Resource Center

With the pandemic accelerating the adoption of digital channels and capabilities, it’s more important than ever for credit unions to future-proof themselves to compete against digital banks and tech giants entering the financial space in the future. Outdated core systems are holding credit unions back from achieving digital transformation.

Download this eBook to learn how cloud-based open core solutions meet members’ expectations today, and are future-ready to evolve with constantly changing expectations. Topics cover:

• 6 essential questions every CU should ask about their core system
• Why your core system must enable change and growth
• How data helps CUs win
• Benefits of cloud based open core banking systems

Within the National Defense Authorization Act (NDAA), the Anti-Money Laundering Act of 2020 (AMLA) became law and amends the Bank Secrecy Act for the first time in nearly two decades. However, many steps are required before the extensive law can be implemented. 

Meanwhile, BSA professionals understandably have questions about what the changes will look like and when they will happen, given the law’s magnitude and importance. One-third of BSA professionals responding to a recent poll by Abrigo said they don’t know how their institutions will be affected by the AMLA.

Download this whitepaper that outlines suggestions for credit unions to prepare while waiting for full AMLA guidance to be rolled out, and discusses key components of the AMLA, including:

• Beneficial ownership registry
• Virtual currency
• Penalty enhancements
• Suspicious activity and currency transaction reporting reform 
• And more!

Want technology that some of the biggest banks worldwide have already succeeded with? Learn from a leading expert about how your credit union can increase productivity and member satisfaction with an effective conversational AI tool that powers exceptional customer experiences, builds loyalty and generates ROI by utilizing natural language processing that understands how people really talk. 

Download this white paper and learn:

• 4 elements of an effective conversational AI tool
• Tips for your credit union from an AI expert
• 7 questions to ask when shopping for an AI tool
• 3 key considerations for ensuring seamless end-to-end workflow management
• How to start succeeding with conversational AI

Reconciliations play a vital part in a credit union's day-to-day operations and support activities such as cash flow reporting, regulatory reporting, risk mitigation, fraud prevention, audit and governance. If your credit union uses desktop applications to manually deliver reconciliation activities, you are probably familiar with these tools being both laborious and error-prone, especially when dealing with large volumes of data. 

Download this whitepaper for an in-depth look at the reconciliation process, the challenges different reconciliation types bring, and how software solutions can be leveraged to help manage your reconciliations more efficiently; including: 

• 4 basic stages of reconciliation process
• Categorizing reconciliations
• 7 key challenges of a manual process
• 10 key business benefits of automated your process

Lenders in financial services recognize the potential of artificial intelligence (AI) to transform underwriting and fraud detection — but one major hurdle to the broader adoption of these models has been concern over credit performance during an economic downturn. 

Over the last year, the economic stress from COVID-19 provided the opportunity to observe the performance of an AI underwriting model. 

Download this report for a deep dive into AI-enabled underwriting performance during the 2020 pandemic. You’ll learn how:

• At the peak of the crisis, impairment increased 40% less than the industry as a whole
• Fewer borrowers required a hardship program, and more of these borrowers began promptly making on-time payments
• The Upstart Risk Tier was 6 times more effective than credit score bands at separating the risk of payment impairment
• The ability for their AI model to separate risk tiers translated into significantly lower payment impairment rates for bank partners

2020 drove everything virtual and increased the demand for ultra convenience. Credit unions that didn’t embrace this unprecedented digital transformation were left behind. Closing the gap and providing members with a holistic financial wellness approach will gain larger wallet shares for years to come.

Download this white paper to learn how to empower your members to make better financial decisions to improve their satisfaction, retention and grow your organization; including how to:

• Automate: respond instantly, lower costs and increase flexibility 
• Augment: empower every representative to deliver like your top performers
• Advise: empower members to make better decisions with AI-driven advice
• Strengthen member relationships with ongoing engagement
• Plus, much more...

The global pandemic of 2020 has profoundly altered how home buyers shop for mortgages. For loan officers, the implications are a game changer. What mortgage customers value more than face-to-face relationships, and what almost half of them think is more important than the interest rate, is convenience.

