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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 MoreHow to Retain Employees and Members
Fostering a Culture of Belonging Employee burnout is a pervasive issue affecting organizations across various industries, and credit unions are no exception. The financial sector demands high commitment, attention to detail, and often long working hours, making credit union employees susceptible to burnout. However, creating a culture of belonging can be a powerful antidote to…
Read MoreA Primer – Distributed Ledger and Web3 Technology for Credit Unions
It is equally accessible and affordable to small and large credit unions We’ve all watched the transformation for banking from an exclusive brick and mortar model to the Web2 model for digital and online banking. Now a new disruptive technology is coming to the forefront. Pioneered by Defy FCU and Bank Social (https://www.disruptionbanking.com/2023/11/16/banksocial-announces-proposed-defy-federal-credit-union-at-north-american-blockchain-summit/), Web3 (https://web3.foundation/)…
Read MoreFive Steps to Creating a Digital Culture
When asked “In the past year, which method did you use most often to manage your bank account(s)?” consumers responded as follows: Mobile (apps on smartphone or tablet) – 45% Internet/Online (Laptop or PC) – 27% Branches – 14% (Oct 31, 2022 – American Bankers Association) This statistic says a lot! Mobile utilization is the preferred method…
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 MoreYou Got that Job. Now Stay Humble!
Maybe you’ve observed this situation. Someone gets promoted to a role they have aspired to attain for years. Almost instantly, their communication takes on a new tone, and maybe arrogance creeps into their behaviors. Several years ago, I read an article about someone who had taken over my previous job. In the article, my successor…
Read MoreDrifting Into the Sunset = Credit Union Risk
Many of us have seen this from afar, some of us from close at hand. The CEO or a key executive is getting close to retirement and has set a course for the organization to drift off into the sunset. The most important job of a key executive or a CEO is to inspire continuous…
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