15SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Affluent members represent an attractive demographic for credit unions—not to mention the large national players, says Doug Leighton, head of community accounts at CUES Supplier member Visa Inc., Foster City, Calif. He stresses that national players are mailing or emailing credit card offers to your affluent members all the time.If your credit union wants to market its credit card products to affluent members, Visa suggests:Partnering with your credit bureau; many have services to assist in building out a profile segmentation to market and can underwrite affluent card-likely members.Developing cross-sell campaigns for employees to encourage affluent card sales.Making an effort for employees to obtain and use the card products. continue reading »
The automotive lending market is rapidly evolving, and credit unions must find unique methods to generate auto loans if they expect to keep up. In order to address business and profitability challenges, credit unions must be efficient, innovative, and responsive to their members and the ever-changing auto financing environment. Technology is reshaping the way consumers shop for vehicles, allowing them to compare prices, research vehicle features, and read reviews on dealers in the palm of their hands through applications like AutoTrader, Carvana, and TrueCar. Likewise, they expect the same kind of accessibility when it comes to securing financing. The evolution of such mobility and financing options combined with increasing regulatory oversight, operational risk management, and consumer expectations are dramatically changing the “rules of the road,” forcing industry participants, like credit unions, to rethink their approach to the business and adapt to industry changes.As the complexity of doing business has grown, so has the need to streamline business processes to manage assets effectively and efficiently. The most successful auto lenders focus their operations on managing risk exposure, while still maintaining acceptable yield, leveraging size and scale to optimize processing efficiency, and, probably most importantly, striving to meet the needs of their members. Determining the members’ needs is part skill, part luck. Often a member will not be in the market for a vehicle until something forces their hand. An aging existing vehicle that brings the possibility of a large repair bill in the not-to-far future or a current breakdown that is too costly to repair can lead to a new vehicle purchase at the spur of the moment. Changes in creditworthiness or income can lead to exploring refinancing existing loans to take advantage of lower rates or longer terms to decrease payments. Trying to read the crystal ball of auto lending can overwhelm even the savviest and experienced lender.By taking advantage of the “technological evolution” occurring in the auto lending market, credit unions that utilize emerging lending programs, such as outsourced loan recapture and ”no-hit” prequalifications, are quicker to reach auto loan prospects when they are shopping for their next vehicle, leading to huge opportunities for portfolio growth and greater market share. When credit unions take advantage of outsourced lending services, some of which offer mobile platforms for improved member experience, they can accommodate borrower schedules and hectic lifestyles. “No-hit” prequalifications provide the member with peace of mind while rate shopping, allowing them to determine if an offer that works for their situation is even plausible or attractive. Both programs are convenient for the member and deliver a better experience than the traditional vehicle shopping/financing model, while allowing the credit union to effectively achieve their loan growth goals. In addition to growth and improved member service, the additional benefits of outsourced lending include increased revenue, and market share, and can result in increased member wallet share.Increased Revenues and GrowthSince 2014, deposits have been on the rise, surpassing $1 trillion, giving credit unions the necessary cash flow to increase lending, and in turn, revenue. While many lenders look to indirect lending to push their portfolio higher, the stability offered by direct loans, along with the decreased capture costs, keep credit unions looking for ways to build a strong direct loan portfolio, fueled by new opportunities to lend to new and existing members. In 2015, indirect lending grew 18.8% year-over-year, while the direct lending channel only grew 7.6%. Your members need auto loans, and may be heading to the dealership before giving you an option to serve them. With the right tools, the lending pendulum can starting moving toward those direct loans that we’re looking to capture to maintain valuable member relationships.Increased Market ShareConsumers are shopping for and financing vehicles, but without reaching them at the time when they most need your services, you are missing out on a substantial piece of the auto loan market; an industry that according to a July 2017 Raddon Report, grew by 26 million units from 2011 to 2016. Building strong partnerships with outsourced lending providers and embracing new technologies that can deliver a turnkey program can provide your existing members with access to convenient financing, introduce new members to your credit union’s auto loan program, and a provide significant boost to your credit union’s bottom line. Click here to learn about AUTOPAY, a mobile direct-lending platform that can accelerate the growth of your auto loan portfolio by giving you access to more than 80 million new consumers! 26SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Crystal Bullard As Manager of Business Development for SWBC’s Financial Institutions Group, Crystal Bullard works with lenders to increase their interest and non-interest income through programs such as AutoPilot Lending and … Web: https://www.swbc.com Details
The CFPB’s controversial arbitration rule is close to dying, following Senate passage of a resolution Wednesday night that would nullify the regulation.The Senate passed the resolution by the closest margin, with Vice President Mike Pence casting the deciding vote after the tally read 50-50.The House already has passed the resolution, which now goes to President Trump, who is expected to sign it.The repeal is considered a major victor for the financial community, including credit union trade groups, which contended that the rule would restrict arbitration clauses in financial contracts. 6SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr continue reading »
