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Tech Costs are Killing Small Credit Unions

By Preston Packer |

Apr

26

In order to stay relevant in today's fintech world, you must have all the latest member service features in your digital arsenal. Staying in touch with tech trends and being aware of what's being developed on the horizon is important, as is being able to implement it with the rest of your technology when it's market ready. It's imperative to find ways to stay one step ahead of your competition and differentiate yourself from the rest. However, in a monopolized financial industry where the principle of economies of scale is alive and well, it's difficult for small credit unions to meet the price tag of the tech that will make them competitive. 
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Not For Profit Shouldn't Mean You Are For Loss

By Preston Packer |

Apr

12

According to Investopedia, a credit union by definition is "a type of financial co-operative." They follow the basic model of any co-operative and pool their money in order to be able to "provide loans, demand deposit accounts, and other financial products and services to each other." They are classified as 'Not-For-Profit' and their unique ownership structure, in which all members are co-owners, allows for the profits to be reinvested and for members to benefit directly through lower fees, rates, etc. Credit unions being labeled as 'Not-For-Profit' can be misleading or confusing to some. In order to function and cover overhead and operating costs, not to mention great rates, a credit union must generate a profit. And, as with any business, the more revenue generated translates to growth and a thriving credit union.
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The Planet of the APIs

By Preston Packer |

Apr

03

While we have yet to encounter and clash for control with highly evolved and intelligent apes, technology is definitely making our planet smaller. We interact with friends and family across the country or the street with little or no effort. The ability to share information at any time of day or night has become second nature to us. Technological advances are around us everywhere in our daily lives - even our technology talks to each other - the IoT. It stands to reason that when it comes to our personal finances, another integral part of our lives, we would expect and want to have the latest technology available and be able to use it to its fullest extent.
 
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Can Beer Trigger Innovation?

By Preston Packer |

Mar

22

Bringing new meaning to pay at the pump, Barclays has introduced the first ever self-service beer dispenser that accepts contactless payments, because.... well... it's pretty cool! But it also demonstrates their commitment to innovation, responding to that ever-present problem that Brits have with queuing for their next pint (#firstworldproblems). Brewing up a creative way to meet demands requires an organization-wide commitment to technology as well as flexibility within their systems to enable such developments. Many financial institutions struggle with "Innovation Killers" which come in different forms: Leaders reluctant to expand their thinking, limited budgets, employees lacking the necessary knowledge and capabilities, and legacy system hardware or software limitations. Does your credit union struggle with Innovation Killers?  

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Find Your Relevance: Where Kodak Went Wrong

By Preston Packer |

Mar

13

From the 70's through the 90's, Kodak was everywhere. It was a term everyone recognized, so much so that to take a 'Kodak' came to mean the same as taking a 'picture'. An especially touching situation was called a 'Kodak Moment,' and there were even Kodak Picture Spots in Disney World. Everyone was capturing their life moments in sharp, photographic imagery and eagerly opening their film envelopes once they were processed to see how they came out. People created scrapbooks and dutifully filed away their negatives. The demand for film processing became so great that Kodak took to building little photo "huts" or kiosks in parking lots where customers could drop off their pictures for development 24 hours a day.
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8 Unconventional Ways to Master your Credit Union's Tech

By Preston Packer |

Jan

31

The decision to invest in new technology is not made lightly. There are many factors involved, not the least are cost, compatibility, and anticipated gains from efficiencies. Think of the Efficiency Ratio often referenced as a measure of credit union success. Technology plays a huge role in driving that number. But what good is it to invest in that technology, or core system, if your employees can’t use it to its fullest potential? What can you do to ensure your investment is optimized? Sitting through a vendor presentation and reviewing slides only goes so far. There’s a certain amount understanding and knowledge that can really only be gained from practical, hands on use. Once your employees reach a comfort level with the basics, what else can be done to encourage them to dig deeper, and further maximize your tech investment? Here are some ideas to help build on that knowledge and get them thinking out of the box... or at least out of the classroom.
 
