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Articles by Phil Seely
Credit payments: Optimizing the cardholder experience in a digital age
Digital payments not only represent a significant percentage of online (69%) and in-app (60%) purchases in the U.S., but they also rose to 28% for in-store purchases in 2024 (McKinsey). This shift requires re-evaluating current payment programs to make sure they are meeting changing expectations and creating positive touchpoints. With credit card use reaching 35% in 2024 (WalletHub), credit programs are a good place to start this evaluation.
Digital wallets: From preferred to mainstream
In recent years, digital wallets have evolved from a nice-to-have offering to an essential product credit union members expect from their financial institution. This shift raises important questions for credit unions, like how they can adapt and continue fostering strong member relationships. According to Velera’s 2024 Eye on Payments consumer research study, the number of members using digital wallets at least a few times per week has grown by 11 percentage points since 2023.
The future of credit unions: Driving growth with instant payments
With over 200 credit unions now live on the RTP® network, the shift to instant payments is well underway. Credit unions are leveraging this transformation to strengthen member relationships, drive deposit growth, and explore new revenue streams.
Debit payments: Challenges and opportunities of the evolving landscape
Technological innovation and consumer preferences are rapidly changing the payments landscape. Amid this evolution, the tried-and-true debit card continues to remain popular, making up thirty percent of payments in the USA (The Federal Reserve). Still, credit unions need to embrace both the challenges and opportunities of digital technology to ensure their debit card program continues to thrive in this dynamic environment. Digital wallets are reaching the zenith of their popularity.
Empowering marketers with financial fluency: Navigating call reports and KPIs for strategic impact
Since the turn of the 21st century, credit union marketers have grown increasingly adept at accumulating data and putting into proper context. That’s objectively good—a more informed communicator and storyteller makes for a more compelling one in the marketplace. Less common though is a credit union marketer who understands their own institution’s performance data.
Leaders in Lending | Ep. 137: How fintech supports users during financial crisis
It takes the right legislation and regulations to ensure a safe and secure experience, but how does that apply to personal use applications such as Venmo, Cashapp, DoorDash, and buy now Pay Later services? Keeping fintech applications modern and competitive globally while maintaining that safety can feel like an uphill battle, and yet it’s an essential practice for fintech to survive in the states and overseas.
Your credit union vision is so much more than fluff
It’s true! Your community bank or credit union vision is something meant to inspire each and every employee. It provides that crucial “why” someone needs to passionately perform their job. But far too often, a vision is just a series of rote words on a wall or website. It’s time to take your vision off the wall and put it in people’s hearts. Let’s look at the real impact of vision, how to create a good one and how to establish buy-in.
Dollar weakens as US data points to easing inflation pressure
A dollar gauge saw its biggest drop in nearly four weeks on Wednesday as price pressures in the US services industry eased and Federal Reserve Chair Jerome Powell said he wants to see inflation move sustainably to the US central bank’s 2% goal before starting to lower interest rates. The Bloomberg Dollar Spot Index fell as much as 0.4% on an intraday basis on Wednesday — the steepest decline since March 8 — with nearly all currencies from developed economies gaining against the greenback.
4 ways to streamline credit union contract negotiations
Credit unions face unique challenges that require unique and innovative solutions, particularly when it comes to contract negotiations. The success of these negotiations hinges not only on securing favorable terms but also on managing these agreements efficiently throughout their contract lifecycle. This is where contract management software emerges as a pivotal tool.
5 reasons to integrate your consumer & mortgage lending
To thrive in today’s economy, financial institutions (FIs) must prioritize delivering personalized offers on the products and services that consumers need precisely when those services are needed. Unfortunately, many banks and credit unions house data about products, such as consumer and mortgage loans, in departmental silos, resulting in lost cross-sell opportunities. Operations such as these may also cause FIs to lose money and accountholders.
As the Dow nears 40,000, here’s what experts say you should do to prepare for a potential pullback
The stock market could hit a milestone if the Dow Jones Industrial Average reaches 40,000. However, even as stocks have climbed higher, investors are worried there could be a pullback, financial advisors say. They’re not alone in those concerns. A recent CNBC survey of investment professionals found 61% think the market has run too far too fast and a market drop could be coming. continue reading »
Members recognize credit unions’ consumer-friendly approach
Updated data from America’s Credit Unions’ Consumer Pulse Survey shows the credit union difference resonates with members, including those of key demographic groups, according to the latest Economic Update from America’s Credit Unions’ Mike Schenk. The Consumer Pulse Survey polled 2,500 consumers in February with questions centered on financial behaviors and outcomes, trustworthiness, and connections to the local community.
