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Articles by CUES Skybox
Success with virtual employee onboarding
Four tested strategies you can implement in your shop COVID-19 has disrupted many aspects of everyday life, with one of the most notable being work environments. Financial technology providers and credit unions across the country have quickly adapted to some or all employees working from home, leveraging technology and new strategies to virtually accomplish what was once done in person.
How to use a board portal to increase revenue
Your loan committee can help transform this time of pandemic disruption into an opportunity for your credit union. While many business sectors are seeing reduced opportunities and pipelines, many credit unions have experienced the exact opposite. Credit unions are on the frontlines working quickly with members to establish forbearance agreements or leverage federal aid programs such as the Paycheck Protection Program for small businesses.
Is fear holding you back from achieving your goals?
The more you face what concerns you about success, the more you’ll weaken your worries. Research first established the reality of the fear of success, of reaching one’s goals, a couple of decades ago. The findings, at the time, related to fear of success in women, and the results proved incredibly controversial. Since then, however, most scientists and psychologists have come to agree that the fear of success exists for both men and women. Fear of success is similar to the fear of failure.
Is your career in need of spring cleaning?
Take a step back from all the uncertainty to assess your next professional goal. Even in these uncertain times, spring is a time of renewal and growth. Nature understands that seasons of rebirth are vital for continued development; however, many of us can either get stuck in a rut—or face so much change that we neglect to reflect on what we’re doing and how we’re doing it. Join in this season of renewal by doing some professional spring cleaning.
Purposeful Talent Development: Why you should still invest in talent development during a crisis
Helping your team learn even when times are tough will help them shift from treading water to moving your organization forward. We live in a world of rapid change and evolution. We regularly identify how we can adapt and adjust to changes—from new technology to new member needs.
Six ways to protect member data in a remote workplace (that don’t require IT support)
As more credit unions serve members from new locations, safeguarding privacy is paramount. Even as branch locations close and all but a few credit union employees migrate to a home office or other remote workplace, the industry continues to help people through one of the most chaotic times in recent history. Thanks to high-speed internet, virtual private networks, remote desktop platforms, video conferencing and a plethora of connected systems, the movement remains open for business.
How can you make permanent the current increase in digital banking use?
Two expert ideas to facilitate your efforts. A recent William Mills/Harris Poll asked 1,043 U.S. adults, “During social distancing, how much more or less likely are you to leverage digital banking and digital payments?” Not surprisingly, most people said they would perform more digital activity. It is equally not surprising that adults with higher incomes were more likely to increase usage than those with lower incomes. However, one answer warrants some thinking and, potentially, action.
What 401(K) admins need to know about the SECURE Act
Some of the act’s key provisions have already kicked in. If you’re still not sure how the Setting Every Community Up for Retirement Enhancement Act of 2019 has already changed your credit union’s retirement plans, you’re forgiven. The law passed rather unexpectedly late in 2019 and parts of it went into effect almost immediately. But there’s still time to catch up and make sure your plan participants understand some new options the act gives them.
Addressing the mental health implications of COVID-19
How credit unions can help employees struggling with anxiety during the pandemic and beyond. You, your employees and members have been bombarded with traditional and social media reports, speculation, facts, conjecture and outright mistruths for weeks now and the barrage is likely to continue.
Rebalancing staffing in these uncertain times
A key role of a leader is to know who’s crazy busy and who can help take up the slack. Leaders are important in so-called “ordinary” times. In times of crises—and amidst the sweeping changes brought on by situations like the current COVID pandemic—leaders are critical. Regardless of the department you lead or your title, it is likely that your operations, and maybe even your role, look different today than they did just a month ago.
Moving annual meetings and voting online in light of COVID-19
Read these FAQs from NCUA, plus four more from CUES, to prepare for election season. Spring is credit union election and annual meeting season both in the U.S. and Canada. With government mandated social distancing measures being put into place around the globe due to the coronavirus pandemic, credit unions are looking for alternatives to in-person voting and in-person annual meetings.
A super selection of self-care resources
Taking care of yourself is always important and especially so in times of crisis. Self-care is any activity that we do deliberately to take care of our mental, emotional and physical health. Although it’s a simple concept in theory, it’s something we very often overlook in our day-to-day lives. Not too surprisingly, in times of crisis—like responding to something as big and overwhelming as the COVID-19 pandemic—self-care often takes a backseat.
