Resource Center

Today’s banking customer expects a consistent, personal, and relevant customer experience. Credit unions that don’t march their customer experience into the digital era to meet member demands will find themselves marching toward irrelevance.

Download this white paper and discover how AI chatbots can help you improve the quality and efficiency of your credit union’s customer experience, including:

• Augmenting the human factor to improve productivity
• 24/7 banking customer service
• Delivering fast and accurate information
• Providing better security and compliance
• Advances in conversational AI to help members

Start delivering superior customer experiences and improving your employee productivity today. 

Credit unions rely on exceptional customer service and word-of-mouth recommendations to attract new members. But with an abundance of banking options and heightened expectations for digital financial transactions, credit unions must evolve. 

Digital tools are key to credit unions’ growth and customer retention goals. Providing a clean, convenient digital lending experience signals to members that they can expect the same across all other banking activities with the organization.

Download this white paper to explore a digital banking roadmap for your credit union. Topics include:

• Ideas to close the digital experience gap
• How member expectations are changing with more banking options
• How digital solutions help meet member preferences
• How a digital system of agreement improves efficiency

While the resulting economic turmoil of COVID-19 brings uncertainty to financial institutions, as well as consumers, it is times like these when credit unions are often at their strongest.

Download this eBook outlining the impact of the COVID-19 pandemic on the housing market as well as financial institutions. It discusses how credit unions can continue to meet member mortgage needs even during this time of social distancing. You’ll learn:

• How COVID-19 has affected the housing market and new construction
• Mortgage relief and the long-term impact
• How to support a distance economy with online applications

Gone are the days when the point-of-sale was simply a tool to record sales transactions. Recent developments have enabled numerous options for technology at the terminal, including contactless payments, mobile terminals, and more. 

As a credit union wanting to offer businesses a robust merchant services program, download this white paper to explore how the top five technologies at the terminal will help your organization satisfy both merchants and consumers.

The Financial Conduct Authority (FCA) announced plans to retire LIBOR by 2021, because of LIBOR’s inherent structural weakness. 

To manage the transition, credit unions must review every aspect of their business that uses the LIBOR and all other IBOR-based benchmarks. The challenge becomes the need to renegotiate and execute new contract terms across all affected financial instruments.

Download this white paper and learn:

• A solution framework to tackle this challenge
• How a scalable, measured approach can be executed with the right technologies
• The role of automation to the LIBOR phase-out effort

Learn how to propel your credit union's growth and engagement through your digital platform. Panelists Todd Purcell of Webster Bank, and Kelli Schultz of Allied Payment Network joined Finastra thought leaders to help your CU start thinking differently about topics such as:

• Crucial trends financial institutions must embrace to stay relevant
• Understanding the account holder journey
• The next "great" digital frontier

Accurate budgeting, planning, and forecasting is essential for all levels of an organization to have confidence when making decisions and investments. This has become increasingly difficult during the COVID-19 crisis, as credit unions face inversion of the yield curve, emergency rate cuts, and growing economic uncertainty.

While forecasts will never predict the future with 100% accuracy, finance teams can improve forecasts by updating them throughout the year instead of annually, as traditional annual budgets often become static and outdated by the time they're even approved.

Agile financial institutions are re-forecasting regularly and essentially making resource decisions as late as possible instead of once a year. This approach allows for organizations to react quickly to competitive and market forces.

Download this eBook 5 Components of Accurate Forecasting for Financial Institutions to learn:

• Key benefits of using periodic forecasts
• 5 best practices for accurate forecasting in your institution

In the modern, connected world, member support expectations are being raised across the board. At the same time, credit unions face complexities keeping pace with these expectations as service channels broaden and more is expected of support agents. 

Based on survey data from customer experience managers and employees around the world, this report examines how the role of support teams is changing, their biggest pain points and frustrations, the way they handle customer engagement, and their use of technology, like Artificial Intelligence (AI).

Download this report to help your customer experience managers address these challenges and capitalize on the opportunities that intelligent technology offers. Topics include:

• How customer expectations are changing the role of support teams
• Factors spiking support agent’s frustration levels
• Recommendations to improve your customer experience
• How AI is shaping customer engagement today and into the future

Credit unions of all sizes, modern or traditional, have come to realize the impressive benefits that qualitative data offers. Analytics can help personalize service, provide relevant products, and more accurate credit evaluations for members, all while helping to streamline financial performance. 

Still, it can be a daunting task for executives to embrace data-informed decision making. Your CU must not only embrace analytic tools, but it has to rethink how it collects, stores, and maintains accurate data for the analytics to use. 

It’s a challenge every executive faces. The good news is you can benefit from the experience of others.

Download this eBook that outlines a roadmap to foster the operational changes and cultural shifts your organization needs to embrace data analytics, including:

• A 6-step approach drawn from experiences of successful credit union leaders
• Questions to ask and actions to take at each step
• Opportunities to apply analytics to drive positive change

Platforms, open APIs, and cloud transformation are crucial concepts that credit unions must evaluate today in order to keep pace with a modern financial industry. CUs can’t compete in this digital age with old technology; however, selecting a core banking vendor and evaluating your current system can be a daunting process. 

