Resource Center

Behavioral shifts propelled by a concerted effort to flatten the curve have impacted almost every aspect of daily life, including how people pay and receive payments.

From a credit union’s perspective, concerns arise about how the payments industry will recover in the near and longer-term. Download this white paper and keep an active eye on these three primary areas of the payments industry in the coming months: 

• Consumer spending: How has it shifted?
• Increased risks around unemployment and credit losses
• Transition to technology

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!

It is not often that huge institutions move faster than their smaller counterparts, but when it comes to banks and credit unions in the digital age, this is exactly the case. 

Empower your internet banking and mobile banking with the solutions and innovations that are right for your members and market.

Download this white paper to discover the breakthrough thinking that is helping deliver the advantages of open banking, formerly only available to much larger institutions. You’ll learn:

• Common pitfalls and risks in developing modern financial services
• 4 keys to agile innovation
• Open banking checklist 

2020 will be remembered as a year when things changed unexpectedly and forced every person and every industry in a new direction. Restaurants and grocery stores have had to adapt to the curbside pick-up model, and the delivery industry was suddenly a lifeline for retailers; the banking industry has also been thrown into a new model of service, strategy and operations.

Watch this on-demand webcast as Microsoft’s Tom Feher, Cornerstone Advisors’ Sam Kilmer, and Finastra’s John Weinkowitz discuss how COVID-19 has forced a change in the industry, redefined the banking nerve center, and how “financial health” is the way to move forward in servicing account holders.

Credit Unions are built upon agreements: forms that must be signed to obtain a loan or open an account, regulatory documents that must be filed, and contracts that must be stored. 

Download this CIO guide to adopting digital agreements across both business and customer-facing sides of the aisle, and start providing simple, secure experiences. You'll learn to:

• Identify key areas ripe for automation
• Assess buy vs build 
• Determine strategies for change management

Behavioral shifts propelled by a concerted effort to flatten the curve have impacted almost every aspect of daily life, including how people pay and receive payments.

From a credit union’s perspective, concerns arise about how the payments industry will recover in the near and longer-term. Download this white paper and keep an active eye on these three primary areas of the payments industry in the coming months: 

• Consumer spending: How has it shifted?
• Increased risks around unemployment and credit losses
• Transition to technology

Too often, credit unions consider their budgets “one and done” — a single budget based on one economic or underlying scenario. However, with so many unknowns in today’s market, what single scenario should be chosen as the baseline? 

Empower your organization to pivot rapidly. Using scenario planning, credit unions can model different circumstances and quickly adapt when conditions change. 

Download this white paper to discover: 

• 10 benefits of scenario planning 
• 5 hurdles to overcome 
• 2 types of real-world scenario planning 
• 5 structural elements to support success 

Watch this on-demand webinar to learn how PSECU went from a manual reporting process to a data warehouse with modern BI technology – making enterprise analytics an integral part of their overall digital strategy focused on member experience and performance improvements.

You’ll learn how PSECU:

• Extended self-service decision-making capabilities to their data analytic community with a complete analytics system.
• Added capability to gather data automatically and create KPIs without the need for human interaction.
• Enables easy collaboration between the IT team (data custodians) and business users (data analysis and sharing).

Should I build, buy or partner? Invest in new technology or update legacy systems? Prioritize payments or lending? Grow membership by casting a wider net or targeting specific audiences?

The Credit Union Strategic Investment Assessment (powered by CO-OP Financial Services and EY), takes unique data inputs from your credit union and provides you with a customized blueprint to help you place the right strategic bets for future growth.

Watch this 20-minute on-demand webcast to explore the multi-dimensional benefits of the Strategic Investment Assessment for your credit union.  Learn how to make a broad and sustainable impact to your growth with:

• A comprehensive current state understanding
• Opportunity identification to increase wallet share with existing and new market segments
• Opportunity enablement

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

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

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 

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.

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.