It seems that every year leading up to the holidays we are overwhelmed with seasonal preparations. Then Christmas comes and goes faster than a speeding sleigh and everything quickly quiets down. Although your calendar may be clear and a new year is on the horizon, don’t spend your entire holiday break lounging on the couch waiting for the ball to drop. Instead, use your time wisely and be productive. Here are three ways you can use your time off to prepare for a successful year ahead.Catch up on house choresThe holidays are hectic and they can do a number on your home. Get moving while you’re away from work and tidy up your surroundings while you have the time. Clean up and organize new Christmas gifts and start thinking about taking down holiday decorations. That way you can kick off 2018 with a clean home and a clear mind.Make your resolutionsMost of us make unattainable resolutions every year such as losing weight or getting out of debt. The reason we don’t achieve them is because many require a long-term commitment. For 2018, make more realistic resolutions with smaller more reasonable goals. For example, if you’d like to boost your credit score, do your research, make wise financial choices, and take your time getting to where you want to be.Look ahead at workChances are once you return to the office, you’ll have a ton of emails and messages to catch up on. You don’t have to log on every day you’re at home, but checking things periodically or right before you head back to work will do you a world of good. Even if you don’t respond to messages or do hours of work, just knowing what to expect will get you in the right frame of mind for the coming year. 21SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Wendy Moody Wendy Moody is a Senior Editor with CUInsight.com. Wendy works with the editorial team to help edit the content including current news, press releases, jobs and events. She keeps … Web: www.cuinsight.com Details
11SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr continue reading » CUNA compliance staff has compiled a new resource outlining the major compliance happenings throughout 2017. The list covers major finalized rules and amendments issued last year, and highlights other CUNA resources and the regulatory or agency responsible for the rule.While the document provides an overview of each items, more in-depth information is available at CUNA’s eGuide to Federal Laws and Regulations.The document groups rules and regulations by category, and each section includes links to CUNA CompBlog coverage of the issue, links to CUNA final rule analyses and other documents and links to agency resources, such as the text of rules, executive summaries and implementation/compliance guides.
Road warriors get ready. Solutions to drivers’ biggest complaints may not be far in the future if the winning hacks at Code AutoMobility LA are any indication.Perhaps the most surprising presentation was a vehicle-to-vehicle communication app that would allow one driver to pay another for the privilege of merging on the highway. “I will allow you to cut in front of me for $5.”Some competitors were thinking three lanes outside the box. One team’s proposal would allow for in-vehicle access when the driver isn’t around, enabling a designated stranger to open the trunk to retrieve an item while the driver is at work.Another group devised a multitasking app that could conceivably improve local infrastructure. Drivers could snap photos of potholes they encounter, then send them to the city with the possibility of being rewarded for their diligence. continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr
9SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Andrew Stevens Andrew Stevens is Global Banking and Financial Services Principal for Quadient, a leader in helping businesses transform their customer experience by creating meaningful connections through digital and physical channels. With … Web: www.quadient.com Details There isn’t anyone that would disagree that satisfying member demands, delivering consistent and rewarding service and growing profitable member relationships are worthwhile goals. Making your members happy is always rewarding. However, quite often there are pressing business issues that get in the way when tasked with bottom line worries—i.e. improving your cost savings or increasing revenue generation. There may be an assumption that you have to choose—the time it takes to create the perfect customer experience, or the focus needed on the business of making money. Actually, they work hand in hand. There are solid statistics to show that when you make members happy, the money follows. Here are three reasons why focusing on creating a stellar member experience is worth bottom-line time:1. Soon, millennials will have the walletMillennials now surpass baby boomers as the largest generation in the U.S.—73 million strong according to recent Gallup estimates. Additionally, an estimated $30 trillion in wealth will transfer from baby boomers to millennials over the next 30 years. That’s some serious money. Figure out how to catch and keep them now by building a relationship before it’s too late.Remember that millennials are all about the experience. This generation grew up with the Internet, so they are more digitally savvy than previous generations and demand a digital experience from the organizations with which they do business. To attract and retain this growing group, a credit union must go beyond the expectation for multichannel options. These customers are beginning to demand an omnichannel experience—one allowing them to begin a transaction on their smartphone and pick up the interaction later on their computer. Simply put, convenience translates into loyalty with this demographic. The good news is you don’t have to offer something only millennials will use. All your members will enjoy having communication options, as even baby boomers like doing transactions over different devices.2. You get free advertising that pays big dividendsPeople talk about their experiences with a business in unexpected places—on social media, in a bar, a restaurant or in the office. For example, if you check social platforms, people typically don’t post results on social media, they share the process—what is happening at the time and how they feel about it, rather than what has happened; so it is worth the time to encourage a loyal member base with an experience that is worth telling others about. Creating a positive member experience can be