The digital age has arrived and is here to stay. Credit union members have turned to digital and mobile banking apps to complete their everyday banking transactions. These changes in behavior combined with the rise of fintech companies such as Venmo and Paypal are forcing credit unions to enhance their digital banking services and mobile apps at a rapid pace.

Your members live in a modern world where they are reliant on technology and the internet. Technology has taught us that we can expect almost anything to happen instantly. Ordering lunch, getting a cab, texting a friend, selling stock, applying for a job... these can all be done in a few clicks, and even better, many of these experiences are personalized because providers can tap into historical data and serve up offers that they know we'll want. User expectation is that this level of service should be available in all interactions, and if you can't provide it, someone else will. Open banking is the key that unlocks that experience for your members.

A recent study shows that 1 in 5 Americans ages 20-29, don’t know their credit score. Knowing your credit score is an important, personal, financial matter that can have a huge impact on a person’s life. But to be honest, most people don’t think to look it up until they need a loan. They are also (mistakenly) afraid to look it up because they’re worried that by doing so, it will hurt their score. And then, some just don’t want to pay the costs associated with looking it up. However, today it is increasingly common for many different types of locations and products to offer people a look at their score for free. Is your credit union one of them?

At the close of trading on August 22, 2018, the stock market made history by setting the record for the longest bull market ever recorded. The last low set by the S&P 500 index was on March 9, 2009, making this run 3,453 days of fairly steady growth, with the S&P 500 climbing by more than 320% over that period. A bull market refers to a market that is on the rise and is typified by a sustained increase in market share prices. During a bull market, investors have faith that this upward trend will continue, and will invest more. But not all investors are keen on stocks these days. Another report made the news last week that surprised some economists: Millennials actually prefer cash investments over the stock market, even in this long-standing bull market.

Bringing new meaning to pay at the pump, Barclays has introduced the first ever self-service beer dispenser that accepts contactless payments, because.... well... it's pretty cool! But it also demonstrates their commitment to innovation, responding to that ever-present problem that Brits have with queuing for their next pint (#firstworldproblems). Brewing up a creative way to meet demands requires an organization-wide commitment to technology as well as flexibility within their systems to enable such developments. Many financial institutions struggle with "Innovation Killers" which come in different forms: Leaders reluctant to expand their thinking, limited budgets, employees lacking the necessary knowledge and capabilities, and legacy system hardware or software limitations. Does your credit union struggle with Innovation Killers?  

There are many challenges in the credit union industry, and balancing your technology commitments to successfully meet member demands is just one. Of course, credit unions want to offer best-of-breed technology to their members, but at what cost. Many credit unions settle with sub-par member services because they don't believe they have the resources to fund development. However, if your core system believes in open architecture and has an API, you can likely find a cost-effective way to offer your members the experience you want them to have. 

One of the topics of recent conversation in credit union technology has revolved around the impact Millennials are having on the financial industry. Within the next few years, this tech-savvy group will represent close to 75% of the workforce and is becoming an influential part of the financial world. Keeping pace with the ever-changing face of credit union technology is vital to attracting Millennial members. The credit union industry has had to evolve to be able to offer the tools and technology members demand and what once was thought of as taboo in the industry, credit union APIs are now crucial to satisfying current technology needs and staying relevant. A core data processing system with a robust API allows for credit union open architecture so that you can offer the best-of-breed products that might otherwise be unavailable.

How Remote Control Debit and Credit Cards Can Combat Fraud in Your Credit Union

Card data breaches in the US are at record highs: In the first six months of 2017, an estimated 791 data incidents occurred, coming in at 29% more than the same timeframe in 2016. According to the report in Forbes, we are on track to witness more than 1,500 total breaches in 2017... 37% higher than last year, which holds the current record of 1,093. The article highlights the worsening conditions for credit card holders: There are now online classes teaching hackers how to perform the cybercrime of "Carding." In a six-week program, taught in Russian, for $945 aspiring hackers can take 20 different lectures on finding legitimate credit card data for sale and hacking into PayPal accounts. Credit card fraud is estimated to cost $24 billion in 2018! Now more than ever your credit union must help shield members as best as you can from such dangers, and offering remote control cards to shut down access to their accounts when they are not using them is the first step.