We have the best intentions when it comes to a healthy lifestyle and weight management. We set goals, we track food, we craft an exercise regime. But after a few days, it is easy to fall back in our old ways. Credit union executives, also, have the best intentions when it comes to financial wellness education: Create well-written content, with useful tips and tricks, write an email campaign full of interesting statistics, or plan events and webinars to pass along all the important information when it comes to personal financial management. Unfortunately, even the best planned initiatives are often overlooked or poorly attended. How can you keep your members on the right path for financial wellness?

The month of July is here and with it brings the mid-summer shopping frenzy. Credit cards get a work-out as consumers join the melee of sales, deals and offers too good to resist. The traditional Christmas in July sales offer consumers great deals on big ticket items like cars, laptops and electronics, among other in-store and online deals. Those sales are further boosted by vacation and travel spending (gas, hotels, car rentals, airline, and amusement park tickets) and the eventual back-to-school shopping. Adding to this mix for the last 5 years is a new consumer shopping phenomenon - Amazon Prime Days.

Credit unions have long been known for their member service... just part of The Credit Union Difference. They are sought out for this reason, with members desiring more than just a place to deposit their money. They may join initially because of an affiliation or a community connection but stay because of the service provided and relationships they establish. And while member services in-branch are still important in maintaining that connection, members also desire and expect to have modern digital banking conveniences available for quick transactions and financial flexibility.

Credit unions who utilize core technology that offers open architecture no doubt did their research and entered into a core provider partnership with their credit union's future in mind. In doing so, they set themselves up to offer members current fintech as soon as it becomes available. Using API (Application Program interface) technology, new third-party applications can easily interact with any credit union app to provide additional services, features and added conveniences. While inviting third-party technology to work and interact with your digital banking technology is a simple and expedient solution to boost your member offerings, is it safe? Is it smart to let them have access to your member’s accounts?

Mobile banking has revolutionized the traditional banking scene as we once knew it. Having access to your money and account information as fast as you can think of it has become normal. Did my check clear? What’s my account balance? Let me check! But what about that home-town comfortable feel you used to get from visiting your favorite member service representative at your branch? The one who handed your kid a lollipop and asked how your mom was? Are those days gone?

At the mid-point of 2019, Summer is here and vacations have started. If you manage to sneak away from your role as a  credit union leader, perhaps sipping your lemonade poolside, you may start to reflect on where you stand with some of the goals you set in your strategic plan for 2019. How much progress have you made toward achieving those FinTech goals you set for your credit union? Are they still relevant? Do they need modifying or to be re-prioritized? Start by reviewing just what those initial goals were and your vision for your credit union for 2019. Your technology goals are unique to your particular credit union and the areas you’d like to improve upon. No matter where you are in your digital FinTech development, whether just starting to offer mobile capabilities or looking to implement the latest cutting edge technology, here are some things to consider as you work towards those goals:

Credit unions have traditionally competed with banks for market share, striving to offer comparable (if not better) products, services and the newest and best in technology. While most credit unions hold their own with technology and products, what ultimately gives them their edge is their foundation built on the importance of member relationships and a member’s personal ownership in the credit union. But as we have seen over the last few years, digital banking conveniences have become a fundamental part of a financial institution's offerings, a requirement in order to stay competitive. And to that end, credit unions might have a new competitor - Challenger Banks. While these digital-only institutions are still more widely used overseas, they are gaining in popularity here in the US market, and could represent a potential threat of lost deposits, revenue and members to credit unions and other financial institutions in general.

The digital banking revolution has begun, and Member Service Representatives may feel like a casualty of war. It’s tempting to think that there’s no longer a need for Member Service Representatives. After all, questions can be answered easily online or using a chat window, transactions performed with just a few clicks, and information about products is readily available. But consider this: Who is responding to your member in that chat window? Who will assist your member when a transaction goes awry (heaven forbid fraud!), or if they have specific questions about which loan product might be best for them? Answer: A much needed Member Services Representative.