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Jul 20, 2021
Based on the industry’s reaction, you’d think the banking sector had been singled out in the Biden Administration’s recent Executive Order addressing market competition. The wide-ranging document actually encompasses 72 initiatives, with financial services the last category listed- well after healthcare, agriculture, and transportation, and in less detail.
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Jul 13, 2021
It’s a familiar story. Credit union signs up to roll out an exciting new product or service with a fintech provider; months later, the project remains mired in the implementation process. What went wrong? The CU found itself playing defense after the compatibility of its data system was lost to the uncertainties of platform integration.
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Jun 22, 2021
The Federal Reserve is hardly one to court controversy. Given the polarized history plaguing interchange, not to mention persistent rumors of back-office plotting to revisit the Durbin Amendment, it’s nearly impossible to stay above the fray- even with a “just the facts, ma’am” report like the Fed recently released.
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Jun 08, 2021
Best Innovation Group recently partnered with my friend, longtime industry expert, and KnowBe4 Defense Evangelist Roger Grimes to discuss the steps credit unions can take immediately to improve their security posture. You can watch the full session here, but let me share a few of my favorite takeaways.
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May 24, 2021
According to a recent Cornerstone Advisors survey, 79% of financial institutions have no interest in offering cryptocurrency investing services. This indicates a significant blind spot; according to the same study 15% of US consumers already own crypto, and 60% say they would use their bank or credit union to manage such assets.
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May 10, 2021
In a recent blog post I addressed pandemic-driven changes in consumer payment behavior and the apparent confusion over both health factors and the economics of various payment instruments. Since then the plot has only thickened- with lawsuits filed, misinformation propagated, and no sign of clarity on the horizon. Allow me to update the situation through a variety of personal anecdotes and news items.
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May 02, 2021
Elon Musk and Jack Ma have both publicly stated that their biggest concern for the future is not over-population, but rather under-population. Many thought leaders have raised similar concerns, noting that our current societal structures are ill-equipped to handle such a scenario.
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Apr 27, 2021
As Americans gradually emerge from quarantine- whether self-imposed or government mandated- it remains to be seen how consumers’ relationship with Main Street merchants has changed for the long run. Conventional wisdom holds that existing market trends toward digitization received a 12- to 18-month jolt forward from the pandemic. These changes encompass higher e-commerce volumes and order-ahead app usage as well as shifting payment preferences (contactless, cash-free) at the point of sale.
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Apr 13, 2021
A recent Best Innovation Group webinar focused on the three things your credit union can do now to prepare for the pace of accelerated change. The insights shared by industry leaders John Best and Kevin Sarber are well worth an hour of your time. Here, however, I’ll drill down on one key point that particularly resonates for me.
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Mar 23, 2021
John Best readily admits he had no idea where the CU Digital Town Halls would head when he launched them in mid-March last year- he only knew he had to do something. Households were moving into pandemic lockdown- taking the economy with them- and credit union branches were being shuttered out of public health concerns.
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