WEOKIE Federal Credit Union: Comprehensive Market Research Report

Background

Overview

Established in 1969 by employees of the Western Electric Plant in Oklahoma City, WEOKIE Federal Credit Union has grown to become one of Oklahoma's largest financial institutions. Serving over 63,000 members, WEOKIE offers a comprehensive suite of financial products and services designed to empower individuals and businesses in the Oklahoma City metro area.

Mission and Vision

WEOKIE's mission is to "Make a difference, one person at a time, by being the best place our employees have ever worked, our members’ most trusted financial partner, and a positive force to improve our community." This vision underscores their commitment to member-centric service and community engagement.

Industry Significance

As a member-owned cooperative, WEOKIE plays a pivotal role in the financial services sector by offering competitive rates and personalized services, distinguishing itself from traditional for-profit banks. Its substantial asset base and member-focused approach contribute significantly to the local economy and community development.

Key Strategic Focus

Core Objectives

Member Empowerment: Providing financial education and resources to help members make informed financial decisions.

Community Engagement: Actively participating in local initiatives and partnerships to strengthen community ties.

Technological Advancement: Implementing innovative solutions to enhance service delivery and operational efficiency.

Areas of Specialization

Consumer Lending: Offering competitive auto loans, mortgages, and personal loans tailored to individual needs.

Business Services: Providing comprehensive solutions including commercial loans, merchant services, and business accounts.

Financial Education: Delivering programs and resources to enhance financial literacy among members.

Key Technologies Utilized

Digital Banking Platforms: Advanced online and mobile banking services for convenient account management.

Loan Origination Systems: Utilizing platforms like Black Knight's Empower LOS to automate and streamline lending processes.

Primary Markets Targeted

Individuals: Residents, workers, worshippers, and students in the Oklahoma City metro area.

Businesses: Local enterprises seeking financial solutions to support growth and operations.

Financials and Funding

Funding History

As a member-owned cooperative, WEOKIE's funding primarily comes from member deposits and retained earnings, ensuring financial stability and the ability to reinvest in member services.

Recent Developments

In May 2023, WEOKIE partnered with Black Knight, Inc. to implement the Empower loan origination system, aiming to automate manual processes and support growth in retail and home equity lending.

Utilization of Capital

The capital is allocated towards technological enhancements, expanding service offerings, and community development initiatives to better serve members and foster growth.

Pipeline Development

Key Initiatives

Technological Integration: Ongoing efforts to integrate advanced loan origination systems to improve efficiency and member experience.

Service Expansion: Developing new financial products and services to meet the evolving needs of members.

Anticipated Milestones

System Implementation: Full deployment of the Empower LOS to automate lending processes.

Product Launches: Introduction of new financial products tailored to member needs.

Technological Platform and Innovation

Proprietary Technologies

MemberHaven Insurance Agency: A wholly-owned subsidiary offering insurance products, enhancing the range of services available to members.

Significant Scientific Methods

Data Analytics: Utilizing data-driven insights to inform decision-making and personalize member services.

Leadership Team

Executive Profiles

Jeff Carpenter: President and CEO, leading strategic initiatives and community engagement efforts.

Doug Schwarz: Chief Financial Officer, overseeing financial operations and ensuring fiscal responsibility.

Brent Taylor: President, focusing on branch operations and member services.

Competitor Profile

Market Insights and Dynamics

The Oklahoma credit union sector is characterized by a strong emphasis on member service, competitive lending rates, and community involvement. WEOKIE's substantial asset base and diverse service offerings position it as a leading institution in this landscape.

Competitor Analysis

Tinker Federal Credit Union: With assets of $5.58 billion, it is the largest credit union in Oklahoma, offering a wide range of financial services.

Communication Federal Credit Union: Assets totaling $1.6 billion, providing comprehensive financial solutions to its members.

Strategic Collaborations and Partnerships

Backbone Credit Union Coalition: WEOKIE joined this coalition to strengthen and defend the role of credit unions in American communities.

Operational Insights

Strategic Considerations

WEOKIE's focus on technological innovation, member education, and community engagement differentiates it from competitors. The implementation of advanced loan origination systems and the expansion of service offerings are key strategies to enhance operational efficiency and member satisfaction.