One of the big takeaways from 2020 for credit unions was that digital banking services are not only going to be important for the future, but they’re also essential right now. To satisfy members’ expectations and compete with the rise of fintech companies, CUs must choose the best technologies and continue to enhance their digital banking capabilities.One of the most important elements of credit unions’ digital banking future will be offering competitive digital lending services.

The rise of competition in the finance space is unprecedented. Fintech companies like Venmo and Paypal have been attracting younger users with social components to their apps, while tech giants such as Google and Apple have altered consumer behaviors with digital wallets. Even apps like Uber and Amazon are reshaping customer expectations with one-click ride sharing and shopping. The services these tech companies offer have a few things in common—they’re fast, efficient, and digital. They also encroach on traditional banking spaces, posing a potential threat to credit unions.

There are a variety of key metrics and performance ratios that credit unions should familiarize themselves with when evaluating their yearly performance. By analyzing certain metrics like the efficiency ratio, loan originations per employee, loan to deposit ratios and the cost of technology per member (among others), CUs can get a better idea about how they are performing overall.

Businesses are always looking for ways to cut costs and increase income, and credit unions are no different. Knowing how to reduce expenses and increase efficiency is crucial for the survival of any credit union. One of the most productive ways for a credit union to cut costs while simultaneously boosting income is to utilize the right core system technology.

Credit unions may have once been considered the mom and pop of the financial institution industry, but those days are long gone. Credit unions operate under similar regulatory standards as banks and experience the same threats in regards to fraud and illegal transactions. Credit unions need to have heightened awareness and modern technology to identify and mitigate fraudulent activity and maintain regulatory compliance.

Members want it all ways. They want best-in-class, personalized and fast service in branch, and they prefer only to come inside the branch if they feel like it. If they are using DIY services, they want them to be user-friendly, intuitive, and efficient. New technology is flowing out all around us in everything we do, and it's reinventing the way we interact with the world and each other. If your credit union can't provide the services your members want today and tomorrow, they can find one that will with a few clicks of their smartphone. Don't let your core be the reason you can't keep up with the pace of innovation.

Credit cards are a lucrative industry, and with nearly 40 billion credit card transactions in the US last year, the trend is not expected to stop. Even with economists predicting an overdue economic downturn, volume is still projected to remain high.  A credit card program is a great way to keep members engaged with your products and services, and a rewards program can certainly boost its popularity. You may have cards issued and people using the program, but is the program benefiting both the member and the CU? Here are five best practices for every credit card program in a credit union to help ensure it is running well while offering benefits for members and the CU as a whole:

Mobile Banking is expected to hit 3 billion users by 2021. For members, this increases convenience and efficiency. For credit unions, a larger amount of market share is available to gain a younger generation of members and to serve the under-banked. For hackers, the opportunities to steal confidential financial information are abundant! Hackers are targeting mobile phones and banking apps using malware and phishing schemes, and while security measures on smartphones are becoming more and more sophisticated, the criminals are relentless. Here are 10 reminders for members (and you) to help protect their data when using mobile banking apps:

Do you really want to hurt me? If you ignore your company culture, it's going bring some very bad karma (chameleon) on your CU. I'll tumble for you to get you to pay attention to how critical building and promoting your company culture is. I've tapped out on my Culture Club references, but just getting started on the importance of developing an actual culture. It's impact is global within an organization if executed well. It's largest impact can be seen in staffing, and in particular in the new hire process. 

At its core, "thanksgiving" is an expression of gratitude. For most, the holiday is marked by bountiful dinners and time to gather as family. But it is also a time that many have chosen to give back to their community and to those less fortunate. Individuals may choose to run a charitable turkey trot, families may donate to a soup kitchen or perhaps even serve Thanksgiving meals at local shelters. For businesses, it is a time to work together as a team to encourage employees to give back. Credit unions have long been a pillar in the industry for their community outreach programs. So much so that members have identified their CU's charitable giving and community involvement as a key factor in member satisfaction.