Elevations Credit Union

Elevations Credit Union (ECU) is a member-owned, nonprofit credit

union, serving over 106,000 people through 11 branches and 

332 employees in Colorado’s Boulder, Broomfield, Larimer and 

Adams counties. Headquartered in Boulder, Colo., the organization

provides a wide range of financial products and services, 

including checking and savings accounts, auto loans, student loans, 

mortgages, home-equity lines of credit, business loans, credit cards 

and financial planning. ECU has over $1.4 billion in assets, and 

reported $66 million in gross revenue and $9.5 million in net

revenue in 2013. 

Banking on Members is a Winning Strategy

• ECU has been named “Best Financial Institution” by readers of the 

Boulder Daily Camera for 15 of the past 16 years, and repeatedly 

as “Best Bank,” “Best Mortgage Company” or “Best Customer 

Service” by readers of the Colorado Daily, Boulder Weekly, 

Longmont Times-Call and Loveland Reporter-Herald.

• ECU uses the Net Promoter System (NPS) survey, a tool for 

measuring and comparing customer engagement and loyalty, 

along with its “voice-of-the-member” (VOM) process, to listen and 

learn from its members. NPS relationship scores have increased 

from 35 to 50 since 2011, and place ECU as the market leader 

over local competitors. ECU’s NPS scores for overall transaction 

improved from 62 in 2011 to 65 in 2014, and for new product 

transaction from just over 60 in 2011 to nearly 80 in 2014.

• ECU holds primary financial institution (PFI is the financial 

institution used most by a customer) relationships with members 

at a rate better than 75 percent of all comparable credit unions. 

Since 2011, the percentage of members considering ECU their PFI 

has increased from 66 percent to 68 percent, and the organization 

exhibits a household retention rate of 96.5 percent.

• ECU strategically leverages social media to build stronger 

relationships with its members, ranking 16th in the world in social 

media use by credit unions, according to The Financial Brand’s 

Power 100 Score. ECU has the 11th most-watched YouTube 

channel and the 29th most-liked Facebook site for all credit 

unions worldwide.

Fiscal Fitness: Setting the Example 

• ECU shows sustained performance and growth in results for its 

financial products. For example, the number of financial products 

per household (just over 2.3) ranks in the top 20 percent nationally 

as measured by the Raddon Financial Group (RFG), a credit union 

benchmarking firm. Other RFG high marks include the percentage 

of members with a mortgage who chose ECU increasing from 

2014 Award Recipient

Baldrige Performance Excellence Program • National Institute of Standards and Technology • Department of Commerce 

Highlights

• ECU has been named “Best Financial Institution” by readers 

of the Boulder Daily Camera for 15 of the past 16 years, and 

repeatedly as “Best Bank,” “Best Mortgage Company” or 

“Best Customer Service” by readers of the Colorado Daily,

Boulder Weekly, Longmont Times-Call and Loveland 

Reporter-Herald.

• To communicate with and engage its workforce and 

members, ECU senior leaders use a systematic sequence 

of integrated monthly forums called the Operational 

Rhythm. ECU also utilizes social media, all-staff meetings, 

“Run-the-Business” meetings and “Connect-the-Business” 

meetings to foster two-way communication with key 

members and the workforce.

• ECU’s mortgage market production volume increased from 

1,123 loans in 2011 to 2,307 in 2014 (annualized). In 2013, 

ECU produced more mortgage volume in Boulder County 

than any of its competitors, and during the summer of 2014, 

captured one-third of all mortgages closed in the county. 

ECU also is the largest credit union mortgage lender 

in Colorado.

• ECU strategically leverages social media to build stronger 

relationships with its members, ranking 16th in the world in 

social media use by credit unions, according to The Financial 

Brand’s Power 100 Score. ECU has the 11th most-watched 

YouTube channel and the 29th most-liked Facebook site for 

all credit unions worldwide. 
Baldrige Performance Excellence Program • National Institute of Standards and Technology • Department of Commerce 

2014 Award Recipient

Elevations Credit Union

21 percent in 2011 to over 30 percent in 2014 (top 20 percent 

nationally), and the checking penetration rate of 75.9 percent in 

2014 (top 3 percent nationally).

• Growth in ECU’s measure of wealth management (assets under 

management divided by total credit union assets) shows an 

increased level of member loyalty as well as diversification of 

revenue. The ECU wealth management rate has risen from just 

over 14 percent in 2011 to 21 percent in 2014, a result equaling 

the 75th percentile of the benchmarking peer group used by SNL 

Financial, a provider of business intelligence services.

