Preston Packer

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Recent Posts

The Top Questions Asked During Core System Demonstrations

By Preston Packer |

Jul

26

 

Always be prepared with questions. Whether it's asking the appliance salesperson 20 questions about the efficiency of a new microwave or presenting your spouse a list of questions about the restaurant they picked for dinner, the right questions can save you from being unpleasantly surprised. Being prepared with questions will serve you well and help you make important business decisions, especially during a credit union core system review. If you are not challenging the presenter and technical staff on a demonstration of their services, you are not ready to go through a conversion. The more questions you have, the more you have taken the time to truly consider what you like about your current core technology, what is lacking, and what you need versus what would be a "nice to have, but not necessary."

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#CUDifference: The Only Reason you need to Join a CU Over a Bank

By Preston Packer |

Jul

21

When someone does you wrong, it takes time to rebuild confidence in that relationship. Big banks are fighting hard to recover from sins of the past (like Wells Fargo and their new account debacle). Their recent commercials persuade the viewer to believe they deeply care, but let's not forget one of the main differentiators between banks and Credit Unions... Trust. Trust is earned from being trustworthy over a long period of time and can be built up not only through your credit union member services but in all aspects of your business. Emphasizing areas where members can see your CU is trustworthy will reinforce why they are with your credit union, not a big bank. Here are 5 ways to demonstrate trust with your members:

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Balance in the Force: Operations vs. Credit Union Member Services

By Preston Packer |

Jul

19

Calling all Star Wars fanatics. With the Last Jedi being released December 2017, you no doubt have wondered if this next installment will finally shed some light on the prophecy of the chosen one, the one who is (or was) to bring balance to the force. "A prophecy that, misread, could have been." While we still have yet to know if Vader was the chosen one, or if the one has yet to be revealed, we do know one thing for certain. In order for the galaxy to find peace, there must be balance, in this case, between good and evil. The same can be said for the success of your credit union and finding balance between operational efficiency and quality member service.

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The 10 Commandments of Credit Union Data Processing

By Preston Packer |

Jul

14

When it comes to credit union data processing, there are many "do's" and "don'ts". Some credit unions get along great with they core partners, others... not so much. No matter what your status is with your current core, it's important to keep your head on straight and remember the basics. Here are 10 commandments that may invoke some deeper thoughts into how your core processor works with your credit union:

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3 Legit Ways to Prevent Check Fraud Through Remote Deposit Capture

By Preston Packer |

Jul

12

With new technology comes new risk. We see this often in our daily lives. Keyless entry and remote start for cars are convenient, but it didn't take long for thieves to come up with a device that lets them steal cars that use key fobs. Wi-Fi is essential to efficiency in our home and office, but even with complicated passwords, it can cause security nightmares. Mobile banking is a necessary offering to remain competitive, but Remote Deposit Capture (RDC) opens you up to a new kind of credit union fraud. A recent analysis of 400 FIs found that of all fraud cases involving mobile banking apps, 72 percent included remote deposit capture (RDC) and the use of fraudulent checks.

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Achieve Efficiency in Credit Union Operations by Doing these 6 Things

By Preston Packer |

Jul

07

We live in a world where less has become more. Hybrid technology cars have given us the ability to go greater distances on less fuel. Dietitians developed vitamin and protein packed shakes to keep us fuller for longer. Watching a season of the latest TV show can be streamed all at once, with no commercials. Tasks that used to take hours or weeks to complete, now process in a matter of minutes thanks to advancing technology. The right technology enables you to improve your credit union operations and efficiencies, getting more done than ever before, and increasing revenues without having to hire more people. One way to measure operational efficiency is with the "members per full-time employee" ratio. If you are able to increase the number of members you serve, without hiring more full-time employees, you are using resources effectively, and most likely taking advantage of automated technology.

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9 Ways to Increase Credit Card Income without Cranking up Rates

By Preston Packer |

Jul

06

Everyone loves a warm, sunny day, but there is a threshold for tolerance before it becomes too hot to handle. As the summer sun cranks up the heat, people seek ways to escape the extreme temperature. People also love the convenience of credit cards and are willing to pay interest to buy now, but they too have a limit on how high you can crank those interest rates up on your card products before they run for alternatives.

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5 Roadblocks Your Loan Officers Face and How to Overcome Them

By Preston Packer |

Jun

29

Your loan officers perform a complex and critical function for your credit union. They must be experts on the full suite of loans you offer, know qualifying requirements and assess the financial condition and overall risk of the applicant. Their work, if done properly, generates significant revenue for your organization, so it's important to give them the support they need. Here are five common hurdles CU loan officers face and how you can help eliminate them.

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3 Secrets to Boost Non-Interest Income through Debit Cards

By Preston Packer |

Jun

28

 
Non-interest income can keep a credit union afloat in times of economic decline. Credit unions must always be looking for ways to drive non-interest revenue to help maintain positive expense-to-income ratios. In order to drive this income forward CUs should better product offerings, and improving your portfolio of debit card services can help. Offering advanced card maintenance options for member's debit and credit cards is one way to do this. Here are 3 secrets to boost non-interest income specifically through debit cards:
 
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Avoid These Costly Credit Union Compliance Mistakes

By Preston Packer |

Jun

23

Staying ahead of the ever-changing credit union compliance rules and regulations is no simple feat. For credit unions big and small, compliance is identified as a top critical issue they face every day. When compliance mistakes are made, the credit union takes a hit financially, and this hit can be detrimental especially for smaller credit unions. In order to keep the lights on at your credit union, here are 4 compliance mistakes you should avoid making.

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