If you haven't heard the phrase “OK boomer” yet.... don't admit it to a teenager or young adult. It has become a common retort on apps such as Instagram, Twitter and most especially TikTok, where it's hashtag has been viewed more than 18 million times as a way to mock older generations for making outdated statements (such as not knowing what TikTok is). For teens and young adults, calling everyone older than them "boomers" is a retaliation towards adults in their life who refer to anyone younger as "millennials" with the negative connotations surrounding that descriptive. People don't like to be categorized with over generalizations... credit unions should remember this when it comes to talking to their members about new technology.

There will always be something better, newer and more exciting in the pipeline for technological enhancements in the world of finance.  With so many fintech companies in the marketplace - more than 2,000 fintech firms entered the market between 2008 and 2018, according to a Deloitte study- the options can be overwhelming. There’s a continual demand for new technology. This demand isn't just from millennials, but the general banking population as well, as their comfort level increases and new tech catches on. Unfortunately you may be struggling to meet these demands as an financial institution. You want your credit union to stay ahead of the competition by offering the latest and greatest in mobile and digital capabilities. But it's also equally important to keep abreast with what is on the horizon and be prepared when the time comes to implement these new services. Being up to date allows you to stay marketable and competitive by being exciting and attractive to new members.

Americans are continuing to join credit unions in record numbers, for a variety of different reasons. They may join for an affinity, their occupation or because its a part of  their community. This number has continued to grow over the last 5 years, with currently more than 1/3 of the US population having joined a credit union. In fact, according to a recent report from Callahan and Associates, the first quarter of 2019 saw 118.6 million people were members of a credit union, up from 114.1 million the previous year. The first-quarter of 2018 hit a record number for growth with a 4.3% increase in membership, and while numbers for the Q1 2019 are down a little, credit union membership is still strong.

There is now a whole economy of cybercrime developing specifically targeting the financial services sector and its consumers. Phishing, Credential Stuffing and other web-based attacks have had a huge cost and impact on the industry...to the tune of nearly $3 million per minute! What can be done to protect your members and their information from a cyber attack and minimize the expense if one should happen? A combination of technology and education can be your best defense.

When selecting a core provider, there is more to consider than features and functionality. There are quantitative factors that should be considered, and these numbers will help guide a credit union's decision in the selection process. Choosing the right core for your credit union can be overwhelming, but looking at the numbers and data can help the right core platform become more obvious. When shopping for core systems, obey the numbers, and your credit union will find the right fit.

In the realm of credit union core technology, there are some key data processors that are leading the pack. It’s no surprise that according to Callahan & Associates 2019 Core Report, the two biggest providers in the industry have continued to hold a lion share of the market with 42.9%, supplying core platforms to nearly 2,500 credit unions. As big players continue to grow, the number of credit unions has dropped. There are 219 fewer credit unions, year over year, totaling 5,596 for the industry as a whole (Q2 2018). Besides the "big two", there are other core providers in the industry that simply cannot be ignored. The top dogs typically cater to billion dollar CUs and even hold 83.3% of that market, but when it comes to small to medium-sized credit unions, niche core providers are making their impact. Here’s how some core providers add value and support for credit unions and their members. 

Switching core providers is a huge undertaking. Whether your existing system is outdated, or your credit union is simply dissatisfied with its capabilities, it may be time to consider a new core provider. With so many providers on the market, it can be difficult to narrow down the options to a list of key players. Here are three ways your credit union can identify, rank and choose a new core data processor.

Last Summer, the reputation of banks fell for the first time in 5 years. After a series of data breaches in the banking industry, customers began to distrust larger financial institutions. As a result, people began to turn to credit unions, which they viewed more positively. The big point of differentiation between credit unions and other financial institutions is the culture of trust and member service. Credit unions tend to be more involved in their community, and are able to connect with members on a personal level. These are qualities that members have begun to value a lot more and credit unions anticipate more members in 2019 to join for these very reasons.

In industries across the United States and around the globe, Q4 is well underway and the New Year is in sight. While many are busy planning for 2019, credit unions might need to widen their scope. If you are considering an upgrade to a new core platform, planning is key. Core conversions can be time consuming and stressful for any financial institution if not well thought out and prepared for. To ease the burden on your credit union, start planning more than a year in advance. That may sound like overkill but there are several reasons why this extended planning period will benefit your credit union in the end. Here is a timeline and items to consider if you are pondering a core conversion.

As Americans embark on the roads making their annual treks to the beach, mountain, lake or amusement park of choice, the tools to navigate around the traffic jams are as plenty as the orange barrels on the highways. Perhaps your car has a built-in GPS or you plug in with Apple CarPlay navigation. Do you swear by Google Maps, or have you jumped on crowdsourcing with Waze? Whatever navigation tool you use, the goal is to get you to your destination as efficiently as possible. When credit unions review their core system, the goal is to measure efficiencies and defects in the current solution and then go out into the core processing marketplace to see what other vendors can offer. Here are 10 ways to successfully navigate a core system review to get you where you need your credit union to be: