The CU Lab with NAFCU Services: Recent Episodes
NAFCU Services
Welcome to The CU Lab with NAFCU Services. In each episode, we explore breaking innovations, industry insights, and growth ideas. Catch up with credit union thought-leaders on fintech, security, fraud prevention, and more. Are you ahead of the curve on risk management, and prepared for what’s to come? Is your credit union building the best digital experience to attract and engage members? Tune in to connect with the best intel in the industry.
Thank you for joining us for another episode of the CU Lab. I’m Madeline Kronfeld with America’s Credit Unions, and today I am sitting down with Parijat Sinha, Head of Ecosystem Products at FIS, to talk about Meeting & Exceeding Member Expectations with Open Banking.
Join FIS expert Parijat Sinha for an informative session to explore: what is driving Open Banking in the credit union market, what the open banking world looks like, how permissioned data and open banking can create opportunity, concerns about the reliability of APIs and the security risks of sharing data with third-party applications, how credit unions can successfully embrace open banking while retaining a focus on their data security requirements, best practices for open banking ecosystem governance, how the regulatory environment needs to change to ensure open banking is successfully adopted throughout the credit union market, how the industry and government can collaborate to deliver an open ecosystem where consumers have greater control over their financial planning, and how FIS is seeing credit unions incorporate open banking in their strategy.
Thank you for joining us for another episode of the CU Lab. I’m Madeline Kronfeld with America’s Credit Unions, and today, I am sitting down with Zach Douglass, Director of Bond & Risk Management at Allied Solutions, to review fraudulent activities in 2024.
Join Allied Solutions expert Zach Douglass for an informative session to explore: the types of fraud activity they have been seeing most, how to make detecting account takeover attacks easier, if counterfeit US passport cards are a new type of fraud to watch out for, how fraudsters are using corporate and paper checks, what financial institutions should be on the lookout for when it comes to phishing schemes and how they should be educating their members, recent litigation trends for financial institutions to be aware of, and the types of fraud activities credit unions need to pay the most attention to in the back half of 2024.
Thank you for joining us for another episode of the CU Lab. I’m Madeline Kronfeld with America’s Credit Unions, and today I am sitting down with William Wetherill, Chief Information Security Officer at DefenseStorm, to talk about The Evolving Role of the CISO: From Technical Expert to Strategic Leader. William, it’s great speaking with you, and thanks so much for joining us today.
Join DefenseStorm expert William Wetherill for an informative session to explore: how the role of CISO changed from being a technical role to a more strategic one, the key responsibilities of a CISO in managing an organization’s cyber and technology risk posture, the importance of having a CISO at the decision-making table, how the SolarWinds case highlights the need for transparency in cybersecurity practices, potential legal and financial consequences of failing to prioritize cybersecurity, how CISOs can effectively protect their organization by expanding their strategic roles, the importance of training and awareness in maintaining cybersecurity, the role of the CISO in incident response planning, how the CISO can stay updated on the latest cybersecurity trends, threats, and mitigation strategies, the role of a CISO in ensuring regulatory compliance, and more.
In This Episode:
[00:31] Today I am sitting down with William Wetherill, Chief Information Security Officer at DefenseStorm, to talk about The Evolving Role of the CISO: From Technical Expert to Strategic Leader.
[01:30] Being able to properly implement risk management decisions, especially in the cyber age we live in, is incredibly important so CISOs have a lot of challenges here.
[02:27] Having a leader who can really communicate cyber risks and understand how ready that institution is to deal with cyber events is incredibly important. It really comes down to culture, communication, and being able to help drive that leadership and strategy in a way that ensures the protection of the organization.
[02:58] Having the CISO with their knowledge of the potential impacts really helps drive a strategy that is understanding of those risks.
[05:36] We need to be talking about risk openly. We need to be documenting and really understanding what remediating risk looks like and how you do that strategically.
[08:09] The ramifications and outcomes can be huge in a lot of different ways.
[11:19] Because of this awareness training and just training in general about cybersecurity becomes even more important.
