The expectations of credit union members are constantly evolving, and it's up to savvy organizations to evolve right along with them. For most, the careful application of the right type of technology is how they do it.
Read MoreThe expectations of credit union members are constantly evolving, and it's up to savvy organizations to evolve right along with them. For most, the careful application of the right type of technology is how they do it.
Read MoreFor credit unions, undergoing a digital transformation to offer better and more personalized services to members is no longer a recommendation. It is a requirement.
Read MoreBy Preston Packer |
It's an exciting time to be a credit union, as the industry is currently experiencing a variety of historic changes. With these changes, come tremendous opportunities to fulfill the public's financial needs faster and easier. As advanced technology continues to force adaptation and consumer demands continue to shift, credit unions (CUs) have the chance to serve members in new and innovative ways. Although today's credit unions face stiff competition from big banks and fintechs, embracing new opportunities and remaining flexible to the ever-evolving financial landscape are key to staying top of mind for the consumers of today.
Read MoreIn the past, credit unions saw fintechs as some of their main competitors. However, many have turned into valuable partners offering solutions that can support member needs. Today, fintechs recognize that they are better than credit unions in certain instances and vice versa. While credit unions understand member needs, how to develop relationships, and how to safely provide financial services, fintechs use some of the latest technology to solve specific problems. This can be paired with CORE software to deliver solutions that support member needs.
Read MoreThe value of offering your credit union members credit cards has never and will never be in question. Credit cards have become a fundamental linchpin in consumer lending strategies for credit unions. However, not all credit card offerings and strategies are created equally. Specifically, the changing credit card industry makes selecting the best sourcing model more important than ever for credit unions.
Read MoreCredit cards play a critical role in credit unions' consumer lending strategies, but many credit unions have hesitated to switch to in-house cards. This has mostly been due to the unique characteristics of credit cards and inadequate core systems. However, today's credit unions must rise to the challenge and implement an efficient card management system, which will ultimately benefit both their CU and its members. Throughout this article, we'll show you the top six key advantages of a core-integrated card payment solution.
Read MoreDid you know that, according to 2021 fourth-quarter data from the Federal Reserve Bank of New York, Americans have over $856 billion worth of credit card debt? The amount rose tremendously from the third quarter of 2021, increasing by $52 billion. It is the most significant quarterly increase the U.S. has seen within the past 22 years and the third and only spike since the start of 2020.
Read MoreThe financial sphere is a competitive space for attracting consumers and maintaining a steady influx of revenue. However, the process of cross-selling is a practical way to advance your credit union and offer the best, most personalized services to your members. Cross-selling is a sales technique that is truly one of the most profitable ways to retain credit union members and grow your credit union.
Read MoreBy Preston Packer |
The current success of your credit union is directly related to your credit union's core technology. Few scenarios have made that clearer than the COVID-19 pandemic. Specifically, credit unions with the right core technology were able to quickly adjust, go digital, and deliver the solutions required to meet member needs.
Read MoreWhether it's a credit union, community bank, or national bank, open banking has transformed how people perform financial transactions. Highlighted by innovative and integrated apps, open banking is made possible through application programming interfaces (APIs). In the most simple sense, an API is a software intermediary that allows two different applications—such as your credit union core processing system and a third-party app—to seamlessly communicate.
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