Empowering our communities through financial education
April marks an important observance: Financial Literacy Month. As credit unions, we recognize the critical role financial literacy plays in empowering individuals and communities to make informed financial decisions, fostering economic well-being and stability. Financial literacy is more than understanding how money works—it’s about learning how to manage financial resources effectively for financial security. It involves budgeting, investing, handling debt, and planning for the future.
How debit cards can empower the financial-wellbeing of underserved members
Fourteen percent of U.S. households are underbanked according to the FDIC’s most recent National Survey of Unbanked and Underbanked Households. The FDIC describes the underbanked as those who use transaction and credit services outside their financial institutions. Credit unions seeking to bridge the gap can make use of a well-rounded debit program to help their underserved members build stronger financial health and make the most of account services available to them.
Beyond passwords: Navigating the transition to passkeys
The era of traditional passwords is giving way to the promise of passkeys, an innovative passwordless login solution. Passkeys offer financial institutions an opportunity to simplify and strengthen their authentication practices, striking a balance between security and convenience. According to PSCU’s 2023 Eye on Payments study, 59% of credit union members are more worried about fraud given the continued shift to digital channels and platforms like online banking and mobile apps.
Six reasons to invest in Mission, Vision, Values+
“Your mission becomes your constitution, the solid expression of your vision and values. It becomes the criterium by which you measure everything you do.” – Stephen Covey As many leaders struggle to differentiate their credit unions in their hotly competitive markets, an incredibly valuable weapon lays easily within their reach.
Fintech’s wild ride: Who will dominate the next phase?
It was perhaps the most notorious Super Bowl ad of all time: an era-hopping Larry David playing a perpetual skeptic, pooh-poohing inventions like the wheel, the light bulb, the U.S. constitution — and cryptocurrency. The crypto exchange FTX delivered the ultimate FOMO message: digitized money is here, and it will change the world.
Delay deploying instant payments at your own risk
We’ve heard several financial institutions intend to delay deploying instant payments capabilities, such as FedNow and The Clearinghouse’s RTP Network, until 2025 as part of broader cost-control initiatives.
New year, new sales approach: Fresh tactics for credit union growth
It’s fair to say that the key to credit union sales is empowering the member. When they feel in control, they are more likely to close deals – open memberships, loans, checking accounts, etc. What has changed, however, is redefining our approach as credit unions. Our pursuit demands new avenues to connect with prospects – forging bonds that extend beyond the transactional to the relational.
Nearly 1 in 5 big revolving credit users may choose a credit union for next card
National banks dominate the U.S. consumer credit card industry, with a strong position that is unlikely to be challenged anytime soon. However, smaller financial institutions (FIs) are slowly gaining ground. The study “Credit Unions and Community Banks Gain Credit Card Issuing Momentum,” a PYMNTS Intelligence and Elan Credit Card collaboration, revealed that 15% of overall consumers would most likely turn to credit unions (CUs) for their next credit card application.
Senators still determined to reauthorize flood insurance program
You’ve probably heard this before, but key lawmakers said last week that they still want to enact a long-term reauthorization of the National Flood Insurance Program (NFIP) this year. “We must reauthorize and strengthen the NFIP and invest in mitigation and floodplain management before disasters happen in communities,” Senate Banking Committee Chairman Sen. Sherrod Brown, D-Ohio, said as he opened a hearing on the program last week.
AI, digital transformation and better processes
At Laserfiche we’re always looking forward. As such, our leadership team continually evaluates the latest trends and how we can best position our organization and its customers for the future of work. Here’s what some members of our executive team here at Laserfiche have to say about what to look forward to in 2024: Top challenges for CEOs: Economic uncertainty has been a concern since before COVID, and now there are multiple high-visibility geopolitical conflicts that have added to that concern.
FedNow spotlights use by credit unions
FedNow, the Federal Reserve’s instant payment system, last week profiled HawaiiUSA Federal Credit Union and the impact of instant payments on credit unions and their members.
Time for a reset: Why your CU should take a fresh look at student lending
Imagine for a moment that you’re chatting with your neighbor. Their daughter is a senior in high school and for years now, the family has been saving and planning for college. They’ve done all the right things and she’s done her part in high school by earning high marks. She’s all set with her federal student loans and is even receiving some scholarship money. She’s thrilled to go to her dream school but there’s just one catch: the family is still $8,000 short. What advice would you give them?
Unlocking the power of debit cards: Effective marketing strategies for credit unions
More than half of consumers identify debit as their card of choice, reflecting a continuing trend in online and contactless spending since 2020 (SP & Global). To make your credit union’s debit card top of wallet for cardholders requires research and a targeted marketing strategy. All good strategies start with research. Understanding members’ needs and goals allows you to better develop your debit program offerings and messaging.
Omnichannel and digital experiences: The future of financial services in 2024
The banking and financial services industry is evolving quickly, and the need to adopt digital strategies is becoming more critical than ever — not only to keep up with the ever-evolving demands of tech-savvy consumers, but to stay competitive with the fintech startups challenging the status quo by delivering superior experiences.
