How to Compete with Big Banks Using Netflix and Amex Strategies
Big banks have something most credit unions don’t: massive marketing budgets and flashy perks that catch members’ attention. They offer travel credits, streaming subscriptions, and premium rewards programs. Meanwhile, credit unions are stuck trying to compete with limited resources and static benefit packages that nobody uses. Not surprisingly, members look elsewhere for rewards. Non-interest income […]
Credit Union Premium Checking: Is It Worth It?
Everybody loves free checking. It’s accessible and has a powerful membership draw. However, premium checking could be just as strategically important, if not more. It provides value to members while also driving revenue for the credit union. Should your credit union offer premium checking? Maybe. It’s definitely worth consideration. Offering a higher-tier, paid membership that […]
ScreenSteps, Credit Unions, and the Promise of Knowledge Management
Picture a new member service rep in week two. The phone rings. It’s a card dispute with a small twist. They open a binder, then SharePoint, then chat with a supervisor. The answer exists somewhere, but not where they are. The call takes longer than it should, and the next call waits. Nobody’s bad at […]
Immediate Loan Funding Is a Member Experience Issue
More than 40% of borrowers abandon a loan application if funding takes more than a few days. Mega banks and fintechs are funding in minutes. Many credit unions are still taking days or weeks, and losing members at the very moment they need them most. Every loan is a little stressful for the borrower. Maybe […]
Best New Online Account Opening Providers for Credit Unions
The first interaction a new (potential) member has with your credit union is opening an account. It sets the tone for your entire relationship. How do you want that interaction to go? Think carefully. The answer matters—maybe more than you know. Read on to learn more about the best new online account opening providers for […]
CU 2.0 Personal and Unsecured Lending Guide
This 2.0 Guide is intended to show the state of personal (and similar) lending in the U.S. It should also offer some perspective about why rising fintech lenders (such as SoFi) represents a clear threat to credit unions, as well as how credit unions can leverage partnering fintechs to fight back. Credit unions rely on […]
Reactive vs Proactive Credit Offers with Modelshop
Lending technology has come a long way in the last ten years. We’ve seen tools that automate underwriting, simplify applications, and use alternative data to refine credit scoring. It’s all impressive stuff. But all these tools are doing is reacting. A member applies, the system pulls data, and a decision is made. That’s the model. […]
The Best New Member Onboarding Solutions for Credit Unions
For credit unions, bringing in new members is only part of the challenge. The real test is making sure those new members feel welcomed, supported, and ready to make the most of their membership. Unfortunately, many onboarding processes don’t deliver. In fact, 44% of new checking accounts go inactive within the first year. Considering that […]
Halitra Makes Credit Union Mortgages Bigger (and Greener)
Millions of homeowners undertake home renovations annually. These days, they’re into energy efficient upgrades. Unfortunately, members don’t know which energy upgrades make financial sense and too often homeowners finance home renovations outside of credit unions. Halitra’s software acts like energy efficiency radar for loan officers, which enables credit unions to add energy upgrade top ups […]
Thoughts on Vertice AI’s Partnership with Vizo Financial
Credit unions are known for their commitment to members. Yet, they’re not known for cutting edge tech or deep, digital engagement. Especially when it comes to using data to fuel those relationships. Standard data reports are useful, that’s hardly enough these days. Credit unions need clear, actionable strategies to help them connect with members and […]