Is this you? As a journalist, you can create a free Muck Rack account to customize your profile, list your contact preferences, and upload a portfolio of your best work.
Claim your profile
Articles by Steve Heusuk
Shape Your 2024 Strategic Planning
by Steve Heusuk and Adam Leslie at TruStage As we step into the new year, the industry is met with an elevated volume of new developments and trends that are accelerating at breathtaking speeds. Credit unions find themselves navigating a landscape shaped by a liquidity crunch, economic challenges, changing consumer expectations, and growing fraud and cybersecurity risks.
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.
Three strategies to lead your team through burnout & overwhelm
Burnout, overwhelm and increasing stress: the statistics are shocking. A new study recently revealed that . One in four! As a leader, you need to ask yourself if you are doing enough to manage your team through burnout and overwhelm, challenge yourself as to whether you are actively doing what you can to help them manage the constant disruptions, increased demands, and pressure that todays work and personal lives are demanding. Because chances are you aren’t.
Stock market today: Stocks rise as S&P 500 hits fresh record to kick off earnings-packed week
US stocks edged higher Monday, with the S&P 500 notching another record close as investors braced for a busy week packed with Big Tech earnings updates, a Federal Reserve rate decision, and the crucial US jobs report. The Dow Jones Industrial Average (^DJI) drifted 0.6% higher, while the S&P 500 (^GSPC) rose 0.8% to build on last week’s wins for the indexes. The tech-heavy Nasdaq Composite (^IXIC) gained over 1%.
Do your credit union employees act like they own the place?
When you’re driving a rental car, how do you treat it? Maybe do a little off-roading, hit a few speed bumps and leave trash in the vehicle. Contrast that with how you drive a new vehicle you just purchased with your own money. How do you treat it? Probably ease into traffic, park away from other cars so yours doesn’t get dinged and wash your vehicle diligently. The same philosophy applies to your community bank and credit union employees. When you think like an owner, you think differently.
Insourcing vs. outsourcing: 3 questions to ask
Ongoing changes in the regulatory, competitive, and economic landscape are driving many financial institutions to review their credit card program strategy and evaluate whether to invest in growing an internal program or explore an outsourced solution. In addition to processing costs, rewards program management, and network dues — consider costs related to changes in regulations (CECL), variable interest rates, and capital reserves.
Purposeful Talent Development: How employers did on 3 key 2023 people goals
The Josh Bersin company’s HR Predictions for 2023report suggested that the last year would be one of transition for work, people in the workforce and human resources. And it was. We had some wins and in other areas people strategy leaders could have been more responsive. Let’s review what went well, and what we need to spend some time improving in 2024.
Nussle says NCUA does not need third-party vendor supervisory powers
America’s Credit Unions is urging Congress to ignore a recently introduced House bill that would give the National Credit Union Administration supervisory powers over third-party vendors. “We believe in a strong NCUA, but we also believe that the NCUA should stay focused on where its expertise lies—regulating credit unions,” association President/CEO Jim Nussle wrote in a letter to the House Financial Services Committee. “Credit unions fund the NCUA budget.
Playing catch up: Top trends banks are prioritizing in 2024
In 2021, banks placed an emphasis on basic digital capability expansion. The focus landed predominantly on new payment options, better integrating uneven customer touchpoints, and simplifying at least initial online applications for improved convenience. These priorities signaled banks recognizing vast mobile and web experience gaps left unfilled during the 2010s for most legacy organizations.
This week: America’s Credit Unions voices industry priorities with Congress
This week, America’s Credit Unions will engage with several hearings of note in both the House and Senate on various topics of interest for the industry. Wednesday, America’s Credit Unions will monitor a House Financial Services Subcommittee on Financial Institutions and Monetary Policy hearing evaluating federal banking proposals under the Biden Administration.
The CUInsight Network podcast: Data-driven marketing - Strum
Thank you for tuning in to The CUInsight Network, with your host, Lauren Culp, President & CEO of CUInsight. In The CUInsight Network, we take a deeper dive with the thought leaders who support the credit union community. We discuss issues and challenges facing credit unions and identify best practices to learn and grow together. My guest on today’s show is Mark Weber, CEO at Strum and Strum Platform. Mark shares his career journey and how his passion for credit unions began as a child.
Leveraging 3 strategic frameworks to shape your 2024 strategic planning
As we step into the new year, the industry is met with an elevated volume of new developments and trends that are accelerating at breathtaking speeds. Credit unions find themselves navigating a landscape shaped by a liquidity crunch, economic challenges, changing consumer expectations, and growing fraud and cybersecurity risks. As we embark on the new year, the urgency to formulate strategies that align with overarching annual plans has never been more critical.