[12:14] Treating people with the respect they deserve for being such an integral part of how a business runs and operates is incredibly important and every CISO should be out learning and understanding their challenges.
[14:28] It is critical that any CISO actually goes and meets the people where they are.
[16:38] Governance, risk, compliance, and adherence to regulatory controls are all being looked at much more closely. You are also seeing other technology that is coming into the fold directly responsible for helping CISOs navigate those waters.
[18:28] The reaction from the governing bodies is directly related to the needs of the position. They’re trying to help make sure that we are positioned in a way that gets us the most possibility of success, maturing our postures and protecting the institutions.
[19:08] Communicate first and relate. Understand the organization.
Links and Resources:
NAFCU
DefenseStorm
William on LinkedIn
Thank you for joining us for another episode of the CU Lab. I’m Madeline Kronfeld, with America’s Credit Unions and I’ll be your moderator. Today I am sitting down with Liz Santos, Chief of Staff at Gallagher, and we are going to talk about the annual Gallagher Executive Compensation and Benefits Survey.
It’s one of the credit union industry’s premier resources for compensation data. The report provides hundreds of data points for salary, scorecards, retention plans, and more, enabling credit unions to make better decisions for their rewards strategy. We talk about who participated in the survey, the positions included in the survey, key trends that stood out in this year’s survey that are noteworthy, and how credit unions can access the report and use the data.
In This Episode:
[00:32] Today, I am sitting down with Liz Santos, Chief of Staff at Gallagher, and we are going to talk about the annual Gallagher Executive Compensation and Benefits Survey.
[01:11] They sent invitations to all credit unions across the country to participate in the survey, so that included federal charters, state charters, and those credit unions that are privately insured. More than 700 credit unions participated and provided information for about 2500 of their executives.
[02:03] Traditionally, the report has included the CEO as well as the next four executives in terms of salary. This year, they also added CFO-specific information.
[04:01] Over ten years, the annual raise percentage has more than doubled. In 2015, the average increase was 3%, and today it is 7%. When executive's salaries are strong and increasing that is a good reflection on the industry as a whole.
[05:53] Another trend that I think credit unions should consider is annual incentives. 70% of CEOs have some sort of annual bonus or incentive.
[06:52] Previously, the type of plan was split, but now we are starting to see more plans lean toward the formal type. This year 38% of those plans were formal as opposed to 32% informal. That is a reflection of boards wanting to pay for performance by setting strategic goals and by pushing and incentivizing their CEOs and the rest of the C-suite to achieve those.
[07:41] Another trend is the use of nonqualified benefit plans. Nonqualified benefit plans or executive benefit plans are used to retain and reward your executives, top leaders, and other top performers. With credit unions that are 100 million in assets and greater, 75% of all executives have some sort of plan.
[09:22] 23% of other leaders or managers were also receiving some sort of nonqualified benefit plan. It is showing that there is a greater need and desire to retain these up and comers and build their leadership pipeline.
[11:05] Close to a third of CEOs are aged 60 years and older. About half of all CEOs are aged 55 and older. You have a great number of CEOs who are considering retirement if not already there. It pushes that time for succession planning.
[13:27] About 40% of CEOs have been in their role for five years or less.
[14:15] The primary objective of resources like this is to educate the decision-makers on the state of executive compensation so they have up-to-date information on what is happening in the market.
[16:52] Work with a compensation consultant to make the data more actionable. The data behind the data is where you can find the actionable tasks and make sure they are aligned with your strategic goals and where you want to be.
Links and Resources:
NAFCU
Gallagher
Liz on LinkedIn
Succession Planning
Thank you for joining us for another episode of the CU Lab. I’m Madeline Kronfeld with America’s Credit Unions, and I’ll be your moderator. Today, I am sitting down with Aoife May, Market Manager of Compliance Program Management for Wolters Kluwer, who is a trusted leader in compliance management. Today we’re going to talk about Democratizing AI: Powerful Regulatory Compliance for Every Financial Institution.
