In my thirty years of forming credit union collaborations, I have come to see common lessons, especially in multiply owned CUSOs providing one or more back office operational services. I examine twelve of those lessons in these types of CUSOs. (more…)
3/18/2020: Unfortunately due to the events surrounding the coronavirus, the NACUSO Network Conference is cancelled and will not be held April 20-23, 2020 as planned. As we all navigate the ever-changing reality of our day to day work and personal lives, our first thought is for the safety and well-being of our members, partners, staff and conference participants. We are working with Disney to look for dates when we could possibly reschedule our 2020 Network Conference this fall. More details as they become available will be on our conference website at https://www.nacusonetwork.com.… Read more
The 7th annual Next Big Idea winner is Zogo Finance. Bolun Li, Founder of Zogo began his presentation by asking the attendees to raise their hand if they had teenagers, now or in the past. And then he did an amazing job explaining to a room full of parents how his product can both educate and motivate teenagers. A daunting task to be sure. Zogo received 55% of the audience’s votes to claim the victory. Click here for photos and to watch his post-victory interview with Mike Lawson, CUbroadcast.
Click here to see photos and read about who the winners of this year’s CUSO of the Year and New CUSO of the Year Awards were.
Outlines Four Critical Payments Plays for Credit Union CEOs During Pandemic and Beyond;mCO-OP’s Program of Strategic Counsel Includes CEO Forum on August 19
As consumers continue to engage remotely and aggregate their financial lives from a multitude of apps and institutions, there is significant opportunity for credit unions to shift their strategic approach and win members through their daily exercise of making payments.
This is the premise of a new guide from CO-OP Financial Services, which offers strategies leveraging payments as a pathway to earning primary financial relationships with members.
“The Payments Playbook: A Credit Union CEO’s Guide to Winning the Payments Game” is available immediately for free download by visiting http://visit.coop/paymentsplaybook.
The Payments Playbook is a part of CO-OP’s program of strategic counsel for credit union CEOs and other leaders. The company will also be hosting a CO-OP CEO Forum on Wednesday, August 19. The forum is a virtual extension of the THINK conference, featuring experts from within and outside the credit union industry. Among the presenters will be Taco Bell CEO Mark King, who will provide insights about activating change in organizations based on his more than 20 years as a President/CEO of large companies across a range of industries. To learn more about this event, visit www.co-opfs.org/thinkvirtual.
“Payments already represent the vast majority of member interactions with the institution that holds their primary financial relationship,” said Todd Clark, President/CEO of CO-OP. “Think about the dozen times per day, year-round, that a member dips, taps or clicks to pay, and how that everyday interaction can lead to more opportunities within your credit union – from lending to selling other products and services. CO-OP processes more than eight billion transactions annually; that volume alone tells us that payments can be one of the credit union’s most powerful drivers of revenue and membership growth.”
Clark continues, “By focusing on achieving PFR status, credit unions can continue to maintain the trust and loyalty of their members, in this present COVID-19 environment and long into the future.”
Lumin Digital, a PSCU company, has announced that Justice Federal Credit Union (Justice Federal) has signed a multi-year agreement for Lumin Digital’s cloud-based platform as the credit union’s digital banking solution for retail banking and bill pay support. Justice Federal will have more than 30,000 active users on the platform, which is slated to launch in October 2020.
Headquartered in Chantilly, Va., Justice Federal was founded in 1935 with a mission to fulfill the financial needs of its unique membership throughout their life stages. With an ever-expanding number of Justice Federal members using mobile devices, delivering a best-in-class solution was one of the credit union’s top priorities. It found its ideal provider in Lumin Digital.
“At Justice Federal, we are always working to improve the products and services we supply to our members,” said Mark L. Robnett, president and CEO of Justice Federal. “Lumin Digital is redefining digital banking through its proprietary member engagement platform, making it a perfect fit for us and creating a more connected relationship that will make it easier and more convenient for our members to manage their accounts.”