Strategic Planning
An Engaged Team is Vital to Member Engagement
An Engaged Team = An Engaged Member In today’s competitive financial landscape, credit unions continuously seek ways to differentiate themselves from traditional banks. One of the most compelling differentiators is the relationship credit unions foster with their members. Member engagement, which goes beyond conventional customer service, is at the heart of this, and its success…
Read MoreOpen 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 MoreProducts and Services Likely to be Disrupted by Open Banking and DLT
Part One A headline in CUToday’s June 11 newsletter: “Headed to the U.S.? Stripe Intro’s Open-Banking-Powered Payments in the U.K.” This is one example of how Open Banking will revolutionize (disrupt) the financial services industry. Credit unions are not exempt from this disruptive wave. What is Open Banking? #Open Banking is a financial services innovation that…
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 MoreThe Friction Paradox – Compliance vs User Experience
Friction /?frikSH?n/ noun – Any unnecessary obstacles users encounter while interacting with banking products or services. These manifest in various forms, including cumbersome account opening procedures, complex loan applications, processes that are not aligned or consistent from channel to channel, or outdated digital interfaces. While some friction is essential for security and regulatory compliance, excessive…
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