7 Simple Credit Union Compliance Tips

By Preston Packer |

Jun

21

Banking is a critical function in our world. Its success relies on consumer trust in financial organizations to safely and wisely protect and invest their cash. However, it's an industry built on the almighty dollar and naturally attracts a criminal element. So it needs to be safeguarded from those that intend harm. It needs a protector. Compliance is the watchdog of financial institutions and their members. Although burdensome at times, a thorough set of regulations can help prevent, identify, and catch threats to our investments. To be successful in this business, your CU needs to make compliance an absolute top priority. Here are seven simple ways to help you do just that.
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3 Must-Know Credit Union Lending Ratios for Chief Lending Officers

By Preston Packer |

Jun

16

The job of Chief Lending Officer is no small task. A key position, the CLO usually reports directly to the CEO, responsible for the development, management and oversight for credit union lending in the consumer, mortgage and member business lending programs. In other words, they are the person largely responsible for the long-term survival of your credit union. Not just "the numbers man/woman" anymore, this is a job comprised of sales, consulting, management, and now more than ever, technology. 

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The One Thing You Can't Flub in a Credit Union Core Conversion

By Preston Packer |

Jun

14

Once you have made the decision to undergo a credit union core conversion, there is no doubt there will be a number of concerns that keep you up at night. After all, there are many things that can go wrong, but typically, and thankfully, the majority of these problems go unnoticed by members. CU personnel and core partners can correct most issues before the members are affected. However, there is one thing that you can't flub when performing a core conversion... member facing applications, namely, credit union mobile banking.

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The ABCs of Credit Union APIs

By Preston Packer |

Jun

09

Application Programming Interface, otherwise known as API, is a protocol for allowing one software program to communicate with another. Importantly, APIs allow programs to share information and influence each other’s behavior. APIs allow credit unions to take advantage of new products and features that are developed outside their core software. Credit union APIs are becoming increasingly important as credit union core providers do not have the resources or support business plans that aid development through vendor integrations. As technology rapidly develops, new companies are popping up with products that can give your credit union a boost in product offerings or operations. The best credit union software providers realize this, and embrace it, by developing the ability to integrate other services into their offering through a robust API.

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This Just In: Credit Union API Improves Member Experience

By Preston Packer |

Jun

07

Read all about it! It wasn't that long ago when a typical Sunday morning included reading the newspaper to stay up to date with current events, but how current was that news?  In actuality, the Sunday morning paper was a recap of Saturday's news. When news mediums around the world shifted their focus to websites and social media, suddenly people could have live, up to the minute information. When credit union core providers rely on third party applications that update member data using batch methods rather than credit union API's, members are seeing yesterday's news.

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6 Reasons You Should Change Your Core System and 3 Reasons You Shouldn't

By Preston Packer |

Jun

02

Are you a coin tosser?  Horoscope reader? Eenie-meenie-miney-moe'r? Whatever your preferred method of making a decision between equal contenders, there are certain matters that require more in-depth research during the decision making process.  When it comes to a credit union core conversion, most will agree this is one of the most crucial decisions within a CU. And while it is doubtful any would leave this decision to chance, there are many around the country who stick with their existing credit union core processor because they do not recognize the signs that they should leave. So, should you stay or should you go? Here are some reasons to consider before embarking down the path of indecision:

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5 Underrated Member Experience Techniques and Why You Should Use Them

By Preston Packer |

May

31

Member experience defines what feelings and emotions members associate with your credit union. This experience is what keeps them happy and loyal to you and what drives them to recommend your credit union to family and friends. Your most important brand advocates are your members, and whether they advocate your credit union or not all depends on what credit union member services they receive and what their personal member experience is with those services. Here are 5 underrated member experience techniques and why you should be using them.

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How to Stop Selling Financial Services and Start Selling Dreams

By Preston Packer |

May

26

Do you aspire to own a vacation home... or to own a second mortgage? Was your dream in life to drive a red sports car... or to have a low-interest car loan? Too many credit unions focus marketing dollars on discussing the features and product details of their credit union member services, rather than focusing on the benefits these features will provide. Yet, members aren't looking for a skip-a-payment option, they are looking for the ability to take a summer vacation. Members will act on emotion, not logic. Your credit union can paint an emotional picture for members that speaks of the hopes, dreams and financial freedom. If done correctly, this will lead them directly to your products and services that will help them live their dreams. Consider these ideas in your next marketing campaign:

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Know Them Before You Serve Them: 360° Credit Union Member Services

By Preston Packer |

May

24

The key to success in providing exceptional member services is the anticipation of their needs. Realizing what services will improve their financial lives before they do. Thanks to advancements in credit union core technology, you do not need to be a data scientist in order to do so. The visual data is there to assess and assist your members. Your credit union software should allow MSRs a 360° view of members so they can easily offer credit union member services that exceed expectations.

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All the World's a Stage, and Mobile Banking Is the Star

By Preston Packer |

May

19

If your credit union member services don't include mobile, you're not relevant. We live in a world on-the-go and if you want to grow your credit union, you need to provide on-the-go options for your members. This means your member-facing technology needs to be simple, functional and mobile-friendly. Now, Want to know the names of the actors you need to be a hit?

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