Eliminate Debt and Simplify Card Payments for Your Credit Union Members

By Preston Packer |

May

18

Did you know that, according to 2021 fourth-quarter data from the Federal Reserve Bank of New York, Americans have over $856 billion worth of credit card debt? The amount rose tremendously from the third quarter of 2021, increasing by $52 billion. It is the most significant quarterly increase the U.S. has seen within the past 22 years and the third and only spike since the start of 2020.

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Setting Up Small Businesses For Success With Merchant Card Services

By Preston Packer |

May

10

As a credit union, it's imperative that you offer merchant card services to local small businesses. Why? Because credit card payment processing is at the very core of small-scale companies, and of course, one of your credit union's goals should be to help them prosper.

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Marketing Trends for Credit Unions in 2022 and Beyond

By Preston Packer |

Apr

26

Credit unions encounter a variety of obstacles within the competitive financial landscape of today. As a result, CUs must remain one step ahead of their competition by consistently increasing their membership all while adapting to ever-changing expectations from diverse demographics. In order to contend for their territory in the financial sphere, they must implement intelligent marketing and cross-selling strategies that will appeal to their target audience, especially within the upcoming generation (Gen Z). Here are the latest trends on how to effectively market your products and services that will result in a thriving CU.

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Debunking 5 Digital Transformation & Payment Myths for Credit Unions

By Preston Packer |

Mar

31

Digital and mobile banking have become an in-demand reality for virtually every demographic. According to the Digital Banking Survey in March 2021, survey respondents report they will continue to prefer the convenience of digital channels for transactional, simple activities, such as depositing checks, transferring funds, and paying bills. And this sentiment has huge implications for credit unions because it underscores that digital payment solutions are here to stay. Even so, there are several common myths that may hinder credit unions from fully embracing digitization. Let's take a closer look at some of the more popular myths to uncover the truth.

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How Credit Unions Can Embrace Innovation On a Budget

By Preston Packer |

Mar

10

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.

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Does Your Credit Union Tech Move the Right Metrics in the Right Direction?

By Preston Packer |

Feb

23

The current success of your credit union is directly related to your credit union's core technology. Few scenarios have made that clearer than the COVID-19 pandemic. Specifically, credit unions with the right core technology were able to quickly adjust, go digital, and deliver the solutions required to meet member needs.

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Grow Your Credit Union From the Inside Out: Member Retention Strategies

By Preston Packer |

Feb

15

Similar to money, it's not how many members your credit union can gain—it's how many you can keep. While member retention is paramount, it's not sufficient to simply retain members. Instead, your credit union must deepen the relationship by providing timely, personalized solutions throughout their life and across life stages. In most instances, your credit union will need to preemptively know and alert members of their needs before they do. Let's take a closer look at how credit unions can accomplish that.

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The Future is Now: Improve Your Credit Union at the Core

By Preston Packer |

Feb

01

In the fast-paced world of banking, you can either change or get left behind. And far too often, credit unions have defaulted to the latter by failing to embrace the rapid pace of technological change. Instead, many credit unions have attempted to remain competitive by delivering world-class member service and valuable relationship-based banking.

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The Impact of New Technology for Credit Unions

By Preston Packer |

Jan

26

In today's digital age, virtually all credit unions face one glaring concern: how to maintain the valuable face-to-face relationship-based banking that members have come to expect while offering the cutting-edge digital tools younger members demand. In addition to finding the right mix, the capital investment required to make this transition has often helped justify kicking the proverbial can down the road. That was until COVID-19 escalated digital transformation from a nice-to-have into a must-have. Fortunately, Eastern Utah Community Credit Union (EUCCU) already had the plans and groundwork in place to seamlessly make the transition. 

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How Can Credit Unions Use Digital Avenues to Drive Member Growth?

By Preston Packer |

Jan

20

Today's credit unions face a unique set of challenges as member growth has consistently declined since 2018. To further compound this problem, the average credit union member age in the U.S. is 53, which means they are or have already exited their prime borrowing years. Together, these two statistics underscore the importance of attracting younger members.

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