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3 tech tips for credit union relevance

first_imgI hear more and more talk about credit union relevance – specifically whether it can be maintained. Credit unions have long been the underdogs in a marketplace dominated by big banks. Now the Walmarts and Amazons and Facebooks of the world are poised to take their own cuts of the financial services action. Can credit unions maintain any semblance of relevance in this topsy-turvy marketplace?I believe the answer is yes, through the effective use of technology. Thus, I offer my three tech tips for maintaining – and even increasing – credit union relevance.Stop playing “technology me too”Many credit unions let big banks take the lead, then dutifully follow along. They look at what big banks are doing and then from that they develop a checklist of must-have technologies. Credit unions can no longer obsess over what the bank next door is doing. They need to think about technology in new and exciting ways. If you need an example of how to properly manage technology, look to the companies that are doing it exceedingly well – companies like Apple and Amazon. Chart your own technology course and stop trying to be Mini Me to the Dr. Evil Bank down the street.Explore new channelsHere’s just one example. Have you ever looked into getting your credit on LendingTree? If you have, I’m sure it wasn’t for long. You quickly realized that the amount of effort probably wasn’t worth the return. Does that mean credit unions shouldn’t be on LendingTree? Not necessarily.A new client of ours, a CUSO called CU Lending Cooperative (www.yourculc.com), has created a powerful, fast lending platform that essentially puts participating credit unions on LendingTree. (Note: LendingTree is CULC’s first venue, but definitely not its last.) The loan offer is initially presented as CULC. Then if a borrower accepts the offer, the CULC software instantly identifies which credit union the borrower is eligible for. CULC books the loan, funds the loan, and deposits the funds into a new share account at the credit union regardless of your core platform. That’s powerful stuff.Focus on member experienceUnless you just logged onto the internet for the first time yesterday, you’ve seen your user experience evolve over the years. That’s because the Googles, Apples, Facebooks and Amazons of the world are intent on constantly improving the user experience of their customers. It’s not a one and done proposition; it’s a never-ending quest. These giants have created an expectation in consumers that their user experience today will be just a little better than it was yesterday.Now think about the member experience at your credit union. Has it changed much over the past few years? More to the point, have you made any specific efforts to change it over the past few years? If your member experience isn’t intentionally evolving, your credit union is falling behind – behind the big banks and especially behind your new non-bank competitors.Technology has long been known as the great equalizer. Deploy the same technology as the big banks and you can compete with the big banks, right? Except today, there’s more to technology than just a checklist. It’s no longer about what pieces you own; it’s about the unique experiences you build around those pieces. 11SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,John San Filippo John is the co-founder of OmniChannel Communications, Inc., a company that specializes in B2B marketing to community financial institutions. He started out in the savings and loan industry, but wisely … Web: www.omnichannelcommunications.com Detailslast_img read more

