Reinvigorating the Credit Union Board for the 21st Century
By Robert McGarvey for Credit Union 2.0 A two word question recently asked by a credit union board member puts in a starkly bright light the challenge many, many face: “What’s fintech?” No need to embarrass this board member who will remain anonymous. In fact this director may deserve some applause for knowing what he didn’t know. […]
Who Do You Trust? A Credit Union Misstep
By Robert McGarvey For Credit Union 2.0 Call it a core credit union marketing misstep: there’s wide assumption that consumers trust credit unions more than banks. Rubbish. They should, I’ll readily acknowledge that, but there is no persuasive evidence that credit unions in fact score any higher in consumer trust than do banks. And banks really stumble […]
Data Analytics for Credit Unions: What can you learn from your member’s payroll?
In the last post in this series, we covered key insights and actions you can take when your member changes their address. This post continues takes a similar path and explores what can you learn when your member changes their payroll. This is the third part of a 9 part series. If you can’t wait […]
Credit Union Data Analytics: What can you Learn when your Member Moves?
In our first post in this series, we covered key insights and actions you can take to turn member fees into positive, educational, and empathetic experiences for your member. This week we go even further and dive into what insights your Credit Union can learn from its data on its moving members. This is the […]
Rating the Mobile Banking Apps: How Do Credit Unions Fare?
By Robert McGarvey For Credit Union 2.0 The good news for credit unions in this year’s MagnifyMoney survey of mobile banking apps: Many do very, very well, even against money center bank competition. The bad news: Mobile banking apps, suggests MagnifyMoney, “have reached middle age.” That means, per MagnifyMoney, “overall, apps haven’t appreciably improved.” They have entered an […]
Why MRDC Hasn’t Fulfilled Its Promise
By Robert McGarvey For Credit Union 2.0 A new research report from Javelin on “Why Digital Banking Often Fails to Reduce Offline Volume” has an infographic that just popped my eyes. The subject: “Reasons Why Consumers Avoid Mobile Banking and Turn to the Branch or ATM for Check Deposits.” Javelin offers answers but, first, why do […]
Credit Union Data Analytics: Put the Community in your Fees!
If you work for a credit union and are looking for ideas on how to leverage key data to improve your member service or overall credit union member experience, then this post is for you. This is the first post of a 9 part series. If you want the full guide “Almost 99 Credit Union […]
What’s Not In Your Members’ Mobile Wallets
By Robert McGarvey for Credit Union 2.0 Two stats jump out of a PSCU and Javelin report entitled “The Credit Union Guide to Opportunities in IoT, Biometrics and E-commerce.” Credit union members love their smartphones -80.9% own one. That’s roughly comparable to big bank customers – 88.4% of them own a smartphone. Where credit union members falter however […]
The Non-Bank Threat to the Mortgage Business: What Credit Unions Must Do
By Robert McGarvey For Credit Union 2.0 There was a time when traditional financial institutions owned the home mortgage business. No more. The changes are massive and stark and the bottomline is that non-banks are eating up this business. Their share is now 45% of home mortgages, according to the Federal Reserve. Just about all experts […]
Website Accessibility Strategy & Credit Unions
The Americans with Disabilities Act (ADA) is a core piece of civil rights legislation banning discrimination on the basis of disability. Title III of the ADA mandates that businesses remove structural barriers and other impediments that curb access to an establishment including website access and usage by visitors with disabilities. This post will present key […]