Discover the challenges you face in keeping a legacy system, including: inefficiencies, reduced ability to respond quickly to changing demands, and fragmented views of your members. 

Access this webcast and uncover the value of the following factors in your core review:

• One enterprise database with 100% access to all the data and a 360° member view
• Open APIs and cloud-based technology 
• The agility to respond to industry changes and increase speed-to-market
• And more!

Digital is now expected, but not all consumers use it in the same way.  Community banks and credit unions need to engage with their members in ways their members expect.

Bringing together industry thought leaders and community financial institutions, Finastra Universe focuses on the future of financial services.

Watch this on-demand webcast as Finastra’s Cindy Bladow and Allan Brown, share insights from the event on:

• Why a digital and omnichannel presence is not a differentiator anymore
• Why CUs need to engage with members in ways they expect
• How to create a good balance of digital and personal touch

Change is constant in life and business, sometimes demanding quick action. Staying ahead of the inevitable — but often unpredictable — circumstances that disrupt the day-to-day business environment is a challenge for all organizations. 

Change readiness and management should be part of your credit union’s strategic plan. And one of your key tactics must be exceptional communication with those affected: your account holders. This helps drive loyalty during a time that loyalty is challenged most.

Download this white paper and learn how you can plan for, and manage, change by delivering impactful experiences through your contact center while building account holder loyalty. It will cover:

• Strategic moments you can maintain, or exceed your typical service standards to build loyalty
• Preparing for a spike in call volume or handle time
• What to look for when assessing contact center resources

Borrowers today expect a seamless, online experience for their mortgage process. In fact, millennials, Gen X, and even baby boomers now prefer the lending process to be digital, according to a recent PwC report¹.

Going digital is about developing a new, secure, and compliant workflow that better operates in the modern world. Lenders who are slow to embrace this transformation will be left behind.

Download this white paper to explore four common digital mortgage barriers - and their solutions - that your credit union can take action on today to deliver:

• The seamless experience borrowers expect
• Expedited times to close
• Reduced cost and time managing paper documents

1 - www.pwc.com 

For growth-minded credit unions, the recent legislation for cultivating hemp in the US may shed light on a new opportunity regarding the banking and servicing of hemp-related businesses. But the changes tied to the Farm Bill also bring increasing risks for banks and credit unions who take on these clients.

Download this white paper to learn:

• How to evaluate the opportunity
• The impact of the Farm Bill
• The differences between cannabis, marijuana, hemp, and cannabinoids (CBDs)
• Potential risks of taking on these banking relationships

As credit unions prepare to comply with the current expected credit loss (CECL) model by 2023, there are unique opportunities to learn from key decisions that current SEC filing institutions have already made. Interpreting the results from SEC filers is more critical this year than ever, and credit unions should be taking large strides in 2020 around data remediation, project planning, and the beginning of model development.

This on-demand webcast will share insights around inputs, data, and results from working with public clients through advisory engagements.

Access this on-demand webcast to learn about:

• What works and doesn’t work in CECL modeling
• How private entities can get ahead
• Practical examples to learn from

If it feels like storm clouds are gathering over your financial institution, you’re not alone. The combination of economic uncertainty and unprecedented competition from an increasing number of sources has darkened the business outlook of many leaders in the credit union industry. 

The roles played by CFOs, and other finance executives, of traditional financial services institutions are increasingly important as organizations strive to maintain margins during this time of uncertainty.

Download this report to learn 10 key findings facing CFOs and other finance executives across the U.S., based on Kaufman Hall’s annual survey. Examples include:

• Many institutions lack sufficient profitability insights to know where to invest – only 16% of respondents cite a clear understanding of performance based on profitability analysis.
• There is a significant gap between what finance leaders feel is important to monitor and what they actually measure and track – for example, 94% say they should be monitoring relationship profitability, but only 40% actually measure it.
• Outdated budgeting processes and systems contribute to long budgeting cycles and inaccuracies – 43% of institutions cited budget cycles that take four months or longer.

Based on these findings, the report also recommends 11 strategic priorities to help your institution overcome challenges and maximize opportunities to grow profitably.

Many credit unions are using advanced predictive analytics to transform their origination and member services processes. But not all are equally prepared to develop and deploy their own analytics, and the leading data science talent necessary to build effective models can be hard to find and expensive to retain. Even credit unions deep in data science talent often have operational bottlenecks that make it difficult to deploy analytics to generate timely business value.

These difficulties have given rise to a new adoption approach for advanced analytics, machine learning and applied AI: managed service offerings in which a partner like FICO develops and deploys the advanced analytics via the cloud.

Download this Executive Brief on analytics, decisions, and scoring as a service. In this brief, we describe:

• Why a service-based approach might be right for credit unions that want to increase their use of analytics but struggle to develop and operationalize predictive models.
• The types of operational decisions in originations and member services that could be significantly improved using real-time analytics.
• How analytic services work with your existing systems, processes and architecture.
• How to ensure that your use of analytic services is transparent and compliant with internal and external guidelines and regulations.

