The Debate Continues- How Many Apps Should a Credit Unioan Offer?
A few weeks back John and Kevin initiated a spirited debate over the multiple tradeoffs baked into a credit union’s app strategy- user friendliness, functionality, ease of ongoing updates, etc. Check out our prior post for the first half of this conversation, particularly on whether it’s best to offer a single all-inclusive app addressing every banking need, or a compact ”everyday” app along with a series of others suited for less frequent needs like mortgage applications.
Seizing the Growth Opportunity for Mid-Sized Credit Unions
Last month I wrote about how credit unions’ stagnant market share of 7% of US consumer deposits should not be acceptable to industry leaders. Our member growth stats have been decent, but what really matters at the end of the day is Primary Financial Institution (PFI) status- the goal is for a bank or credit union to establish itself as the centerpiece of daily financial life, the first place a consumer turns when financial help is needed.
FedNOW… in 2023? The Allure of Instant Payments
The Federal Reserve stirred the pot in 2018 when it requested comments on its offering a real-time payments network, since branded as FedNOW. Credit unions and community banks encouraged the Fed’s entry into the real-time market as a way to ensure widespread access to this important new capability.
How Many Apps Does a Credit Union Need?
Financial technology can be complicated stuff- and anyone who claims there are easy answers to the challenges facing credit unions probably hasn’t analyzed the issues closely enough. Faced with complex problems, well-informed people can reach different conclusions. A great example of this came recently when BIG’s leaders traded thoughts on how credit unions should approach their mobile app strategy.
You Can’t Fake Digital
Digital Banking Report’s Jim Marous joins our Credit Union Digital Town Hall to discuss the need to offer even greater online convenience in a post-COVID world. Also- Glen wonders whether the recent trade press merger could present a Kumbaya moment.
COVID’s Impacts Illustrate the Value of MemberPass in our New Normal
One of the most bizarre byproducts of the COVID-19 pandemic has been its effect on credit union branch protocol. As recently as this winter, the idea of a masked man walking up to a teller window would have been unheard of, if not downright illegal. Four months later, many credit unions have enacted policies requiring masks for entry.
Ten Years of Transformation Crammed into Three Months
In the big picture, it’s not as if any of this was a surprise. We’ve known for ages that digital channels were the future of banking, and that credit unions- especially smaller ones- needed to upgrade their tech platforms or risk being left behind.
FinTech Diversity: A Multi-Dimensional Challenge
Glen and Finovate’s David Penn discuss the uncomfortable issue of minority representation in fintech firms. Also, thoughts on the Supreme Court’s credit union ruling and why the CU movement is selling itself short.
Why Do Credit Unions Settle for 7% of the Market?
There was much rejoicing in the credit union world last week when the Supreme Court batted back the American Bankers Association’s challenge to the NCUA’s expanded field of membership rule.
Is Voice the New Mobile- and the Ultimate Touchless?
It was only a few years ago that I recall BIG’s Resident Visonary John Best counseling credit union leaders regarding their digital strategies, “If you don’t build out your mobile platform, you might as well not bother with digital.” It was a controversial statement at the time, but it’s now conventional wisdom. The hand-held device has become the go-to channel for members across a wide array of demographics, surpassing the desktop for engagement volume.