Financial services are fraught with risk. Any service built around the exchange of money is going to get the attention of all sorts of ne'er-do-wells, from your average scammer to extremely advanced cybercriminal operations that are adept at hiding their tracks. A credit union must protect its members and their assets, and failure to do so will discredit your viability as a trusted institution. Fortunately, credit unions have the benefit of a network of advisory organizations to help educate and assist in the identification of threats. The right credit union technology can also provide advanced tools to detect fraud. Used in combination, these resources will help ensure you provide your members with the security they need and expect.

Cybersecurity is a systemic risk that affects all levels of business, government and ordinary people. It is such a high-risk area for credit unions that the National Credit Union Administration (NCUA) placed cybersecurity as a top focus for exams. As the cybersecurity world continues to evolve, it's important that your credit union is prepared for possible threats. Be proactive and shield your credit union from the ever-changing cybersecurity universe now.

There's a conspiracy theory out there that Facebook is listening to us. For example, let's say someone is talking about their leaf blower being broken and within a day ads for leaf blowers are showing up on their feed. Marketers have gotten quite clever with their targeting, whether it's through "big brother" as we imagine or not. Shopping is happening all of the time and consumers are becoming more trusting of shooting payments off to merchants they know nothing about. While most of these are likely safe, it does create a very simple opportunity for bad actors to fake an eCommerce store and steal member information. As eCommerce grows, so must the layers of security protocols.

While members are demanding simplicity in every interaction they have with your credit union, they are also expecting that those transactions are secure. How do you break down walls while keeping up protective barriers? The answer should be by using advanced ID verification tools from your core provider.

Every time we talk about adding new services or planning for member onboarding improvement, the goal is to "reduce friction." This means when someone is trying to accomplish a goal, you help them achieve it with as little resistance and as few steps as possible. You want the experience to be easy. This is especially true during account opening as it can set the expectations for the member experience moving forward. Here is a quick reference on what a member will need and an explanation of why you need it.

There is a growing demand for credit unions to offer new technologies and alternative touchpoints, all while providing an exceptional member experience. These demands are requiring credit union management to find new and innovative solutions to meet expectations while also looking for methods to reduce costs and increase efficiencies. Interactive Teller Machines (ITMs) are the next wave in credit union efficiency for both CUs and their members.

A thoroughly planned member onboarding strategy is important to a credit union's success. It is the honeymoon period of your relationship where during the first few months you show a new member they made the right choice by selecting your credit union. The first key step of that onboarding process is account switching. Change is hard and you need to make it as easy as possible from a member experience perspective. Digital Account Switching is the answer.

Members want it all ways. They want best-in-class, personalized and fast service in branch, and they prefer only to come inside the branch if they feel like it. If they are using DIY services, they want them to be user-friendly, intuitive, and efficient. New technology is flowing out all around us in everything we do, and it's reinventing the way we interact with the world and each other. If your credit union can't provide the services your members want today and tomorrow, they can find one that will with a few clicks of their smartphone. Don't let your core be the reason you can't keep up with the pace of innovation.

When a new relationship begins, it's often the result of some shared interest, a commonality. To strengthen the relationship, you then take great care in learning about the other person - what they like to eat, where they like to travel, what movies they enjoy watching, etc. You develop a personal connection and familiarity that makes you feel close and known, bringing you comfort and happiness. Your member relationships are no different. Members come to your credit union because you have something in common, perhaps they are teachers and your credit union is for teachers. But, they stay because you spend the time to learn about them. It's that credit union difference. APIs can help your credit union build better member relationships than ever before.

Your members live in a modern world where they are reliant on technology and the internet. Technology has taught us that we can expect almost anything to happen instantly. Ordering lunch, getting a cab, texting a friend, selling stock, applying for a job... these can all be done in a few clicks, and even better, many of these experiences are personalized because providers can tap into historical data and serve up offers that they know we'll want. User expectation is that this level of service should be available in all interactions, and if you can't provide it, someone else will. Open banking is the key that unlocks that experience for your members.