• ECU’s mortgage market production volume increased from 1,123 

loans in 2011 to 2,307 in 2014 (annualized). In 2013, ECU 

produced more mortgage volume in Boulder County than any of 

its competitors, and during the summer of 2014, captured 

one-third of all mortgages closed in the county. ECU also is the 

largest credit union mortgage lender in Colorado.

Investing in People Power 

• Dedicated to being “the best place you have ever worked,” ECU 

regularly surveys employee engagement and satisfaction. Since 

2011, ECU has recorded positive trends in these key areas, with 

employees feeling ECU “has a winning team” increasing from 

68 percent in 2011 to 85 percent in 2014; “builds careers” increasing

from 58 percent to 70 percent; “makes me proud to be part of this 

organization” increasing from 82 percent to 90 percent; and “gives 

me the responsibility and freedom to do my job” increasing from 

77 percent to 88 percent.

• To communicate with and engage its workforce and members, 

ECU senior leaders use a systematic sequence of integrated monthly 

forums called the Operational Rhythm, which includes defined 

objectives, participants, measurements, analysis and aligned 

outputs. ECU also utilizes social media, all-staff meetings, 

“Run-the-Business” meetings and “Connect-the-Business” meetings 

to foster two-way communication with key members and 

the workforce.

• In support of ECU’s “Total Rewards” philosophy, total 

compensation per full-time equivalent (FTE) employee, 

including benefits, has increased from $70,000 in 2011 to about 

$88,000 in 2014. Incentive pay as a percentage of total 

compensation has increased from 20 percent in 2011 to 

35 percent in 2014. The ECU 90 percent rate of employee 

satisfaction with services and benefits exceeds the national 

benchmark of 88 percent.

Process Improvement Reaps Rewards

• A cross-functional team at ECU drives the Business Process 

Management (BPM) methodology to foster improvement and 

innovation throughout the credit union. BPM enables ECU 

management, employees and members to design work processes 

that meet stakeholder requirements and are integrated with 

innovation efforts. Among the recent innovations is Branch 2.0, 

a nontraditional branch concept that “utilizes a consultative 

approach emphasizing quality member engagement, provides 

financial solutions in a user-friendly environment through a 

one-on-one advice-giving exchange, and enhances access to 

mobile, online and advanced-function ATM services.”

• As a result of BPM, ECU has realized improvements in measures 

of process efficiency. Mortgage lending cycle time (days from 

locked to funded) has decreased from 49 days in 2012 to 37 days in 

2014. Consumer lending cycle time (receipt of application to time 

of funding) by product has improved since 2013 for second 

mortgage, personal, auto, and Visa loans and products—even with 

increasing volumes. Mortgage loans per closer per month have 

increased from 90 in 2012 to 100 in 2014, compared to the 

national benchmark of 72.

Community Ties as Solid as the Rockies 

• Over the past three years, actual hours volunteered by ECU 

employees increased by almost 50 percent, and hours per FTE 

(staff member) increased by 30 percent.

• ECU responded to the September 2013 floods in the Boulder, Colo., 

area by creating a flood relief fund to provide critical relief dollars 

to local aid agencies. Over 12 days, ECU received over $250,000 

in donations, coupled with a $100,000 challenge grant. ECU also 

created a flood assistance hotline to help members find relief 

organizations, as well as advise them on payment deferment 

options and loan assistance.

• Truthful to its Green Policy statement, ECU is using improved 

technologies to decrease energy consumption and carbon output. 

It has upgraded to energy-efficient heating, ventilating, air 

conditioning and lighting equipment; uses environmentally 

friendly cleaning products; creates marketing materials from 

recycled paper products; emphasizes the use of digital 

communication in place of printed material; and subscribes to a 

renewable-energy source provider. Additionally, the credit union 

provides lending for energy efficiency and renewable energy 

upgrades for homes and businesses in partnership with Boulder 

County and the City/County of Denver.

For more information:

Elevations Credit Union

2300 55th St.

Boulder, Colo. 80301

(303) 443-4672, ext. 4000

baldrigeinquiries@elevationscu.com

http://www.elevationscu.com/baldrige

Baldrige Performance Excellence Program

The Baldrige Program educates organizations of all sizes and 

from all sectors in organizational performance management and 

improvement. We also administer the Malcolm Baldrige National

Quality Award. Our key services are to identify and recognize 

role-model organizations, share best management practices, and 

help organizations achieve best-in-class performance levels. We are 

the only public-private partnership and Presidential award program 

dedicated to improving U.S. organizations. 

For more information on Baldrige, visit www.nist.gov/baldrige, 

call (301) 975-2036, or e-mail us at baldrige@nist.gov