  1. Join User Groups- User groups are a great tool and often over looked as a source of information. Just about everyone has Googled the occasion IT question and found answers in a forum. Joining a user group for your specific technology not only provides another source for troubleshooting answers, but can make you aware of potential problems, provide links to solutions (think patches and work-arounds), and also provide a network of contacts in your area.
  2. Subscribe to Blogs- Blog articles are a wealth of information and can be found on a variety of platforms. Your vendor may host their own blogs, as well as the manufacturer of the your particular core technology. Other social media sites may publish them as well, such as Facebook or LinkedIn. Your user group may even have their own blog! Subscribing is an easy way to stay update and current on the latest tech offers, conversations and hot topics, all delivered directly to your desktop.
  3. Attend Conferences-Another great way to network and make connections, and hear first hand of the latest and greatest core technology developments. Attending a conference has the added benefit of employees potentially attending together, as a team, providing the foundation on which to build cohesiveness and problem-solving skills together.
  4. Volunteer for the User Committee- Setting up a User Committee is a great way to track recurring issues and common questions, and also to provide uniform answers and solutions to your staff. Encouraging your employees to participate in the Committee will help keep them engaged and informed, but also invested in the successful outcome of the tech use. Having a single point of reference for questions will also eliminate redundancy and streamline problem resolution.
  5. Ask To Be a Part of Beta Testing- Before a product is officially on the market, the final phase of development is to test the technology on a limited basis with a limited number of end-users in order to obtain feedback on its performance. Being a part of this testing will provide some insight as to how the software was designed and what was done to resolve any issues. Invaluable information to have when the technology is in real - world use and difficulties arise.
  6. Experiment in the training/testing platforms- Similarly, once the actual technology is in place, spend time using the various tech tools and capabilities with “fake” data. Generate a report, run analytics, track performance, etc. without using real-time information. Learning to manipulate the data when there’s no deadline or fear of making a mistake will allow your employee to develop a comfort level with the software, and maybe inspire them to be creative with it.
  7. Explore Beyond Your Comfort Zone- This ties in nicely with the above idea of experimenting on the training platform. Encourage them to learn how to perform a task, and then further manipulating the results to generate new data. If they lose data, how can they recover it? Can they export a table or report?
  8. Be active I. Online academies and Universities- Continuing education is always a good investment. Building upon your knowledge base and preparing for any new technologies on the horizon will keep you competitive. Investing in core technology with open architecture will ensure you’re ready for any advances that come along, and having a staff prepared to embrace it is invaluable.

The decision to invest in new credit union technology is not made lightly. There are many factors involved, not the least to be considered are cost, compatibility, and anticipated gains from tech provided efficiencies. Take for example the Efficiency Ratio often referenced as a measure of credit union success... Technology plays a huge role in driving that number. But what good is it to invest in technology if your employees can’t use it to its fullest potential? What can you do to ensure your investment is optimized? Sitting through vendor presentations and reviewing slides only goes so far. There’s a certain amount of understanding and knowledge that can really only be gained from practical, hands-on use. Once your employees reach a comfort level with the basics of your credit union core processing software, what else can be done to encourage them to dig deeper and to further maximize your tech investment? Here are some ideas to help build on that knowledge and get them thinking out of the box... or at least out of the classroom.
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Posts by Topic

  • Core Technology (159)
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  • Core Processing System Review (51)
  • Card Management (48)
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  • Mobile Lending (35)
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  • credit union growth (20)
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  • Core Integration (18)
  • Disaster Recovery (18)
  • Compliance (17)
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  • Check21 (14)
  • Efficiencies (13)
  • Internet Banking (13)
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  • mobile apps (11)
  • Core Conversion (10)
  • Document Management (10)
  • Remote Deposit (10)
  • P2P (9)
  • e-Signature (8)
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  • application program interface (7)
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FLEX serves nearly 300 credit unions in locations across the country including Alaska, Hawaii, and the Eastern Caribbean. The company enjoys established relationships with all regulatory agencies, corporate credit unions and major industry partners. In recent years, credit union industry personnel ranked FLEX first among competing vendors for customer satisfaction.
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