Budgeting for Success with Digital Transformation

By Preston Packer |

Jan

18

Digital transformation is no longer a buzzword that all the cool financial institutions are using. Instead, COVID-19 has escalated it from a nice-to-have, wishful thinking strategy into a must-have for credit unions to remain competitive. At the very heart of any effective digital transformation is a metamorphosis that transforms how your credit union interacts with members. In the act of doing so, it should modernize and simplify processes while generating efficiencies and improving KPIs, such as the credit union's efficiency ratio. While COVID-19 has escalated the importance of digital transformation, it has also highlighted key problems credit unions face.

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The Value of New Technology in 2022 and Beyond

By Preston Packer |

Jan

12

The past 18 months have brought unexpected challenges to credit unions of all sizes. The severity of these challenges varies by credit union and some peer groups were more affected than others. Digital transformation became a real topic, instead of wishful thinking or “clickbait” for marketing companies. We quickly learned which credit unions were prepared for a digital transformation and those that were not.

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How to Analyze and Optimize Your Credit Union's 2022 Growth Strategy

By Preston Packer |

Dec

29

As the financial world fully embraces the digital-first approach, credit unions are unique in that physical branches still act as an important component of the growth strategy. Whether it's seasoned credit union members valuing face-to-face interactions with tellers or younger members looking for personalized guidance in purchasing a first home, there will almost always be a place for credit union branch transactions—as long as there is a space. Let's take a closer look at a few ways credit unions can incorporate the branch into your 2022's growth strategy and optimize every square inch for maximum ROI.

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Credit Union Cybersecurity Awareness Month: Fight the Phish

By Preston Packer |

Oct

12

For week two of Cybersecurity Awareness Month, the Cybersecurity & Infrastructure Security Agency (CISA) and the National Cyber Security Alliance (NCSA) will be focusing their energy on phishing attacks. Themed “Phight the Phish!,” the week aims to spread awareness and reduce the risk of phishing attacks on individuals and businesses across the nation. Because credit unions are responsible for guarding both sensitive information and the money of members, it’s important to prepare for phishing attacks and understand how to prevent them and respond appropriately if one occurs.

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Is a Cashless Society the Future of Payments?

By Preston Packer |

Aug

19

The first known form of currency--the Mesopotamian shekel--emerged nearly 5,000 years ago and cash has been used to purchase goods and services ever since. Until recently, it was a safe bet that cash would be around for the foreseeable future...that may not be the case anymore.

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3 Big Benefits of Digital Member Services for Credit Unions

By Preston Packer |

Jul

08

With the rise of digital banking, it’s become increasingly important for credit unions to enhance their Digital Member Services (DMS). Moving in the direction of efficient and seamless digital solutions when it comes to member services is crucial for the survival of credit unions in the digital age. But it is also important that CUs do this while still providing the personalized member service experience that members expect.

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Credit Union Mobile App Differentiation

By Preston Packer |

Jun

30

With mobile banking reaching its saturation point, credit unions now need to focus on product differentiation. It is no longer enough to just offer a mobile solution--it is now time to match mobile offerings with your member base. Remember, product differentiation is key, design excellence matters and your aim should be an incredible member experience.

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Does Your Credit Union Have an Award-Worthy Mobile App?

By Preston Packer |

Jun

24

As mobile banking continues to rise in popularity throughout the United States and the world, credit unions must pay special attention to the types of features they offer in their mobile app or they risk getting left behind. But how exactly do credit unions create a mobile banking app that not only handles the basics, but goes above and beyond setting itself apart from the rest of the competition?

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Credit Union Mobile Banking Trends for 2021

By Preston Packer |

Jun

16

Mobile banking has many benefits for credit unions and their members. A mobile banking app can provide members with 24-7 access to account information, instant bill pay features, and the ability to make purchases, transfer money to friends, and deposit checks with just the click of a button. These revolutionary changes have made banking quicker and easier than it’s ever been. As mobile banking continues to transform the financial industry, credit unions must pay close attention to what’s happening.

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Best Practices for Your Credit Union Mobile App

By Preston Packer |

Jun

03

The growing demand for digital banking services and the rise of fintech companies into the banking space means that credit unions (CUs) have to change the way they do business in order to stay competitive. Members now want access to a variety of online banking services, and the credit unions that fail to provide them likely won’t be around too much longer.

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