Strategic Ways Credit Unions Can Tap into New Credit Card Users

By Preston Packer |

Sep

29

Today, credit union members and consumers have more ways than ever to pay for goods and services, including Buy Now Pay Later, automated clearing houses, mobile wallets, and peer-to-peer payments. At the same time, payment methods are getting smarter.

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How Credit Unions Can Help Members Through Periods of High Inflation

By Preston Packer |

Sep

21

According to recent data, almost 60% of consumers in the United States were living paycheck to paycheck in July 2022. Record high inflation is certainly being felt by people everywhere, regardless of where they live or how much money they make.

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3 Ways Big Data Is Making Big Changes in Consumer Lending

By Preston Packer |

Aug

04

Amid the era of digital transformation, credit unions and financial institutions are finding profit-driving applications for the treasure troves of data that have been at their disposal for several decades. This data is providing a new perspective in consumer behavior, preventing disasters and thefts, and unlocking the secrets of money movement. And now, big data is poised to make big changes to consumer lending. Let's take a closer look at three ways it's already happening.

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What Does The Future Hold For Credit Unions & Fintechs?

By Preston Packer |

Jul

27

A lot has changed for credit unions within the past two years. Many have evolved their delivery models to support more digital, remote communications while still aspiring to offer a special, personal member experience. However, achieving this level of digital prowess takes a strategy that can quickly and easily adjust to uphold specific undertakings, like paycheck protection, skip-a-pay programs, and contactless transactions. Members still require personal connection even while online and those who aren't already acclimated to digital channels need more education, connection, and security understanding to get comfortable. So, what else has changed in the credit union world, and what does the future hold?

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The Advantages of Fintech Partnerships and Core Software for Credit Unions

By Preston Packer |

Jul

20

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.

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How to Digitally Grow Your Auto Lending Through Loan Recapture

By Preston Packer |

Jun

29

As a credit union, one of your goals should be to increase the number of auto loans you acquire each year. And if you've been monitoring the market, you've probably noticed the significant increase in car payments, which has doubled since 2021. As of 2022, auto-related loans account for nearly 10% of all consumer debt in the U.S., which means a wealth of opportunities to boost your credit union's ROI and help people save!

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4 Practical Ways to Help Members Protect Their Credit Score

By Preston Packer |

Jun

09

Our country continues to face a difficult economic situation. The cost of living is up, supply chain delays persist, and wages are low. For credit unions, it just makes it that much more important to innovate their digital strategy to better serve their members. Below, we've outlined four key credit services that your credit union should be offering.

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A Smarter Credit Score Solution for Your Credit Union

By Preston Packer |

Jun

01

The Great Recession negatively impacted countless consumer credit scores, leaving many in a financial bind. Thankfully, credit unions (CUs) are stepping up to help people get back on their feet, offering their members a variety of credit-building services and tools--from low-priced secure loans and complimentary credit consultation to virtual debt management courses. Instead of charging high service fees, many CUs have resorted to more consultative methods.  Increasing credit can be a time-consuming process requiring patience and self-control. Below, we outline four key ways your CU can begin to either initiate credit or rebuild your members' credit scores.

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The Credit Union Credit Card Processing Strategy Debate

By Preston Packer |

May

26

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.

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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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