Download this report for a deep dive into how you can better respond to an array of difficult and dynamic market conditions. You’ll discover:

• How to provide the seamless online experience your members desire.
• The key areas where technology could have the greatest impact.
• What happens when you get greater visibility across all your pipeline.
• How to dramatically increase referrals.

Amid compressed margins, increasing competition, and economic uncertainty, volume alone no longer translates to credit union success — determining the key drivers of profitability is mission-critical for financial institutions to add value for shareholders, members, and individual stakeholders. 

Download this white paper and learn how these profitability processes shed much-needed light on what actually keeps your credit union in the black, and what you can do to implement these crucial processes. You’ll discover:

• Components of CU profitability
• Benefits and challenges of developing an actionable profitability framework
• Tips for adopting funds transfer pricing and unit costing methodologies
• Key requirements of an actionable profitability framework

Credit unions need to ensure that every depositor who goes through account opening begins a process that provides them value and enrolls them in higher retention services like online banking, mobile banking, remote deposit capture or bill pay. Smarter onboarding means you know more about your members so you can define relevant segments, create education-centered content, execute campaigns that convert and provide a humanized member experience at every touchpoint. 

Download this playbook to learn how to close the gaps in your onboarding journey and deliver relationship-building experiences that establish trust and confidence for your members. Including:

• Assess your current onboarding
• Effective onboarding strategies
• Introduce and empower - starting the member journey
• Engage and inspire your member 
• Outline and case study examples of what the process and outcomes could look like

Many minority-owned businesses are struggling to bounce back from the economic effects of the pandemic. Many business owners have experienced cash flow problems or might be one missed payment away from closing up shop. In this environment, it’s crucial for lenders to provide fast and fair access to funding. 

Download this white paper to see how the cloud is streamlining the lending process to help your CU better serve and grow these markets. Topics cover: 

• Why fast and fair access to funding is crucial for minority owned businesses success 
• How to cut time to funding by as much as 50%
• Why automation plus data access equates to better minority support
• How the cloud paves the way for a faster, simpler road to digital lending

Enterprise-level banks have been embracing AI and machine learning for some time within the financial crime prevention space. Now it’s time for credit unions to adopt this technology as a part of their digital transformation and address evolving risk. 

Less time spent on manual processes, false positives, and overwhelming amounts of alerts mean less man hours, less fraud, and more return for increasing member benefits. Explore how attainable AI and machine learning can get you there.

Download this eBook to learn why AI and machine learning serve as the new baseline for financial crime prevention. You will also learn:

• Why rule-based models alone aren’t sufficient
• The two areas AI improves efficiency
• The different types of machine learning and which type ensures effectiveness

AI-driven lending has demonstrated big business results, but lending leaders are still challenged to chart a successful implementation strategy. Achieving better lending, strong ROI, and competitive advantage looks different in every organization, so should you build, buy, or rent AI capabilities? 

Download this guide that provides credit unions with an updated framework to evaluate the pros and cons of various approaches to AI-driven lending and covers the key considerations to keep in mind to ensure your investments deliver the outcomes your community deserves. Learn how to:

• Assess the AI lending options in the marketplace
• Evaluate the pros and cons of each adoption strategy
• Identify key factors to consider throughout evaluation
• Apply an informed framework to your decision-making process

Members today demand seamless and easy payment options which require innovative technology. The challenge is to modernize payments without disrupting the technology and member experience already in place. 

Watch this on-demand webcast that explores what you need to know about updating your payments, including:  

• Use cases most important to your members and how to prioritize with technology in mind
• How to make strategic investments that provide short-term solutions and are scalable and flexible long-term
• How to prioritize introducing new payment types while maintaining support for existing payment types
• And more...

Personal loans represent about 1% of outstanding consumer debt (compared with 6% for credit card debt) which means there’s tremendous opportunity for traditional financial institutions to participate in the growing personal lending space.

Credit unions are well-positioned to serve the growing consumer demand for personal loans because they have the ability, processes, name recognition and member loyalty to do so.