Don't fool with self-care
Especially when you're leading through a crisis. Self-care is often thought about like getting a mani-pedi or a massage or a shopping spree. But during times like these, self-care is more inner, less material and much more important. External stressors like the uncertainty we see in our society now can harm us. Our bodies view these uncertainties as threats and prepare us to react like they were designed to so many years ago: They get us ready to run away or fight.
Purposeful Talent Development: Leading a virtual team
Be intentional about connecting with people, plus four other effective approaches. In today’s workforce, we have both on-site staff and remote staff. In our current climate and precautions surrounding COVID-19, working remotely has become a necessity for as many people as possible. Leading a remote workforce requires some different skills than managing in person, including setting up different expectations and managing different interactions.
Three ways to avoid NCUA exam red flags
Common triggers for an ‘expanded scope’ look by regulators. In a National Credit Union Association examination, a certain type of investment on a credit union’s books is likely to trigger extra attention from the examiner. In this post, I’ll describe what raises that red flag, and what you can do to prepare for—or even avoid—an “expanded scope” NCUA exam. According to the online NCUA Examiner’s Guide, examiners should document the expected scope of an exam before the on-site portion of the exam.
FCC combats spoofed telephone calls
Comments on agency order and notice of proposed rule due are May 15 and follow-ups May 29. In an effort to combat “spoofed” telephone calls with falsified caller ID information that are not only a nuisance but resulted in an estimated $10.5 billion in consumer fraud loss in 2019 alone, the Federal Communications Commission issued a Report and Order and Further Notice of Proposed Rulemaking on March 11, to address spoofed calls.
Create a bigger, better and brighter future for your members
Be a trusted money advisor who can be turned to for anxiety-reducing help. Money can be stressful for people. The numbers don’t lie.
Why manufactured home loans should be a part of your affordable lending strategy
Finding a way to offer these loans is not out of reach. Doing so can help members fulfill their dreams. The housing shortage continues to plague the market. Many credit union members need affordable housing options, yet few exist. These members are stuck with increasing living expenses, a need to save for a down payment for a home, and housing prices that continue to climb. Buying a home often seems not just out of reach, but impossible.
Are you missing out on the benefits of a strategic financial plan?
Consider whether your long-term strategy results in your desired financial performance. If you’ve ever wondered if you’re doing enough in your strategic process, there is a highly beneficial piece that is often overlooked. Strategic plans commonly look out three to five years, yet financial plans are much shorter term. That means that long-term strategies are created without connecting them to potential long-term financial effects, which is a missed opportunity.
Competitive compensation strategies
Participate in two CUES surveys by March 31 and take full advantage of industry data to support your talent management efforts. As job surpluses, quit rates and employee turnover rates continue to rise, so too does the need for employers to attract and retain employees. These factors have led to increases in employee expenses in the form of rising salaries, training and fringe benefits.
Social determinants of health: An employer’s role
Does your wellness program reduce your healthcare benefits costs? When it comes to customer satisfaction, quality assurance and market competitiveness, leaders rely on the data. They reference case studies, surveys and research and compare multiple options before committing and implementing.
Purposeful Talent Development: Retaining what you’ve learned
Here are three tips for better remembering new knowledge. The start of a year is a time we begin to set goals and also identify development areas to help meet these goals. We look at knowledge we want to gain, skills we want to develop and training we’d like to take. Once we’ve identified and participated in opportunities to build our skills, we can’t just sit back. Retaining all this new knowledge requires work.
Do you know what your employees value?
Get better at attracting and retaining team members by participating in two CUES surveys by March 31—and then purchasing the data. Practically every employee at any organization has at least entertained the prospect of leaving their current workplace. Whether a fleeting thought or a serious consideration leads them to actively pursue other employment, this is the reality of the current marketplace. We are in the midst of unprecedented times of employment activities.
Controlling the information ‘fire hydrant’
Use data sharing capabilities—such as board portals—wisely and judiciously. Digital tools that facilitate board communication are a wonderful thing, but Michael Daigneault warns of an unintentional consequence of such unfettered access to information—the potential for information overload.
The motivation challenge
CUES Symposium speaker says choice, connection and competence can shift grudging action into passionate pursuit of goals. People aren’t pigeons. Did you know that the employee motivation philosophies many businesses still use today were devised in the 1930s and ’40s?
Your inner game … how is it going?
