson Bank that has 40 branches, in Arizona and Wisconsin, Johnson Financial Group can expand its clientele base and network not only in these two states but in other states around the US, thus expanding its portfolio and revenue base
• A review through the company’s official website shows that Johnson Financial Group has been operating for 50 years. Such expansive and vast years of experience could provide an opportunity for the company to attract more customers and associates who are looking for an experienced money and asset management company.
• As the world is going digital, Johnson Financial Group could exploit the opportunity to incorporate data and technology to match up the trends and meet client expectations within a short turn-around time. A research carried out by Forbes Insights and Thomson Reuters showed that 68% of wealth management companies are struggling to adapt to new technology, and this means that companies such as Johnson Financial Group could use new technology to its advantage.

Threats

• With competitors such as BMO Financial Corp and U.S Bancorp, Johnson Financial Group is under pressure to retain its top clientele and attract new ones while remaining afloat in such a competitive industry
• Cybersecurity threats have continued to pose risks to wealth management companies in the US, such as Johnson Financial Group, and others. Malware attacks may infiltrate devices at a firm and leak sensitive data. In recent times, malware attacks have continued to steal credentials and data, as well as facilitate attacks against a company’s system.

Overview of Johnson Financial Group

• The headquarters of Johnson Financial Group is located in Racine, Wisconsin.
• Johnson Financial Group operates 45 locations.
• The company serves Wisconsin, Minnesota, and Arizona.
• Johnson Financial Group has over 1,200 employees.
• The estimated annual revenue of Johnson Financial Group is $273 million.
• The mission statement of Johnson Financial Group is “to help our clients to exceed their financial goals and to make a positive impact in the communities we serve and in the lives of our clients and associates.”
• Johnson Financial Group offers banking, wealth, and insurance services.
• The company’s personal division provides banking, home & personal loans, investment & retirement, insurance, and financial planning services to individuals and families.
• Johnson Financial Group’s business division offers cash management, financing, employee benefits, insurance, and advisory services to companies that operate in industries such as accounting, architecture, commercial real estate, food & beverage, healthcare, law, manufacturing, not-for-profit, and transportation.
• The company’s commercial & institutional division provides treasury management, financing, capital markets, employee benefits, insurance, and advisory services to companies that operate in the nine industries mentioned above.

Marketing Department Overview

• The marketing team is lead by the marketing director and is divided into different areas such as analytics, creative, branding, and media, content and external communications.

Marketing Director

•  Melissa Shaw is the marketing director and she is in charge of the marketing strategy, growth, and planning.
• She is also responsible for public relations and leads the marketing team, which consists of 8 people.

Content Marketing & External Communication

•  Alyson Hess is the marketing content manager for the company and her responsibilities include external marketing communications, content strategy, digital campaigns, and social media.
• Alyson is also the primary author on the company's blog and the social media strategist for the company.

Creative, Branding & Media

•  Todd Petelle manages branding and media campaigns, leads the "in-house media agency" and the DMA initiative. He is the creative campaign manager, who is also in charge of the creative team. One of the creative team members is Simone LeClear, a graphic designer.
•  Kirby Ehler is a digital media producer, designs various marketing materials, internal videos and promotional materials for different media channels.

Marketing Insights & Analytics

•  Chad Gramling was previously the marketing insights manager and was responsible for tracking and measuring various key metrics as well as for market research and analytics. He was recently promoted to the role of data manager.

Other Marketing Team Members

• Other members of the marketing team are marketing interns, who provide support for the marketing department by working on different activities such as marketing research, graphic design and event planning.
•  Bailey Sutton worked on planning various events, coordinated special projects and also received a teamwork award during her internship. She is currently a marketing specialist at 3Rivers.

Marketing Department Contact Information

• Melissa Shaw can be reached either by phone at (260) 417-2163 or by email at mshaw@trfcu.org.
• Alyson Hess can be emailed at ahess@trfcu.org or phoned at (260) 487-3409.
• Chad Gramling can be contacted at cgramling@trfcu.org.