As credit unions navigate advancing technology and innovation, the old-world focus of simply providing “service” won’t translate into success in the future. Organizations that tap into unused member data and draw insights to deliver “experiences” will remain competitive and thrive.

Customer experience is becoming increasingly central to success and will only grow in importance as digital consumerism expands.

Luckily, credit unions are uniquely positioned as leading consumer data collectors. The most successful are finding ways to make sense of their data and create actionable, personalized experiences for members. 

Download this report and explore 5 keys to creating an exceptional customer experience for your credit union members. Including:

• Market differentiation
• Revenue impacts
• Delivering relevance
• Change Management and its effects on CX
• The importance of brand support

As a credit union leader, the news that development and support of your core system is non-existent can be shocking and stressful, and it can pull your entire organization into disarray.

Download this white paper and find out:

• How your legacy core systems are interfering with growth
• What you should expect from a modern core system
• How to select and launch your new core system

Converting your business banking to a new and robust platform can be daunting. 

Access this on-demand webcast and discover tips, tricks and best practices in this short thought leadership. You will learn:

• How to minimize impact to your business operations
• Preparing employees to support end-users 
• How to set the stage for achieving your growth goals

It’s estimated that 90% of the worlds’ data has been generated within the last three years alone. With the interactions of online shopping, social media and digital service tools, consumers are providing insights that can change the way your institution plans for the future. 

Access this on-demand webinar to understand how to access this data to improve your member experience and turn that data into actionable insights that are critical for your success. You will learn how the right data can help you:

• Drive new efficiencies
• Better assess a borrower’s ability to repay
• Target your messages for growth
• Offer consumer benefits, including: better member service; improved insight and financial advice; simplified account openings and financing applications; and non-traditional credit files
• Positively impact mortgage lending

Communities thrive with the growth and success of small and mid-sized businesses. And just like consumers, they find themselves looking to their local credit union for financial advice and services. Helping these businesses prosper is at the heart of the credit union mission.

Through C&I lending your credit union can help these businesses succeed, and in turn, grow relationships. Access this on-demand webinar as we discuss trends impacting the commercial lending space in 2020, and how digital transformation can help you build a forward driving business strategy. We’ll cover:

• Spotting the opportunity in C&I 
• Economic and generational impacts on business
• Milestone moments when a business needs financing
• Getting digitized for business lending
• Trends driving digital transformation

Today’s CU members expect to get answers to their questions immediately. Credit unions have the opportunity to use a variety of digital tools to meet and exceed member expectations of 24/7 self-service, while also trying to ensure members can still reach a human representative when they want or need to. 

Recently, Artificial Intelligence (AI) has paved the way for more immediate, personalized service that leverages the power of chatbots to drive efficiencies, while also providing better support for member service representatives. When chatbots and human agents work together in harmony, the goal of exceeding members’ expectations can be met. 

Download this white paper to discover the operational and member experience benefits of combining AI technology and member services, including:

• How AI technology leads to better member experience.
• How chatbots help reduce routine tasks/questions for human agents.
• How a central knowledge base empowers agent efficiency. 
• How to unlock harmony between bots and human agents to help reduce agent turnover.

Attentive member service and personal relationships have always been the differentiating factor for credit unions over other financial institutions. But today, the definition of superior services is rapidly changing as consumers expect access to personalized services anytime, on any device.

AI-powered solutions are a cost-effective way for credit unions to raise service expectations, deepen member relationships, and level the playing field with big banks. 

Download this white paper to discover how AI and machine learning solutions can transform your credit union’s service experiences to delight members through:

• Convenient self-service options
• Chatbots that offer personalized, human-like service
• Consistent omnichannel experiences
• Seamless transitions to human service agents
• Privacy and data security standards

Gen Z consists of about 68 million Americans with a purchasing power of close to $44 billion.² The oldest of which are now graduating college, entering the workforce, and beginning financial adulthood.

They expect fast service, fast results, and overwhelmingly prefer cashless payments. It is imperative that credit unions are aware of these needs and have a strategy in place to capture Gen Z members as they are now establishing important financial relationships. 

Download this white paper to discover what credit unions should know about Gen Z to successfully attract and retain them as members, including:

• Who Gen Z is and what they value
• Gen Z vs. millennials
• How credit unions can attract Gen Z

¹The Financial Brand, 2019.

²McKinsey & Company, 2018.

The recent M&A activity in today’s market presents an ideal opportunity for credit unions to pause and reconsider one of their most critical payments-related offerings: their current credit card program. 

Credit unions who take the time to weigh the pros and cons of different operating models may find that an outsourced program best fits their needs.

Download this white paper to learn:

• Pros and cons of self-issue vs outsourced credit card operating models
• How Dover-Phila CU increased credit card balances by 70%
• The importance of a comprehensive digital strategy