Innovative Credit Union Payment Trends to Watch in 2022 - Part 2

By Preston Packer |

Mar

03

The financial world has already seen and will continue to see more competition in 2022, especially in regard to payments. Between the influx in buy now, pay later (BNPL) payments, and consumers' desire for faster, easier transactions, it's safe to say that rivalry is at an all-time high.

Read More

Innovative Credit Union Payment Trends to Watch in 2022 - Part 1

By Preston Packer |

Mar

01

The world of payments is on a fast-paced roller coaster to an all-digital destination. The already speeding locomotive received a jolt of energy via COVID-19, which further increased the demand for digital, online, contactless, frictionless, and speedier payments. While most generations show an interest in digital payments, it comes as no surprise that the largest push is being generated from the rear.

Read More

Does Your Credit Union Tech Move the Right Metrics in the Right Direction?

By Preston Packer |

Feb

23

The current success of your credit union is directly related to your credit union's core technology. Few scenarios have made that clearer than the COVID-19 pandemic. Specifically, credit unions with the right core technology were able to quickly adjust, go digital, and deliver the solutions required to meet member needs.

Read More

Using Open Banking to Enhance Your Credit Union Member Experience

By Preston Packer |

Feb

17

Open banking will support credit unions that possess a certain digital capacity. The most successful credit unions (CUs) are ones that utilize member data and provide real-time information, organized workflows, notifications, and alerts. Members seek convenience above all, and so these features should offer just that. Here are a few ways CU staff can increase the value of your services with open banking APIs.

Read More

Grow Your Credit Union From the Inside Out: Member Retention Strategies

By Preston Packer |

Feb

15

Similar to money, it's not how many members your credit union can gain—it's how many you can keep. While member retention is paramount, it's not sufficient to simply retain members. Instead, your credit union must deepen the relationship by providing timely, personalized solutions throughout their life and across life stages. In most instances, your credit union will need to preemptively know and alert members of their needs before they do. Let's take a closer look at how credit unions can accomplish that.

Read More

Create a Better Member Experience: Open Banking APIs

By Preston Packer |

Feb

09

Whether it's a credit union, community bank, or national bank, open banking has transformed how people perform financial transactions. Highlighted by innovative and integrated apps, open banking is made possible through application programming interfaces (APIs). In the most simple sense, an API is a software intermediary that allows two different applications—such as your credit union core processing system and a third-party app—to seamlessly communicate.

Read More

The Future is Now: Improve Your Credit Union at the Core

By Preston Packer |

Feb

01

In the fast-paced world of banking, you can either change or get left behind. And far too often, credit unions have defaulted to the latter by failing to embrace the rapid pace of technological change. Instead, many credit unions have attempted to remain competitive by delivering world-class member service and valuable relationship-based banking.

Read More

The Impact of New Technology for Credit Unions

By Preston Packer |

Jan

26

In today's digital age, virtually all credit unions face one glaring concern: how to maintain the valuable face-to-face relationship-based banking that members have come to expect while offering the cutting-edge digital tools younger members demand. In addition to finding the right mix, the capital investment required to make this transition has often helped justify kicking the proverbial can down the road. That was until COVID-19 escalated digital transformation from a nice-to-have into a must-have. Fortunately, Eastern Utah Community Credit Union (EUCCU) already had the plans and groundwork in place to seamlessly make the transition. 

Read More

How Can Credit Unions Use Digital Avenues to Drive Member Growth?

By Preston Packer |

Jan

20

Today's credit unions face a unique set of challenges as member growth has consistently declined since 2018. To further compound this problem, the average credit union member age in the U.S. is 53, which means they are or have already exited their prime borrowing years. Together, these two statistics underscore the importance of attracting younger members.

Read More

Budgeting for Success with Digital Transformation

By Preston Packer |

Jan

18

Digital transformation is no longer a buzzword that all the cool financial institutions are using. Instead, COVID-19 has escalated it from a nice-to-have, wishful thinking strategy into a must-have for credit unions to remain competitive. At the very heart of any effective digital transformation is a metamorphosis that transforms how your credit union interacts with members. In the act of doing so, it should modernize and simplify processes while generating efficiencies and improving KPIs, such as the credit union's efficiency ratio. While COVID-19 has escalated the importance of digital transformation, it has also highlighted key problems credit unions face.

Read More

Recent Posts

Posts by Topic

see all topics
FLEX will improve your system efficiency.