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Articles by Ted Goldwyn
When a Vendor Calls It Quits: Financial Institutions Share Their Stories
When a vendor decides to no longer support a key piece of technology, it often leaves bank and credit union technology leaders in a frustrating and disruptive predicament. The impacts can reverberate across the entire organization, affecting everything from the customer experience to day-to-day operations, risk management and employee morale. The JustificationsTechnology vendors may decide to sunset a solution for any number of reasons.
Are Biometrics All They’re Cracked Up To Be?
Just a few years ago, biometric authentication was at the leading edge in the fight to combat identify theft, data breaches and other types of financial fraud. Today, the financial services industry is employing a range of security measures, including multifactor authentication, predictive analytics and artificial intelligence, transaction authentication and in some cases, blockchain.
A Bot In Need Is A Friend Indeed | Credit Unions
Suncoast accepts consumer loan applications through its mobile banking app, among other channels. In the days following Hurricane Irma, the credit union posted a message on the front page of the mobile app announcing the availability of the loan. Immediately, loan applications jumped from a manageable daily volume of three to four hundred to a high of 4,000 requests in a single day. Suncoast’s consumer loan origination system is set up to automatically pull credit at the time of application.
Fee less, earn more
Overdraft and other checking account charges account for nearly half of credit unions’ fee income, according to the CUNA Fees Report. Credit unions are a better deal than banks: The average credit union courtesy-pay fee is $27.24 vs. $33.04 for banks. For credit unions looking to differentiate themselves from their competitors through the elimination of fees, industry experts offer this advice: Eliminate fees that have no value.
Managing today’s multi-generational workforce - CUInsight
The pressure was on for Cindy Swigert. It was 2010, and Swigert’s new employer, a growing Midwestern credit union, was preparing for a full core system conversion. Compounding the situation, half of the credit union’s employees had recently transitioned to a new system in the wake of a major merger and would have to go through the process all over again.
Retaining talent for the long haul - CUInsight
As an institution originally founded by teachers, Educators Credit Union in Mount Pleasant, Wis., has implemented special programs to keep employees of all generations continually challenged and loyal to the organization. This includes an in-house online learning system with a variety of courses, including business communication, and a generous tuition reimbursement program.
Tech Leaders Strive to Meet Members' Growing Expectations
Members’ service expectations today are set not by financial institutions, but in the consumer space in general—and they’re created around the use of devices such as smartphones and tablets. This is one key challenge identified by two members of the CUNA Technology Council’s Executive Committee: Guy Russo, chief information officer (CIO) for $2.1 billion asset CommunityAmerica Credit Union in Lenexa, Kan.
Cybersecurity Requires a Multi-Faceted Defense
Above: San Diego County CU’s Leo Maduzia says cybersecurity efforts should be preventative, detective, and corrective. Charged with protecting their members from increasingly sophisticated cyberattacks, today’s credit union information security professionals must navigate a complex web of regulations and implement robust lines of defense.
Changing Consumer Behaviors Require New Member Interactions
There is a paradigm shift happening in our service economy, where more consumers are researching product information after work rather than during the day. This will require credit unions to examine how they’re interacting with members in branches and call centers, and via social media, according to Sundeep Kapur, founder of Digital Credence.
Retaining Top IT Talent in a Competitive Market
Recruiting and retaining top talent in the information technology (IT) field is growing increasingly difficult, said three executives at the CUNA Tech/OpSS Council Conference. To combat this trend, they said credit union senior managers need to consider new and innovative approaches toward keeping top talent on board. They also shared the challenges they have in finding and retaining talented staff. The panel discussion was moderated by Brian Kidwell, executive vice president at D.
Generation Why? | Credit Unions
The millennial generation, otherwise known as Gen Y, continues to mature, entering the workforce or becoming financially independent for the first time. That presents challenge and opportunity to the credit union industry: these individuals need jobs and/or financial services and education. Credit unions are uniquely positioned to offer both. But how to get through to this notoriously tough to crack generation? This week on CreditUnions.com we attempt to find out.
How To Act Like A Credit Union | Credit Unions
The credit union philosophy of people helping people can be witnessed daily in communities everywhere, and credit unions are leading that charge across the nation. As credit union leaders, members, and advocates pause and reflect during this season of thanks, CreditUnions.com shares a few examples of credit unions paying it forward and giving back. To celebrate International Credit Union Day this past Oct.
Money In The (Credit Union) | Credit Unions
Strategic planning season has arrived, and many credit unions are considering ways to take more deposits in so they can loan more money out. It might sound simple, but with yields ranging from low to nil and competition fierce among lenders of all kinds, attracting share deposits calls for some creativity.
Power Up Your Payments | Credit Unions
Payments are big business in the credit union industry. Whether it's implementing a mobile wallet or developing a risk-based pricing strategy for a card product, credit unions must continue to learn and innovate to keep up with the rapidly evolving payments space. In his Graphic Of The Week, Mobile Payments On The Move, Callahan analyst Daniel Wang showcases the state of mobile payments, the most popular payment platforms, and how large a part of digital revenue mobile commerce will make up.
A Well-Rounded Loan Portfolio | Credit Unions
Indirect lending and participation loans have been key drivers of growth for many credit unions in recent years. According to Peer-to-Peer analysis from Callahan & Associates, indirect loans as a percentage of total credit union auto lending grew to 49.07% as of the end of 2014. Credit unions that did not engage in indirect lending and participation loans increased their loan portfolios by 7.41% last year compared with 10.82% growth for the industry as a whole.
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