Join Wolters Kluwer expert Aoife May for an informative session to explore: the aspects of today’s regulatory environment that are driving digital and AI adoption, expectations from regulators, and the increasing burdens put on compliance departments, what a credit union wants to understand when it comes to AI and regulatory compliance, expert augmented intelligence model, and if these offerings are feasible for any size credit union.
Thank you for joining us for another episode of the CU Lab. I’m Madeline Kronfeld with America’s Credit Unions, and I’ll be your moderator. Today I am sitting down with Karan Kashyap, Chief Executive Officer of Posh AI, and Sam Das, Managing Director of TruStage Ventures, and today we are going to talk about Artificial Intelligence vs Emotional Intelligence.
Join TruStage Ventures experts Karan Kashyap and Sam Das for an informative session to explore: why both emotional intelligence and artificial intelligence are important for credit unions, some innovative ways credit unions are currently using AI to enhance member services, how credit unions can approach educating their board members and staff about the benefits and challenges of AI, how credit unions can build trust with their members when introducing new AI-driven tools and services, how AI can be designed to support empathetic interactions without replacing people, the potential risks associated with AI in the credit union industry and how to mitigate these risks, and the balance between leveraging AI for efficiency and maintaining the human touch that is so essential in the credit union industry.
Thank you for joining us for another episode of the CU Lab. I’m Madeline Kronfeld with America’s Credit Unions, and I’ll be your moderator. Today I am sitting down with Keith Stayer, Executive Vice President at Triad Financial Services – a specialty finance company serving the manufactured housing industry since 1959. Today, we are going to talk about Affordable Housing and Manufactured Homes.
Join Triad Financial Services expert Keith Stayer for an informative session to explore: the history of Manufactured Homes, why buyers should consider Manufactured Homes versus traditional site-built homes, why Manufactured Housing is a solution for affordable housing, some of the builders of Manufactured Homes, who are the typical owners of Manufactured Homes and where are they located, loan characteristics and rates of Manufactured Homes, how credit unions can support Manufactured Housing, and how credit unions can learn more about Manufactured Housing.
Thank you for joining us for another episode of the CU Lab. I’m Madeline Kronfeld with America’s Credit Unions, and I’ll be your moderator. Today, I am sitting down with Barry Roach and Drew Megrey, Senior Account Managers at Upstart, and we’re going to discuss How Credit Unions Can Win in 2024.
Barry Roach and Drew Megrey, Senior Account Managers at Upstart, join the CU Lab to share 'How Credit Unions Can Win in 2024.' They delve into the challenges facing credit unions today, from liquidity constraints to regulatory hurdles. Through their firsthand experience with Upstart, they explore how AI can revolutionize credit unions by maximizing liquidity, gaining and retaining membership, and ensuring fair lending practices. Discover success stories from current partners and gain insights into effective collaboration in the ever-evolving financial landscape. Plus, learn about Upstart's new AI certification programs, empowering industry professionals to lead the AI conversation at their credit unions.
Thank you for joining us for another episode of the CU Lab. I’m Madeline Kronfeld with America’s Credit Unions, and I’ll be your moderator. Today, I am sitting down with Christopher Leonard, Chief Executive Officer at Velocity Solutions, and we are going to talk about putting fairness first in your overdraft strategy.
Join Velocity Solutions expert Christopher Leonard for an informative session to explore: CFPB’s overdraft rule, what most credit unions will do in response, using alternative data to assess creditworthiness in providing overdraft limits and small-dollar, short-term loan amounts, components of a fair overdraft program, what other products and services credit unions should be offering as part of a complete consumer liquidity program, and if overdraft will ever go away.
Thank you for joining us for another episode of the CU Lab. I’m John Ross with America’s Credit Unions, and today I am sitting down with Scott Myers, 2nd VP of Operations at Allied Solutions, and Mike Batchelor, 2nd VP of Risk Management Product at Allied, to talk about Covering your assets, specifically tracking and collateral protection.
