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Archive by author: John BestReturn

CEO

Best Innovation Group

John Best is recognized as a thought leader and visionary of technology advancements and financial application development within the credit union industry.

Aug 22, 2017
While optimizing value for clients is the primary focus of credit unions, financial survival also requires CUs to generate a certain amount in annual earnings. Debit and credit card interchange revenue usually deliver a sizable chunk of most CUs’ non-interest income. As this is arguably one of the biggest avenues to generate revenue it’s important to keep it coming in, regardless of changes in the financial industry or disruptions caused by technology.
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Aug 21, 2017
Digital payments are not new. PayPal came to life in 1998 as a money transferring platform. By the year 2000, people were using it to make payments on eBay. Early in 2002, PayPal went public and by August of that year, eBay announced it was acquiring the payment platform in a deal valued at $1.5 billion. At the time, experts called PayPal the “gorilla” of the online payment market, much as eBay was the gorilla in the online auction market.
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Aug 18, 2017
Channel optimization. Data management. Compliance and regulation. Cybersecurity. Aggregation services. For credit unions (CUs), keeping up with technology in all areas of business can be a significant challenge. Your CU stands to lose with a ‘Johnny-come-lately’ approach to innovation, however, so staying abreast is important to remain relevant in the competitive financial services industry.
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Aug 17, 2017
First impressions count, no matter how much you want to believe otherwise. This is true regardless whether you’re talking about huge corporate endeavors or community-level organizations. When your credit union (CU) customers want help accessing your products and services, the frontline staff need to be well-versed ambassadors for your brand who are ready and capable of providing it.
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Aug 10, 2017
Stats from the Credit Union National Association (CUNA) show a high percentage of members don’t fully understand the difference between a credit union (CU) and a bank. The need to educate consumers on this and other topics offers CUs a rare opportunity to use content as a means to member retention.
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Jul 26, 2017
The widespread use of smartphones and the Internet is changing the way a lot of people live their lives and giving rise to a range of new terminology. According to research by Pew, smartphone usage is not just growing in America but around the world. This has lead to service providers in a wide assortment of industries creating apps for goods, services, and subscriptions. What this means for credit unions is the increased use of "apps" to make purchases using credit and debit cards.
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Jul 19, 2017
Great client service is at the heart of every good business relationship, and credit unions depend as much as other companies on keeping their members satisfied.
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Jun 20, 2017
Be it in our personal or professional lives, relationships are built on trust. Although services and products are undeniably important, the key to building any great relationship begins with your customers trusting you. People trust those they believe have their best interests at heart, and distrust those who have only their own interests in mind. Perhaps most importantly, they distrust those who pretend to be the first, but behave like the second.
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Jun 14, 2017
More and more purchasing and other financial transactions are moving online, and whether that means working via mobile app or using a desktop computer, it’s a whole new world when it comes to credit cards. For Credit Unions (CUs) to keep pace with the bigger financial players, offering incentives is crucial for getting members to use their cards for checkout processes. The focus on the digital environment requires you to reimagine the traditional card loyalty programs, too, to ensure that the r...
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May 24, 2017
The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted in response to the financial crisis of 2008 and the subsequent recession. Within it is a portion known as the “Durbin Amendment,” which affects how debit cards are processed. This seemingly small change to debit card processing – and interchange income – has, to say the least, been controversial.
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