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first_img Share This StoryFacebookTwitteremailPrintLinkedinRedditTOKYO DATESTokyo Olympics rescheduled for July 23-Aug. 8 in 2021TOKYO (AP) — The Tokyo Olympics will open next year in the same time slot scheduled for this year’s games. He is calling for an investigation and a re-vote.In a letter to the NFLPA on Monday, Reid’s lawyers said language posted on the players association’s website after passage of the agreement by a 1,019-959 vote on March 15 contains different language than the one players signed off on.The letter highlights a difference in wording in the section about the league’s disability plan that affects hundreds, and potentially thousands, of ex-players who applied for Social Security disability insurance payments before Jan. 1, 2015. In the version the players received and approved, those offsets applied only to players who applied after Jan. 1, 2015.The new CBA is set to begin with the upcoming 2020 season and extend through 2030.XFL players join Steelers Associated Press Perry opts for draftSTARKVILLE, Miss. (AP) — Mississippi State forward Reggie Perry has entered the NBA draft. Perry announced his decision on social media and was congratulated by the school in a tweet. The 6-foot-10, 250-pound sophomore was selected as The Associated Press co-Southeastern Conference player of the year after ranking in the top 10 of several conference categories. Perry led the SEC in rebounds last season with 10.1 per game, ranked sixth in scoring at 17.4 points and ninth in blocks with 1.2. He also shot 50% to rank fourth in the SEC while leading the Bulldogs to a fourth-place finish.COLLEGE BASKETBALL-LIVERSLivers applies for early entryANN ARBOR, Mich. (AP) — Michigan forward Isaiah Livers is applying for early entry into the NBA draft. The school says Livers is not hiring an agent and will work with the Michigan coaching staff during the evaluation and pre-draft processes. Even if a player does use an agent during the evaluation process, he can return to school without losing eligibility if he ends the relationship with the agent. Livers has started 46 games in three seasons at Michigan. He led the Wolverines in scoring this season at 12.9 points per game, although he was limited to 21 games because of injury problems. Update on the latest in sports: — The governing body of triathlon says it wanted the rescheduled Olympics to be held earlier in the year to avoid the summer heat but has accepted the new date of July 23, 2021 for the opening ceremony. All sports federations involved in the Olympics signed off on the new dates. The International Olympic Committee previously moved the marathons and race-walking events to Japan’s northern city of Sapporo and scheduled most of them to start early in the morning to avoid the heat in Tokyo.— The governing body of track and field says it supports the new dates for the Tokyo Olympics and is working with organizers in Eugene, Oregon, to move its world championships to 2022. The 2021 track worlds were scheduled to be next year from Aug. 6-15. World Athletics says it will consult with the organizers of the Commonwealth Games and the European Athletics Championships, which are scheduled to take place in 2022.NBA-CELTICS-SMARTSmart says he’s been clearedBOSTON (AP) — Boston Celtics guard Marcus Smart says he has been cleared by medical officials after testing positive for the new coronavirus earlier this month. Marko said the idea “was not accepted positively” within Red Bull and was abandoned.NFL-NEWSNFL-Reid-CBA-Re-VoteReid promotes probe, re-vote over post-ballot changes to CBAUNDATED (AP) — Free agent safety Eric Reid wants the NFL’s new collective bargaining agreement invalidated over language added following ratification of the pact earlier this month. Tokyo organizers say the opening ceremony will take place on July 23, 2021 — almost exactly one year after the games were due to start this year. Last week, the IOC and Japanese organizers postponed the Olympics until 2021 because of the coronavirus pandemic.There had been talk of switching the Olympics to spring, a move that would coincide with the blooming of Japan’s famous cherry blossoms. But it would also have clashed with European soccer and North American sports leagues.The new Olympic dates conflict with the scheduled world championships in track and swimming, but those events are now expected to also be pushed back.In other Olympic news:— Tokyo Olympic Committee CEO Toshiro Muto is promising transparency in calculating the costs of reschedule the Olympic Games. Katsuhiro Miyamoto, an emeritus professor of sports economics at Kansai University, puts the costs as high as $4 billion. That would cover the price of maintaining stadiums, refitting them, paying rentals, penalties and other expenses. Japan is officially spending $12.6 billion to organize the Olympics. However, an audit bureau of the Japanese government says the costs are twice that much. All of the spending is public money except $5.6 billion from a privately funded operating budget. March 30, 2020 In a message posted on Twitter, Smart says he was informed of the news Friday by the Massachusetts Department of Health. He thanked everyone for their support.Smart wrote: “Stay safe and stay together — apart!”Boston played the Utah Jazz on March 6. Five days later, Jazz All-Star Rudy Gobert announced he had tested positive for COVID-19, triggering rolling shutdowns of sports around the world.Smart tested positive on March 19. He had been in isolation since then and was being monitoring by Celtics medical staff. His teammates, coaches and staff members were also tested, but those tests have come back negative.COLLEGE BASKETBALL-PERRY F1-RED BULLRed Bull’s Marko says he proposed F1 coronavirus campVIENNA (AP) — Red Bull motorsport adviser Helmut Marko has proposed holding a training camp where Formula One drivers could get infected by the new coronavirus.That idea was rejected by the team. Marko has told Austrian public broadcaster ORF he wanted to gather drivers while the F1 season is suspended.Marko suggested it would be good for Red Bull’s drivers to be infected now so they could recover in time for scheduled races later in the year. PITTSBURGH (AP) — A stint in the XFL has landed three players jobs with the Pittsburgh Steelers. The team signed defensive end Dewayne Hendrix, safety Tyree Kinnel and linebacker/long snapper Christian Kuntz to one-year deals on Monday. All three played in the XFL under the startup league that suspended operations earlier this month because of the COVID-19 pandemic.Elsewhere in the NFL:— Darius Jennings has signed a contract with the Los Angeles Chargers. Jennings spent the past two seasons with the Tennessee Titans. He has been utilized more as a returner than wide receiver. He led the league in kick return average in 2018 and had a 94-yard return for a touchdown against Miami. Jennings appeared in eight games for the Titans last season and was a restricted free agent, but was not offered a contract.BOXING-SAUNDERS-LICENSE SUSPENDEDBritish boxer has license suspended over video comments CARDIFF, Wales (AP) — British boxer Billy Joe Saunders had his boxing license suspended today after publishing a social media video in which he appeared to condone domestic violence amid the coronavirus outbreak.The WBO super-middleweight champion filmed himself working out and offered men advice on how to hit their female partners during the lockdown.The British Boxing Board of Control says it investigated Saunders’ comments and decided to suspend his license under the regulations for misconduct. The body says a hearing will take place “at a time and venue to be confirmed as soon as possible.”Saunders, who is unbeaten in 29 fights, was close to agreeing to fight Saul “Canelo” Alvarez in Las Vegas before the outbreak of the pandemic.He has apologized for his remarks and says he’ll be making a donation of 25,000 pounds ($30,750) to a domestic abuse charity.,Tampa Bay Lightning advance to face Dallas Stars in Stanley Cup finals, beating New York Islanders 2-1 in OT in Game 6last_img read more

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