Things to remember to help you be your best self and the best leader you can be. It was brilliant to meet and work with the leaders who participated in CEO/Executive Team Network last November. I wanted to take a minute to remind participants—and to share with CUES members who couldn’t attend—all we covered in the closing keynote, “The Inner Game of Executive Leadership,” and to check in on their inner game and see how they are doing. 1. Remember: You Are a Success.
Five 2020 financial services tech trends to watch
Plus a thought on how to tie everything together. The tech revolution in financial services continues to evolve, coaxing organizations to change and grow along with it. The new year and decade will present the industry with fresh challenges and greater opportunities. What tech trends should you keep your eye on in 2020? We have five thoughts and a suggestion for how to tie it all together. 1.
Purposeful Talent Development: Don’t wait to be told where to go
Some people don’t learn if the pathway isn't fully clear; but you can—and should—take the initiative in addition to looking for support. In November, I had the opportunity to facilitate a breakout session at our CEO/Executive Team Network. While discussing the impact senior leaders have on talent development, an attendee brought up a puzzling situation, “When development opportunities are offered, people don’t step up to take advantage.
Seven C-suite competencies for the future
Create a team that can think and act strategically, while knowing which details can’t be ignored. The rapid consumer adoption of advancements in technologies—and the complexities that accompany this—make relevancy and sustainability simultaneously exciting and daunting for many businesses, including credit unions.
Why security awareness matters
There’s an epidemic of cybersecurity threats; no one’s data is safe. For the past several years now, 93% of digital attacks attempt to exploit the human factor, according to a recent study by IBM. People represent the “human factor” in the crosshairs of cyber attackers. The only defense against such attacks is education—or in industry terms, “security awareness training.” Indeed, cybersecurity awareness training is an essential knowledge that enterprises can’t afford to overlook.Let’s face it.
Dive deep for pearls of strategic insight
These three A’s of strategic thinking will help you constantly generate new lenses through which to view your business. A survey conducted with 400 talent management leaders found that the No. 1 most valued skill in leaders today is strategic thinking. Unfortunately, research with 154 companies found that only three out of every 10 managers are actually good strategic thinkers. The idea that leaders need to be strategic is really no surprise.
Online account opening is just the beginning of the digital experience
Five best practices for meeting expectations throughout members’ electronic interactions with your credit union. Having an outstanding digital experience in banking is attractive to just about everyone these days. Most mobile-first account holders want to experience banking digitally and do so in an Amazon-like way. Meanwhile, most financial institutions fail to realize their customers want more than digital account opening, the standard fare offered in the channel.
Ten things that deserve extra thought in 2020
While you have many opportunities and threats on your radar, here are some worth focusing on. As we get ready to turn the page on 2019, there is plenty to think about. Not only is 2020 an election year, but the economy is sending mixed signals, painting a backdrop of uncertainty. Of course, you have more than 10 things on your radar, but among all the opportunities and threats nipping at your heels, these deserve a little additional thought: 1.
Spotting elder financial exploitation red flags
While crimes against seniors continue to rise, credit unions are well-positioned to take preventive action. Elder financial exploitation and elder fraud are rising at an alarming rate and continue to be serious crimes in the United States. With no signs of dissipating, it is just a matter of time before an incident happens in your customer base, if it has not happened already.
Recruiting millennial directors both a challenge and an opportunity
CUES learning event highlights this and other key considerations for today’s credit union boards. Conversations with attendees at Directors Conference, recently hosted by CUES, point to the idea that director recruitment is often a fairly challenging—and sometimes downright scary—undertaking.
CUES Membership Minute: Calling all emerging leaders
The 2015 Next Top Credit Union Exec encourages participation in the new CUES Emerge program, which launches next month. All good things evolve if they’re going to get even better. Take my career. When I was named the 2015 CUES Next Top Credit Union Exec, I was manager of philanthropy and community investment at $1.6 million America’s First Credit Union, Birmingham, Alabama. Winning the challenge opened many doors.
Navigating NCUA’s new fidelity bond rule
Four things to consider, plus a useful checklist. On Oct. 22, the National Credit Union Administration published a rule amending its fidelity bond regulations (Parts 704 for corporate credit unions and 713 for natural person credit unions). In addition to this checklist (free download with registration), here are four things to consider for complying with the new rule. The responsibility for compliance with the first two items falls to credit unions. 1.
