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John Best

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Is Your Credit Union Leveraging its Greatest Tool for Income and Profitability?

Aug 29, 2017 8:00:00 AM / by John Best posted in Setit Credit, Interchange Revenue

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The future of your Credit Union depends upon how you adapt to the changing landscape of the financial industry. One aspect of the change is leveraging your greatest tool for fee income—debit and credit card interchange revenue. Take a look at some of the emerging strategies, then compare them to your CU's current approach.

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How Credit Unions Can Learn to Love Fintech

Aug 28, 2017 8:00:00 AM / by John Best posted in FinTech, Interchange Revenue

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Most credit unions recognize the growing role and incredible benefits of technology in the financial industry. Some have been fast adopters, but many more have found it challenging, especially as rising costs for software and third-party services squeeze IT budgets. If credit unions are going to survive in a mobile and app-driven world, though, they’ll need to adapt or face falling behind.

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Credit Unions Should Be Thinking Top of App Instead of Top of Wallet

Aug 26, 2017 8:00:00 AM / by John Best posted in Interchange Revenue

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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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John Best and Team attended Symitar Education Conference, August 29-31st 2017

Aug 24, 2017 8:00:00 AM / by John Best posted in News, Interchange Revenue, Events

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Best Innovation Group was in booth 212 at the 2017 Symitar Education Conference in San Diego, California. #SYMSD The conference ran from August 29-31. We're already making plans for the 2018 event and hope to see you there!

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4 areas to monitor to grow your credit union interchange revenue in 2017

Aug 23, 2017 4:00:00 PM / by John Best posted in Interchange Revenue

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Credit union interchange revenue is a key part of every credit union’s bottom line. Credit Unions have seen impressive growth and the industry looks to continue this expansion by growing markets size and keeping pace with improving technology trends. However, despite this growth, there are several factors that can limit your interchange revenue if you don't keep a careful watch on them. You should be regularly monitoring these four areas:

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How Credit Unions Can Capture Top of Wallet from Millennials

Aug 23, 2017 8:00:00 AM / by John Best posted in Interchange Revenue

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In the United States, the average credit union customer is 47 – in Canada, 53. Legacy members are entering a phase of life in which their spending may be more restrained. To continue growing, credit unions must seek new ground: The Millennial consumer.

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3 Ways Credit Unions Can Influence Debit and Credit Card Interchange Revenue

Aug 22, 2017 12:00:00 PM / by John Best posted in Interchange Revenue

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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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The Sticky Card: Credit Unions Can Influence Which Cards their Members Choose to Make Purchases

Aug 22, 2017 8:00:00 AM / by John Best posted in Interchange Revenue

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Most consumers have at least three credit cards from various sources. In addition, many people also carry one or two debits cards and a mix of gift and loyalty cards. A recent Gallup poll showed most Americans foresee the death of cash in their lifetimes, meaning all purchases will be made with credit and debit cards, as well as other forms of electronic payment. For the big issuers, this is rosy news, but for smaller institutions like credit unions, it can be stormy.

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Apple Pay, Google Wallet and the rise of online payment innovations

Aug 21, 2017 8:00:00 AM / by John Best posted in FinTech, Digital Wallets

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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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Who do you trust? Would your credit union members say it is you?

Aug 20, 2017 8:00:00 AM / by John Best posted in CU Member Services

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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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