Technology Evolution is a theory that looks at the radical transformation of society due to technological developments, and is broken into 3 stages: It began with humans' use of tools, slowly evolving to their use of machines, and then rapidly progressing to automation and Artificial Intelligence. The evolution of the mobile banking app has undergone a similar, albeit on a much less grand scale, transformation. What started as a tool for early adopters to check balances and perhaps transfer funds from their cellular devices, mobile banking apps in their infancy still required members to perform the majority of their banking functions either online or in-branch. As the technology advanced, more and more features became available to members, where the app was put to work to perform banking tasks members used to have to do on a more manual basis. In the past couple of years, however, mobile apps have rapidly evolved to automate many parts of the banking experience for members. Integration of product features and a better user experience have become the expectation, not the exception, for members using your credit union's app.

Mobile Banking is expected to hit 3 billion users by 2021. For members, this increases convenience and efficiency. For credit unions, a larger amount of market share is available to gain a younger generation of members and to serve the under-banked. For hackers, the opportunities to steal confidential financial information are abundant! Hackers are targeting mobile phones and banking apps using malware and phishing schemes, and while security measures on smartphones are becoming more and more sophisticated, the criminals are relentless. Here are 10 reminders for members (and you) to help protect their data when using mobile banking apps:

It's seemingly an everyday occurrence: You want to access your Outlook email, you have to wait for a passcode to be sent via text message. You want to check the status of a dental claim on your insurance website, you have to verify it's you after entering the password with an email confirmation. You want to place an order for a Chipotle burrito on the mobile app, you are challenged with holding your phone at a 60 degree angle while performing a preset dance routine that symbolizes your love for burrito bowls while the app scans your retina for verification that nobody else is hacking your lunch order. While the process of two-factor authentication may irritate you when in a hurry, it is quickly becoming more commonplace, accepted and part of our daily routine. But... is it really necessary?

It is time to say so long to that limitless void created when a check gets dropped in the USPS. It's a long goodbye, but not one to cry over. ACH has finally overtaken check usage in the United States. The Federal Reserve published a study in December 2019 analyzing the consumer, business, nonprofit and government payments from 2018, and for the first time, ACH debit transfers have exceeded the number of check payments in the US. The transition to ACH is welcome for both members who realize its convenience, and for credit unions, who can see the opportunity in leveraging ACH data from their core to meet more of their member's financial needs.

The US is on high alert for cyber attacks as a form of retaliation from Iran, and US government agencies and experts have stressed that the financial services industry should be on particularly high alert. Prior to the recent turmoil in the mid-east, Finserv companies were already on high alert having experienced a 147% increase in phishing attacks between January and September 2019 from scammers imitating financial organizations. This new warning, however, poses a much greater threat than individual or small group attacks, having international political implications.

Systems integration could certainly be on the list of the top 10 buzz words for the 2010's. The economic giants - Apple, Amazon, Google - have all proven the philosophy works: Greater efficiency is achieved when tasks can be completed in integrated systems rather than in silos. Employees don't have to learn multiple programs, and customers enjoy frictionless shopping or searching through the process. Members have come to expect the same flexible and smart experience from their banking partner, where the processes are similar in desktop and mobile applications, and financial tasks no longer require a trip to the branch. Similarly, they want their member services to be just as seamless, meaning when a question or issue arises, MSR's - either over the phone, in a chat window, or in the branch - are armed with all the information needed to quickly address the member's concerns.

Do you really want to hurt me? If you ignore your company culture, it's going bring some very bad karma (chameleon) on your CU. I'll tumble for you to get you to pay attention to how critical building and promoting your company culture is. I've tapped out on my Culture Club references, but just getting started on the importance of developing an actual culture. It's impact is global within an organization if executed well. It's largest impact can be seen in staffing, and in particular in the new hire process. 

Office holiday parties often get a bad "wrap." The subject of many comedy films, as well as great fodder for water cooler gossip the day after, they can cause both anticipation and anxiety. But for managers and planners, it's important to remember the importance of these events for employee morale. Parties emphasize team spirit and can reinforce credit union culture. They are a good reflection on the credit union executive's leadership. Whether it's a large party where spouses and families are invited, a team building outing, or a holiday pot luck lunch, the important thing is to recognize employees and show appreciation. They should be part of your arsenal of employee engagement tools, but certainly not the only tool. Recently, Callahan & Associates presented five strategies  to cultivate an engaged team that may spark some ideas for employee engagement year round:

On December 25th, humans across the world wake up to receive their judgement: In the 364 days prior to that day, the valuation is simple, have they been naughty or have they been nice? This determination was made in the days before in a remote and frigid village known as the North Pole. Arguably, one of the most impactful and globally relevant documents can be created and verified by only one man - Santa. But how can we be sure this critical decision was executed by the big man himself when we can't be there to see it? It's notarized of course! Certainly you must think this is done in-house but, legally, elves may not be commissioned to notarize. Instead, the answer is simple - remote online notarization!

In July of 2019, a report was released that found over 1 million internal transfers occurred in that month alone in US Financial Institutions, making up 67% of all money movement that month. The surge in P2P (Person-to-Person) payments continued, while A2A (Account-to-Account) payments between accounts at different financial institutions also rose, witnessing 2.35% of active digital users digitally transferring funds between accounts at various banks/credit unions. Not surprisingly, the overwhelming majority (77%) of those transfers came from smartphones. For Credit Unions, this is another strong indicator that mobile app development and enhancements are becoming a must have for members.