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…)
Save the date for NACUSO’s 2019 NACUSO Network Conference! Details will be available soon on our conference website at https://www.nacusonetwork.com to book hotel and for more information.
In the toughest competition to date, CU RateReset CEO Keith Kelly once again knocks it out of the park with his 7 minute presentation at the Next Big Idea Competition last week at the NACUSO Network Conference at the Disneyland Hotel.
Two years ago Keith won the competition with CU RateReset. This year he entered with Knocknock, a disruptive digital solution that provides bilateral interaction between the credit union and the member to deliver “just in time offers” based on real time triggers.
CO-OP, Mastercard Analyzed 2,000 Financial Journeys, Focusing on Their Experience with Credit Unions
To offer credit unions a clearer picture of the member financial journey, CO-OP Financial Services is offering a free white paper and in-depth report that provides analysis of 2,000 individual journeys experienced by credit union members nationwide.
“Mapping the Member Journey” was prepared by CO-OP in partnership with Mastercard Advisors. The study measured the performance of 13 different member engagements, such as applying for membership, making a service complaint, initiating a balance inquiry or starting an investment account. It then studied how both positive and negative performance influenced future behavior.
“In the digital age – where every transaction is captured, analyzed and followed-up on – true insight beats anecdotal knowledge every time,” said Todd Clark, President/CEO, CO-OP. “Our goal was to take a data-informed, scientific approach to discovering fresh opportunities for daily interactions with members. This kind of detailed insight into how members interact with their credit unions, what they value and what they don’t, will help optimize experiences for increased member satisfaction, retention and growth.”
As a CUSO serving 270 plus credit unions in 40 states, CU*Answers continually seeks ways to leverage the combined experience and expertise of each participant for the benefit of the network. In the area of technology, one method that has been successful involves getting credit union IT leaders together on a biannual basis to share and discuss topics that are most urgent to them. During the November CUSO Technology User Group meeting held in Frankenmuth, MI, one of the key items on the agenda was “Exercising the Credit Union Incident Response Plan”.
The discussion was launched with an educational presentation on the components that make up an effective incident response tabletop exercise including instructions for planning and implementing an ongoing program at the credit union. “The tabletop exercise is a valuable tool for identifying gaps and weaknesses and improving response capabilities, whether for business continuity or information security scenarios,” states Jim Lawrence, vice president of Business Continuity at CU*Answers. “Without exception, those exercises that are most successful begin with setting clear objectives and requires the full participation of an engaged team.”
The group discussion on this topic was determined to be so relevant to the current needs of the credit unions who participated that a follow-up presentation was scheduled for the Spring 2019 CTUG meeting including a live demonstration of a cyber incident response tabletop exercise.
Additional information about the CU*Answers’ Business Continuity and Incident Response programs can be viewed at their website.
About CU*Answers, Inc.
CU*Answers offers expertise in implementing technical solutions to operational needs, and is a leader in helping credit unions form strategic alliances and partnerships. CU*Answers provides a wide variety of services for credit unions including its flagship CU*BASE® processing system (online and in-house) and Internet development services featuring It’s Me 247 online and mobile banking. Additional services include web development, network design and security, and image check processing. Founded in 1970, CU*Answers is a 100% credit union-owned cooperative CUSO providing services to credit unions representing over 2 million members and $21.5 billion in credit union assets. For more information, visit www.cuanswers.com.