Articles by ARIS JERAHIAN
From intuition to intelligence: Data-driven strategy is the new standard for credit unions
In an era where digital transformation is reshaping every corner of the financial services industry, credit unions face a defining moment. The days of relying solely on intuition, experience, and member loyalty are fading fast. Today, the most successful credit unions are those that have made a bold shift—from intuition-driven decisions to data-powered strategy. The industry is at a crossroads.
From reactive to proactive: How predictive analytics is revolutionizing member engagement
In a world where expectations for personalized, seamless experiences are higher than ever, credit unions must evolve from reactive service models to proactive, data-driven engagement strategies. Predictive analytics is no longer a futuristic concept reserved for tech giants; it is an actionable tool that credit unions of all sizes can leverage today to better understand, serve and grow their membership.
Human vs artificial intelligence
This comparison between human and artificial intelligence applies AI in the broad sense, where various technologies can replace people. As the subtitle suggests, I theorize that short-term benefits will become long-term detriments, particularly in retail banking where trust is a must. The significance of first impressions is common knowledge; formed within seconds, impressions can be tough to change.
Addressing critical AI challenges in financial services with the right solutions
The integration of Artificial Intelligence (AI) is fundamentally altering the landscape of financial services. According to the State of Application Strategy report: Financial Services edition, over 80% of organizations within this sector have already integrated AI into their systems. This extensive adoption is not surprising given AI's potential.
A candid conversation with Edwards Federal Credit Union
The credit union industry is undergoing a technological evolution that promises to reshape the entire industry. Digital transformation and artificial intelligence were the talk of the town, with every leader looking for ways to improve operational efficiency and enhance member value.
What comes to mind when you think about the future?
Some might argue that “The Jetsons” cartoon was our first view of the future. George Jetson commutes to work in a flying car, navigating effortlessly through cities and traffic, with virtual environments that enhance connection and collaboration no matter the location, and smart homes and appliances, where autonomous systems handle routine tasks and improve decision-making. Whichever version of the future you visualize, money is one common thread that runs throughout all of them.
Artificial Intelligence: The double-edged sword against bank fraud
The banking industry faces an ongoing challenge to combat fraud in the digital age. With their extensive customer networks and technological capabilities, credit unions represent prime targets for opportunistic actors seeking to exploit vulnerabilities in online banking systems. According to the Federal Trade Commission1, nationwide fraud losses topped $10 billion in 2023, marking a 14% increase over the previous year.
The power of AI—unleashing a new era - CUInsight
Rapid technological advancements have significantly disrupted the Credit Union (CU) industry. While this disruption may initially be perceived as a challenge, it is essential to shift our perspective and view it as an opportunity for growth. One such disruptive force that holds immense potential for the industry is artificial intelligence (AI). Credit unions can propel themselves forward by embracing AI and reframing disruption, fostering innovation, growth, and progress.
US weekly jobless claims stay low despite high-profile layoff announcements
The number of Americans filing new claims for unemployment benefits fell slightly more than expected last week, pointing to underlying labor market strength despite a recent surge in announced layoffs, mostly in the technology industry. The report from the Labor Department on Thursday also showed unemployment rolls shrinking a bit in late January after swelling to a two-month high earlier.
Assertive lending strategies for aggressive growth in 2024 & beyond
Consumer credit outstanding topped a record-breaking $5 trillion in November of 2023, putting growth at a 5.7% annual rate—the biggest gain since November 2022. Nonrevolving credit, including auto loans, increased at a 1.5% rate. To keep pace with the quickly evolving landscape, credit unions, community banks, and regional banks may feel like they’re doing a tightrope walk.
An overview of Microsoft 365 security best practices
As organizations rely on cloud-based technologies for their operations, Microsoft 365 (M365) has become popular for its integrated suite of productivity and collaboration tools. M365 offers built-in security features that aim to protect organizations from various cybersecurity threats. However, in today’s complex threat landscape, relying only on the built-in security of M365 may not be enough.
Nussle: CDFI fund failing to provide crucial certification information
Two months after the Treasury Department released a new Community Development Financial Institutions Fund certification application, department officials still have not provided prospective CDFIs with crucial information, America’s Credit Unions President/CEO Jim Nussle told members of Congress this week.