Download this white paper to learn: 

• 3 primary opportunities CUs can leverage in personal lending
• Top reasons consumers get a personal loan
• The impact of COVID-19 on personal loans 

2020 was a challenging year for the credit card industry. Card usage plummeted, business travel and entertainment activity was practically non-existent, all while customer demands for increased digitization only intensified. It’s imperative that credit unions respond quickly to keep up with a highly competitive market. 

Download this whitepaper and learn three new trends that are shaping the credit card industry and how to adjust for them:

• The need for enhanced digital capabilities
• A changing rewards environment
• The uncertainty of future credit trends and losses 

Businesses need to be agile and adaptable in today’s changing circumstances. Credit unions can help optimize small and medium-sized businesses (SMBs) by offering merchant services solutions that provide both omnichannel and integrated payments options. The opportunity is to build profitable and loyal relationships with SMBs, who might otherwise partner with big banks.

Download this whitepaper to learn how to start offering omnichannel and integrated payments options to SMBs. Including:

• E-commerce, contactless, and other new payment procedures
• Operational efficiencies
• Increased security 
• Actionable insights 
• How to weigh your options

The cannabis industry has grown rapidly in recent years, and demand is expected to continue increasing following cannabis legalization initiatives. Although cannabis is now legal – either medically or recreationally – in the majority of states today, it remains illegal on a federal level, hamstringing cannabis-related businesses (CRBs) from accessing traditional financial accounts. As this industry continues its rapid expansion, it is increasingly important that it has access to traditional banking services. While there is certainly demand for these services, credit unions are, understandably, skeptical. Is it safe? How do you bank them? How do you navigate compliance? Are there safe harbors in place?

While banking CRBs can be risky, it can also be highly rewarding, especially for credit unions. Credit unions have a unique opportunity to serve CRBs, as they are often more member-focused and do not cross state lines as often as their big bank counterparts. Ultimately, it requires credit unions to understand the nuances of the industry, closely monitor ongoing guidance and regulation changes, adequately safeguard the institution, and train staff accordingly.

Download this whitepaper that discusses aspects of banking cannabis-related businesses your credit union should consider, including: 

• Nuances of the cannabis industry and ongoing regulatory changes
• Opportunities for credit unions banking CRBs
• Necessary steps to remain compliant if a credit union decides that it wants to engage relationships with CRBs.

As more and more credit unions turn to tech to meet the needs of members, the right digital solution can provide access to a wider audience as well as more comprehensive member data than the traditional credit score criteria. This is what KEMBA Financial CU discovered as they sought a fresh perspective to digital lending that could enable them to provide more people with access to affordable credit.

Download this case study to learn how this Columbus-based credit union successfully launched an AI lending program. You’ll get a first-hand look at how digital technology helped: 

• Improve data automation for faster loan approvals and risk assessment
• Serve more members and prospects across its community
• Offer higher unsecured personal loan amounts while tailoring pricing
• Cultivate lasting relationships with members with memorable brand experiences

Growing your bottom line should be a paramount consideration, but additional stimulus payments and low interest rates are a challenge to deploying excess cash effectively in 2021.

Download this article to learn how to manage risk and generate returns with your excess funds to grow your bottom line. You will learn:

• The benefits of the fixed-income investment process (including a sound decision-making framework)
• How to use analytical models and why you need them
• Current market themes in today’s fixed-income landscape

New technology is needed to maintain compliance with standards and regulations while driving greater processing simplification and improved member engagement. Although it may seem daunting, implementing new processes and technologies will be the difference between sink or swim. Keeping up will mean reviewing the efficiency of outdated legacy systems and replacing them with systems that are designed to support both existing and new processes end-to-end.

Download this guide for tips and tricks to achieve operational resilience and solve the following challenges:  

• ATM Cash Management
• Payments and ISO-20022
• Auto Financing
• Reconciliations
• Period End Processing

The shift to digital service has been great for both credit unions and consumers. However, digital sales has endured a rough transition in the areas of data, analytics, process design, process integration and fulfillment. 

What can your CU do to help course correct?

Download this report for four key findings from a survey conducted on 184 U.S. based banks and credit unions. It also highlights benchmarks on the digital account opening processes, including: 

• Institutions with mature digital account opening processes outperform in key business metrics
• Few institutions have achieved a high level of digital account opening maturity—and bigger isn’t always better 
• Smaller institutions lag in marketing for deposit product digital account opening
• Digital account opening leaders excel in sales, speed and integration

Understand how to transform your sales department today - get your report now!

