5 Must Have Mobile Banking Video Tutorials for Credit Union Websites

By Preston Packer |

May

15

Studies have found that 90% of information transmitted to the brain is visual. Additionally, visuals are processed by the brain 60,000 times faster than text and videos improve learning retention by up to 400% over text-based manuals. Understanding exactly how to use your mobile banking app is critical for your members and their digital experience. While some tools might seem self-explanatory, many features are not so easy to grasp. And while at times, on-screen instructions are sufficient, they often aren’t enough, especially when the task involves multiple steps.

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The Best Kept Secrets of Credit Union Executives

By Preston Packer |

May

10

Credit union presidents and CEO's come in many forms, all with a variety of backgrounds and interests. But they all share a few common bonds: a real passion for their credit union, their desire to provide excellent and inspired leadership, and a love of their jobs. Many could likely find a higher paying position, or opt to run a larger credit union, but choose not to because of their own feelings of loyalty, legacy and a strong belief in helping those in their community succeed and achieve good financial health. While they might not all have Masters in Finance or a degree in Business Management, many have created an atmosphere in their credit union that is engaging for members and employees alike, is personable, productive, efficient and overall, a great place to work. 

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The Top 5 Crutches that Create Performance Disparities Between Large and Small Credit Unions

By Preston Packer |

May

08

Many Small credit unions are fighting an uphill battle to compete in the financial marketplace and to gain a better foothold. With recent numbers illustrating their decline in membership, assets and loan growth, it seems small credit unions have a blurry future. However, with an estimated 70% (4000/5684) of total operational credit unions classified as small (having under $100M in assets,) they represent a huge portion of the industry, and their struggles shouldn’t be easily dismissed.

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Are Large Credit Unions Monopolizing the Industry?

By Preston Packer |

May

01



Small credit unions have held their own in the marketplace for years, struggling at times to compete, but with extraordinary resourcefulness, have stayed viable.The latest report from the NCUA, however, provides some alarming data: Large credit unions are getting larger while smaller credit unions are, in fact, getting smaller. It's worth noting that while this is actually a long time industry trend, the strengthening economy has brought with it mounting challenges for smaller credit unions to stay competitive in the upcoming year.

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4 Reasons You're Losing Members from a Poor Digital Banking Experience

By Preston Packer |

Apr

24

Simply offering a mobile banking app to your members is not good enough anymore - it needs to perform well and quickly provide the information members are looking for in order to hold its own against the competition. The interaction should be seamless, and the app should respond easily with just a touch or screen swipe. It should offer a user interface that appeals in layout, is clearly understood and able to be followed. In short, their digital experience should leave your members satisfied, frustration-free and ready to come back for more. 
 
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Preparing for and Managing Education Costs

By Preston Packer |

Apr

19

It's springtime and students are graduating, looking forward to their next step in life. Some are high school seniors about to embark on a brand new experience and obtain a college education. Others are graduating from college and about to enter the proverbial real world - with real jobs, real responsibilities and unfortunately, a lot of real debt. Preparing for these life steps are important, and proper planning can help ease some of the burden. College savings plans, such as 529s, student loans and overall responsible spending and investment plans can relieve some of the stress and provide assistance in repaying the debt. As a credit union, helping your members successfully manage their higher education debt represents a big opportunity to help them not only plan for but survive one of the biggest expenses in their lifetime.
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Spring: Time For Credit Union Growth and Member Cultivation

By Preston Packer |

Mar

27


It's finally Spring, the season for growth, renewal, fresh beginnings and new opportunities. This is also a great time to look for fresh opportunities to grow your credit union's bottom line and to cultivate existing members. There are various strategies to best accomplish this, some more tried and true than others. At the close of 2017, results from strategic planning sessions yielded several trends in the credit union industry, both opportunities and industry challenges. One of the biggest and most noteworthy differences for the upcoming year was a more focused approach on member growth and lending strategies. The incorporation of more targeted marketing with an expanded use of social media, and the rise in the credit union market's share of auto loan financing were also predicted to be important factors that would play a role in credit union growth.
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Rock the Basics | 6 Ways to Improve Your Savings Account Options

By Preston Packer |

Mar

07

Having a savings account or some form of a savings vehicle is one personal finance practice that has remained tried and true. Even as kids we were encouraged to save money in our piggy banks. Over the years, the popularity of different savings account options have phased in and out, impacted alternately by the current state of the economy, interest rates, and government policy. However, maintaining a savings account for emergencies, a vacation or an unexpected expense has remained an important part of any healthy financial plan that credit unions continue to stress to members. There are a few different options out there, each with pros and cons depending on your member's situation; how liquid they need their funds, if they can supply and maintain a minimum balance, and the time frame they could let their funds grow untouched. A little member education can go a long way when it comes to choosing a savings account that works. And having savings account options is key to ensuring you meet your member's needs.
 
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10 Simple Tips to Teach Your Members How to Pay Down Debt

By Preston Packer |

Mar

02

Over the course of the last year, Americans’ total credit card debt continued to climb, reaching an estimated $905 billion in total debt in 2017, according to NerdWallet. That’s almost an 8% increase from the previous year, with the average household carrying an estimated $15,654 in credit card debt alone. A further look at the source of all this debt revealed a few things about our charging habits. While not all that surprising, some of the most frequent charges could be attributed to the payment of medical expenses. Recently we’ve seen the cost of medical care continue to rise, and many needing care found themselves having to resort to piling the charges on to their credit balance. In addition, we have also seen the cost of food increase, as well as the amount cardholders are paying in interest. This all plays a significant role in the increase in revolving debt and the ability to pay it down.
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6 Painpoints of Current Mobile Banking Apps

By Preston Packer |

Feb

21

The Harris Poll conducted a survey of more than 1,600 digital banking users at the end of January. They found that 32% of respondents said they are willing to leave their current banking relationship for a better digital experience. While there has been a lot of discussion surrounding mobile banking and all the new conveniences it brings to the credit union industry, it's time to step it up. Simply having a mobile banking app is no longer sufficient. Members want more and more out of their in-app experience but how do you raise the bar? Digital banking has opened the door for credit unions to enjoy efficiencies and cost savings by moving transactions to a self-service medium but it has to be done right.
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