Is Digital Banking the Death of Cash?

By Preston Packer |

Jun

03

Money makes the world go round, but where we once exchanged gold and silver for goods and services, we're now clicking and tapping our phones. Are we witnessing the death of cash? It is estimated that by the year 2024, non-cash transactions will nearly double from 2019. In addition, the number of people who made sure they always had cash on hand fell from 60% in 2015 to 53% in 2018. These trends lead to the same conclusion: we need to invest in smarter ways to exchange funds that meet the demands of the modern consumer, and digital banking is likely the answer.

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Get Member Onboarding Right, or Else

By Preston Packer |

May

28

While many credit unions have experienced the cost savings that come with having digital-only members, CUs are simultaneously sabotaging those perks by neglecting to treat these members with the care that an in-branch member would receive. This lack of personal attention is leaving new members less satisfied and therefore more likely to take their money elsewhere. Just because they are interacting with your branch in a different way, does not mean you should sacrifice the credit union difference.

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Frictionless Payments in a Friction Filled World

By Preston Packer |

Apr

14

From blisters to brake squealing, unless you're trying to start a fire, friction is rarely a good thing. Friction, as a force, works directly against motion. This type of interaction is becoming a very popular reference when it comes to user experience, or how consumers interact with your products and services. People are busy, people are on the move, and anything that slows them down runs the risk of being abandoned and a better solution being sought. The same can be said for payments. If your members feel that they have to take more steps than necessary to transact with your credit union, then they will look for financial solutions elsewhere. So, how can you reduce friction for your members?

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Member Awareness 101: In 10 Steps

By Preston Packer |

Apr

08

Making members aware of Credit Union digital products & services is half the battle. Members will use the tools that they know about and when branch hours are limited or eliminated members need to be aware of their options. When people are coming into the branch less frequently, be sure to keep sharing messaging in other ways to keep them aware of your offering.

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The Future of Mobile Banking Isn't What It Used To Be!

By Preston Packer |

Jan

29

"The future isn't what it used to be!" This according to an anonymous IBM executive concerning predicted future trends in personal computing around 1992... clearly, a person in touch with both insight and sarcasm. Now, apply the same quote to mobile banking. It's predicted that the rapidly growing trend in mobile banking, at its current pace, will surpass in-branch banking, with 2021 being the tipping point. And with predictions of 71% of customers using mobile banking by 2024, the trend is not likely to slow down. Security concerns are also growing right alongside the demand for mobility. Finserv companies were already on high alert, having experienced a 147% increase in phishing attacks between January and September 2019 from scammers imitating financial organizations. Yet members are still prioritizing convenience while expecting their credit unions to do their due diligence to ensure member data is safe. With the rapid adoption of mobile banking apps, as well as the overwhelming presence of cyber-crime, credit unions must shift their focus to not only improving the mobile banking experience for members, but also to ensuring member data stays secure.

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Validating the Naughty or Nice List with Remote Online Notarization

By Preston Packer |

Dec

19

On December 25th, humans across the world wake up to receive their judgement: In the 364 days prior to that day, the valuation is simple, have they been naughty or have they been nice? This determination was made in the days before in a remote and frigid village known as the North Pole. Arguably, one of the most impactful and globally relevant documents can be created and verified by only one man - Santa. But how can we be sure this critical decision was executed by the big man himself when we can't be there to see it? It's notarized of course! Certainly you must think this is done in-house but, legally, elves may not be commissioned to notarize. Instead, the answer is simple - remote online notarization!

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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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