Data Governance – Who Owns the Data?

Data Governance – Who Owns the Data?

As credit unions get on board with Big Data and realize the benefits and value of the data they have at their disposal, there continues to be quite a bit of struggle with developing a program to store the right data, and retrieve and successfully utilize the data they collect. Beyond these challenges, data sources…

Moving Beyond Out-of-the-Box Models

Moving Beyond Out-of-the-Box Models

I’ve been working in and with credit unions for over fifteen years and in financial services for over twenty five. Based upon my experience, I believe that there is one critical area where credit unions have lost ground when it comes to capturing the consumer market for loans and other financial products; that area is,…

In Celebration of International Credit Union Day

In Celebration of International Credit Union Day

Published in Community

This week, credit unions world-wide will be celebrating International Credit Union Day. This annual event, since its inception in 1948, celebrates the active role credit unions play in improving the financial well-being of individuals in communities across the globe. The theme of this year’s celebration, “People Helping People,” is the foundation the credit union movement…

Optimizing Member Onboarding and Cross-Sell With Marketing Automation

Optimizing Member Onboarding and Cross-Sell With Marketing Automation

Intelligent and timely member onboarding can be one of the most effective growth strategies for credit unions wanting to improve engagement, brand recognition, cross-sales, retention and the lifetime value of a relationship. A significant benefit to applying marketing automation to onboarding is the education of the large percentage of members who are acquired through the…

Developing A New Growth Channel Through Point Of Sale Financing

Developing A New Growth Channel Through Point Of Sale Financing

Published in Lending, Retail Lending

In 2015 we have continued to see positive loan growth in many areas. That said, we all know that loan growth can be heavily tied to, among other things, economic, regional, and seasonal factors that aren’t always in our control. Because of this, many credit unions have identified the need to diversify their portfolios, seek…

Why is Credit Union Auto Loan Growth Up?

Why is Credit Union Auto Loan Growth Up?

I was recently asked during an interview what I thought credit unions were doing differently to account for credit union auto loan growth being on the rise. The question kind of caught me off guard and I didn’t have a ready answer. I do know that credit unions are becoming more data savvy — and I know…

Auto Lending on the Automated, Integrated Highway

Auto Lending on the Automated, Integrated Highway

“Roads? Where we’re going, we don’t need roads.”                                                 — Dr. Emmett Brown (Back to the Future)   Companies like Google and Ford Motor are moving closer to producing fully autonomous vehicles, with the intent to make various driver-assist technologies standard features. The goal is for cars to one day drive themselves. Granted, it’s a…

Protecting Your Members for the “Breach” Holidays

Protecting Your Members for the “Breach” Holidays

For the past several years we have seen more data breach activities during the holiday season than any other time of the year.   The holidays are also the time of year for heightened ID theft activity.  Criminals get into their own “holiday thievery” mode and understand that this is the time of year when consumers…

Are You Treating Every Member Fairly?

Are You Treating Every Member Fairly?

There has been a lot of discussion over the last couple of years among credit unions related to fair lending and disparate impact.  Beyond the debate over who has regulatory power over who, and whether the testing procedures are even accurate, many credit union lenders believe that they would be safe in the event their…

A Real “Blue Ocean” Lending Opportunity for Credit Unions:  Point of Sale Financing

A Real “Blue Ocean” Lending Opportunity for Credit Unions: Point of Sale Financing

Published in Lending, Retail Lending

During the recent Drive ’15 Conference for credit unions, George Hofheimer, Filene Research Institute’s Chief Knowledge Officer, unveiled to attendees exciting new research findings from Filene and CU Direct on point-of-sale financing (POSF).  (POSF is defined as providing financing at the point of sale for large consumer purchases.)  The research examines loan growth opportunities for…