NY Encourages Financial Support for Budding Marijuana Industry

By Preston Packer |

Jul

17

While marijuana legalization varies tremendously state to state, all evidence points to an increasingly mainstream adoption of medical marijuana across the US, with over half of the union (30 states) legalizing its use for medicinal purposes. However, with such inconsistent attitudes and varying legalities, those people looking to cash in on the industry are struggling to find the resources and financing they need. New York Governor Andrew Cuomo thinks it's high time we take measures to help these businesses out. 

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4 Benefits of Digital Lending

By Preston Packer |

Jul

12

Digital lending has been available to credit unions for quite some time, but with new emerging technologies and the fast-paced nature of consumer lending, it’s more important than ever that digital lending offers members more than a paperless process. Members, especially Millennials, not only want, but expect a quick application, and even faster decisions. A recent PwC report found that three of the four demographic groups polled in their study would rather be online for each phase of the borrowing process as opposed to more tradition channels, ie. in-branch or over the phone. The best way to customize the application and decisioning process while meeting the requirements of your CU is through digital lending technology, making it more efficient for both members and staff. Here are 4 benefits of digital lending.

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What Does Your Credit Union's All-Star Lineup Look Like?

By Preston Packer |

Jul

11

We are well into July, and for baseball enthusiasts, that means the All-Star game is right around the corner. This past Sunday evening MLB revealed the roster for the 89th annual Midsummer Classic with much fanfare, a few givens, and even some surprises. Some of the choices are fan favorites, others voted in by peers who recognize their hard work ethic, and some earn their spot thorough coaches who notice the grit and endurance that may go overlooked by the fair-weather fan. What does your all-star roster look like at your credit union?

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A Small Credit Union's Survival Guide in Turbulent Times

By Preston Packer |

Jul

05

There have been alarming stats of late that indicate a significant uphill battle smaller credit unions face in today's market. The NCUA classifies small credit unions as those with less than $100 million in assets, and more than 4,000 of the 5684 credit unions in the United States fall into that category. While the overall credit union industry is improving, the data for small credit unions doesn't look good, with assets and member size shrinking. More than 215 credit unions classified as small closed their doors in 2017, with average membership rates declining 4-8%. If you find yourself in this category and are witnessing similar trends, here are 5 survival tips to consider:

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Are P2P Payments Slowly Overtaking the Financial Services World?

By Preston Packer |

Jul

03

In a bid to further their already extensive reach to young users, Venmo announced last week that they will be offering a debit card to their users. PayPal-owned Venmo is one of the most popular peer-to-peer payment service apps, and as the P2P market heats up, this is clearly an effort to take the lead that others will likely follow. Feeling pressure from Zelle, a network comprised of a consortium of some of the largest banks in the United States, who launched an app allowing their customers to send money to each other instantly via smartphones last year. Venmo is taking advantage of their speed to market to gain more users, but what does this mean to your credit union?

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The Amazon Effect on the Value of Mobile Banking

By Preston Packer |

Jun

28

The Amazon Effect is a term commonly and increasingly used to describe the effect that the entire digital marketplace has had on traditional forms of commerce. The Amazon Effect has also changed the buying habits and expectations of your members. The impact that Amazon has had on the retail sector is well documented, especially when discussing the changing landscape with a brick and mortar store.  Not only has the Amazon Effect introduced consumers to a near frictionless shopping process, it has changed the mindset of consumers to expect more immediate results, not just in retail, but across many other aspects of their lives. The financial industry has certainly felt the effects and members, especially Millennials, expect a similar experience with their credit union.

Just as retail consumers want a quality experience in front of their computers as when in a shopping mall, members want the Amazon experience from their mobile banking app. They want the same member services as if they were in a branch. Immediate answers, full range of services and assistance just a click away. The more a member can get accomplished on your mobile app, the more they experience the value of mobile banking and the more loyal to the credit union they become. 

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Thorny Core Providers | The Story of Integration

By Preston Packer |

Jun

27

Digital transformation is a fundamental shift in operations as well as a cultural change that requires credit unions to step outside of their comfort zone and innovate  in order to compete with other financial institutions. It requires being agile and adapting to shifts in member demands. Members are constantly influenced by big named companies such as Starbucks, Apple, and Amazon... companies who have never been afraid to embrace and be the first to market with new technologies, even at the risk of failure. Mobile banking has primed credit unions for digital transformation if they can overcome shortcomings in core relationships.
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When Three's a Crowd: Effectively Managing Third Party Vendors

By Preston Packer |

Jun

21

It is said "Two's company; three's a crowd," when two people are in a relationship and would prefer to be alone. Your credit union's tech revolves around the primary relationship of credit union and core processor, and when it comes down to the efficiency of your CU, this might be the relationship that matters the most. However, you may have many third parties crowding your space and taking away from time that should be devoted to activities which more directly impact your members. Vendors, suppliers, agents, brokers, specialists, consultants, and more are constantly vying for your attention as a credit union leader, and managing these relationships can be a job in and of itself. Leveraging third parties can help your credit union gain significant efficiencies, but managing them can be burdensome.

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The Perils of CU Leaders Helicopter Parenting Their Members & Staff

By Preston Packer |

Jun

19

There is a constant flow of outlandish stories pouring out of American universities. Kids who can't figure out how to cook an egg, sew a button, or "adult" in any way. Parents who are calling college professors defending their kid's sub-par mid-term efforts because the kid called them crying. These "helicopter parents" have tried so hard to protect their children from the big, bad modern world, that they've handicapped their growth and independent success to an embarrassing level. Are Credit Union leaders doing the same thing to their members?

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5 Disaster Recovery Terms You May Not Know

By Preston Packer |

Jun

14

In this day and age, new words are created every day. Whether they are new acronyms we learn from our kids texts and chats (ROFL, YOLO, SMH); different interpretations of words crowd-sourced into our language thanks to the Urban Dictionary (covfefe); the resurgence of words long lost in the archives of Webster (dotard); and words perhaps we never knew existed but are now a standard part of our lexicon, in a bigly way. While some of these terms may prove to be ephemeral and will lose relevance in no time, here are 5 terms that will NOT be fleeting when it comes to Disaster Recovery (DR) for credit unions:

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