What Credit Unions Need to Know About Digital Account Opening in 2023

By Preston Packer |

Mar

07

Savvy credit union leaders understand that there have been a few key drivers of both deposits and loan growth in recent years. Better marketing campaigns that effectively target younger members are one of them, as have been more aggressive offers that people just can't help but say "no" to.

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Building a Proper Credit Union Growth Mindset One Step at a Time

By Preston Packer |

Dec

20

Long-term growth is a priority for any credit union. Yet at the same time, many organizational leaders are not sure what components to consider when planning and executing a growth strategy.

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Superior Efficiency for Credit Unions Through Digital Account Opening

By Preston Packer |

Nov

30

One of the most important things to understand about operating a credit union is that increasing efficiency is usually less the product of any one major move and is more about a series of smaller and more strategic ones.

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Taking an Members-First Approach to Digital Transformation

By Preston Packer |

Oct

31

Digital transformation — when done right — can transform your credit union's ability to stand out in a crowded market while optimizing operations and improving the overall member experience. But when it's done wrong, the possibilities are endless — and not in a good way. For example, Hewlett Packard's digital transformation in 2004 was slated to cost $160 million. But because of several failures, it cost them nearly five times that amount.

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4 Practical Ways to Help Members Protect Their Credit Score

By Preston Packer |

Jun

09

Our country continues to face a difficult economic situation. The cost of living is up, supply chain delays persist, and wages are low. For credit unions, it just makes it that much more important to innovate their digital strategy to better serve their members. Below, we've outlined four key credit services that your credit union should be offering.

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Differentiate Your Credit Union with a Differentiated  Card Payments Strategy

By Preston Packer |

May

05

Today, consumers have access to more ways than ever to pay for goods and services. Whether it's convenient Buy Now Pay Later (BNPL), Cash App, Venmo, PayPal, or embedded payments—they all represent easier, frictionless payment methods for consumers. But that's not all they share in common: they all pale in comparison to the popularity of credit and debit card solutions.

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2022 Is The Year to Get Smarter with Credit Union Cross-Selling

By Preston Packer |

Apr

28

We get it—acquiring new members is vital to the growth of your credit union and virtually any other business. While the importance of new member acquisition is never in question, the cost of these ventures can be exceedingly high. According to a study by market analyst firm Vetter, a credit union's new member acquisition cost (MAC) sits comfortably somewhere between $400 and $700. This is a figure that has been climbing since COVID-19 due to the supersaturation of digital channels.

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Cross-Selling for Credit Unions: Art or Science?

By Preston Packer |

Apr

20

It's safe to say that the financial landscape has changed substantially over the past decade, requiring better performance for credit unions, from improving member onboarding to embracing digital transformation. Nowadays, it's imperative that CUs engage with their members on a more personal level and present themselves as a one-stop-shop for financial assistance. With this challenge comes a new emphasis on the process of cross-selling, which ultimately helps to acquire a higher level of member loyalty. Here are some valuable insights on what it takes to effectively cross-sell and foster better long-term relationships with your members.

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4 Effective Methods to Cross-Sell at Your Credit Union

By Preston Packer |

Apr

12

The financial sphere is a competitive space for attracting consumers and maintaining a steady influx of revenue. However, the process of cross-selling is a practical way to advance your credit union and offer the best, most personalized services to your members. Cross-selling is a sales technique that is truly one of the most profitable ways to retain credit union members and grow your credit union.

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