Opportunities in 2021 to Enhance Your Credit Union’s Digital Services

By Preston Packer |

Apr

13

In 2020, the pandemic forced many of us to change how we do business and to do it fast. As state-issued lockdowns caused brick-and-mortar businesses to close their doors and people turned to digital solutions, such as e-commerce and digital wallets for everyday transactions, many credit unions around the country were forced to enhance their digital services and make big changes to how they operate.

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An Overview of the Community Development Revolving Loan Fund Grant

By Preston Packer |

Apr

01

In these difficult economic times, it’s important for credit unions to take advantage of the resources available to them, especially credit unions that serve low-income communities. After all, credit unions were founded on the core tenets of collaboration and helping the members of their communities, which means during times of crisis, members count on their CUs to deliver the service they need. That’s why understanding what grant and loan programs are available and how to qualify can be key for credit unions.

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Net Income Per Full-Time Employee and Credit Union Efficiency

By Preston Packer |

Feb

19

As the pandemic presses on with no clear end in sight and consumer habits continue to change, businesses are being forced to adapt to the new climate at a rapid pace. Although vaccines give reason to be optimistic, it’s unlikely the world will return to “normal” any time soon, and doubtful it will ever completely return to how it once was. Instead, the coming years will likely be trying for many types of businesses, including credit unions.

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Grow Your Credit Union Membership Efficiently

By Preston Packer |

Feb

16

A hallmark of any successful organization is efficiency - being able to achieve the most, in terms of results, with the least amount of wasted effort or resources. When gaining new members, a credit union shouldn't have to add staff at an equal pace. Technology should support your credit union, allowing you to maximize the effectiveness of each team member. If credit union member growth is leading to exploding operating costs then you may need to take a closer look under the hood. 

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Looking into Key Growth Metrics: Loan Originations per Employee

By Preston Packer |

Feb

04

Surviving 2020 was no easy task for all sorts of businesses, including many credit unions. Those that were most effective found ways to be efficient, cut waste, adjust to changes in consumer habits and continue to provide their members with the essential services they need and expect. After all, credit unions were founded on the principles of collaboration and supporting members, and no year has seen more people in need of support than the previous one.

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What Is the Cost to Run Your Credit Union?

By Preston Packer |

Jan

19

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.

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Learn from the Leaders: Efficiency is Key to Growth

By Preston Packer |

Jan

13

In such troubling and uncertain economic times, many credit unions are just trying to survive. To do so, they must be agile and adapt to changes in member behavior. It’s also vital they communicate and reach out to members to understand their needs and wants during this crisis. Credit unions are discovering now more than ever that the technologies and core processing system they use make a huge difference in terms of growth.

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Non-interest Income for Credit Unions: Planning and Understanding

By Preston Packer |

Dec

23

All over the world, the coronavirus has had a devastating effect on businesses and economies. Financial institutions have been no exception. One of the areas where credit unions have seen a decline in revenue is non-interest income. Traditionally, non-interest income, which includes income generated primarily by services and transaction fees, helps credit unions maintain their bottom lines.

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The Rise of the Digital Wallet

By Preston Packer |

Nov

18

The coronavirus pandemic has transformed how we conduct business all over the world and few sectors of the economy have been influenced as much as the financial industry. As people look for ways to avoid having in-person experiences, many are turning to digital wallets and other online banking solutions. Although the pandemic won’t last forever, it’s likely that this trend towards technological solutions in banking will continue. 

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First Steps for a Credit Union Core System Review

By Preston Packer |

Oct

15

Having the right core processing system is one of the most important components of running an efficient credit union. However, sometimes it feels like technology is evolving at such a rapid pace that it’s hard to keep up. Also, the task of changing core processing systems can be complicated and time-consuming. These are just a few reasons many credit unions continue to use outdated core systems.

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