When a prospective member visits your website, it only takes them 50 milliseconds to decide whether they’ll stay or leave. You need to show your credit union’s credibility and capture that person’s interest enough for them to stay a few more seconds. For every second you incentivize a prospective member to stay on your site longer, you get one step closer to converting a visitor into a member.

Download the roundup to see 15 of the top bank & credit union websites you can model your website after. We also dig deeper into 6 crucial categories that, if addressed well, will:

• Enhance member experiences on your website
• Allow your CU to capture important member information
• Improve conversion rates and grow your CU

Every year, Harland Clarke polls credit unions and banks of all sizes, analyzes the data, and publishes a list of trends that are shaping the future of the financial services industry. This year, the global pandemic changed many aspects of banking, but just knowing it changed isn’t enough - you need to understand how much and why. 

Download this report to discover not only the impact COVID-19 had on how 280 financial institutions conduct business and connect with consumers, but the differences in perception vs reality of 5 trends including:

• Digital banking adoption as a way to reduce operating costs, cut budgets and reduce staff
• Marketing initiatives to increase loan acquisition
• How work from home impacts profitability

Never in the history of the industry has there been a greater need for financial institutions to use digital capabilities to build and strengthen long-lasting account holder relationships. There is no doubt the industry has accelerated the consumer and business adoption of digital channels and capabilities but what hasn’t changed is the increasing need for a personal touch.

Download this expert perspective and discover how to incorporate a personal touch into your digital banking. You will discover how to use advanced digital capabilities to personalize member engagement and:

• Create communication strategies to your members
• Gain insight into industry standards and trends 
• Unlock new revenue opportunities

Does it feel like you’re constantly chasing fraud after it occurs? It’s time to identify fraud before it happens - with less resources. With a combination of cloud-based data intelligence and an always-on AI approach, your credit union can monitor constantly evolving threats in real-time, detecting and preventing fraud before it happens.

Download this eBook to learn how an always-on AI approach can:

• Detect sophisticated risks and anomalies in real-time
• Drastically reduce false-positive alerts
• Intervene in real-time

Stay ahead of today’s financial criminals and protect your CU!

In 2020, there were fewer credit unions but more credit unions members. Members appreciate the altruistic mission and community roots that distinguish credit unions from the typical bank and credit unions have a history of understanding what their members want and delivering it, even when their larger competitors have shied away from trying something new.

Download this expert perspective and learn how to double-down on your commitment to innovation and agility while continuing to pay close attention to changing member expectations. You will discover:

• Strengths and challenges facing the industry in 2021 and beyond 
• Opportunities to tap into potential new members
• How new competition can inspire new ideas
• And more!

In today's increasingly mobile digital economy, your members expect a world-class payment system where they can safely and securely pay anyone, anywhere, at any time. Several years ago The Clearing House, which operates on a core U.S. payments system infrastructure, started the RTPⓇ network that is different from other payment networks with the advantage of immediacy of the payment, including clearing and settlement.

Download this article for a deeper understanding of the RTPⓇ network and its trends and use cases, particularly among financial institutions. You will discover:

• How to select the right network for your CU and members
• Strategies to implement RTP
• And more! 

Transforming the way loan processing is managed is imperative in today’s challenging environment. Demand remains high for various types of loans and lenders are feeling the one-two punch of inefficiencies within their existing methods of loan processing and declining margins. 

Download this report for a deep dive into how technology is helping the industry better respond to an array of difficult and dynamic market conditions. You’ll discover: 

• Challenges to focus on and overcome in loan processing
• Key areas within your CU where changes could have the greatest impact
• How to address resource constraints 

While interest rates are starting to rise, the current environment presents a continuing challenge for sustainable institutional growth and profitability. To accelerate positive performance, credit union finance leaders should identify and address key challenges in budgeting, planning, and forecasting processes, and target improvements in those areas.