as easy and inexpensive as greeting everyone warmly as they come through the door or taking the time to listen to their needs and respond to them with solutions that let them know you care about their patronage. By investing the effort in developing authentic relationships, members will not only be loyal, they will do your marketing for you through word of mouth. This type of “free” advertising is worth more than an organization can ever pay for glossy advertisements in magazines or polished acting in TV commercials. The additional payoff? Loyal customers that keep their money in your credit union.3. The Bottom Line Benefits in the CX JourneyIt is becoming increasingly common for organizations to use customer journey mapping tools to understand each touchpoint members experience when interacting with a credit union. To meet their growing expectations, it is important to create an infrastructure that has a clear understanding of the different steps in their journey with your credit union. Take a close look at what the experience is likely to be at each point. Some of those experiences will be good, some may need work. Start to think what your members would really want at each point—what you would want if you were doing business with your organization. Then take the opportunity to revisit your processes through the focus of this CX lens, and you’ll quickly see what is needed for improvement and the benefits this transformation will bring to your credit union and your members. Putting in that extra effort and investment to track touchpoints, understanding their connections and then setting priorities for any changes needed will get you closer to the kind of partner tomorrow’s members will seek—and will make you even more competitive today.The Money FollowsThere’s a common misconception that you have to choose: Either you can make people happy or you can focus on improving your bottom line. The reality is you can—and must—do both. You just need to add the CX lens to everything you’re doing today. Look at your existing infrastructure, your culture for dealing with members, your strategic goals for growth. A positive CX is not a nice-to-have, it’s a key component of the future existence of your credit union. Creating a stellar customer experience isn’t a line-item expense or a drain on time. Investing in CX needs to be an integral part of your existing efforts to enhance your bottom line and there is a guarantee the money will follow.
12SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Anthony Demangone Anthony Demangone is executive vice president and chief operating officer at the National Association of Federal Credit Unions (NAFCU). Demangone oversees day-to-day operations and manages the association’s education, membership, … Web: https://www.cuinsight.com/partner/nafcu Details How many emails does your organization send out automatically? Probably quite a few.Usually, the emails try to be informative. Clear.Often they are a bit boring. And fail to share any personality.I listened to Derek Sivers recently chatting about the best email he ever wrote. He was the founder of CD Baby, which sold CDs. His personal goal in life was to make people happy. And he felt the emails from his company didn’t match this goal. So he got busy. And this is what he came up with to respond to every customer who purchased a CD.Your CD has been gently taken from our CD Baby shelves with sterilized contamination-free gloves and placed onto a satin pillow.A team of 50 employees inspected your CD and polished it to make sure it was in the best possible condition before mailing.Our packing specialist from Japan lit a candle and a hush fell over the crowd as he put your CD into the finest gold-lined box that money can buy.We all had a wonderful celebration afterwards and the whole party marched down the street to the post office where the entire town of Portland waved “Bon Voyage!” to your package, on its way to you, in our private CD Baby jet on this day, Friday, June 6th.I hope you had a wonderful time shopping at CD Baby. We sure did. Your picture is on our wall as “Customer of the Year.” We’re all exhausted but can’t wait for you to come back to CDBABY.COM!!You can read more about it here.So it got me thinking…How many of us have at least one automated email that we could try to liven up?Does your credit union have its own personality? Does your writing match it?PS: And it doesn’t have to be an email. I know a credit union CEO who serves a FOM related to the beer industry. She ends each and every message with a bold, CHEERS! And I think it is brilliant!
A bipartisan group of senators has released draft legislation to reform aspects of the Bank Secrecy Act (BSA), specifically targeted at anti-money laundering (AML)-combating the financing of terrorism (CFT) requirements. The draft comes as the House Financial Services Committee is set to markup a bill related to beneficial owners.The draft from Senate Banking Committee members Mark Warner, D-Va., Tom Cotton, R-Ark., Mike Rounds, R-S.D., and Doug Jones, D-Ala., aims to modernize the AML-CFT regime and create a more transparent cooperate ownership system.According to a release from the senators, the draft legislation would, among other things:establish federal reporting requirements mandating that all beneficial ownership information be maintained in a comprehensive federal database, accessible by federal and local law enforcement; ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr continue reading »
continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr The past several decades have brought dramatic change to the payments industry. The rise of the internet, the proliferation of mobile devices, and the explosion of mobile connectivity have transformed the experience of buying and selling. Payments are no longer constrained by wired infrastructure, giving people in the farthest reaches of the world the ability to access the digital economy.For the last 60 years, Visa has led the migration to electronic payments. We’re proud of the progress we’ve made, alongside our clients and partners. Yet even with our success to date, there is much more opportunity ahead and more work to do. That is why Visa continually innovates to expand the reach of digital payments for everyone, everywhere. We’re particularly focused on:Improving the payment experience—making it easier to tap-to-pay with your card or mobile device and to make and receive payments faster. This includes Visa Direct, a fast and secure platform that makes it easy to send money at the touch of a button.