management
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 More“Service as an Act of Stewardship” will Transform your Credit Union
Service, what is it? Bank service has been defined by the consumer as, did they engage me quickly, did they make eye contact, did they smile, were they fast, did they say thank you – a very low bar to member satisfaction but one that doesn’t differentiate the credit union. What can a credit union…
Read MoreServing Members as an Act of Stewardship
Several years ago, I worked with Dale Turner, now CEO at TruStone Financial Credit Union. As the VP of Lending, he stood at the podium of an all-staff meeting and challenged the entire credit union to “think for the member, don’t just respond to the member.” Dale had the wisdom to know the difference between…
Read MoreLeaders, Avoid “Bobbleheads”
In leadership, the tendency to surround oneself with individuals who constantly nod in agreement—often called ‘bobbleheads’ due to their constant nodding—can be detrimental to effective decision-making, innovation, and overall credit union success. This behavior can lead to a lack of critical evaluation of ideas, as everyone agrees without questioning or offering alternative viewpoints. While it…
Read MoreIs Your Org Structure Top-Heavy?
First, let’s understand the impact of a top-heavy organizational structure on a credit union’s effectiveness, efficiency, and overall performance, which is critical. Here are the risks a top-heavy organization poses: Addressing a top-heavy organizational structure can be a significant challenge for a new CEO. Still, there are several practical steps to streamlining the organization and creating…
Read More10 Reasons to Hire a CMO as the New CEO
Credit union boards seem to default to a CFO or COO as the new CEO. The thinking is sound; credit unions are a business of money (finance) and serving members (operations), which are the two key skill sets of the CFO and COO, respectively. But, in the dynamic business landscape of credit unions, the Chief…
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