In financial services, nobody builds personal relationships like credit unions can—and nobody understands your credit union’s members better than you do. More and more members want to connect with their credit union through the mobile channel. Mobile banking is expanding five times faster than Internet banking, and mobile wallets continue to build on that growing popularity. In the past year alone, the number of consumers completing point-of-sale payments with their mobile device has nearly tripled.
One of the biggest problems with government regulation is that once put in place it never goes away and rarely is changed.
No. Not really
Once again, NCUA’s year-end 5300 data shows some growth in members and assets. But the number of CUs continues to plunge, and one-out-of-five-still-alive ended the year in the red.
It isn’t so much that credit unions are drowning in big data; it’s that credit unions are drowning in people talking about big data.
Have you ever walked out of a board meeting thinking, “Oh my I can’t take it any longer. Either I quit or something has to change”? Do you question why you continue to put up with the “same old, same old” that not only doesn’t seek new ideas, but doesn’t tolerate them either?
It is great to see our industry finally seeking real regulatory relief in the form of exemptions for credit unions from all of the onerous regulations imposed on us the past six years. I applaud these efforts, but can’t help but wonder why it took so long. Credit unions below $50-million in assets have been especially besieged by these regulations and our numbers have dwindled as a result.
Innovation is the “modern art” of business strategy. Much talked about. Often debated. Frequently misunderstood. And no two people seem to agree on what they’re seeing, Even those who see the value in the end-product will tell you the whole process can be pretty abstract.
I’ve heard countless reasons why credit union leaders think they can’t innovate: we don’t have the staff, we can’t get sufficient funding, we just aren’t comfortable taking risk.
Cloud technology has received a significant amount of attention over the past year. Many financial institutions have had doubts about the cloud due to many infamous hackings. However, when considering cloud technology as it relates to credit unions, many executives have ignored the opportunity for enhanced member services due to several misconceptions.
The NCUA approved eight mergers in February 2015, which is half the number of mergers from February of last year.