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Articles by Aliya Sumar
If you want Gen Z members tomorrow, start reaching out to them today
Born between the years 1997 and 2012, the demographic given the moniker “Gen Z” now comprises more than one-quarter of the world’s population. Gen Z members are true digital natives, adept at sailing oceans of data. They have also made both social media and social awareness vital aspects of their lives. They currently comprise 25% of the workforce, and that makes them highly influential as consumers and brand ambassadors.
Nussle pledges America’s Credit Unions will be strategic, responsive
CUNA President/CEO Jim Nussle, who will lead America’s Credit Unions should CUNA and NAFCU members approve the merger, sent a message to members after the vote opened Monday pledging that “America’s Credit Unions will serve you.” “We will be strategic. We will be decisive. We will be cost and value conscious. We will listen and adapt to your needs. Most importantly, we will be responsive,” Nussle wrote. The member vote on the merger will be open until 5 p.m. ET Nov. 1.
NAFCU hosting ‘junk fees’ webinar
NAFCU is offering a webinar to discuss the increased regulatory scrutiny over fees, what may qualify as a “junk fee,” and the ways a credit union can evaluate their current fees. The webinar, happening Sept. 8 at 2 p.m. Eastern, will also discuss the current status of the proposed Junk Fees Prevention Act. Register now to attend. Registration also offers on-demand access to the recording of the webinar for one year.
The most neglected part of your credit union workflow
Every part of your community bank or credit union workflow is important…but it doesn’t feel that way. Some functions get more credit than others. Some talents are dismissed as time-wasting tactics. By far, the most neglected part of your workflow is at the very beginning. And the “beginning” doesn’t mean when someone tosses an idea onto the table. There are questions you need to ask even before an idea appears. Questions like: What problems should we solve? continue reading »
Why can't I see my credit score on my credit report?
Credit reports and scores are so closely related, you might think that where you find one, you’ll find the other. But that isn’t always the case: You won’t find a credit score on your free annual credit reports. If you pulled your reports looking for a score but don’t see one, you’re still on the right track. Reviewing your credit report gives you valuable insight into your credit standing. This can help you make sense of your three-digit credit score.
AFTs offer new opportunity—and risks—for credit unions - CUInsight
Account funding transactions (AFTs) are growing in usage as consumers increasingly embrace digital payment services offered through PayPal, Venmo, Starbucks, Apple Pay and even Uber. For members, AFTs are a more efficient and convenient method of transferring funds, but they have some downsides for credit unions, including reduced interchange revenue and fewer chargeback rights.
Is ChatGPT ready for banking? Yes and no
As the old saying goes, “When all you have is a hammer, every problem looks like a nail.” ChatGPT may be an impressive AI hammer, but not every tool is perfectly suited for every job. ChatGPT is one of the latest technology crazes to hit almost every business. Banking is no exception. Some bank and credit union executives see this generative AI model as a panacea of sorts.
St Cloud Financial Credit Union builds a bridge between TradFi and DeFI
When people think about digital assets, distributed ledgers, crypto, or the new world of tokenized payments, top of mind are “the fraudsters, the start-ups, the fly-by-night FTX-type situations.” Yet, “those examples have solidified why St. Cloud Financial Credit union has decided it needs to be involved in decentralized finance!” For many industry executives, the chaos and volatility that St. Cloud Financial Credit Unions’ Chief Lending Officer, Chase Larson, describes are the same examples...
Biller solutions: The difference easy bill payments make
As the financial sector continues to evolve, modern fintech solutions, such as Electronic Bill Presentment and Payment (EBPP) systems, have emerged as game-changers. They streamline billing and payment processes, offering significant convenience for consumers and improved efficiency for financial institutions. Amidst a crowded fintech marketplace, the challenge is finding the right partner to navigate this digital transformation. This article will provide insights into all things EBPP.
10 things you wanted to ask about the FedNow service
What is FedNow? The Federal Reserve is revolutionizing the payments landscape with its FedNowSM service, providing seamless and real-time transactions for financial institutions and their customers. This instant payments service is designed for uninterrupted 24/7/365 processing. It integrates clearing functionality, enabling financial institutions to provide end-to-end instant payment services to their customers.
Faster payments: The benefits to businesses
In today’s rapidly evolving financial landscape, businesses are constantly seeking innovative solutions to streamline their operations and improve customer experiences. One solution that has gained significant traction is faster payments. Faster payments, especially instant payments, revolutionize the way businesses send and receive money As businesses strive to stay competitive and meet the evolving expectations of their customers, understanding the benefits of faster payments is important.
How Gen Z pays their bills
Bill pay is an important part of attracting and retaining members. Almost half of consumers have stated that online bill pay is the reason for choosing a primary financial service provider. Bill pay is quickly growing along with the number of Zoomers, an age group spanning from 11 to 26 years old, whose financial journey is also on the rise.
5 common cloud security myths
A common concern about the cloud is that it represents an additional security vulnerability. In reality, there are security risks that are actually mitigated by the cloud. Satisfaction of compliance requirements and sophisticated security from economies of scale can be achieved by your Cloud provider. Here are 5 common misconceptions about cloud security—debunked. On-premise configurations are more secure than the cloud AWS cloud is by far more secure and cost-effective than on-premise.
What is EBPP? What credit unions need to know
We frequently explore issues related to electronic bill presentment and payments (EBPP), from defining frequently used terminology to busting common myths. But what exactly do we mean by EBPP? Here’s a high-level overview of the major components, features, and functionality of an EBPP solution to help get credit unions started. EBPP Defined EBPP is a holistic approach to presenting electronic bills and accepting digital payments from members.
Bill payments: Helping small businesses think big
Small businesses are a driving force in the U.S. economy. They employ 61.7 million workers, which accounts for 46.4% of all US employees. This shows how heavily the small businesses drive the economy, however even with this, failure rates for small businesses can be high, and lack of cash flow is often a contributing factor.
Full coverage EBPP for auto insurance
Auto insurance premiums are among the most predictable bill payments in consumers’ lives. All but one state (New Hampshire) requires car owners to have auto insurance policies that help protect drivers, citizens, cars, and property from the damaging effects of auto accidents. Missed auto insurance payments can have serious consequences that go beyond losing the ability to drive the uninsured vehicle. Law enforcement can write tickets, issue fines, and even suspend car owners’ driver’s licenses.
3 things to know about payments modernization and digital banking
Faster payments and the user experience are key differentiators in allowing credit unions to remain competitive. They present both an opportunity and a challenge to businesses, especially considering consumers’ post-pandemic expectations when receiving goods and services. In Alacriti’s recent Payments Podcast, we had the opportunity to speak with Jeff Bucher, Senior Product Manager at Alkami about payments modernization and how it fits into an overall great digital banking experience.
Payment trends during the 2022 holiday season
The holiday season is already here, and there is much speculation about how this year’s events will affect the traditional economic impact of this time of year. Here are the payment trends we expect for: Retail: You’ve probably noticed that retail stores have been advertising their Black Friday sales way before Black Friday.
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