credit union


Paper Explores Seven Strategies for Credit Unions Evolving for Digital Consumers

CO-OP Financial Services has released a new white paper, “Seven Strategies to Accelerate Your Digital Transformation,” providing practical guidance for credit unions positioning themselves for growth in a digital world.

“While most financial services providers understand the ‘what and why’ of digital transformation, they are less comfortable with the ‘how,’” said Todd Clark, President/CEO, CO-OP. “We’ve seen firsthand the acceleration of the digital marketplace and understand that digital transformation is the only solution forward. This paper identifies seven essential strategies we’ve discovered through our own shift from a legacy organization to a digital-first, integrated ecosystem.”

Credit union leaders will learn why each of the strategies for accelerated digital transformation is critical to success in the digital era, as well as how to begin implementing them within their credit unions.

The seven strategies explored in the paper are:

Be Member-Centric.Read more

eDOC celebrates National eSign Day

June 30th marked the eighteenth anniversary of the enactment of the Electronic Signatures in Global and National (ESIGN) Commerce Act. Passed by the United States Congress in 2000, the act facilitates the use of electronic records and signatures in interstate or foreign commerce. Dubbed “National eSign Day”, the act has been instrumental in empowering credit unions to enhance their members’ experience and advance the cooperative movement at large.

The ability to apply digital signatures to electronic documents has returned value to credit unions by saving them time, money, and resources. For example, eDOC Innovations’ eSign solution, eDOCSignature, has saved credit unions 1,020,000 sheets of paper (127 full grown trees), and more than $55,000 in printer ink over the last two years. In addition to resources saved, credit unions now are closing nearly 50% of their loans electronically, increasing speed to closure and saving their members time. Similar value is being added by all eSignature solutions penetrating the credit union space.Read more

New Waze for Collaborating

Earlier this month I was in Athens, Georgia teaching Marketing/Business Development and Innovation to the students of Southeast Regional CU Management School (SRCUS). After my last class I needed to get to the Atlanta Airport to catch the last flight out – which is always dicey and to make matters worse – a huge thunderstorm was rolling in. At lunch I mentioned that I was a bit nervous because Atlanta traffic can be unpredictable in the best of times. That’s when I heard about Waze.

Waze is the world’s largest community-based traffic and navigation app. Imagine millions of drivers out on the roads, working together towards a common goal: to outsmart traffic and get everyone the best route. It’s crowd-sourced information about police, traffic jams, accidents, and I’d soon come to find out, flooding in the road.

So I downloaded the app, and to make it even better it’s cute and fun and you can change the voice and customize the settings to do things like compare gas prices as you’re nearing stations.… Read more

OnApproach Makes Strategic Investment in Data Analytics CUSO, CU Rise

CU Rise Analytics, a Virginia-based, global CUSO providing data science and technology advancement solutions to credit unions, is pleased to announce its strategic partnership with OnApproach, the leading provider of data/analytics solutions for credit unions. This strategic partnership offers the credit union marketplace an end-to-end solution for data storage, analysis and actionable insights.  

“The growing abundance of data can be overwhelming for credit unions today. Our strategic partnership with CU Rise Analytics presents an opportunity to provide credit unions of all sizes with the ability to transform credit union member data into valuable and actionable information to drive decisions,” stated Paul Ablack, Chief Executive Officer (CEO), OnApproach. “As the only collaborative analytics CUSO, we have a mission to build analytics competencies for as many credit unions as possible. Strategic partners such as CU Rise advance that mission by further enhancing opportunities for credit unions to take control of their data.”

With over 30 years of collective financial services, strategy and data analytics experience, Karan Bhalla, CEO, and Suchit Shah, COO launched CU Rise Analytics in March of 2018.Read more

CU Direct Predicts What’s Coming in Auto Lending

This article was originally published on written by Frank Diekmann, who has been a big supporter of NACUSO and is a great reporter. Frank has written extensively on developments in auto lending, and he, like Tony Boutelle, believes these changes are going to arrive faster than many of us think. 

Perhaps no area of lending is being watched more carefully than auto lending when it comes to potential disruptions to the entire business model, and credit unions here were offered a forecast for what might lie ahead–and when–by CU Direct.

During the company’s Drive 18 Conference, CEO Tony Boutelle updated credit unions on what it is forecasting and how credit unions should prepare to respond on some issues of strong interest to credit unions.

According to Boutelle, CU Direct sees the future of auto lending and the auto industry itself as “A.C.E.S.” for Autonomous, Connected, Electric and Shared.

Boutelle cited a quote from Dr.Read more