Join Allied Solutions experts Scott Myers and Mike Batchelor for an informative session to explore: market trends, which trends Allied tracks causing the greatest implications to auto loan portfolios for credit unions, what credit unions are doing to protect their portfolios when it comes to repossession and recovery, how credit unions can adapt their collateral protection strategies to mitigate risks and keep members in their vehicles, how credit unions can strike a balance between ensuring compliance and delivering exceptional member experiences, and what credit unions should be on the lookout for when leveraging digital tools and technology to optimize their insurance tracking and collateral protection programs.
Thank you for joining us for another episode of the CU Lab. I’m Madeline Kronfeld, with America’s Credit Unions and I’ll be your moderator. Today I am sitting down with Deedee Myers, CEO of DDJ Myers, and Peter Myers, Senior Vice President at DDJ Myers, and we are going to talk about Blind Spots in the Boardroom.
Join DDJ Myers experts Deedee Myers and Peter Myers for an informative session to explore: meaty topics happening in the boardroom today, why a board might not put some conversations in the foreground, blind spots for CEO succession and other areas, risk management, approaches of how boards are addressing succession planning and risk today versus historically, and other blinds spots boards and executives should be aware of over the next couple of years.
Thank you for joining us for another episode of the CU Lab. I’m Madeline Kronfeld, with America’s Credit Unions and I’ll be your moderator. Today I am sitting down with Mark Mrva, Senior Director of Community Financial Institutions at SRM, and Mike Langenkamp, Director of Community Financial Institutions at SRM, and we are going to talk about operational agility and the key factors for success in 2024 and beyond.
Join SRM experts Mark Mrva and Mike Langenkamp for an informative session to explore: SRM’s report that looks at critical operational areas that credit unions should examine, hidden expenses that some credit unions may not be aware of, related expenses and automating processes to offset costs, amount of lead time for renewing vendor contracts, some of the biggest challenges facing credit unions when it comes to evaluating their core investments, the pros, cons, and benefits of middleware, and considerations credit unions should take to control expenses this year and beyond.
Thank you for joining us for another episode of the CU Lab. I’m Randy Salser with America’s Credit Unions, and today I am sitting down with Liz Santos, Chief of Staff, Executive Benefits Practice at Gallagher, to talk about Mergers and Acquisitions, and unifying Two Different Executive Total Compensation and Benefits Programs.
Join Gallagher expert Liz Santos for an informative session to explore: the typical situations that she is seeing when it comes to bringing two different compensation and benefits programs together, the first step in the unification process, how a retention plan should be evaluated, and when changes should be implemented in these programs.
Thank you for joining us for another episode of the CU Lab. I’m Randy Salser with America’s Credit Unions, and I’ll be your moderator. Today I am sitting down with Lynn Sautter Beal, Vice President of Implementation and Success at Upstart. We are going to talk about ensuring safety and soundness with AI.
Join Upstart expert Lynn Sautter Beal, Vice President of Implementation and Success for an informative session to explore why credit unions are applying AI to lending and how to empower credit unions to regulators and outside examiners through AI models during exams to ensure transparency and compliance. We also discuss challenges and key best practices for credit unions, and how credit unions can proactively prepare for upcoming developments in AI to stay ahead of the curve and maintain safety and soundness.
In This Episode:
[00:32] I am sitting down with Lynn Sautter Beal, Vice President of Implementation and Success at Upstart. We are going to talk about ensuring safety and soundness with AI.
[01:32] She leads Upstart’s customer success implementation programs and professional services teams as well as their diligence teams.
[03:48] The regulators are very focused on fairness in lending especially when it comes to using AI and outside models. The industry is moving very fast.
[04:02] As you are a credit union thinking about partnering with a Fintech look for the expertise within that organization.
[06:49] We have an Upstart diligence data room that is just a retro repository of everything that a credit union or potential partner would want to know about us.
[08:25] Articulating that business use case and then how partnering with a Fintech like Upstart can support that is really the first step in having a successful conversation with your board.
