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.

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The Value of New Technology in 2022 and Beyond

By Preston Packer |

Jan

12

The past 18 months have brought unexpected challenges to credit unions of all sizes. The severity of these challenges varies by credit union and some peer groups were more affected than others. Digital transformation became a real topic, instead of wishful thinking or “clickbait” for marketing companies. We quickly learned which credit unions were prepared for a digital transformation and those that were not.

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3 New Year's Resolutions Every Credit Union Should Use to Drive Growth

By Preston Packer |

Dec

23

Although the pandemic made it clear financial institutions were all in the same storm, each credit union's boat was entirely different. For instance, some credit unions have been able to capitalize on rapid digitization, while others may not have been as fortunate. In either case, it's important to learn from the lessons doled out over the last two years and use them to strategically plan for the future. Let's look at three New Year's Resolutions credit unions can use to drive growth in 2022 and beyond.

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Ways to Increase Lending in a Digital-Driven World

By Preston Packer |

Dec

09

The pandemic has turned digital preference into a priority. Out of necessity, many banks and credit unions were forced to stretch beyond physical interaction and offer a completely digital experience. As a result, lenders have improved their online loan application process, making them quicker, easier, and user-friendly. According to a recent survey, nearly two-thirds of people who have applied for loans within the last two years complete them partially or completely online. As a credit union, it's time to recognize that today's consumers desire online and mobile solutions, and deliver just that.

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2022 Planning Priorities for Credit Union Growth

By Preston Packer |

Dec

01

It's simple: Those who fail to plan are planning to fail. While this may not be a surprise or foreign concept, not all planning is created equal. As you begin entering strategic planning for the upcoming year, here are three key goals that should be on your credit union's roadmap.

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Is Your Credit Union Ready to Serve Gen Z?

By Preston Packer |

Nov

23

Your credit union may have figured out how to serve Millennials, but there is another generation to understand: Gen Z. Although the two generations look similar, their interests, tendencies, and money-spending habits are quite different. So, how can your credit union stay ahead of the game and offer the most convenient and appealing services to the next round of consumers? These potential members are the future, and credit unions would be wise to learn how best to cater to this generation.

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How Credit Unions Can Unlock Once-in-a-Generation Member Services

By Preston Packer |

Nov

17

Over the next two decades, the U.S. will experience an unprecedented generational transition of wealth. The aging Baby Boomer generation is expected to transfer $30 trillion of inheritance to Generation X and Millennials. This historic transition of wealth and buying power is also ushering in shifting perspectives around debt, money, and investing. As such, it's imperative credit unions harness this knowledge to tailor how and what services they deliver to their members. Let's take a closer look at generational trends and how credit unions can use these trends to unlock a superior credit union member experience.

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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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How to Protect Your Credit Union from Phishing Attacks

By Preston Packer |

Oct

14

The increased use of digital technology around the globe over the past couple of years has also led to an increase in cyberattacks--particularly phishing. Phishing refers to when a malicious actor sends fraudulent emails or messages with the intent of stealing your personal information and/or money. Since credit unions have access to both the personal information of their members and their money, it makes them ripe targets for phishing and other types of attacks online.

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Credit Union Cybersecurity Awareness Month: Fight the Phish

By Preston Packer |

Oct

12

For week two of Cybersecurity Awareness Month, the Cybersecurity & Infrastructure Security Agency (CISA) and the National Cyber Security Alliance (NCSA) will be focusing their energy on phishing attacks. Themed “Phight the Phish!,” the week aims to spread awareness and reduce the risk of phishing attacks on individuals and businesses across the nation. Because credit unions are responsible for guarding both sensitive information and the money of members, it’s important to prepare for phishing attacks and understand how to prevent them and respond appropriately if one occurs.

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