Download this ebook to learn:

• Why today’s environment presents unique difficulties for financial institutions
• How to turn accuracy, accountability and other hurdles into enhanced performance
• 6 best practices for better budgeting and planning

Budgeting hasn’t changed much in recent decades in its meticulous attention to expense forecasting and control. It remains a process of negotiation between expenses and revenue generation. These two forces are determined by trending or by management edict. For credit unions, growth is achieved from new activity and branching, along with the required expenses to support it. 

Download this guide to discover how to build a playbook that will help you turn your budget into a plan for growth by: 

• Breaking down goals into milestones
• Creating timelines for marketing plans and expected results
• Monitoring your progress and communicating better with stakeholders
• And more... 

Given the tough environment CUs now face due to the pandemic, the demand for AI innovation is greater than ever and CUs are adopting new technology to more effectively assess credit and loan eligibility. However, with AI project failure rates nearing 50%, the need for a proven roadmap is critical. 

Download this guide for a step by step approach and best practices from lenders who have moved to AI-powered underwriting to gain a more holistic picture of members and make better and faster decisions. You will learn how to:

• Communicate AI’s impact to stakeholders within your CU 
• Execute your AI strategy with project timelines, data considerations, and more
• Select the right goals and metrics to establish ROI and optimize your AI investment

Ninety percent of loan onboarding at financial institutions is still paper based, according to recent Finastra research. The demand for business loans and financing is at a 13-year high, particularly for SMBs. Banks and credit unions need to administer and originate loans quickly, but many simply can’t handle it and are burdened with manual collection and review of documents, which is prone to fraud and human errors. 

Watch this on-demand webinar to learn how banks and credit unions can tap into the power of digital onboarding, document collection and verification and create a better lending experience for members. Topics discussed include:

• Consumer demand and adoption of digital banking and lending experiences
• How to overcome issues you may be having with your current processes
• How to leverage technology and Fintech innovation to tackle these challenges

Few doubt that real-time (RTP) and instant transfers are the future of payments. This transition is underway, but needs to be accelerated - especially in the credit union industry. The barriers for successful implementation are not only due to resources but also a lack of member trust and knowledge about RTP. In this round table Deana Bartel, vice president of Payment Services at Randolph-Brooks Federal Credit Union,  Nubia Valenzuela, vice president of Payment Services at SchoolsFirst Federal Credit Union, and PYMNTS Managing Editor, John Gaffney, discuss how to overcome these barriers and provide fresh findings on the future of faster payments. 

Watch this on-demand webinar for a deeper understanding of how your members may perceive RTP and how you can successfully implement RTP at your CU. You will learn about:                          

• Payments modernization and what CUs can do to accelerate the usage of true real-time payments
• How to increase member trust and engagement with RTP 
• Why RTP “experiences” will be expected by members as RTP grows

While market conditions have improved from last year, credit unions continue to search for strategies to reduce expenses and increase revenue. It’s time to evaluate your process flow, thoughtfully identify inefficiencies, and extract actionable insights to add value for your members.

Download this white paper for 15 strategies that amount to over 50 basis points of potential improvement to margins after implementation. You will learn how to:

• Use secondary marketing strategies to improve profitability 
• Leverage technology and automation to organize departments, streamline processes, and analyze data faster and more efficiently
• Evaluate processes from origination to post-closing to reduce expenses 

Dramatic changes are redefining the banking operating model and the era of digitalization has truly begun with the demand for an authentic multi-channel experience. Consumers want better integration across physical and digital channels and expect the same experience provided by other service providers such as Amazon, Uber and social media. 

Download this white paper to learn how to use a strong technology foundation to drive actionable insights and support your growth strategy. You will discover:

• Three challenges that community banks and credit unions face and how to overcome them 
• Opportunities for new products and services that drive member loyalty and engagement
• How to start your journey toward a new model of transformational banking

Electronic signatures offer a long list of valuable benefits, making the process of signing documents more secure, convenient and auditable. For mortgage loans, eClosings, where the whole process of loan closing becomes digitized, also offers powerful benefits for both your institution and your members. 

