On-Demand Cards Build Credit Union Member Relationships

By Preston Packer |

Sep

27

There was a time when on-demand (also referred to as "instant issue") cards were one of those "nice to have" benefits for credit union members. They were fast, convenient, and efficient - but they weren't necessarily a "must have" feature like mobile banking.

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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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4 Ways to Lend Members a Helping Hand to Weather Inflationary Pressure

By Preston Packer |

Sep

13

Whether your credit union member earns $30,000 a year or $300,000 a year, everyone is feeling the crunch from inflation. And this should come as no surprise, considering inflationary pressure is at a 40-year high. Even so, many financial institutions are reluctant to discuss inflation in a real way and offer tangible steps consumers can use to reduce the impact. However, your credit union could be the lighthouse that helps members weather the storm and navigate their way through the fog. Here are four key marketing messages and campaigns credit unions can use to help your members and your bottom line.

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Leveraging Data Analytics In Lending

By Preston Packer |

Aug

24

The cold, hard truth is lending isn't what it used to be. Everything has changed in recent years, forcing lending institutions to change too. As rates continue to increase and the financial landscape keeps evolving, credit unions must acquire new lending strategies to remain competitive in the industry. So, how should CUs adapt to these rapid changes? One of the most critical things you can do is take advantage of data analytics, which can help identify and target the right individuals based on a number of factors, from behavior and demographics to specific life events. In this article, we'll outline what's currently trending in the market and how your credit union can effectively harness the power of data analytics to benefit your members and bottom line.

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Evolve Your Data from an Asset into a Competitive Advantage

By Preston Packer |

Aug

18

As a credit union, the trust of your members and community is second to none. In fact, 63% of consumers polled as part of the Kellogg Trust Index said they trust doing business with credit unions compared to 21% for the overall financial system. While valuable, credit union trust is no longer the end-all, be-all to providing a differentiated member experience—data is.

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How Core Software and Fintech Partnerships Increase Member Value

By Preston Packer |

Jul

05

In the past, credit unions saw fintechs as some of their main competitors. However, many have turned into valuable partners offering solutions that can support member needs. Today, fintechs recognize that they are better than credit unions in certain instances and vice versa. While credit unions understand member needs, how to develop relationships, and how to safely provide financial services, fintechs use some of the latest technology to solve specific problems. This can be paired with CORE software to deliver solutions that support member needs.

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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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Is Your Credit Union Missing Lending Opportunities?

By Preston Packer |

Jun

23

Recent research has revealed that credit unions' tightened lending approach is backfiring, becoming detrimental to both borrowers and lenders. In their attempt to maintain high credit quality, many credit unions (CUs) have missed valuable lending opportunities and lost some of their reputations as lenders focused on serving average, working-class people. Many CUs have reported extremely low delinquencies and charge-off rates, which has sparked concern among lending officers who think they're missing opportunities to fulfill member needs. Thankfully, there are ways to make up for all those lost loans.

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The Importance of Auto Loan Recapture: How It Works

By Preston Packer |

Jun

21

A car is one of the most expensive purchases in a consumer's life, which is usually accompanied by a large amount of debt from auto loans. In 2021, auto loans made up nearly 18% of total consumer debt for 18 to 29-year-olds, 10% for 30 to 39-year-olds, and 9% for 40 to 69-year-olds. So, with a vast majority of the population taking out loans for their cars, why isn't your credit union getting more auto loans?

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Planning an Effective Auto Loan Recapture Strategy for Your Credit Union

By Preston Packer |

Jun

15

You offer incredible auto loan rates at your credit union, making your institution the perfect spot for members to finance or refinance a vehicle. The competitive rates you offer can certainly help members save money rather than lose it, which is why you should invest in an effective auto loan recapture program. Not only can a recapture strategy benefit your bottom line, but it can also support you in empowering your members to reach their financial goals. However, there are a few options when it comes to achieving success in these areas, including opting to do everything in-house, partnering with a vendor, or paying a vendor to take care of it all. In this article, we'll review how to choose the right approach for your credit union that will benefit you and your valued members.

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