Nussle meets with credit union supporters on Capitol Hill
America’s Credit Unions President/CEO Jim Nussle met with several credit union supporters on Capitol Hill Wednesday, including Reps. Scott Fitzgerald, R-Wis., and Brian Fitzpatrick, R-Pa. Both members have introduced credit union supported legislation this year. Fitzgerald, along with Reps. Juan Vargas, D-Calif., Young Kim, R-Calif., and Brad Sherman, D-Calif., introduced the Expanding Access to Lending Options Act (H.R. 6933) in January.
A simple credit card lesson from a shark (or dragon)
Confused yet? I’m talking about one of the sharks from the TV show Shark Tank, Kevin O’Leary to be specific (Also previously a dragon on the Canadian version, Dragons’ Den). The Canadian businessman, investor, journalist, and TV personality known also as Mr. Wonderful is someone you’re all probably familiar with. In this digital era we live in, it seems like there’s always a slight risk that a hacker somewhere is looking to steal your credit card information.
How to simplify vendor management with more intelligent and consistent processes
Today, financial institutions are adopting more new technology solutions to provide better services to customers — and credit unions are not exempt from this growing trend. However, the process of vetting and officially onboarding the right technology vendor can be a lengthy and cumbersome one, creating challenges for employees, customers, and vendors alike.
The role of generative AI in transforming credit unions
Artificial intelligence (AI) has been attracting the financial industry’s attention for years. Have we reached the state of pervasive use of this transformative technology? While the answer might be no, it’s probably not that far off. While significant challenges remain, the industry appears to have reached a tipping point.
On the border: Words matter
I have always loved writing because I believe the “pen is mightier than the sword,” meaning words are stronger and more influential than force. One of the things I love most about the English language is the vast word choice. There are 170,000 to choose from, so why would one say, “he laughed,” when one could use the words giggle, chuckle, snicker, chortle, guffaw, roar, cackle, or snort to communicate a more accurate picture? Words matter.
America’s Credit Unions board leaders call on CUs to ‘embrace cooperative spirit’
America’s Credit Unions Transition Board of Directors Chair Brian Schools and Vice Chair Lisa Ginter are encouraging credit unions to embrace the industry’s cooperative spirit as the new organization begins its transformative journey in 2024.
NAFCU, trades oppose petition to ban arbitration
NAFCU joined with several other trade associations to voice opposition to a petition made to the CFPB that would require the bureau to pursue a rulemaking to ban pre-dispute arbitration provisions in contracts for consumer financial services.
Five graphic design best practices from a credit union marketing agency
One picture is worth a thousand words.” – Fred R. Barnard Your imagery says as much about you as your copy does. The style. The fonts. The arrangement of objects. It all relays important messages to members or prospective members about who you are. As a result, bad imagery likely means losing business. A picture can say a thousand negative words just as easily as it can say a thousand positive ones. Graphic design must positively impact and connect with the viewer to attract them.
Student loan payments return = consumer credit thunderstorm?
About 27 million consumers will experience payment “shock” with the end of student loan forbearance. But will that shock create widespread delinquencies and credit issues across consumer lending? Data suggests ripples will run the gamut in ways that create pockets of high credit risk for lenders.
5 strategies for continuous asset growth
For your credit union, it’s important to acknowledge that “asset growth” and “increasing assets” are two different goals. A generalized growth in assets looks good in the short-term, yes. But sustainable asset growth requires a solid strategy. Let’s explore five impactful strategies to enhance your capability for asset growth. The most active credit unions also tend to be among the strongest lenders. They not only issue more loans but also maintain a higher number of loans per member.
Is Black Friday shopping worth the hassle?
Black Friday has long been hailed as the biggest shopping day of the year, but consumers are beginning to rethink that title. While there are definitely great deals to be grabbed on the day after Thanksgiving, it’s not always worth the hassle. Let’s take a look at the pros and cons of being a Black Friday shopper so you can make an informed decision.
Financial innovation: Recent changes to loan participations
At its September 2023 meeting, the NCUA board unanimously approved a final rule that would amend NCUA’s existing regulations to make it easier for credit unions to work with third-parties in the lending space, such as financial technology (FinTech) companies. The rule took effect on October 30, 2023. NAFCU’s Regulatory Affairs team has published a members-only final regulation summary of this final rule.
Free white paper: Top contact center strategies your members want
Member service, done right, is a key differentiator for your credit union. Are your members satisfied with the experience they have with your contact center? And, are you leveraging your contact center to drive loyalty and revenue? Level up your contact center with these research-backed insights and actionable strategies.