Research Strategy

Strengths

• 3Rivers Federal Credit Union was founded in 1935 and is a not-for-profit cooperative serving over 76,000 members. It has about 16 branches and has more than 315 employees.
• 3Rivers Federal Credit Union has grown its lending portfolio to over $98 million. The company recorded a fast average loan application review time in 2018 (about three and a half minutes).
• 3Rivers Federal Credit Union helps thousands of members of its credit union to build purchase or refinance their homes.
• In a single year (2018), 3Rivers Federal Credit Union helped 1700 members to build purchase or refinance their homes.
• 3Rivers Federal Credit Union was recognized as a top user of social media and was one of the top 100 credit unions using Twitter for every quarter year 2018.
• 3Rivers Federal Credit Union experienced strong growth across many areas in 2018. The membership of its cooperative society grew from 5700 to 79,300 in 2018. The credit Union owns or controls over $1.2 billion worth of loans across Northeast Indiana.
• 3Rivers Federal Credit Union has an average monthly app download of 470 apps per month. The credit union has web traffic of about 66,805 visitors that access its websites every month.
• 3Rivers offers a 1% cashback for up to $500 spent by a consumer on its vehicle insurance products or services. The company has positioned itself by being the "only" company with such an encouraging insurance offer.
• At least one among every four households across Allen county has an account with 3Rivers Federal Credit Union.
• In the spring of 2018, 3Rivers Federal Credit Union gave $13,000 worth of scholarships to students across its localities, gave back to its community by partnering with the Federal Records Management & Shredding to destroy as well as recycle about 25 tons (or 50 pounds) of sensitive materials to combat identity theft within its community. The credit union also granted about $200,000 to 45 nonprofits across the United States in 2018.

Weaknesses

• 3Rivers Federal Credit Union has a challenge related to maintaining or improving its web traffic. Its monthly visits reduced by 4.2% within the past month (negative growth of -4.2%).
• 3Rivers Federal Credit Union also has a challenge related to maintaining or increasing the download rate for its mobile banking apps. The credit union experienced negative growth relative to its monthly app download resulting in the growth of -66.92%.
• The ATM locations of 3Rivers Federal Credit Union "are a bit inconvenient" and do not accept cash deposits. This inconvenience reflects the view of a few users (about 13 reviewers) who agree with Pamela D., of Fort Wayne.
•  Robert Bontrager, Annaleise Marie Loxton, and several other consumers agree that 3Rivers Federal Credit Union's app is "always down" and presents a significant challenge to its users.

Opportunities

• According to Hitachi, digital implementation, as well as digital integration, has consistently been among the leading solutions within the credit union industry for a few years now. FinTechs are disrupting the credit union industry by leveraging advanced technologies like the Internet of Things (IoT), artificial intelligence (AI), as well as mobile computing changing. By going into partnerships with tech companies, 3Rivers Federal Credit Union can offer its members newer insurance services as well as risk management products that leverage a technology-rich environment.
• 3Rivers Federal Credit Union has an opportunity to expand its services and revenue by partnering with a bank headquartered in Richmond, Ind (West End Bank). The bank has about 24,000 customers and made revenue of $1.7 million in 2018. The proposed acquisition of West End Bank might occur in the first quarter of 2020.
• According to SP Global, the growth of credit unions via bank acquisitions has outpaced the growth of other credit unions. By acquiring banks, credit unions have experienced a membership growth of 22.7%, while their counterparts (that have not acquired banks) have grown by 15.1%. The study assumes that 3Rivers Federal Credit Union can leverage this opportunity to acquire more banks and further grow its membership.
• Through the proposed partnership, 3Rivers Federal Credit Union would expand its products, services, and technology offerings to cover West End Bank's customers.
• According to CU Insights, the growth of membership among credit unions has reached a record high. There are three ways credit unions (including 3Rivers Federal Credit Union) can build on this trending growth to succeed. 3 Rivers FCU can attract new members, as well as retain its current membership base, by focusing on share draft accounts, credit unions can also deepen their engagement and increase their investments in partnerships.
• By increasing investments and partnerships, credit unions (such as 3Rivers Federal Credit Union) can offer new services. They can also leverage technology to build efficient systems that boost liquidity, and also attract new members while deepening relationships with their existing membership base.

