Optimizing Revenue Streams for Credit Unions

By Preston Packer |

Sep

07

In a period of significant global economic instability, the financial services sector is going through a significant period of disruption. This has been especially challenging for credit unions, who need to leverage a variety of methods to keep cash flow as stable as possible. Thankfully, there are ways to use this newfound disruption to optimize revenue streams moving forward. They require organizational leaders to keep a few key things in mind.

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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.

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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. 

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The Benefits of Digital Lending Platforms for Credit Unions

By Preston Packer |

May

05

One of the big takeaways from 2020 for credit unions was that digital banking services are not only going to be important for the future, but they’re also essential right now. To satisfy members’ expectations and compete with the rise of fintech companies, CUs must choose the best technologies and continue to enhance their digital banking capabilities.One of the most important elements of credit unions’ digital banking future will be offering competitive digital lending services.

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Understanding Digital Transformation Trends in 2021

By Preston Packer |

Mar

30

When the pandemic hit in March of 2020 and caused a nationwide shutdown, many credit unions had to scramble to update their digital banking services as quickly as possible. Their hard work and adaptability were honorable, and most CUs were able to provide adequate digital services in a timely manner and maintain their member base. However, digital technology is never at a standstill and the transformation for CUs is far from complete.

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Build Your Credit Union Digital Banking Game Plan

By Preston Packer |

Mar

16

Let’s face it, the world has changed drastically since the beginning of the pandemic. We’re now living in a digital age where people want digital solutions to problems that used to be handled in person. This has had a huge effect on how all sorts of businesses operate, including credit unions. The days of credit unions conducting most of their business in the branch are over, and unlikely to return.

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How Core System Technology Can Help Credit Unions Defragment the Digital Ecosystem

By Preston Packer |

Mar

02

The events of 2020 and the ensuing pandemic shifted the world economy in unprecedented ways. Enforced global lockdowns suddenly changed consumer habits, causing all sorts of businesses to adapt and reevaluate how they can best serve customer and member needs. For many, this meant relying on digital solutions to perform financial transactions that were traditionally conducted in person—amplifying the importance of a sound digital ecosystem.

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Branch Visits Down? Shift to Remote Banking

By Preston Packer |

Nov

10

No one can deny this year has been unpredictable for both the world and American economies. From how we work and study, to how we watch sports, order food, and purchase daily goods, nearly every aspect of our lives has changed. To stay safe, more and more people have turned to conducting their business online. One area that has seen huge changes is the financial industry as people look for remote banking solutions.

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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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What to Do When Lobbies are Closed

By Preston Packer |

Apr

28

Through no choice of their own, credit unions across the country have been forced to shutter their doors, left struggling with the "now what?" conundrum of trying to continue serving members with the same dedication and personal service as always. Members are traveling on a high-speed learning curve of how to accomplish their to-do lists, while not actually going anywhere. New services and options are popping up everywhere. COVID-19 has pushed companies--and people--to adapt quickly and try new things. The adoption curve is being forced to shift, and now is the time to show members that you already have the services they need.

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