The Great Generational Divide in Service Priorities

By Preston Packer |

Sep

26

Not surprising, Millennials have different priorities and expectations from a financial institution than older generations do, according to a recent report compiled by a CA-based payments firm, Marqeta. Millennials, recognized as the first generation to grow up or come of age with digital technology like cell phones and the internet, are comfortable using modern technology, and have come to expect its availability for use in their every-day banking needs. Baby Boomers, on the other hand, place less importance on having the newest and most cutting edge tech, instead preferring a more personable and hands-on on approach in their banking. The challenge for credit union executives is how to service these divided members.

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Are Your 2019 FinTech Goals on Track?

By Preston Packer |

Jun

27

At the mid-point of 2019, Summer is here and vacations have started. If you manage to sneak away from your role as a  credit union leader, perhaps sipping your lemonade poolside, you may start to reflect on where you stand with some of the goals you set in your strategic plan for 2019. How much progress have you made toward achieving those FinTech goals you set for your credit union? Are they still relevant? Do they need modifying or to be re-prioritized? Start by reviewing just what those initial goals were and your vision for your credit union for 2019. Your technology goals are unique to your particular credit union and the areas you’d like to improve upon. No matter where you are in your digital FinTech development, whether just starting to offer mobile capabilities or looking to implement the latest cutting edge technology, here are some things to consider as you work towards those goals:

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Do Challenger Banks Pose a Challenge to Credit Unions?

By Preston Packer |

Jun

19

Credit unions have traditionally competed with banks for market share, striving to offer comparable (if not better) products, services and the newest and best in technology. While most credit unions hold their own with technology and products, what ultimately gives them their edge is their foundation built on the importance of member relationships and a member’s personal ownership in the credit union. But as we have seen over the last few years, digital banking conveniences have become a fundamental part of a financial institution's offerings, a requirement in order to stay competitive. And to that end, credit unions might have a new competitor - Challenger Banks. While these digital-only institutions are still more widely used overseas, they are gaining in popularity here in the US market, and could represent a potential threat of lost deposits, revenue and members to credit unions and other financial institutions in general.

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The Ever-Changing Role of a Member Service Representative

By Preston Packer |

Jun

13

The digital banking revolution has begun, and Member Service Representatives may feel like a casualty of war. It’s tempting to think that there’s no longer a need for Member Service Representatives. After all, questions can be answered easily online or using a chat window, transactions performed with just a few clicks, and information about products is readily available. But consider this: Who is responding to your member in that chat window? Who will assist your member when a transaction goes awry (heaven forbid fraud!), or if they have specific questions about which loan product might be best for them? Answer: A much needed Member Services Representative.

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Build a Modern Banking Experience for your Members

By Preston Packer |

May

22

According to a LinkedIn study, Millennials will change jobs an average of four times in their first decade out of college, compared to about two job changes by Gen Xers in their first ten years out of college. This in contrast to their parents and grandparents, who seemingly "stuck it out" for longer, with the mentality of "why leave a perfectly good job for an uncertain one." even if the promise of greater money and benefits was appealing. While the reasons for younger generations to job hop more frequently are not limited to just factors of pay and benefits, a study by Utah-based Thrive Communications found that over 20 percent of Millennials would actually quit a job if the employer did not offer fast in-office technology. Technology is such a central and crucial aspect of this generations' lives that businesses who do not adopt new technologies will not keep the hearts of younger generations for long. It is not so much a lack of loyalty as it is a shift in priority. For this very reason, credit unions who wish to attract and keep Millennial members must build a modern banking experience, and do it well. 

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The Top Banking Trends in 2019

By Preston Packer |

May

08

Not too long ago, there was a lot of skepticism associated with digital banking. Many assumed it was not secure, and even more people would not have considered a digital-only model for their credit union. Today the financial landscape is changing, and rather than being skeptical of digital, people are becoming impatient with traditional banking institutions… particularly Millennials. Younger generations are demonstrating their lack of trust in the traditional banking system at an unprecedented rate. Here are trends financial institutions can expect in 2019.

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Digital-Only Banking... Futuristic or Fundamental?

By Preston Packer |

May

02

Credit unions thrive on personal interaction and service. After all, many credit unions were founded for a lack of personalization in their local banking community. However, technology has brought on an opposing, yet competing, banking solution. Digital-only banks are low-cost solutions for those who want to manage their banking needs exclusively online. Digital-only financial institutions are defined as strictly digital banking solutions. So banks and credit unions that have in-branch service and brick and mortar options that also happen to offer full digital service, cannot be considered a digital-only bank. Digital-only institutions are more commonplace overseas but they are gaining momentum here in the United States. Here is the scoop on digital-only institutions in the financial industry today.

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