Threats

• The credit union sector is competitive. Competition has prevented many credit unions from raising asset yields — this may give rise to significant margin degradation if the cost of funds continues to rise. New technologies, new channels as well as competitors have altered the playing field, and credit unions (including 3Rivers Federal Credit Union) would need to work harder to be successful.
• Trends relative to the credit union industry indicate that advancements in technology are leading to more channels, customization as well as convenience to financial services. New providers of credit union services continue to enter the marketplace and capture consumers' attention as well as patronage. The study assumes that 3Rivers Federal Credit Union is also affected by the above challenges affecting all credit unions in America.
• A recent report by the California Credit Union League reveals that synthetic fraud (identity theft) is a growing threat confronting credit unions (including 3Rivers Federal Credit Union). 3Rivers Credit Union recently warned its customers about circulating mortgage scam letters that attempt to leverage their public records (identities). According to the FBI, credit unions (including the 3Rivers Federal Credit Union) often confront email (scam letter) compromise fraud — (scam letters are a cybersecurity threat.)
• A recent class action by Cohen & Malad, LLP threatens 3Rivers Federal Credit Union. The class action is investigating 3Rivers Federal Credit Union for instances of overdraft fees and other allegations.
• 3Rivers Federal Credit Union often gets confronted by robbery. In 2019, a 3Rivers Federal Credit Union branch was confronted by a robbery suspect on two occasions within a week.

Research Strategy

Headquarters location

• 3Rivers Federal Credit Union was founded in 1935 and is headquartered in 1615 Northland Blvd., Fort Wayne, Indiana, 46825, United States.
• Presently, 3Rivers Federal Credit Union has nearly 80,000 members who enjoy innovations such as online bill pay, EMV chip credit cards, and mobile banking.

Number of locations

• 3Rivers Federal Credit Union offers financial services from 17 branch locations spread across eight cities and in two states of the US.

Regions Served

• 3Rivers Federal Credit Union operates in the United States region and has a presence in the states of Indiana and Ohio.

Employee Size

• According to Zoom Info, 3Rivers Federal Credit Union has approximately 297 employees.
• In 2018, 3Rivers Federal Credit Union expanded its internship program that saw the creation of more positions in every department.

Revenue

• According to the 3Rivers Federal Credit Union's 2018 annual report, it had revenue of $42.74 million and a net income of $18.64 million, which was an increase from $14.4 million in 2017.
• 3Rivers Federal Credit Union celebrated a significant milestone in 2018 after it surpassed the $1 billion mark in assets.

Mission Statement

• Since its inception, 3Rivers mission statement has been helping their members and the community at large to understand money matters every day.

Brief Description of Product Offerings

• 3Rivers Federal Credit Union has a broad range of product offerings which includes savings accounts, checking accounts, loans, credit cards, and mortgages.
• In the loan product category, 3Rivers Federal Credit Union has numerous loan products that include student loan refinance, personal loans, home equity loans, automobile loans, student loans, skip-a-payment, and motorcycle, boat and camper loans.
• Other than loan products, 3Rivers Federal Credit Union also offers savings products, with the notable ones being Health Savings Account (HAS), 529 saving plans, Credit Union Buddy (CUB) account, money markets accounts and Individual Retirement Account (IRA).
• Other product offerings from 3Rivers Federal Credit Union include home mortgages, home equity loans, standard savings, and share certificates.
•  Student loan refinance is a loan product tailored for students who have graduated from colleges and who are seeking to start paying off their student debts. Customers taking this loan product can consolidate their loans into one payment, and thus lowering their interests.
• Personal loan product offered by 3Rivers Federal Credit Union targets consumers looking for small loans and for smaller purchases. Student loans, on the other hand, are tailor-made for students looking for money to continue with their college education.

