From the beginning, your credit union has dedicated itself to being a community development financial institution with a sincere focus on serving members with excellence. But did you know that diving deeper into data analytics could help you succeed in that mission? In addition, data analytics can enable you to grow your members and if interested, help you to acquire or maintain your CDFI certification, all while acquiring staff buy-in. Credit unions of all sizes can gain incredible insights from their data and use it to make wiser business decisions. Let's outline how you can use this technology to your advantage to save time, money, and effort.

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.

As a credit union, you must adapt to your members' needs and wants, which include the adoption of new technology. According to a recent report from Experian Global, the number of people with mobile wallets and traditional payment methods is essentially the same. Out of 6,000 consumers and 2,000 businesses surveyed worldwide, 62% responded that they use mobile wallets, 63% said they use traditional payments, and 64% said they use a debit card for making transactions. In addition, the survey discovered that consumers are also using digital payment methods just as much as they use their email. With all of these statistics, it's safe to say that consumers are steadily becoming more tech-savvy. So, the real challenge for credit unions is to recognize the significant increase in digital spending and rise to the occasion.

In 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.

The 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.

New members have high expectations from your credit union. In addition to the long-standing persona of excellent service, members are conditioned for faster, more frictionless experiences. And your ability to deliver begins with onboarding. Let's take a closer look at a few best-in-class ways credit unions can exceed the expectations of new members when it comes to onboarding.

The 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.

In a not-so-distant past, digital payments revolutionized commerce. Today, however, commerce is poised to revolutionize the way money is moved. From manual and paper-based, payments are speeding toward automation, paperless, cloud-based solutions to simplify the buying and selling process.

When it comes to banking and financial products, the average consumer has no shortage of options. From large national and community banks to credit unions (CUs) and emerging fintech firms, everyone is vying for the attention and dollars of your current members.

The world of payments is on a fast-paced roller coaster to an all-digital destination. The already speeding locomotive received a jolt of energy via COVID-19, which further increased the demand for digital, online, contactless, frictionless, and speedier payments. While most generations show an interest in digital payments, it comes as no surprise that the largest push is being generated from the rear.