[10:30] If you are a champion of the program and you think this is the next type of right step for your credit union and you know there are objectors, talk to your account executive at your Fintech and have them help you overcome those objections.
[12:02] Lynn shares a recent positive success story.
[13:45] In addition to really knowing your business use case, plan for diligence. Don’t scrimp on due diligence. It will not support you long-term.
[15:01] Plan for oversight. It is not set and forget it. Your regulators are going to want to know how you are overseeing that from a 3rd party risk management standpoint.
[15:47] Have a handle on your reserves and capacity for lending and start small and grow slowly.
[17:31] Making sure you are talking to your peers is really a great best practice.
[17:41] Staying informed and connected will help keep you on the forefront of what is happening.
Links and Resources:
NAFCU
Upstart
Lynn on LinkedIn
Thank you for joining us for another episode of the CU Lab. I’m Randy Salser, President of NAFCU Services, and today I am sitting down with Elizabeth Houser, Director of Cyber Defense at DefenseStorm, and James Bruhl, Director of Cyber Threat Intelligence at DefenseStorm.
The recent bank run at Silicon Valley Bank has clearly shown how dangerous false information can be, proving that financial panics aren't just things of the past like we see in old movies or history books. Social media's ability to spread rumors and fear quickly played a big role in this panic, as social media posts about the bank's health fueled a bank run. The event underscores a broader concern, especially in an election year, where the blend of social media's influence and the sophisticated tactics of social engineering and scams pose a significant threat.
Cybersecurity experts are increasingly alarmed at how these platforms can be exploited to fuel not just financial instability but also to undermine democratic processes and public trust, emphasizing the need for everyone to be careful and well-informed online.
Join DefenseStorm experts Elizabeth Houser, Director of Cyber Defense, and James Bruhl, Director of Cyber Threat Intelligence for an informative session to explore:
The role of media and social media platforms in spreading and sensationalizing false information, the threat of social engineering and scams perpetuated by media platforms, the importance of cybersecurity awareness and vigilance to protect yourself and your members from social engineering threats, and how to educate and foster awareness with your employees and members to combat the impact of false narratives and encourage critical evaluation of online information.
Thank you for joining us for another episode of the CU Lab. I’m Randy Salser with America’s Credit Unions and I’ll be your moderator. Today I am sitting down with Liz Santos, Chief of Staff, Executive Benefits Practice at Gallagher, and we’re talking about Retaining Key Positions During Mergers and Acquisitions.
Liz shares the changes she is seeing in the credit union industry regarding mergers and acquisitions and the number of reasons for these changes. She also shares the options credit unions have regarding leadership retention, the risks to the continuity of leadership through a merger or acquisition, and what could happen if credit unions aren’t proactive in retaining key positions.
Liz also touches upon the costs of a merger or acquisition overall including monetary and non-monetary costs. Tune in to learn the key consideration and where credit unions should start to retain key positions at their organization.
Welcome to the 100th episode of the show, everyone! I, your moderator Randy, am thrilled to be joined today by Eric Kraus, the head of products and services at FIS. Join us as we delve into the evolving landscape of fraud prevention and detection. As we navigate the intricacies of payment fraud trends over the last three years, Eric sheds light on the impact of the surge in digital interactions, emphasizing the persistent challenges of card enumeration and account takeover scams. We explore the resurgence of seemingly old-school tactics like check fraud and the alarming rise of generative AI in the hands of fraudsters.
Looking ahead to 2024, Eric also provides valuable insights into anticipated fraud tactics, urging credit unions to remain vigilant. We discuss strategies, from strengthening data strategies and embracing AI models to reinforcing multi-factor authentication controls, all essential components in staying ahead of sophisticated fraud schemes. As we unravel the complexities of card enumeration attacks, Eric shares best practices, emphasizing the importance of vigilance in monitoring various transaction activities.
Eric also touches upon anti-money laundering processes, highlighting the need for a holistic approach, data consolidation, and the integration of predictive capabilities in safeguarding financial institutions against evolving threats. Tune in to equip yourself with the knowledge and strategies necessary to navigate the ever-changing landscape of fraud prevention.
