This Summer, a change to checking regulations, set in motion almost ten years ago, came into effect. Here is a little history of Regulation CC along with its impacts on credit union compliance and members that your credit union needs to be aware of. 

When a new relationship begins, it's often the result of some shared interest, a commonality. To strengthen the relationship, you then take great care in learning about the other person - what they like to eat, where they like to travel, what movies they enjoy watching, etc. You develop a personal connection and familiarity that makes you feel close and known, bringing you comfort and happiness. Your member relationships are no different. Members come to your credit union because you have something in common, perhaps they are teachers and your credit union is for teachers. But, they stay because you spend the time to learn about them. It's that credit union difference. APIs can help your credit union build better member relationships than ever before.

Great technology alone will not make a successful credit union. Storing every piece of transactional data won't either. Nor will having the most courteous member services representatives in the entire country. The truly successful credit unions are those that arm their staff with useful data and teach them how to leverage it, ultimately enabling them to not just serve their members, but add value for them. It's a formula for success.

Around the world, people are choosing to keep their distance from each other. They're foregoing family visits and hangouts with friends. They're cancelling parties, skipping inessential shopping, and delaying trips. In any other situation, it could be seen as selfish and probably rude. But in this time of crisis, it's really an act of great care. While there is no actual law forcing them to stay home, they're doing it because they are helping protect those that are more likely to suffer from this disease. It's an act of love. It's a way to show each other that we care, that we have each others back.

Businesses are showing support too. Stylists are sharing videos to help clients cut their own hair. Gyms are streaming popular classes so members can keep up with their fitness routines. Restaurants are sharing their secret recipes so patrons can cook their favorite dishes from the safety of their homes. Businesses are finding ways to help their customers because it's the right thing to do--to support each other. So what can your credit union do to show your members you are there for them, even when you can't actually be there for them? We have a few ideas.

A credit union executive is always looking for ways to strengthen member relationships, through extending product and service offerings, ensuring the best talent is on staff, and providing members special benefits and events.  One service  that is becoming more common with credit unions is to offer members free access to their FICO^® Score.  By doing so, it establishes trust, loyalty and growth with its members, while at the same time increasing profitability.  It’s a win-win!

It's assumed that most members know why their credit score is important: It gets them access to loans, better rates on loans, credit cards, cell phone plans, even apartment rentals. But you know what they say happens when you assume! In November of 2019, a survey indicated that nearly 40% of Americans don't know their credit score. The number of younger respondents (ages 18-24) who didn't know their score jumped to 60%. Without knowing their credit score, or at least generally where they fall in the point total, they probably don't fully grasp the significance of the number... and your credit union has learned another tough lesson about making assumptions.

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?

It is time to say so long to that limitless void created when a check gets dropped in the USPS. It's a long goodbye, but not one to cry over. ACH has finally overtaken check usage in the United States. The Federal Reserve published a study in December 2019 analyzing the consumer, business, nonprofit and government payments from 2018, and for the first time, ACH debit transfers have exceeded the number of check payments in the US. The transition to ACH is welcome for both members who realize its convenience, and for credit unions, who can see the opportunity in leveraging ACH data from their core to meet more of their member's financial needs.

It's a hot summer day in 1999, the latest roller coaster ride looms in the distance, you jump in line ready to experience the thrill in person. Then you wait... and wait... and wait. After an hour and a half filled with countless weaving back and forth, you arrive - only to find the ride is shut down for a repair. A crushing disappointment and a waste of precious time. Do your members have that same experience at your credit union? Long lines during peak hours? Driving to the CU to meet with a loan officer, only to find they are in a meeting? Amusement parks have introduced Fast Passes to combat this issue - what can your CU do to give your members a better experience? 

Perception and Reality are oftentimes two different things. You may think your member service is fantastic- certainly better than average. But is that really true? Outstanding member service is something that every business knows is important and stresses the concept in their value statements, employee training, and mission. There are certainly many brands that make exceptional service a priority, such as Apple, Disney, and Amazon. They set the new level of standards for companies that want to provide the best experience possible. Just as perception and reality are two different things, saying and doing do not hold equal weight.