Core Elements That Contribute to Credit Union Asset Growth

By Preston Packer |

Dec

28

Regardless of the organization you're talking about, all credit unions operate with the same basic goal in mind: to serve their members. To do this as effectively as possible, they have to keep growing and establish a strong foothold in their community.

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Simplifying Digital Account Opening as a Growth Tool for Credit Unions

By Preston Packer |

Dec

22

One of the most fundamental methods to keep your credit union thriving is by continuing to onboard new members. Keeping existing members happy is crucial too, but growth will surely happen through a simplified digital account opening process.

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Superior Efficiency for Credit Unions Through Digital Account Opening

By Preston Packer |

Nov

30

One of the most important things to understand about operating a credit union is that increasing efficiency is usually less the product of any one major move and is more about a series of smaller and more strategic ones.

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3 Keys to Unlocking Greater Operational Efficiency at Your Credit Union

By Preston Packer |

Nov

10

When it comes to operational efficiency, credit unions have room for growth. According to a McKinsey & Company study, credit unions are repeatedly more inefficient when compared to similarly sized banks. The causes of this operational efficiency variance can range, but it almost always boils down to certain processes draining valuable resources. Ask yourself:

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Fast Forward the Digital Transformation of Your Credit Union

By Preston Packer |

Oct

11

Because of the fast-paced digital world that we're all living in, many credit unions can find it difficult to keep up with ever-changing member expectations.

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Strategic Ways Credit Unions Can Tap into New Credit Card Users

By Preston Packer |

Sep

29

Today, credit union members and consumers have more ways than ever to pay for goods and services, including Buy Now Pay Later, automated clearing houses, mobile wallets, and peer-to-peer payments. At the same time, payment methods are getting smarter.

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Analytics: The Key to Lending Speed For Credit Unions

By Preston Packer |

Aug

03

Within the last few years, we've seen many financial institutions rely heavily on traditional data as they've been making various credit decisions. Recent tumultuous times have also caused businesses and consumers to lose valuable revenue. Meanwhile, existing data models that were originally intended for periodic declines (instead of a complete economic standstill) have proven not to be as relevant or foretelling. These dramatic changes in both credit and consumer behavior have caused lenders to seek new data and earlier warning signs. This is where analytics come in.

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Merchant Services Can Help Credit Unions Minimize Dwindling Deposits

By Preston Packer |

May

12

As a credit union, providing your community's small businesses with the deposit and lending products they need is imperative to all you do. But are you currently meeting their merchant services needs? It's a fair estimate that credit card processing is a vital cornerstone for most businesses. And if you're not offering your members merchant services, you're missing out on a huge opportunity to deepen the relationship and increase your credit union's wallet share.

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2022 Is The Year to Get Smarter with Credit Union Cross-Selling

By Preston Packer |

Apr

28

We get it—acquiring new members is vital to the growth of your credit union and virtually any other business. While the importance of new member acquisition is never in question, the cost of these ventures can be exceedingly high. According to a study by market analyst firm Vetter, a credit union's new member acquisition cost (MAC) sits comfortably somewhere between $400 and $700. This is a figure that has been climbing since COVID-19 due to the supersaturation of digital channels.

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Cross-Selling for Credit Unions: Art or Science?

By Preston Packer |

Apr

20

It's safe to say that the financial landscape has changed substantially over the past decade, requiring better performance for credit unions, from improving member onboarding to embracing digital transformation. Nowadays, it's imperative that CUs engage with their members on a more personal level and present themselves as a one-stop-shop for financial assistance. With this challenge comes a new emphasis on the process of cross-selling, which ultimately helps to acquire a higher level of member loyalty. Here are some valuable insights on what it takes to effectively cross-sell and foster better long-term relationships with your members.

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