2022: The Year in Review A Message from the President and CEO Jeff Pachter
The Year in Review is a good time to remind our credit union members of what they are: Owners.
Quorum is member-owned. What does this mean and what privileges does it offer you?
"With all the uncertainty in today’s world, one thing is for certain: Quorum remains true to Banking That’s Good. For You, our owners."
Like banks, members can save and borrow money at Quorum. Unlike banks, we are a not-for-profit organization. Any financial benefits we make flow to our members. We return profits in the form of no or low fees, higher interest rates, innovative products and services, and many other benefits. Our mission is to deliver Banking That’s Good for our members and partners. This means making it easy and frictionless to bank with us, creating value-add resources to help members make informed financial decisions, and providing access to discounts on hundreds of everyday products and solutions to help members save money.
With all the uncertainty in today’s world, one thing is for certain: Quorum remains true to Banking That’s Good. For You, our owners. For over 80 years, we have been at the forefront of delivering products and solutions to help our members address their changing financial needs, especially during uncertain times, and that’s the kind of innovation that matters.
This year, we made investments in solutions to pave the way for a digital transformation journey aimed at helping members bank 24/7 with convenient self-serve options through our robust website and highly rated online and mobile banking services. We will continue to adapt to a rapidly-changing market and continue our transformation efforts into 2023. Some of the new 2022 features and enhancements included:
- We launched ClickSWITCH in online and mobile banking, taking the somewhat tedious process of setting up a direct deposit, and fully automated it for our members to easily and securely set up a direct deposit or “switch” direct deposits to Quorum in a matter of minutes.
- We made it easier than ever to transfer money from an external financial institution (a requirement in order to open some of our products, like our popular term accounts), with Instant Account Verification.
- We partnered with popular P2P service Zelle®, so that Quorum mobile banking users can quickly and securely send money to people they trust, regardless of where they bank.
- Through our valued partner ForeverCar, we now offer members Mechanical Repair Coverage, which can protect vehicles from unexpected repair costs as they age, and goes beyond manufacturer and powertrain warranties.
Being “Good” for your wallet is more important than ever as we feel the pinch at the gas pump, grocery store, airport… I could go on. In 2022, we led the market by breaking 4.00% APY on term accounts with our promotional 30-Month Term Account and raising rates on our popular savings products several times, often being cited as top-of-market with our ever-popular, liquid HighQ Savings Account as well as our term accounts (similar to CDs).
Good banking starts with good information. We’ve continued to add to our educational tools via our website and Learning Hub to ensure we keep our members well-informed about financial decisions:
- We launched our automated chatbot “Ask Bruno” and navigable Knowledge Base, so that users can find the information they need, when they need it. (Be sure to rate our answers! Our library gets smarter every day as we review user feedback.)
- We’ve added a new “Cybersecurity + Privacy” section to our award-winning Learning Hub, which groups all of our internet safety resources in one central repository, making it easy for you to stay up-to-date with the latest scams, and learn the best ways to combat cyber thieves.
“Good” is a concept we also carry through to our employees. I’m humbled to know our employees deem Quorum a Great Place to Work, and we are now certified by the national survey program, Great Place to Work®. I’m also proud of our employees who volunteer in their communities through a new volunteer paid time off policy.
Finally, while we pride ourselves on being “Good,” many national publications have designated us the best, something we hold dear. For four years in a row, we’ve been named one of the top 10 credit unions by Bankrate, and later in 2022, we were named one of the Best Credit Unions by CNET and Business Insider. Notable national publications like Fortune, CNBC, and AARP took note of our competitive rates offered in the second half of 2022 and highlighted us in their articles. As a forward-thinking credit union, we continue to look for ways to do good by and for you.
We’re just getting started. Thank you for your membership and here’s to a healthy and happy 2023.