Core Elements That Contribute to Credit Union Asset Growth

By Preston Packer |

Dec

28

Regardless of the organization you're talking about, all credit unions operate with the same basic goal in mind: to serve their members. To do this as effectively as possible, they have to keep growing and establish a strong foothold in their community.

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Business Intelligence: The Key to a Successful CU Digital Transformation

By Preston Packer |

Oct

25

While the implications of the term "digital transformation" are far-reaching, in practice the situation isn't quite that complicated. It's all about the technological processes that can be put in place today to help better prepare an organization for the potential challenges it will face tomorrow.

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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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