Your moderator Randy is back for today's episode in which I take a deep dive into the ever-evolving landscape of vehicle protection in the era of electric cars and extended ownership, and I have Patrick Lynch, VP of Sales of Automotive Solutions at Allied Solutions, joining me for this insightful conversation!
We reflect on the past four years since the pandemic hit, exploring how supply chain issues initially impacted vehicle values and gap claims, and Patrick takes us through the surprising shifts in the market, discussing the unique challenges posed by electric vehicles, from rapid depreciation rates to the staggering costs of repair.
However, it isn't just about EVs; we also touch on the broader trends affecting gap and mechanical breakdown protection. With rising repair costs and consumers holding onto their cars longer, we explore how credit unions can position these products to shield members from potential financial hardships.
Tune in as we navigate compliance changes, including insights on the new California Gap insurance law, and wrap up with a discussion on why credit unions offer a more member-centric approach to protection products compared to dealers or direct marketers!
I, your host Randy, am sitting down this week with Vince Passione, CEO and founder of LendKey. We dive into the tumultuous year in lending, discussing the challenges credit unions faced, from economic impacts to rising delinquency rates.
Vince shares insights into navigating liquidity pressures, exploring tools like subordinated debt and loan pool sales. We tackle the philosophical hurdles credit unions face in selling loan portfolios and the strategic importance of adapting to evolving industry dynamics.
The conversation also unfolds into the implications of unprecedented rate hikes, auto loan challenges, and the surge in home improvement lending. As we peer into the future, Vince sheds light on managing balance sheets with a risk-adjusted return on capital approach and offers valuable considerations for credit unions in partnering with fintechs. Tune in for a deep dive into the complexities and opportunities shaping the credit union industry as we chart the course ahead!
Welcome back to CU Lab where I, your host Randy, am joined this time by Matt Roe, the Chief Revenue Officer at Open Lending, to delve into the dynamic landscape of near and non-prime consumer trends in the used and new car markets. As we reflect on the challenges and opportunities of the past year, Matt sheds light on Open Lending's commitment to making vehicle ownership more accessible, especially for underserved credit union members. We explore the impact of the Fed's interest rate hikes on near and non-prime consumers, discussing the factors that contributed to a significant decline in used car originations.
I, your host Randy, am interviewing Cindy Bryant and John DeLuccia of Allied Solutions, with Cindy the SVP of Client Sales and Service and John a CPI Sales Specialist. They are joining me today to take a deep dive into the world of premium protection and the advantages of Single Monthly Premiums (SMP). As the insurance market experiences turbulence, we explore how credit unions can assist uninsured members in keeping their vehicles amidst rising costs.
Join me, your host Randy, in this episode as I sit down with Ryan Gifford, the senior VP of client success at LinkedIn, to discuss the landscape of student lending in 2023 and provide insights into the 2024 outlook. We delve into the challenges and opportunities credit unions face in navigating student lending, emphasizing the importance of understanding the distinctions between federal and private loans.
Ryan highlights the dual components of education lending—in-school loans and student loan refinance—shedding light on the potential for credit unions to engage with younger demographics. We also explore the impact of the student loan repayment pause on credit unions, the significant policy changes affecting student lending, and the key lessons learned in 2023.
Looking ahead, you can also expect Ryan to share predictions for 2024, emphasizing the rate dependency of certain outcomes and advising credit unions on how to best serve their student borrowers by recognizing the lasting impression they can create. Tune in for valuable insights and a comprehensive review of the current state and future prospects of student lending!
In this episode of the CU Lab, your host Randy sits down with Elizabeth Houser, Director of Cyber Defense, and James Broad, Director of Cyber Threat Intelligence, both from DefenseStorm. We explore the critical topic of safeguarding credit unions with threat intelligence, with Elizabeth defining threat intelligence as analyzed information about cyber threats, emphasizing its simplicity, and James discussing the role of threat intelligence feeds in real-time risk reduction. The conversation covers evolving cyber threats, staying current with trends, and dispels the misconception that threat intelligence is overly complicated. Join us for a concise yet insightful discussion on fortifying credit unions against cyber threats!
