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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Redefining the Credit Union Experience

By Preston Packer |

Nov

11

There have been so many changes in the credit union world over the past few years, sometimes it’s a good idea to take a breath and reevaluate what’s happened and where the future might take us. One thing that’s occurred that cannot be ignored is the huge role digital technologies have begun to play in banking and nearly all aspects of our lives.

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Cashless or Less-Cash? Credit Unions Preparing for the Digital Future

By Preston Packer |

Aug

05

For some time now, cash has taken a backseat to credit and debit cards in America, and digital and mobile banking has been evolving. The events of the past few years have only accelerated the transformation of more and better digital banking services, digital wallets, and other digital solutions to fill customer and member needs. Those credit unions who adapted and enhanced their digital banking platforms likely satisfied and maintained their members, but some might wonder if digital banking will replace all in-person transactions and maybe even cash itself.

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Digital Member Services to Set Your Credit Union Apart

By Preston Packer |

Jul

22

In 2020, credit unions and all sorts of businesses were forced to adapt and change the way they provided member services. Obviously, one of the biggest changes was finding a way to provide services and transactions that were once conducted in-person and make them digital. As member expectations and needs changed, CUs and other businesses were forced to enhance their digital platforms at an alarmingly fast rate.

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Speed and Simplicity Through Credit Union Digital Lending

By Preston Packer |

May

13

As credit unions turn to digital solutions to meet their member’s changing needs, in-branch transactions and manual processes are rapidly becoming a thing of the past. Such digital transformation throughout the financial world is here to stay, and CUs must adapt to survive and thrive.

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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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