Finding time and energy for mentoring
Questions to ask yourself to make the most of the mentorship you are starting or continuing. We all know how difficult it is to find the time to complete tasks associated with our daily work duties, much less to find time for such additional activities as mentoring. So why do people do mentoring? And more importantly, how do they do it? The answers to these questions are as unique as people themselves, yet there are some common factors.
Finding strategic gaps in a merger of equals
Make the roadmap for the new institution clear and use it as an unbiased filter every day. When a much smaller institution joins a larger one, it’s obvious whose strategy, business model, and processes will prevail, but a merger of equals can create a much murkier picture. Innumerable decisions must be made, and clear decision filters are required. Difficulty getting buy-in on processes could be like the canary in the coal mine; it could indicate a lack of clarity at higher levels.
Purposeful Talent Development: Helping your staff navigate the ‘career jungle gym’
Thinking about growing your people in this new way can help you capitalize on opportunities that could otherwise be missed. National awareness days and months are all over our calendar. For example, December 2019 is International Volunteer Day for Economic & Social Development month. Dec. 1 is National Pie Day. January is National Mentoring Month.
Optimizing legacy payment programs for the future
Members want all their options available and fully functional. Every day, consumers are faced with a myriad of questions: What goods or services will I purchase or pay for today? Where will I go to buy them, or through what channel? What payment method will I use to conduct transactions? The options to satisfy these choices are nearly endless as the retail and payments landscapes continue to rapidly evolve and expand.
Can credit unions get a piece of tech employee and customer growth?
While the movement missed the opportunity to start 'Uber CU,' Stanford FCU is pairing with Google to offer checking accounts in 2020. Fifty years ago, a company such as Uber would have nurtured the formation of a new credit union as a driver “benefit.” Instead, the ride-share giant recently announced its own proprietary Uber Money banking services for drivers and passengers. And Uber isn’t a standalone case.
Digital transformation on the horizon?
Four things to focus on now. Competition in today’s financial services space is like nothing we’ve seen before. Consumers have been conditioned to expect Amazon-like functionality in every aspect of their lives. And this means credit unions can’t focus only on their conventional rivals—traditional banks; they’re also up against fintech innovators and deep-pocketed digital companies.
CUES Membership Minute: Setting up for good learning in 2020
CUES contest participants rave about benefits checklist; you can enter, too! CUES members have been enthusiastically participating in our scavenger hunt.
Five ways to grow your loan portfolio in a slower economy
While opportunities may slow in 2020, these strategies can help enhance loan growth, member retention and the efforts of your staff. Many economists continue to predict slower GDP growth in 2020 than the previous two or three years. This poses a potentially significant challenge to a credit union aiming to grow its loan portfolio during the next 12 months. However, there are certain strategies that can be deployed to nurture growth in any economic cycle.
‘Bulletproof’ hosting enables cyber attackers
Four possible strategies for fighting back. Bulletproof hosting is a major problem and another indication of the growth and maturity of the criminal enterprise. Law enforcement has a challenging task in finding and arresting bad actors who are attacking organizations. So, law enforcement does the next best thing, which is taking down the websites and infrastructure of the attackers.
Use board management software to make a new year’s resolution that sticks
Don’t forget to put good governance on your credit union’s list of goals for 2020. With a new year approaching, many people begin making resolutions to improve their lives. Many credit unions will use this as an opportunity to reconnect with their members and provide both tools and incentives to help them improve their financial lives. But how many organizations will turn inward and make a resolution to improve their own governance?
Purposeful Talent Development: All about stay interviews
Don’t assume you know why staff keep working for your organization; use this tactic to find out. Do you know why your employees stay in their roles? Do you know what supports their continued engagement in their work? If you begin answering this question with the words “I think …,” you may want to read on. As leaders, we make a lot of assumptions as to why our staff stay in their roles and many times are surprised when they leave.
Best practices for keeping mobile data safe
Follow these guidelines to help protect business information stored on easy-to-lose smartphones and tablets. As technology becomes more and more a part of personal and work life, it’s important to take precautions to protect stored data. If your employees use a smartphone or other mobile device for work, follow these guidelines to protect business information. Connect Turn off Bluetooth and auto-pairing when they aren’t being used.
Is strategy actually driving what your credit union does?
If it is, you’ll successfully implement your plan. Is strategy or implementation more important? Yes! That’s a slightly nonsensical way of saying that these two components are so critical and dependent upon each other that both must be successful for your well-crafted plan to become a reality. For that to happen, strategy and implementation must be driven from the same level within the organization.
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