With interest rates up and banking brand trust down, credit unions need to make 2024 a year of innovation and growth. To get there, prioritizing loan growth and digital optimization will play a crucial role in setting credit unions apart. Join Allied Solutions’ Chief Lending Consultant Jack Imes as he discusses technology in the lending landscape, key drivers for growth, and more.
Consumers increasingly want insurance from their bank or credit union, especially when their choices are personalized. While insurance products can serve a large number of consumers, it’s important to offer the right products using expert deployment and engagement tactics in order to maximize revenue.
In this on-demand webinar, Franklin Madison’s VP of Business Engagement, Stephen King, will dig into the latest trends and reveal some surprising things you may not have known about today’s consumer preferences—and how this information can help you increase non-interest income.
They’ll also discuss dynamic digital solutions that address those preferences, leading to improved member satisfaction.
Thank you for joining us for another episode of the CU Lab! I’m Randy Salser, President of NAFCU Services, and I am sitting down today with Mike Kirby, the VP of Managed Risk and Security Services at Bias, to explore the evolving landscape of cybersecurity in the cloud, particularly within the credit union space.
We delve into the surge of cloud adoption among credit unions, driven by technologies like Microsoft 365 and private cloud infrastructures. Mike sheds light on the intricate challenges faced, from innovative phishing tactics to the complexities of managing cybersecurity tools effectively.
This fireside chat will address a common question that comes up for credit unions with portfolio loans and/or those that retain servicing for loans sold to investors: What is the minimum volume of loans needed to justify a move towards subservicing? The podcast will explore several factors that influence the decision to move to a subservicing model and analyze some of the benefits a subservicing partnership can provide.
Today I am sitting down with Kevin Filan, Senior Vice President of Marketing at Open Lending, we are going to talk about The Value of Lending Enablement Solutions: From Loan Volume to Risk Mitigation.
Speaker: Ann Davidson, Vice President of Risk Consulting | Allied Solutions
BIO: With more than 40 years of diverse experience in the financial industry, Ann Davidson has become a nationally renowned expert in risk control and risk management. Ann has an impressive list of achievements and accreditations in the financial industry, which includes making notable article contributions to accredited financial publications and being a keynote speaker on a variety of risk management topics at hundreds of conferences and seminars nationwide.
Speaker: Adam Barrett - DefenseStorm Senior Product Manager
BIO: Adam is the DefenseStorm Fraud Geek with an extreme passion for protecting financial institutions and the people who trust them to provide a safe banking experience. He is currently the Senior Product Manager for the DefenseStorm fraud product, Fraud Detection. With 25 years of experience in banking operations, fraud and risk, you would think he's seen it all, however, the constantly evolving schemes keep him motivated to stay in the fight. When not at work, he enjoys traveling, paddle boarding, gardening, and cooking.
- Can you explain the concept of Fraud Fusion Centers and what their main objective is in the world of fraud prevention?
- What is the current state of cyber fraud, and why have Fraud Fusion Centers become more prevalent?
- How are Fraud Fusion Centers being utilized across various industries, and what are some specific examples of how they are being used in the financial sector?
- What are some of the benefits of utilizing Fraud Fusion Centers in fraud prevention, and how do they improve the overall process?
- Can you provide some guidance on how companies or individuals can participate in or implement Fraud Fusion Centers in their own fraud prevention strategies?
- How does DefenseStorm utilize Fraud Fusion Centers in their efforts to combat cyber fraud, and can you provide some specific examples of their success in this area?
Anne Holtzman, Senior VP of Risk Management at Allied Solutions, will speak in-depth about the current state of CPI and the importance of having a proactive strategy. * How has CPI changed/shifted since the onset of the pandemic?
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With a slight shift in the used and new car market this year, how has CPI been affected?
