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: 

We've all heard that recycling is good for our planet, and we understand the importance in conserving resources, which is one driving factor for credit unions to go paperless. Regardless of where you stand on "going green",  the bigger driver behind the paperless movement is money.  Green is the new gold. eStatements is a way to save time and money for both you and your members. Offering digital alternatives to paper bills makes your credit union more efficient, and when it comes to electronic statements, being paperless saves on the cost of paper, printing, and mailing. 

Does your credit union have a back room that conjures images of haunted houses, lined with old squeaky file cabinets filled with paper documents? Is it the kind of room employees are afraid to visit, with cobwebs and the foulest stench in the air - the funk of 40,000 years? At this stage in the digital banking era, these cabinets are no thriller and should be set aside for your Halloween fun-fest. It’s time to significantly cut back on your paper reliance and join the modern world. Digitizing the lending process, as well as your other operational processes, can create efficiencies for both your members and your credit union.

As we inch closer towards the holiday shopping season, many consumers are trying to set budgets and keep their impulse buying habits in check. After all, the average U.S. consumer spends $5,400 each year on impulse buys, according to a survey reported by CNBC. When it comes to your role as a credit union executive, answering to a board with a set annual budget, there is no room to bring your impulse buying habits to work with you. Choosing a vendor is no small task for any organization, in just about any facet of operations. Whether you are looking for a new paper supplier or contemplating a credit union core conversion, before you sign that new contract, you will find it beneficial and cost effective to step back for a moment to give your options some thought. The extra time you spend at the beginning can make a huge difference in the long run. Before you just renew, evaluate how happy you are in your relationship with your vendor and their service. Think long-term in order to ensure you’re making the smartest and most informed decision for your credit union’s needs.

As evident by the coverage in our everyday news cycle, the last few years seem to have shown an increase in the number of hurricanes, floods, fires and other natural disasters. If the climate scientists prove correct, the increasing intensity of future storms will likely lead to a corresponding increase in devastation and losses, making recovery efforts more challenging for credit unions and their communities. This makes the importance of a disaster recovery plan for your credit union even more imperative. The ability to function, even in a modified, smaller capacity is something your employees and members will find extremely important in those difficult times.