Strengths

• Banks and credit unions are part of one of the oldest and most trusted industries in the world. Since the beginning of humanity, banking has been a vital part of people's lives, and over the years, it has evolved to what is now. The use of financial institutions has passed from generation to generation due to all the opportunities for monetary growth.
• They also play an essential role in the US economy. Banks create new capital that contributes to the economy of the country in general. Credit unions are responsible for generating loans and opportunities for small businesses, which also help the economic growth of the US.
• Banks and credit unions represent financial support for people that have lost something or have suffered a natural tragedy. They help with loans, investments, and insurance.
• Due to customer demand, they have online options that allow clients to do basic operations such as paying bills, credit card requests, and making appointments with their smartphones, tablets, or computers.
• Banks and credit unions have personalized options for everyone. They get to know the client's problem, something that is not common on online-only platforms, in which articles and chat bots are the ones that suggest what to do.
•  Cybersecurity is another thing that scares a large part of the population. Clients are not as scared as other people because banks and credit unions do many of their operations physically.
•  People manifested their preference towards a bank/credit union that has both physical and online presence.
• Banks and credit unions still have the human touch that most people love. When dealing with something as important as finance, people do not like robot-generated or generic messages. They prefer personalized attention.

Weaknesses

• Despite claiming to be customer-centered, the truth is that banks and credit unions have themselves as priority number one. For example, overdrafts are terrible for clients but great for the bank, which means that the institution benefits every time the customer fails. That big mistake can cost them their reputation, clients, and their privileged position.
• They are not inclusive at all the products they promote are intended for the old generation. That means Millennials and Gen Z could not enjoy the experience with their products. The reason behind it is that bank/credit unions managers think of the people who belong to those generations as immature teenagers that did not carry on with the banking legacy of their ancestors.
• People in rural areas do not have access to financial services because these companies do not cover certain zones.
•  The competition among banks has made many of them forget the reasons why they started, like helping everyone to progress. Nowadays, it is quite common to see banks offering services that do not go with their style. They do that to attract more clients, but what they do not realize is that they should focus on creating comfort and security for the clients that have been supporting them from the beginning.

Opportunities

•  Reaching rural areas will help low-tech customers have financial opportunities too.
• These institutions can re-design their operating system and create more inclusive options in which the younger generation feel represented. Doing so will increase not only their number of clients but their reputation as leaders in the industry.

• An app or an online portal is not enough, especially for the current generation. Banks and other financial institutions are known for having obsolete systems. They should focus on building a user-friendly platform with solutions for every kind of client.
• They can change their priorities and make clients first, maybe, eliminating some things that bother them.

Threats

• The biggest threat financial institutions are facing right now are fintech companies. They are providing clients with simple financial solutions combined with technologies.
• The young generation does not want to leave their house to open an account or to solve a financial problem. They want to have the possibility of doing it online.
• Online-only banks have fewer commissions than traditional ones, and that is one of the reasons Millennials like them.
• As customers do most of the things online, the probabilities of a data breach are high. They are often paying online, and they like to use payment processors like PayPal to protect themselves from cybercriminals. To do that, they give their personal banking information to those platforms, the problem could happen if one of those companies has a breach, and a hacker takes advantage of it to steal the client's money.

Research Strategy

Using Data Analytics for a Customer-Centric Approach

• The first trend centers around using data analytics to develop a more customer-centric client approach.
• Banks are making a shift towards a more client-centered, inbound marketing approach that focuses on customer experience and also makes this the starting point for the design of processes. To be able to provide a client-centered approach, banks need to better understand their client and do this through data analytics.
• Fortunately, banks have a wealth of information on their clients and are using it to their advantage. According to an IBM survey, "71% of banking and financial market firms report that the use of information, including big data, and analytics is creating a competitive advantage for their organizations." Interestingly, 55% of those active with big data have client-centered objectives.
• An example of how banks can use analytics to improve the new approach is by building "detailed profiles from a multitude of data sets–including online interactions, geographic information from cell-phone usage, and aggregated payments behavior–and then apply[ing] analytics to predict the needs and desires of their customers—down to the level of a single individual in some cases".
• Using analytics, banks can also track key performance indicators (KPI) and improve their performance based on the KPIs. For instance, they can "track the average handle times and customer satisfaction at a call center" and how much time a sales representative spends on the phone with a specific client (millennial, resident of a particular state). Based on this information they can evaluate their performance and improve how they communicate or offer adjusted products or services to this specific client.
•  US Bank is an example of a bank that is using data analytics to improve customer experience. Charles Schwab is another example of such a bank.
• This trend is seen as the future of banking and credit union operations by the industry.

