The leaves are falling. The smell of warm toner is in the air. Yup—it’s budget season, which means it’s also time for credit union strategic planning.
This piece is based off of a roundtable discussion at the CU 2.0 Brainstorm Event in January 2022. It’s not intended to be comprehensive—rather, it will provide a quick look at new opportunities for non-interest income for credit unions (and where fintechs are providing a lift). As noted in the panel, credit unions survive by […]
Has your credit union’s audit process been impacted by the COVID-19 pandemic? Do your findings take too long to clear? Does your team struggle to find and leverage past results?
COVID-19 has changed a lot of things in the last few months. Almost all of our shopping and service needs are online now. Members of credit unions are having to rely on digital channels more than ever before. There has been a massive increase in mobile and online banking since the pandemic started.
The novel coronavirus (COVID-19) is escalating pretty quickly, both nationally and abroad. Between Ongoing Operations and CU 2.0, we’re seeing the challenges that credit unions are facing—and we’re getting ideas about how to fix them. Now that COVID-19 is officially a global pandemic, businesses and entire industries are taking precautions. Schools are closed, events are […]
Generating and managing credit union revenue is a chore, and being not-for-profit doesn’t make it any easier. So, anything that lets you do more work with less effort is a win—especially if it also increases profitability per member. Marketing automation is the obvious next step for credit union marketing departments. It helps to reduce member […]
By Robert McGarvey $30 billion annually – that’s how big Pew said the payday, pawn auto title, etc. loan market is in America. When people need a loan, and everybody else has said no, they go to alternative lenders. That’s 10 to 12 million Americans every year. They pay through the nose too. Up to 400% APR. […]
By Robert McGarvey For CU 2.0 Wake up to a frightening reality: very probably your credit union is falling behind in the race for digital talent and that just may be a sound of impending doom. Consulting firm CapGemini, working with LinkedIn, recently issued a report on The Digital Talent Gap and the takeaways […]
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 […]
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 […]