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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