A Message from Our President/CEO
As 2018 comes to a close, I would like to wish each of you a Happy New Year. I hope that you had an enjoyable and memorable holiday season with friends, family and loved ones. For many, the New Year is a time to start anew and make New Year’s resolutions. If you are planning to make a resolution, I encourage you to add “financial improvement” to yours and meet with a Connex Financial Advocate who can help you reach your financial goals.
Putting Members First: Advocacy
Last quarter, I mentioned to you that I would share the results of our annual Member Satisfaction Survey, and you all were great with your responses and feedback! We are so honored and excited to share that our Net Promoter rating is 71%, which is higher than last year’s 70% and significantly above the credit union industry average of 61%. This rating is stellar in comparison to the retail banking industry average of 37%. The needs of the membership heavily influence the areas we can invest in with our limited resources, so it’s important that we ask you how we are doing, and where we might improve. For those that might not recall, we annually conduct a Net Promoter Survey that measures the response to one fundamental question: “Would you recommend Connex Credit Union to a family member or friend?” This allows our membership to provide direct feedback and suggestions on how Connex can improve. So thank you for your input!
We do listen to your comments! Over this past year, we introduced two new initiatives directly based on your feedback. Members have continually asked for expanded hours, so for your convenience, you can now access a live teller through our Interactive Teller Machines from 7AM to 7PM Monday through Friday and on Saturdays from 8AM to 1PM, in all locations with the exception of the Whitney Avenue office in New Haven. Another suggestion we heard loud and clear came to life in August when we opened our new full service branch in Monroe. This new physical branch in Fairfield County provides our members additional conveniences and services in the neighborhoods that you work and live in. Our members are the backbone of Connex, and the reason we exist. If you get a chance, please visit us at 155 Main Street in Monroe. We look forward to seeing you and serving your financial needs at our new branch!
As part of our mission, “Improving the lives of our members… One member at a time”, we focus on personally working with each member to better understand their financial goals and offer attainable solutions that make a difference. Throughout the year, we apply this philosophy through various programs and services to better serve our members. One of the ways in which we demonstrate this commitment is through ConneXfactor, our annual financial fitness contest. Working alongside a Connex financial advocate, each participant improves their financial knowledge during the contest by setting up a budget, reviewing their expenses, and finding ways in which to achieve their financial goals. I continue to be astounded by the incredible commitment and hard work each member puts into the competition. In 2018, the grand prize winner was Brendan Galvin who worked to change his spending habits and learned to appreciate that every little bit saved is enough to affect his financial status. Other winners included Alyssa Wollman, first place, and Allen Guzman, second place. I congratulate all of the participants for a job well done.
Serving Our Communities: ConnexCares
Recently, our annual Stuff-A-Bus partnership with KC 101 helped feed thousands of families for Thanksgiving. Connex donated 25 turkeys and made a $1,000 in-kind donation to support the effort. Earlier in the year, I was also extremely proud that we broke records at the ShamRock and Roll Race that supports The Diaper Bank. Through your support, in 2018 we donated over 89,000 diapers to families and babies in need! In 2018 we helped raise more than $25,000 for the Connecticut Food Bank, Diaper Bank, Habitat for Humanity, Connecticut Children’s Medical Hospital, annual college scholarships, and many other important causes.
Connex has a proud tradition and long history of giving back to our surrounding communities. Last quarter, we donated over $3,700 through our Coins-for-Change program to the Alzheimer’s Association – CT Chapter, American Nedicine Association, The Connection, and Wildlife in Crisis. This is one of the easiest ways for our members to help Connex give back. Simply bring in your spare change and convert it into cash at one of our coin-counting machines. We donate 100% of the fees collected to local nonprofit organizations. Let us know if you have a cause that you want us to consider. We thank all of our members and all of our employees who contributed to these milestone achievements.
Awards and Recognition
We are always humbled and thrilled to receive recognition from outside organizations for our dedication and achievements. Being recognized by the Credit Union League of Connecticut is truly an honor. In 2018, Connex received first place acknowledgement for our ConneXfactor testimonial video showcasing our Advocacy program. We also received the Louise Herring Philosophy-in-Action Member Service Award. This award is given to a credit union for its practical application of the credit union philosophy of “people-helping-people”. I am proud to say that our “Spanish Financial Literacy Basics” workshop received this distinctive recognition. Partnering with the Connecticut Food Bank, we presented this workshop in Spanish to Food Bank recipients in the New Haven area. Connex also won the Desjardins Adult Financial Education Award for our ongoing free workshops that are provided throughout the year to members and non-members in the communities we serve. Our workshops encourage strong savings habits and responsible money management.
CIO.com included Connex as one of the companies in “10 Digital Transformation Success Stories”. In addition to Connex, included in this group were Sprint, Nissan, Jet Blue, Stub Hub, and Domino’s, just to name a few. I am very proud to say that for the third year in a row, Connex won Best Credit Union by the readers of the North Haven Citizen and first runner up for Best Credit Union by the readers of the New Haven Advocate. We also earned Best Of (Credit Union) poll by the readers of the New Haven Register.
Financial Strength and Stability
The overall health and continued growth of Connex is stronger than ever. In 2018, we surpassed 57,000 members and grew to approximately $635 million in assets. You will be pleased to know our Net Worth ratio of nearly 10.00% places Connex significantly above the regulatory definition of “Well-Capitalized”. This speaks volumes about the strength, vitality, and future of Connex as a strong financial institution.
As members, you should feel confident that your financial institution is routinely examined by the State Department of Banking, the NCUA, and an external independent audit firm, Whittlesey. The results were overwhelmingly positive and we continue to receive strong ratings, which validates the overall health of Connex as a financial institution.
New Year Wishes
In closing, I would like to thank you for your continued membership with Connex Credit Union. I wish you and your loved ones a very prosperous and Happy New Year. I look forward to working with you in 2019 and helping you achieve your financial goals.
Connex Credit Union