Automating Processes

• The second trend centers around automating bank processes. Artificial intelligence and robotic process automation are being used to automate manual bank processes. Financial activities such as "cash disbursement[s], revenue management, and general operations" are being fully automated.
• In the banking industry, robotic process automation (RPA) is used to perform high-volume, repeatable tasks. Artificial Intelligence (AI) is used to solve business problems (such as improving fraud detection and assessing contracts). Business process automation (BPO) is used to redesign "process flow to improve efficiency and quality"
• Banks are automating their processes because it increases productivity allowing employees to focus on complex tasks and customer service, decreases the risk of human error, and cuts costs such as those associated with staff and training.
• The Bank of America, for example, has 22 robots in production. It has saved $100,000 per code request and $350,000 per code change, it has achieved 95% of targeted benefits under budget, and other quantifiable results mentioned in this case study. 
• The industry believes that automation and artificial intelligence will further penetrate operations far into the future and beneficially impact banks' cost structure. While there have been cases of successful implementation of the technology, there are also cases where the implementation has not improved the efficiency and effectiveness of bank processes.
• McKinsey believes that these setbacks can be avoided if banks are more strategic than tactical when automating processes. They will need to design their processes for automated/AI work instead of people and combine "specialized domain expertise from vendors with in-house capabilities."

Improving the Multi-Channel Approach

• The third trend centers around multi-channel approached that include both physical branches and digital strategies. Previously multi-channels for banking and credit unions involved "print advertisements, ATMs, and local branches." Currently, it is being expanded to digital channels such as websites, social media, and mobile apps.
• The need for digital channels can be seen from different studies such as J.D. Power which shows that "in 2019, 53% of retail banking customers use[d] mobile banking" and Novantas which shows that "more than half (55%) of consumers would prefer to open a new checking account digitally."
• Despite the increased use of digital channels, this has not completely overtaken the need for physical branches. Though there has been a decrease in physical branches from 2009 to 2018 by 11,251 research shows that 64% of "consumers still go to a branch to conduct a teller transaction at least once a month" and "23% of consumers go to a branch to speak with a personal banker at least once a month." Especially small businesses and affluent seniors use them.
• Thus, while customers are interested in new technologies they still find face-to-face interactions important. Therefore, banks and credit unions should focus on both digital strategy and delivering quality customer service in their branches. Thus, also equipping their staff with the skills to provide quality services.
• An example of an improved experience in-branch is Capital One which has created Capital One Cafés where it targets millennials and allows them to connect to financial professionals in a relaxed and stress-free ambiance.
• The need for physical branches is controversial in the industry. While some are advocating that physical branches are needed for human interaction and improve customer experience, others are arguing that it is human interaction rather than a physical location that is needed and that should be the focus of technology.

Research Strategy

Growth Rate for Commercial Banks

• According to IBISWorld, the growth rate for commercial banks in the United States is 1.3%.

Growth Rate for Credit Unions

• IBISWorld indicates the growth rate for credit unions in the United States is 7.0%.

Growth Rate for Banks and Credit Unions

• Based on information from IBISWorld, the average growth rate for banks and credit unions in the United States is 4.15%.

Research Strategy

Market Size for Commercial Banks

• According to IBISWorld, the market size for commercial banks in the United States is $786 billion.

Market Size for Credit Unions

• IBISWorld indicates the market size for credit unions in the United States is $79 billion.

Market Size for Banks and Credit Unions

• Based on information from IBISWorld, the combined market size for commercial banks and credit unions in the United States is $865 billion.

Research Strategy