3 near-term strategies for digitally transforming credit unions
Without question, the multi-year plan still has its place – even amid today’s unprecedented pace of change. After all, long-term planning is how leaders put meat on the bones of their vision. At the same time, visionaries must also be nimble, pivoting to take advantage of emerging technologies and market opportunities. Executing the following near-term strategies can set the table for adaptability without letting shiny objects pull teams too far off course.
Talent Management & Culture in Uncertain Times
Credit unions and other employers are competing for talent. It’s no surprise that credit union executives are concerned about attracting qualified staff. by Steve Heusuk, CUNA Mutual Group Credit unions and other employers are competing for talent in one of the tightest labor markets in U.S. history. While the labor market has cooled a bit, the Bureau of Labor Statistics recently reported that August job openings and the quit rate remained well above historical averages.
Talent management & culture in uncertain times
Credit unions and other employers are competing for talent in one of the tightest labor markets in U.S. history. While the labor market has cooled a bit, the Bureau of Labor Statistics recently reported that August job openings and the quit rate remained well above historical averages. Job openings, which peaked at 11.9 million in March, stood at 10.1 million in August – well above the historical average range of 5-6 million.
Banking's Big Noninterest Income Problem and How to Deal With It
A perfect storm of three converging factors is sending noninterest income into a nosedive. Understanding the factors is key to managing the risk and plotting a future with sharply reduced fee income revenue. Two steps implemented now will moderate the impact. Facebook Twitter LinkedIn Email Print In the low-margin environment of the last decade plus, financial institutions have grown to count on noninterest income (NII) to maintain a healthy bottom line.
Learning from top-performing credit unions: Strategic do’s & don’ts
In 2008, the bottom fell out of the economy. The Great Recession devastated world financial markets, the banking industry, and real estate. During this time of great economic upheaval, CUNA Mutual Group launched what would become a series of informational presentations to raise thought-provoking questions and share strategic insights to help inform credit unions’(CU) strategies for surviving the recession and thriving beyond.
Emotional engagement
To better understand how emotions shape members’ perceptions of their credit unions, CUNA Mutual Group recently conducted research that examined emotions at two different levels: Anxiety related to consumers’ overall financial situation. Emotions arising from specific episodes consumers have while using different financial products. This article shares a few highlights from this new study.
Emotional engagement: Differentiate your members’ experience
Emotions play a huge role in shaping member experience. Emotions influence members’ desire to buy or not to buy, what they remember and share about their experiences, and, most importantly, whether they will be loyal to your credit union.
Create loyalty and a better experience with a strategy you might not expect
Reduce member anxiety using these three strategies. Leading consulting firms, such as Forrester and Bain & Co., have long maintained that emotions are key in shaping customer experience perceptions. Bain reports reducing anxiety as the key emotional element of customer experience in banking. CUNA Mutual Group surveyed 1,005 consumers online to better understand how reducing anxiety shapes customer experience and loyalty perceptions.
Create a win-win by reducing member anxiety
Leading consulting firms, such as Forrester and Bain & Co., have long maintained emotions are key in shaping customer experience (CX) perceptions. Bain reports reducing anxiety as the key emotional element of customer experience in banking. CUNA Mutual Group surveyed 1,005 consumers online to better understand how reducing anxiety shapes CX and loyalty perceptions.
The digital experience is critical . . . for now
How will you compete after the transformation? Today’s ultra-competitive financial services marketplace has credit unions hunting for the differentiators that will build member loyalty. Many, not surprisingly, are focusing on their digital experience. And that’s good, but it might not be enough. Research from Bain & Company pinpointed 30 facets of customer experience that contribute to loyalty and grouped them into four categories: functional, emotional, life-changing and social impact.
Is there a cost to convenience?
The financial sector has been on a mission to redefine the experience it provides. Companies continue chasing new channels, faster technologies, less friction in the customer journey and any other innovation to reach the holy grail of convenience. But, are there unintended consequences to this singular focus on convenience? As engagement becomes easier are credit unions and members growing further apart? Look at auto lending.
Show More
loading
Actions
Is this you?
As a journalist, you can create a free Muck Rack account to customize your profile, list your contact preferences, and upload a portfolio of your best work.Get in touch with Steve
Contact Steve, search articles and posts on X, monitor coverage, and track replies from one place.
Learn more about Muck Rack