Don't Let Your Core Halt Your Future

By Preston Packer |

Aug

18

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.

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COVID-19 Advancing Loan Due Dates

By Preston Packer |

Apr

02

 

This global situation is forcing all businesses to make some drastic changes that only weeks ago they wouldn't even consider, and credit unions are certainly not immune. Pending debt is a major topic of concern as more people are struggling to keep their jobs and employers make hard decisions necessary for the continued health of the business. It's a time that requires both shrewd business calculations but also compassion. Part of the credit union difference is a human connection, so that compassion is a call they need to heed. To that end, the NCUA issued guidance encouraging credit unions to work with affected borrowers. One of the suggestions to help is to allow members to defer or skip loan payments, in particular those for open-end credit, like credit cards.

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Is Amazon Competing for Your Members?

By Preston Packer |

May

16

Amazon has been a threat to retail for many years. While brick and mortar stores have pointed fingers at Amazon for their decline in foot traffic, some credit unions are beginning to fear competition from Amazon as well. Amazon has yet to implement any banking features in the U.S. but they have already begun taking deposits in India. Delivery staff can now accept cash as payment upon delivery, as well as collect deposits through a Cashload feature in a version of Amazon Pay. Amazon allows their India-based customers to deposit any surplus cash from their purchase into their Amazon Pay account, and they can deposit additional funds to be used toward future orders or bills within partner websites and apps. Amazon allows deposits up to 10,000 rupees ($143 U.S. dollars), which is quite a bit, considering the average Indian household makes about $50 per month. Could such services be on the horizon for U.S. customers? Here’s what we can expect from Amazon in banking: Read More

Credit Unions Prospered Last Year, but New Hurdles Will Arise in 2019

By Preston Packer |

Jan

03

After a year of triumphs and accomplishments, credit unions might be in for some new obstacles in 2019. Success often bodes controversy and that is expected to hold true for credit unions this year. While many institutions were able to grow their membership, loans, quality of assets and earnings, these successful steps forward might push lawmakers to enact limiting policies and regulations. Here are some hurdles credit unions can expect in 2019.

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How to Keep Your MSRs from Quitting

By Preston Packer |

Oct

24

Providing employees with fair compensation and opportunities to grow will only take your credit union so far. While competitive wages are one way to help retain employees, ultimately that’s not what will keep them happy. The day-to-day environment within your credit union and their relationships with management are the areas that can make or break the Member Service Representative (MSR) experience. MSRs are the glue in a credit union. They have the closest relationship with members and work to meet their needs each and every day. If MSRs are unhappy, it weakens their ability to serve members and should they continue to be dissatisfied, your credit union won’t be able to retain them. Here’s how you can keep your MSRs from quitting. 

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Small but Mighty Credit Unions Overcome Industry Limitations

By Preston Packer |

Oct

11

Not everyone loves a challenge, but small credit unions face them every day. Small credit unions encounter more constraints than their larger CU counterparts, yet they get the opportunity to provide creative solutions that put them out on top. The limitations imposed on small credit unions have only made their solutions more targeted and innovative and allows them to connect with their members in a way that large credit unions cannot. Here are three ways small credit unions outperform larger financial institutions around them, despite the many hurdles thrown their way.

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