Leveraging performance metrics for credit unions
We know the financial services landscape is ever evolving. We know credit unions monitor performance metrics. But do we know what happens with these metrics, how to translate them into action? In an industry defined by competition, innovation, and customer expectations, the need for accurate, actionable data has never been more critical.
Revolutionizing payments marketing: Embracing the future of digital marketing
Payments have undergone a dramatic transformation in the past few years, greatly influenced by the power of marketing. As technology continues to reshape the way we conduct transactions, financial institutions in the payments industry need to adapt their marketing strategies to remain competitive. This article examines the evolution of payments from cash to digital transactions and the role marketing has played in facilitating this transition. Gone are the days when cash was king.
Does artificial intelligence know its impact on society?
Artificial intelligence (AI) has revolutionized various industries, and one of the most notable advancements in recent years is the development of ChatGPT. This AI language mode has gained significant attention and popularity for its ability to generate human-like conversations and articles. This explosion of interest has sent companies worldwide scrambling to release their own versions. There are many articles that offer numerous benefits and possibilities.
The impact of artificial intelligence on the payments industry
Payments are evolving, and credit unions are looking for ways to remain competitive and provide value to their members. So, can the credit union industry benefit greatly from this promising technology that continues to evolve daily? Yes! Artificial intelligence (AI) can assist with automating processes, reducing costs, optimizing transaction routing, improving and personalizing the member experience, and developing products and services tailored to the needs of their members.
Digital evolution is not about technological advancements
Digital Transformation, revolution, experience – the industry is full of jargon. While the industry was quick to accept digital transformation as the next step to take off and stay ahead of the competition, it has become the most relevant topic. The obstacles preventing digital transformation are not a lack of innovation or technological problems – rather a lack of clear goals and a disciplined process for achieving those goals.
Contactless or not? Credit unions should really give it a thought
When checks were first introduced, experts predicted it was the death of cash. Then came along credit cards, and once again, cash was expected to fizzle out. Then came debit cards, and, unsurprisingly, experts unanimously assumed we’d reached the end of both cash and checks. When Apple Pay initially launched in 2014, it was predicted that mobile pay options, powered by near field communication technology (NFC), would soar and eclipse other types of payments. Yet, cash and checks are still around.
Are credit unions ready to create a payment strategy?
To successfully plan a payment strategy, credit unions must first understand industry trends and how they could influence or disrupt the financial industry. A value chain consisting of card networks, acquiring functions, and issuing financial institutions define our current payment landscape for debit and credit. However, looking at the industry globally – we can see a trending shift where the payment domains will define our future payment landscape.
Defining credit union payment strategies
Over the past several months, I must have received over a dozen phone calls from credit unions trying to better understand how to define a payment strategy. A strong payment strategy can provide a blueprint for all the elements of your business that touch payments. This strategy must be a comprehensive, holistic plan outlining goals and major initiatives.
Key methods to effectively measure your credit card acquisition campaigns
Credit unions that want and need to grow their credit card business, and even sustain it, need to continuously generate leads. But they can’t rely on lead generation alone. It’s also about evaluating how well key business objectives are achieved and measuring the effectiveness of each campaign. For several years now, we’ve seen an increase in time and resources invested in data analytics.
Keeping the competitive edge: Trends to consider for 2019
For credit unions, 2019 will continue to be a trend-driven industry with a complete disruption and reshaping of the payment landscape. Credit unions, in general, are undergoing a paradigm shift with an influx of technology, analytics, and regulatory dynamics. The member-facing perspective continues to expand with innovation, where payments become faster, smarter, and more innovative, while service providers are still grappling with back-end infrastructure requirements.
Could card activation campaigns really help your portfolio?
While we continue to focus on marketing campaigns, it’s easy to forget that no card is profitable until it’s activated and used. Motivating cardholders to activate their new cards is critical to reaching your revenue goals. Yet the challenge remains – how will you increase card activation and capture more loyal cardholders?
How to align a credit union rewards program with member expectation!
As the market becomes overwhelmed with rewards programs and options, credit unions need to take a step back and evaluate their existing programs to ensure it meets member expectation. Rewards program engagement is suffering due to competition and lack of basic insights by the member.
How Digital Is Your Marketing
As the line begins to blur between our online and offline environment, so too does the line between brand awareness. Modern consumers have come to expect a seamless brand experience, where digital marketing merges faultlessly with expectations created by traditional marketing. Digital is no longer an add-on – it’s a necessity. Digital marketing has evolved to the point where customers believe it to be more credible and trustworthy than traditional channels such as TV, radio or newspaper.
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