Download this white paper for detailed steps that will help you achieve a fully digital mortgage closing process. You will also discover how eClosings can help you:

• Offer more attractive services to your members while reducing costs 
• Better inform your mortgage members about the risks involved
• Enhance workflow tracking and efficiencies

The world of financial services is going digital and too often community banks and credit unions are left behind. To remain competitive, they need to initiate digital evaluations now to identify capability gaps and set in motion a strategy to ensure future profitability.

Download this eBook to start your digital transformation process and learn:

• Why time is not on your side
• How to evaluate your digital needs
• Where to begin your digital adoption and selecting a vendor

In today’s credit union, implementing new software is becoming a regular occurrence, but only 35% of implementations are successful*. Whether bringing together disparate systems, replacing a legacy system, or implementing a new system to replace a manual method, successful software implementation is a critical part of a credit union’s ability to drive innovation and digitalization.

Download this white paper for crucial best practices to help your CU embrace and use new technology successfully. You will discover:

• Tips on how to build internal support and set clear goals
• A guide on how to assemble a successful project team and prepare end-users
• Strategies to ensure a successful software rollout continues post-implementation

*The Standish Group Chaos 2020 report

Financial institution leaders demonstrated heroic agility and resilience dealing with COVID-19 by effectively using existing communications resources (71%) and adjusting staff levels to meet demands (62%). Unfortunately, more than half expect to miss profitability goals in 2020 and 2021, according to a new report from Syntellis Performance Solutions, based on a survey of 185 financial leaders.

Download this report to understand  upcoming trends that may impact your credit union. You will discover how to: 

• Identify critical challenges and priorities
• Advance financial planning and analysis
• Improve profitability analytics and reporting

You’ll also learn about the strategies and technology solutions that can help you build better processes for 2021 and beyond. 

Although credit unions don’t often struggle with employee retention and repeatedly land on hundreds of “Best Places to Work” lists, they still struggle to attract new candidates. In today’s job market, CUs are among the most impacted industries struggling to attract young talent because young talent want modern workplaces that leverage digital solutions and other relevant tools and processes.

Download this whitepaper to learn about easy tools to modernize and transform your CU’s workplace and how they could help:

• Increase employee productivity
• Improve internal and external communication
• Attract Millennial and Gen Z talent

With market rates hitting all-time lows, it’s more important now than ever that credit unions have a comprehensive interest rate risk (IRR) management process. In order to control the impact that changing rates have on your organization’s short-term earnings and long-term capital, you need a process in place to identify, measure, and monitor those changes.

Download this white paper to learn the four pillars of an effective IRR management program for your CU which include:  

• Establishing a comprehensive corporate governance structure
• Using relevant measurements and modeling
• Creating a thorough control process that includes independent review, validation and backtesting

Too many Americans are left out of mainstream credit due to lenders’ inability to assess risk accurately, which also creates lost opportunities for credit unions and other lenders. New technology can help lenders increase credit access to people of color and others traditionally denied loans without added risk. 

Download this special report that outlines how to stop leaving money on the table and start lending more inclusively - building a fairer, more equitable financial system. You will discover how to:

• Extend credit safely to difficult-to-assess borrowers
• Build more accurate and inclusive credit risk models
• Improve fair lending analyses and practices

With so many of us transitioning from in-person to online activities last year, new opportunities arose for cybercriminals to exploit the changing circumstances. The FTC received over 1.3M fraud reports in Q1-Q3 of 2020, resulting in total losses of over $1.5B. 

Download this white paper to learn how to navigate cybersecurity in the “new normal” landscape with an effective and comprehensive security plan to protect your own data and cardmembers’ data. You will discover:

• Factors that impact today’s cybersecurity environment
• More about new and evolving types of cyberattacks 
• How to mitigate threats
• And more...

An increased focus on creating a better member experience requires a closer look at how credit unions can upgrade their current digital tools, in particular addressing the limitations of financial calculators on their websites. An outdated financial calculator is not only difficult to maintain and challenging for your members to interact with, but also lacks the ability to capture relevant member data.  

Download this whitepaper to learn how using advanced digital calculators will support your CU in:

• Improving and enhancing your member experience
• Harnessing and leveraging first party member data and personalization
• Increasing operational efficiency