Emerging Payment Trends Credit Unions Should Follow in 2022

By Preston Packer |

Mar

17

Traditionally, credit unions haven't been considered digital innovators. Instead, credit unions are notorious for delivering a personable, in-person, in-branch experience to sustain member loyalty and build trust.

Today, however, everything is different. As digital-only fintech firms and major banks pour money into technology to apply external pressure, it's imperative for credit unions to develop value propositions around innovation. While credit unions may not be first adopters or innovators (in the traditional sense), they are fast followers. Let's take a closer look at three top emerging payment trends credit unions should be following and paying close attention to.

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Digital Payments Are Here to Stay

By Preston Packer |

Mar

15

Digital payments took center stage during the pandemic, and their popularity became so strong, it's clear contactless payments aren't going anywhere. Commerce was already hopping on the digital bandwagon pre-coronavirus, but the shutdowns and online-only sales increased digital payments exponentially. Now, consumers are even more in favor of quick, convenient touchless transactions, which means that credit unions must be prepared to continue offering these valuable services and innovate further.

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Does Your Credit Union Tech Move the Right Metrics in the Right Direction?

By Preston Packer |

Feb

23

The current success of your credit union is directly related to your credit union's core technology. Few scenarios have made that clearer than the COVID-19 pandemic. Specifically, credit unions with the right core technology were able to quickly adjust, go digital, and deliver the solutions required to meet member needs.

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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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Grow Your Credit Union From the Inside Out: Member Retention Strategies

By Preston Packer |

Feb

15

Similar to money, it's not how many members your credit union can gain—it's how many you can keep. While member retention is paramount, it's not sufficient to simply retain members. Instead, your credit union must deepen the relationship by providing timely, personalized solutions throughout their life and across life stages. In most instances, your credit union will need to preemptively know and alert members of their needs before they do. Let's take a closer look at how credit unions can accomplish that.

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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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How Can Credit Unions Use Digital Avenues to Drive Member Growth?

By Preston Packer |

Jan

20

Today's credit unions face a unique set of challenges as member growth has consistently declined since 2018. To further compound this problem, the average credit union member age in the U.S. is 53, which means they are or have already exited their prime borrowing years. Together, these two statistics underscore the importance of attracting younger members.

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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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The Keys to Effective Organic Loan Growth

By Preston Packer |

Jan

06

Credit union loan balances are growing steadily, increasing from 5.3% in 2020. Experts predict loans to escalate 9% each year in 2022 and 2023 after the economy returns to normal, infrastructure expenditure begins, and unemployment levels decrease. As loan balances continue to rise, credit unions are searching for strategies to increase direct lending that will boost profits and set the stage for cross-sales.

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