Prevent the Grinch from Stealing Your Credit Card Information

By Preston Packer |

Dec

06

The Grinch is trolling department stores this season in the hopes that he can steal a credit card or two. With consumer’s purchasing behavior straying away from their usual habits during the holidays, it makes it even easier for the Grinch to commit credit card fraud. While credit union members should keep their eye out for the Grinch and his accomplices, they should take some additional steps to keep their accounts secure this season. Here are 3 ways members can allude holiday fraudsters this season.

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5 Savvy Spending Tips that Won't Break the Bank this Season

By Preston Packer |

Dec

05

The holiday season is in full swing and consumers are flooding the internet, local department stores and shopping malls in search of the perfect gifts for family and friends. While this is supposed to be the most wonderful time of the year, it can turn into the most stressful time quite quickly. Although people want to buy what their loved ones want, it’s not always within the budget. Holiday spending is expected to reach 1.1 trillion dollars in the United States this year and while the rest of the nation is busy spending their hard earned cash, your credit union might encourage members to be smart with their finances. Here are 5 tips that will help members stay on budget this season.

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Core Integrations are Opportunities

By Preston Packer |

Nov

29

The lack of core integration tends to bring stress and anxiety upon some credit union executives and IT staff. Core integration is often viewed as a competitive advantage for credit unions who want to offer the best products and services and is an opportunity for credit unions of all sizes. Core integration opens the door to new features and services that help attract new members and keep existing members happy. Here are a few key benefits that credit unions can gain from better core integration:

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Website Metrics CU Managers Should Keep on Their Radar

By Preston Packer |

Nov

28

In the digital world we live in, having a good website is key. Outdated sites that don’t render on mobile devices or load slowly will not impress members, nor make gains in the critical Google rankings game. However, even credit unions with new eye-catching websites won’t reap the full benefits if they are not measuring website performance through reporting. There are countless metrics that platforms like Google Analytics can track and trying to monitor them all can become overwhelming. Here are some key website metrics that credit union managers should be tracking to help guide marketing strategies and tactics.

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Happy Thanksgiving from the FLEX Team!

By Preston Packer |

Nov

22

 
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Midterm Elections Yield Gains for Credit Unions

By Preston Packer |

Nov

20

Credit unions took initiative this election to support the people and policies that will continue to back credit union growth. According to CUNA CEO and President, Jim Nussle, credit unions invested $7 million in 338 different candidates during the 2018 midterm elections, which is the biggest contribution made by credit unions to date. These efforts helped elect a CU-friendly majority in Congress, and while this will help to advance some policy, other decisions will likely remain gridlocked. Here’s the impact credit unions can expect after a tumultuous 2018 midterm election. 

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Implications of the Loan-to-Share Ratio for the CU Industry

By Preston Packer |

Nov

15

The loan-to-share ratio can be deceiving. It’s calculated by dividing the total amount of outstanding loans by the total amount of share deposits. While this ratio serves as a good indication of a credit unions liquidity, it also shows the level of risk a credit union is willing to take on. Generally speaking, credit unions with a high loan to share ratio are taking on more risk to increase their profits. At the end of Q2 this year, the national loan-to-share ratio reached an all-time high since 2008. On December 31, 2008, it was 83.2% but continued to decline from that point on until it bottomed out in 2013. Since then, the loan-to-share ration has been climbing, and 10 years later it’s finally back up to 82.9% as of June 30, 2018. While things are looking up for the nation as a whole, the loan-to-share ratios actually differ by state, with a few standouts:

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Must-Have Features to Include in Your Credit Union's Website

By Preston Packer |

Nov

15

Any business in the modern era needs a website. People turn to the internet to find the products and services they need and those who don’t have a website lose out on significant opportunities. However, just having a website isn’t enough. Outdated sites not supported on mobile devices, or those that load slowly will deter members, not to mention lower your credit union's rank in the all-important eyes of Google. Studies have shown that if a user’s attention isn’t captured within 7 seconds, they will leave the website. Thus, the first impression is critical. For credit unions, there are some specific considerations when building or redesigning a website and must-have features to include:

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Encouraging Members to Check Their Credit Scores

By Preston Packer |

Nov

08

It’s easy to forget about your credit score until you need it. When it comes time for a loan or credit card application, you don’t want to be surprised with a rejection because you didn’t know that your credit score has gone down since the last time you checked. Most people do not check their credit scores regularly, if at all. Some are deterred by the misconception that checking will ding them some points. There are several reasons why everyone can benefit from checking their credit score. Here’s why your credit union should encourage members to check theirs.

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Integrating Credit Card Processing with Your Credit Union

By Preston Packer |

Nov

06

To date, credit unions have been faced with the choice of providing credit card processing in-house or outsourcing. Historically, only big credit unions ran in-house credit card processing. Smaller CUs shied away from credit card processing due to a variety of factors: It was expensive to do so in-house, and outsourcing was often difficult to integrate with the core. Furthermore, the rewards programs were not up to par with those of banks and larger FIs, which made them less desirable to members. Now, with increases in integration capabilities and decreases in cost, credit unions of all sizes are incorporating integrated processing capabilities. Here’s why credit unions big and small have opted for integrated credit card processing.

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