2021 Credit Union Technology Trends to Watch

Wow. 2020 managed to pack a decade of excitement into the span of a single year. Interestingly, it also packed several years worth of digital transformation into a few months at the beginning of the pandemic.

Credit unions began by closing branches, leaning heavily on their digital channels… and continued to lean on digital even after reopening. Now, more members than ever use online and mobile banking. Branch visits are fewer and farther between.

All of this raises the question: How can credit unions continue to be there for members when they can’t physically be there? How can your technology create the same friendly, safe experience that in-branch visits typically provide?

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

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The CU 2.0 Credit Union Data Analytics Provider Guide 2021

Credit Unions are behind on several key trends—especially when it comes to technology. One the one hand, credit unions must balance technological needs with service, growth, and profit. Yet those needs sometimes compete with outside factors such as fintechs, compliance, IT security, and ever-changing regulations.

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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 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!