Artificial Intelligence
Credit Unions, Innovate or Die…
Credit unions have been around for over a century and have played a vital role in providing financial services to consumers. However, the financial services industry has undergone a significant transformation in recent years, and credit unions need to innovate to remain relevant in today’s market. In the late 90s, online banking was an innovation…
Read MoreJunk Fees- Credit Unions have options
Junk Fees are making the headlines. Many of these “junk fees” are designed to punish a member for bad behavior. Is this what the mission, “People helping People,” means? Using fees to punish members who have made mistakes, are financially stressed, or are struggling doesn’t fit this mission. This article will clarify what they are…
Read MoreGet Closer to Your Member with Nano Strategies
Nano strategies at a credit union would refer to implementing highly focused, granular, and member-centric approaches to achieve various goals, such as improving member experience, enhancing operational efficiency, and increasing financial performance. These strategies involve leveraging technology, data, and innovative practices to create personalized experiences and streamline processes. Here are some examples of what nano…
Read More8 Steps to a Successful Digital Transformation at a Credit Union
Digital transformation is necessary for credit unions to remain competitive in today’s rapidly evolving financial landscape. Embracing digital technologies can enhance member experiences, improve operational efficiency, and enable credit unions to meet their members’ evolving needs and expectations. All too often, we see credit unions doing much work to become digital or mobile-first, but often…
Read MoreInnovative is a core value; how do I get there?
Many credit unions I work with have “innovative” in their core values because thriving organizations know innovation is critical to their long-term success. We also know that organizations that fail to innovate risk being left behind in an ever-changing and competitive marketplace. No, it is unlikely that a credit union will become like Apple or…
Read MoreIs Data Governance an option? No, it is not!
Data is at the core of every modern organization, from small startups to large multinational corporations. It is what drives businesses, informs decision-making, and provides insights into customer behavior, industry trends, and market opportunities. However, with the increasing amount of data generated daily, it is becoming increasingly difficult for organizations to manage and govern their…
Read MoreIs your job spiraling into (un)planned obsolescence?
Yes, even in the financial services sector, robotics, machine learning, and artificial intelligence will disrupt or eliminate your job. Here are the types of jobs that are at risk: Tasks that are simple and repetitious Job functions that can be done using an AI or Machine Learning algorithm. Jobs that involve data entry from disparate…
Read MoreDo your Data “Bytes” Have a Bad Aftertaste?
We all know how important data is to our credit union. Let’s face it; we are addicted to reports. We love our reports. We compare day to day, month to month, year to year, and peer to peer. But, let’s get real; we run two reports side by side, and, oh the horrors, the numbers…
Read MoreYour Digital Strategy is Probably Wrong
Competing in the digital space is getting more difficult and more and more essential to the credit union’s sustainability. Chances are, your current digital strategy is missing these five things. Organizational Alignment – most credit unions have all their data in silos. IT is doing one thing, marketing another, branches another, call center another, remote…
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