Big Data
Open Banking – Securing Member Data
Part 5 CUToday’s June 26 newsletter: Truliant FCU Faces Proposed Class Action Lawsuit Over Data Breach: WINSTON-SALEM, N.C.–Truliant Federal Credit Union faces a proposed class action lawsuit after a data breach reportedly exposed the private information of more than 48,000 members… CUToday’s July 2 newsletter: ‘Serious Security Incident’ Leads to Major System Outage at Patelco…
Read MoreA Future for Small Credit Unions
Part 4 – How Open Banking and Distributed Ledger Technology will help small credit unions compete. Open Banking and Distributed Ledger Technology (DLT) offer several advantages that can help smaller credit unions compete more effectively with larger financial institutions. Here’s how these technologies will be beneficial: Open Banking Benefits Distributed Ledger Technology (DLT) Benefits Combined…
Read MoreData Governance – Mitigating Data Biases
Part 3 Credit unions have many data sources beyond their core operating system. When a credit union conducts a data source inventory, it is not uncommon to have 50 or more data sources. These third-party data sets and reports commonly come in various formats, with different labels and definitions, and upload and report timing. Inconsistency…
Read MoreMitigating the Risks of Open Banking
Part 2 Navy Federal Credit Union (NFCU) recently faced a lawsuit centered on using artificial intelligence (AI) in its customer service operations. The lawsuit highlighted several critical issues, including data privacy, algorithmic bias, and transparency. This incident underscores the broader risks associated with adopting advanced technologies, such as AI, within the framework of open banking.…
Read MoreRemote Backup System – A Way to Thwart a Ransomware Attack
Over 60 credit unions have suffered ransomware attacks in the past few months. Having a remote backup system plays a significant role in thwarting your credit union from becoming a ransomware attack victim. What is Ransomware? Ransomware is malware that encrypts files on a victim’s system, rendering them inaccessible until a ransom is paid. With…
Read MoreThe Seven Steps to Becoming an Innovative Credit Union
As the financial landscape evolves and becomes disrupted, credit unions face the challenge of staying relevant. To maintain relevancy, innovation becomes a must-have if the organization is to meet the changing needs of its members. Embracing innovation is vital for credit unions to thrive. But innovation, for innovation’s sake, is not helpful. All innovation must…
Read MoreCredit 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 MoreShould YOU Consider a Fractional Executive?
To thrive in today’s ever-evolving financial landscape, credit unions must adapt, innovate, and strategically manage their operations. One innovative solution that credit unions are increasingly turning to is the fractional executive. Fractional executives are experienced professionals who work, typically as contract employees, part-time or on a project basis, to provide specialized expertise and leadership. In…
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…
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