Time of reflection
Mirror, mirror, on the wall, who’s the fairest of them all? You’ve heard the story! The Queen asks the mirror, and the mirror tells her what she wants to hear, but one day, the mirror says what it really feels, Snow White … Snow White is [actually] the fairest of them all. Now, if you allow me to use my imagination, I imagine a mirror of this generation saying, yep, I said it, and what are you gonna do about it?? My Pastor, Brandon D.
Nussle: Transformation into ‘powerhouse’ national association underway
America’s Credit Unions is legally active as of Jan. 1, and the organization is at the beginning of a “historic transformation into a new powerhouse national association,” America’s Credit Unions President/CEO Jim Nussle said in a video message sent to members Tuesday. With the new organization active, leaders and staff are focusing on advocating and positively impacting credit unions’ environment. “A change of this magnitude will, of course, takesome time.
Curate benefits for multicultural leadership
Broadening the perspectives of leadership is becoming a strengthening pillar of credit union growth strategy. Not only can a diverse C-suite attract a diverse employee and member base, it can also inject top-down ingenuity capable of earning the credit union actual dollars-and-cents benefits. More people of color are joining the C-suite and board-of-director ranks. Minority representation on credit union boards increased to 14.2% by 2021, according to a report from CU Collaborate.
Despite earlier success, marijuana banking may be a ways off
In September 2023, the Senate Banking Committee approved the Secure and Fair Enforcement Regulation (SAFER) Banking Act, enabling the bill to move to the Senate floor for broader approval. The action marked a big step for cannabis businesses who have been forced to deal primarily in cash, raising safety concerns. An earlier version of the bill dubbed the SAFE Banking Act had passed the House of Representatives seven times. Seven times it was shut out in the Senate despite bipartisan support.
2024: A year of change for the credit union community
From the Democratic takeover of the National Credit Union Administration board to the merger of the two national trade groups on January 1, credit unions already face a changing environment this coming year. The biggest change for credit unions in 2024 may come from the changes at the NCUA. Shortly before leaving for the year, the Senate confirmed Tanya Otsuka for a seat on the NCUA board, replacing Rodney Hood, whose term has expired.
Trends 2024: Is record-breaking pace of bank branch closures easing?
Reality check: The last time the number of physical bank locations actually increased was 2009: the same year Barack Obama took office and the swine flu pandemic had us washing our hands (not for the last time). Since then, there’s been a steady decline in the total number of branches: there were an estimated 100,000 bank branches in the U.S. in 2009. Now, there are less than 72,000.
The pathway from digital account opening to PFI
What does your onboarding experience look like before your account holder reaches your digital banking solution? If the ideal onboarding of new account holders and originating new accounts could be summed up in one word for 2024, that word would be “speed.” While many banks and credit unions offer a digital channel for digital account opening and loan origination, two in five banks still run their core banking processes on legacy systems, according to 2023 research by the ABA Banking Journal.
6 good data habits to adopt in 2024
While you’re figuring out your new year’s resolutions, make sure your credit union is making some resolutions of its own. Here are six good data habits your credit union can adopt in the new year to make it your most successful year yet! Whether your goal is to start actually using your gym membership in the new year, or to improve your credit union’s relationship with data, the best way to ensure success is to have a plan.
How technology, the economy, and fraud concerns are impacting credit card use
Credit card use is on the rise, increasing from 18% of payment methods used in 2016 to 31% in 2022 (Federal Reserve). The way consumers use credit cards, however, is changing and has been influenced by advancements in digital technology, shifting economic conditions, and concerns about rising fraud. Understanding this shifting consumer behavior can help credit unions adjust their products and services to better meet member needs.
DAKOTA CREDIT UNION ASSOCIATION
by Phil Seely, Senior Director of Portfolio Development for Envisant Personalization is the key to portfolio development growth. According to Salesforce, 66% of consumers believe a company should know their individual needs and 52% expect personalized offers. While personalization can take many forms, its core attributes for portfolio development are tiers and time.
Portfolio development: How to nurture positive growth through time and tiers
Personalization is the key to portfolio development growth. According to Salesforce, 66% of consumers believe a company should know their individual needs and 52% expect personalized offers. While personalization can take many forms, its core attributes for portfolio development are tiers and time. Tiers Impactful member experiences depend on creating tiers, or segments, that empower the creation of relevant offers and engagement campaigns.
Debit Cards Help Serve the Underserved
For members struggling with finances, a debit card is a convenient solution to take control of their funds. by Phil Seely, Envisant While the inflation rate declined in 2022 from 9.1% in June to 6.5% in December, it still remains more than triple the Fed’s goal of 2% (Trading Economics). Many Americans are still feeling the impact of higher prices and greater interest rate debt from bank credit cards. Low-income households are the hardest hit by these cost-of-living increases.
