When EMV was introduced and widely adopted in the United States, there was no question that initial payments fraud was lessened and risks mitigated. However, there was also little doubt that eventually attacks would rise in different areas of the transaction as criminals would be forced to get more sophisticated in their methods. As we are in the full swing of the holiday season, it is a best practice for a credit union to remind their members to remain vigilant about their credit card accounts and payment methods, especially when shopping online.  The latest trend in eCommerce espionage targets loyalty programs associated with many credit cards.

At its core, "thanksgiving" is an expression of gratitude. For most, the holiday is marked by bountiful dinners and time to gather as family. But it is also a time that many have chosen to give back to their community and to those less fortunate. Individuals may choose to run a charitable turkey trot, families may donate to a soup kitchen or perhaps even serve Thanksgiving meals at local shelters. For businesses, it is a time to work together as a team to encourage employees to give back. Credit unions have long been a pillar in the industry for their community outreach programs. So much so that members have identified their CU's charitable giving and community involvement as a key factor in member satisfaction.

If you haven't heard the phrase “OK boomer” yet.... don't admit it to a teenager or young adult. It has become a common retort on apps such as Instagram, Twitter and most especially TikTok, where it's hashtag has been viewed more than 18 million times as a way to mock older generations for making outdated statements (such as not knowing what TikTok is). For teens and young adults, calling everyone older than them "boomers" is a retaliation towards adults in their life who refer to anyone younger as "millennials" with the negative connotations surrounding that descriptive. People don't like to be categorized with over generalizations... credit unions should remember this when it comes to talking to their members about new technology.

Perception and Reality are oftentimes two different things. You may think your member service is fantastic- certainly better than average. But is that really true? Outstanding member service is something that every business knows is important and stresses the concept in their value statements, employee training, and mission. There are certainly many brands that make exceptional service a priority, such as Apple, Disney, and Amazon. They set the new level of standards for companies that want to provide the best experience possible. Just as perception and reality are two different things, saying and doing do not hold equal weight.

There will always be something better, newer and more exciting in the pipeline for technological enhancements in the world of finance.  With so many fintech companies in the marketplace - more than 2,000 fintech firms entered the market between 2008 and 2018, according to a Deloitte study- the options can be overwhelming. There’s a continual demand for new technology. This demand isn't just from millennials, but the general banking population as well, as their comfort level increases and new tech catches on. Unfortunately you may be struggling to meet these demands as an financial institution. You want your credit union to stay ahead of the competition by offering the latest and greatest in mobile and digital capabilities. But it's also equally important to keep abreast with what is on the horizon and be prepared when the time comes to implement these new services. Being up to date allows you to stay marketable and competitive by being exciting and attractive to new members.

Has the time come to bring your credit cards in-house? How do you know? Credit unions today are proactively evaluating their credit card program needs with the goal to have more control of both member services and cost. While there's a lot to take into consideration, the right core processor can make it seamless and efficient. It gives the credit union the ability to better protect data, while also providing a better experience for members.

Credit unions have long realized that by offering credit cards they can further deepen member relationships. They serve as another point of contact and open up another line of business, while also delivering high yields. Moving credit cards in-house means being able to eliminate third-party processing, which reduces expenses and delays. The key to being successful when moving credit card processing in-house is to work with a technology vendor that can handle the day-to-day activities efficiently, while providing capabilities that are cutting-edge and keep you competitive and relevant.

People are impatient. When they ask a question, they want an answer as quickly as possible. Technology has led them to expect things instantly, and that includes the decision on a loan for something they'd like to buy. They want it now! With the goal of shorter turn-around times, and capitalizing on the revenue a new loan brings, many credit unions have turned to auto-decisioning to expedite loan processing and increase efficiency. In most cases, auto-decisioning makes sense, provided there is enough tracking, measuring, and monitoring in place to ensure that it's working appropriately. Without these safeguards, financial institutions take the chance of increased risk in their loan portfolios.

Holiday shopping is almost upon us! Black Friday is Nov 29th and many of your members will likely plan for this infamous holiday event by combing through online ads, emails and in some cases, old-fashioned newspapers. All that research and strategy can pay off if they happen to score a crazy price on electronics!  While there’s no doubt some planning took place beforehand, very few people would think of the technology they will use to make these purchases. Their mobile wallet? A wearable-based payment system? Is using a physical credit card going to become a thing of the past?

In this day of modern technology, there is a stream of endlessly new content. Websites are no different and should be considered a constant work in progress. You don't want a website that's just "good enough"- you need one that is actually helping you attract visitors! Web designs need to be routinely reviewed and updated to reflect the latest fintech, banking programs and trends in your credit union offerings. Unfortunately, many FI websites tend to be a little lacking and dry when it comes to creativity and fresh ideas. 

What's on the horizon in mobile trends for 2020 and beyond? Mobile banking is exploding with new ideas from voice-first capabilities, putting humans back into the digital experience through advanced biometrics, and near-field technology. It is projected that 21M to 23.5M households will be utilizing their primary bank or credit union's mobile banking apps by the end of 2020.  It’s further estimated there will be around 2 billion individual people utilizing mobile banking in some capacity, which helps to explain why it’s such a technology hot spot. It is clear mobile banking and digitalization has changed the face of modern banking and added a whole new dimension to the industry. Here’s a look at some of the leading mobile banking technology trends that your credit union needs to implement in order to stay relevant in 2020 and beyond: