Millennials aren't Bullish on the Market, and That's Good for Credit Unions

By Preston Packer |

Aug

28

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.

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10 Fast Facts about the Credit Union Industry

By Preston Packer |

Aug

14

Credit unions often carry a reputation for being too small or not providing the same range of services compared with bigger financial institutions. However, credit unions are a $1.4 trillion industry and they are aggressively competing with their counterparts in the banking industry by offering products and services members are demanding.1  Credit unions have made huge strides to become competitive with banks, and offer a wider variety of members services than one might expect. Here are 10 fast-facts about credit unions that may surprise you:

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The Amazon Effect on the Value of Mobile Banking

By Preston Packer |

Jun

28

The Amazon Effect is a term commonly and increasingly used to describe the effect that the entire digital marketplace has had on traditional forms of commerce. The Amazon Effect has also changed the buying habits and expectations of your members. The impact that Amazon has had on the retail sector is well documented, especially when discussing the changing landscape with a brick and mortar store.  Not only has the Amazon Effect introduced consumers to a near frictionless shopping process, it has changed the mindset of consumers to expect more immediate results, not just in retail, but across many other aspects of their lives. The financial industry has certainly felt the effects and members, especially Millennials, expect a similar experience with their credit union.

Just as retail consumers want a quality experience in front of their computers as when in a shopping mall, members want the Amazon experience from their mobile banking app. They want the same member services as if they were in a branch. Immediate answers, full range of services and assistance just a click away. The more a member can get accomplished on your mobile app, the more they experience the value of mobile banking and the more loyal to the credit union they become. 

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Thorny Core Providers | The Story of Integration

By Preston Packer |

Jun

27

Digital transformation is a fundamental shift in operations as well as a cultural change that requires credit unions to step outside of their comfort zone and innovate  in order to compete with other financial institutions. It requires being agile and adapting to shifts in member demands. Members are constantly influenced by big named companies such as Starbucks, Apple, and Amazon... companies who have never been afraid to embrace and be the first to market with new technologies, even at the risk of failure. Mobile banking has primed credit unions for digital transformation if they can overcome shortcomings in core relationships.
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Have You Mapped Out Your Member Journey?

By Preston Packer |

May

29

With Summer upon us, many families are busy mapping out their summer vacation plans. So get out your atlas and rulers, or make the trip to AAA for that all-important TripTik Travel Planner and guidebook, the only way to get turn by turn directions and a listing of hotels. WAIT - it's not 1988! Clearly, technology has advanced significantly, and the task of planning road trips has gone digital. The same can be said for mapping out your credit union's member journey. 

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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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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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Credit Unions Effectively Marketing to Millennials

By Preston Packer |

Mar

20

Numerous studies have been conducted and articles written about how to effectively market to Millennials and with good reason. Millennials are quickly coming of age to where they have extreme buying power and there are a lot of them. They are in fact the largest generation segment in the United States. We have discussed in the past how mobile banking, mobile lending and internet banking are some of the key product development efforts to gain this generation's membership (See our article Do Millenials Pay their Bills? The Case for Mobile and Internet Banking Integration). An article by CU Management furthers the discussion on how to market your credit union's emerging core technology products and services to potential Gen Y and Gen X members:

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Adapt or Die: A Technology Lesson from Twitter

By Preston Packer |

Mar

09

It's no secret that Twitter has struggled to maintain traction in the competitive market of social media. The popularity and use of their social media platform, where you can post - or tweet - 140 character messages, has become stagnant after getting off to a great start. Internally, it has had layoffs to slim down staff in an attempt to refocus and reinvigorate its growth. More recently, the company has seen turnover even at the highest levels, and at one point looked into options for selling the company.  What happened?
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Do These 3 Simple Things to Ensure a Positive Mobile Banking Experience

By Preston Packer |

Feb

22


It seems many members have embraced mobile banking from the onset. The idea of not having to wait until 9 am the next morning to talk to a teller or wait until you are at home in front of your laptop to see if a check cleared has its obvious benefits. While most people are familiar by now with the conveniences of a mobile banking app, there are several marketing efforts out there illustrating the benefits these apps can provide. Picture a woman out with friends who suddenly realizes she doesn't have her credit card in her purse. After a brief moment of panic, she whips out her phone and instantly freezes her card. She then walks calmly through the frozen crowd to retrieve her lost card, still sitting absently on the table with her bill at the restaurant they just left. A simple solution - offered through remote control cards in her mobile banking app - to an  inconvenient and often  common problem.
 
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