Responsible Lending Options and Member Financial Health
If you make a good salary and feel comfortable with your job security, then you’re very much in the minority in America. For most, the American dream is just that: a dream. The fact is that nearly 4 in 5 people are living paycheck to paycheck right now.
How to Manage Credit Union Audits while You Work from Home
As the spread of the coronavirus grows ever more rapid, an increasing number of companies are enforcing a “work from home” policy. Credit unions are moving to this model as well. However, remote work brings with it new complications.
Maximizing Your Credit Union’s ATM ROI
Good investments pay for themselves over time. Ultimately, the goal is that investments add value. Yet some aspects of banking and banking technology present very low or negative returns on investment (ROI). When such is the case, it’s important to see how to maximize that financial return.
Are Payday Alternative Loans Part of Member Financial Health?
A surprising percentage of the U.S. population needs short-term credit. Yearly, more than ten million households use these small dollar loans (usually “payday loans” or Payday Loan Alternatives (PALs)). These loans may be critically important financial health services for struggling members. Most people use them to manage recurring costs. About a sixth of borrowers use […]
Is Office Automation Viable for Credit Unions?
In many ways, the word “automation” sounds scary to employees. People immediately assume that automation is there to take their jobs and fuel the inevitable robot uprising. Scary stuff, to be sure. But office automation isn’t about eliminating jobs. Rather, it’s about making people’s jobs more accurate, less tedious, and more efficient. Repetitive tasks that […]
Preparing Your Credit Union for the Coronavirus
The Coronavirus continues to spread rapidly through China, and it’s difficult to find accurate numbers of its victims. Although most China and most countries have done a good job of containing the virus within borders, all borders are porous. As it grows, the chance that it might sweep other countries increases.
How Data Analytics Can Improve Interchange Income
Non-interest income is an oft-neglected part of a credit union’s total income. And it makes sense, too—revenue from loan interest is generally lower, and it flies under the radar. But what if you could increase interchange income? Would non-interest income still play second fiddle? Or would you pursue a program that could increase your profits […]
Have You Seen the 2020 NCUA Supervisory Priorities?
Each year, the NCUA sends out a supervisory priorities letter to credit unions. In it, they share modernization updates, regulatory changes, and their supervisory priorities. This year, the NCUA’s goals appear somewhat to continue what they started in 2019. However, there are a few new areas of regulatory focus on the docket as well. If […]
Key Member Satisfaction and Loyalty Touchpoints for Credit Unions
One of the key differentiators for credit unions is their superior service. Or at least, it should be a key differentiator. But are you sure you’re doing it right? And if you are, are you providing that same great member experience across all major touchpoints? Here are a few major member touchpoints where you should prioritize member satisfaction. If […]
How to Calculate Credit Union Member Acquisition Cost
Sometimes it can feel darn near impossible to figure out how much it costs to acquire a new credit union members. But should it be so hard? We spoke with Bryan Adler, CEO of Vetter. Adler has a lot of experience in attracting and onboarding new members at credit unions and community banks. What Adler […]