2020 Credit Union Technology Trends to Watch

Although we’re not quite halfway through the year yet, January this year feels like a lifetime ago. With the Covid-19 pandemic, everything changed. So, given that credit unions have been closing branches, digital channels reign supreme, and members have dealt with threats to their lives and livelihoods…

Now’s a great time to look at our predictions at the beginning of the year to see what changed.

Read on to see seven technology trends that credit unions should keep a close eye on (especially in the face of the coronavirus).

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3 Overdraft Hacks That Your Members Will Love

 

Nobody likes getting dinged with fees. In fact, levying too many fees at your members is a surefire way of frustrating them. But what if I told you there’s a way to make your members appreciate your approach to overdraft fees?

There are a few win-win ways to turn a bad member experience (overdraft fees) into a great one. And the best part is, they don’t take much effort. In fact, they may even save time in the long run… Continue reading “3 Overdraft Hacks That Your Members Will Love”

CU 2.0’s Credit Union Data Analytics Provider Guide for 2020

Credit Unions are at a unique crossroads. We are behind on a handful of key trends. We must balance our technological needs with our focus on service, growth, and profit. At the same time, we have outside factors impacting us including fintechs, compliance, IT security, and ever-changing regulations.

One advantage shared by credit unions is their access to data. Individually, they generate quite a bit of data. Collectively, they generate tremendous sums. Even with all of that, we remain behind woefully in leveraging our data.

Continue reading “CU 2.0’s Credit Union Data Analytics Provider Guide for 2020”

CU 2.0 Podcast 22: Talking Payments and Data Analytics with Trellance’s Lou Grilli

It’s the Credit Union podcast! CU 2.0 is excited to bring you the twenty-second in a series of podcasts from Robert McGarvey. Welcome to the CU 2.0 Podcast, regular interviews with credit union leaders, thinkers, movers, shakers and more.

What do you think when you get an alert from your credit union offering you a 2.9% car loan – and you already have a 1.9% car loan that you got two years ago from the same institution?

Duh, right?

Lou Grilli, an executive at payments CUSO Trellance, thinks a lot about exactly those kinds of questions and he believes that for credit unions the solution will come through smarter, faster data analytics.

His opinions are rooted in information gleaned from the experiences of the roughly 2000 credit unions that own Trellance.

What your member will do, or need, tomorrow already is known in today’s data. You just have to look at it.

And Grilli thinks data analytics can unlock tactics for encouraging more member use of your institution’s cards – which is a goal of just about every credit union.

Along the way, Grilli also talks about the future of contactless cards, also what to expect from digital wallets such as Apple Pay.

Payments in the past five years have changed much more dramatically than they had in the preceding 25 and Grilli has a ringside seat.  That’s why he is worth a long listen in this podcast.

Click the photo below to listen now!

credit union data analytics, credit union payment trends, credit union podcast

Check out other podcasts in the series here!

CU 2.0 Podcast: Series 18 – Al Pascual on Biometrics

It’s the Credit Union podcast! CU 2.0 is excited to bring you the eighteenth in a series of podcasts from Robert McGarvey. Welcome to the CU 2.0 Podcast, regular interviews with credit union leaders, thinkers, movers, shakers and more.

**Pop Quiz**

How long have passwords been around?

How many credit union members want never to use one again?

What are the three must-have biometrics modalities?

When will biometrics effectively supplant passwords in financial services?

Flashback time: when did Apple introduce Touch ID, a tool that thrust biometrics into everyday use for tens of millions of consumers?

Consider the above your pop quiz. How did you score?

Al Pascual, a researcher with Javelin, who recently co-authored a report on biometrics and financial services, knows the answers to these questions and he tells all in this CU 2.0 podcast.

It moves fast, you’ll want to hear it.

A sliver of good/bad news: it’s the biggest financial institutions that are carrying the weight of persuading regulators about the efficacy of biometrics and that just may be a blessing for smaller institutions – credit unions included – who can follow behind.

Click the photo below to listen now!

credit union biometrics, credit union security

Check out other podcasts in the series here!