The 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…

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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…

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Junk 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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Get 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…

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Lessons from the Airline Cancellation Debacle

A credit union can draw some lessons from the past year’s major airline cancellation debacle. Here are some potential takeaways: It’s important to note that each industry has unique challenges and characteristics. Therefore, while credit unions can draw inspiration from other sectors’ experiences, they must adapt and tailor the lessons to their specific operations and…

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8 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…

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Innovative 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…

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Is 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…

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Is 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…

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