How debit cards can help serve the underserved
While the inflation rate declined in 2022 from 9.1% in June to 6.5% in December, it still remains more than triple the Fed’s goal of 2% (Trading Economics). Many Americans are still feeling the impact of higher prices and greater interest rate debt from bank credit cards. Low-income households are the hardest hit by these cost-of-living increases.
DAKOTA CREDIT UNION ASSOCIATION
What’s fueling the popularity of debit cards, and what does it mean for credit unions and consumers? by Phil Seely, Senior Director of Portfolio Development for Envisant The speedy recovery of the debit market early in the pandemic is gaining strength. It continues to grow worldwide as the amount spent with debit has exceeded credit. What’s fueling the popularity of debit cards and what does it mean for credit unions?
Why debit use keeps thriving and what it means for credit unions
The speedy recovery of the debit market early in the pandemic is gaining strength. It continues to grow worldwide as the amount spent with debit has exceeded credit (2021 Debit Issuer Study). What’s fueling the popularity of debit cards and what does it mean for credit unions? Changes in Consumer Behaviors Shifts in spending patterns made during the pandemic are becoming habit for many. Consumers are enjoying the convenience of using debit cards over cash while keeping their budgets under control.
Marketing your credit rewards program to members in 2022 and beyond
Credit card rewards have become a necessity in today’s competitive environment. Although faced with the same commodity as hundreds of other financial institutions, credit unions already have a unique position in the industry that gives them an edge to stand out from the crowd. If your credit union is grappling with how to best differentiate the value of its credit card in the market, here is some friendly advice. The key to differentiation is in your rewards program.
Credit Union Credit Cards – Advantages for Members?
Including responsible credit card use within financial education is a strong strategy to help credit union members better understand how to use their credit cards. by Phil Seely, Senior Director Portfolio Development for Envisant A credit union’s role to nurture member’s financial well-being is of the utmost importance in recent years.
Advantages of credit union credit cards for members
A credit union’s role to nurture member’s financial well-being is of the utmost importance in recent years. Providing products and services that meet all member needs, creating opportunities for financial education, keeping rates low, and value high – it can all feel like a huge task. There are many products and services that can help your credit union’s members thrive.
Looking for Greater Member Satisfaction and Higher ROI?
by Phil Seely, Senior Director of Portfolio Development for Envisant Like bacon and eggs or mac and cheese, credit cards and rewards have become an inseparable pairing in people’s minds. According to a survey by The Ascent, a good rewards program is one of the top three card benefits wanted most by consumers. A key ingredient to a healthy portfolio, the right credit card rewards program can bring greater member satisfaction and a higher ROI for credit unions.
What makes credit card rewards a key ingredient to a healthy portfolio?
Like bacon and eggs or mac and cheese, credit cards and rewards have become an inseparable pairing in people’s minds. According to a survey by The Ascent, a good rewards program is one of the top three card benefits wanted most by consumers. A key ingredient to a healthy portfolio, the right credit card rewards program can bring greater member satisfaction and a higher ROI for credit unions.
The pros and cons of BNPL
Convenience and flexibility are essential for consumers in a post-pandemic, heavily e-commerce shopping experience. Buy now, pay later (BNPL) is a trending payment method that offers consumers exactly that – flexible, payment options. BNPL’s services are growing at a rate of 39% a year, with 3% of global eCommerce revenue coming from BNPL by 2023 (Todorov, n.d.). Who exactly is using the BNPL payment method? Gen Z and Millennials are the target demographic, with Baby Boomers slowly gaining interest.
How to unlock your credit rewards program’s full potential to delight members
As the economy opens back up, credit card spending is beginning to reach pre-pandemic levels. Now is a good time to re-evaluate the strength of your own credit program.Since 42% of cardholders use their credit cards to earn rewards (Experian), an effective rewards program can be a significant motivator to make your card top-of-wallet for members. In today’s digital age, consumers are used to customized offerings and giving direct input into the creation of services and products.
Helping credit union members enjoy summer of 2021
Last summer we experienced a priority shift that led many of our credit union members to a simple realization: they don’t have to go too far to have fun in the summer. Life in quarantine created the opportunity for at-home adventures by picking up old hobbies and developing new talents. Puzzles, painting, and backyard movie nights became the main event.
Community connection and credit cards for the win in 2021
Increase member satisfaction and generate ROA with a well-rounded portfolio. When credit union members are the first priority, designing a robust portfolio that meets their needs is of utmost importance. The essentials to member satisfaction, and credit union growth, are two-fold: impressive service and competitive programs. Including a credit card program in your credit union portfolio is a benefit to members and ultimately leads to growth.
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