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With the increase in delinquency levels and shrinking new loan volumes why is a risk management program like CPI important to the consumer or borrower?
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Why do FIs need a proactive CPI strategy?
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What are some of your predictions for CPI and the auto market for the remainder of the year and into early 2024?
Many credit union executives assume that once they acquire new members, those members will embark on a journey to become loyal and profitable account holders. This assumption is often wrong. If those new members never fully onboarded or engaged with your credit union, then they’re costing you money. So merely “winning the account” doesn’t really count. A successfully onboarded member will generate more deposit activity, use more products and services with your credit union and stay with you longer. In this podcast, Steve Swanston from Velocity Solutions explains how our current interest rate environment is creating both a critical need and a massive opportunity for credit unions to optimize their entire retail performance—from acquisition to retention. And a key part to that performance is driving more low-cost deposits that deliver!
The Consumer Financial Protection Bureau issued its final rule to implement Section 1071 of the Dodd-Frank Act. What will this rule mean for your institution? Section 1071 amended the Equal Credit Opportunity Act to require financial institutions to collect and report certain data in connection with credit applications made by small businesses and small farms, including women- or minority-owned entities. Randy Salser, President of NAFCU, digs into the new rule with two regulatory experts from Wolters Kluwer, both of whom are former federal regulators, to uncover the “what’s”, “who’s” and “when’s.” Experts also dive into what credit unions can do today to prepare, and what to keep in mind as they build out systems to comply with 1071. Additional topics include: * Substantive differences between the DRAFT rule to the FINAL rule;
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Key dates to monitor; and
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Demographic information that needs to be collected and what credit unions need to know.
Speakers: Timothy Burniston, Senior Advisor, Regulatory Strategy, Wolters Kluwer Jason Keller, Associate Director, U.S. Advisory Services, Wolters Kluwer Timothy.Burniston@wolterskluwer.com Jason.Keller@wolterskluwer.com
After our original podcast discussion, the Battle for Deposits has intensified, and current events - like the massive shift in deposits toward the big banks the week of March 13 - have made this topic even more pertinent to credit unions. It's worth diving even deeper into this subject, to look at items such as: How behavioral economics can impact customer saving The role open banking will play in deposit defense and acquisition How credit unions can utilize a multi-channel approach to deposits Why an engagement foundation is so vital in this battle
Mark Sievewright of Sievewright & Associates (An SRM Company) will chat with NAFCU Services CU Lab on the latest opportunities and challenges related to mergers and acquisitions for credit unions and what he expects for the remainder of 2023.
SRM’s Larry Pruss will speak with NAFCU Services CU Lab to catch up on guidance and regulation trends in the digital assets space – including the latest on enforcement actions and what the federal agencies are saying – and what it all means for credit union strategy and operations in 2023.
Credit unions must configure each of their debit cards so that card-not-present transactions performed with such cards can be processed on at least two unaffiliated networks. As a practical matter, a credit union will first need to determine whether card-not-present transactions performed with its debit cards can already be processed on at least two unaffiliated networks; if the credit union is not already compliant with the final rule, it will need to adjust its debit card processing arrangements to meet the final rule’s requirements by July 1, 2023. Importantly, the final rule notes that credit unions do not need to affirmatively guarantee that two unaffiliated networks will always be available to all merchants in every conceivable transaction context but instead that credit unions configure their debit cards so that transactions performed with the card can be processed on at least two unaffiliated networks. This rule clarifies that the requirement for at least two unaffiliated payment networks to be enabled, which has applied to debit card transactions in general since 2011, now explicitly applies to card-not-present transactions. The final rule clarifies that an issuer is not required to ensure that two or more unaffiliated networks will actually be available to the merchant to process every electronic debit transaction, rather that issuers must enable routing choice for card-not-present debit card transactions. The final rule considers the requirement satisfied if: 1) the issuer has enabled a combination of networks that avoids network exclusivity; and 2) the networks have each taken steps reasonably designed to be able to process electronic debit transactions. The final rule does not alter interchange fees. The final rule does not alter the Regulation II exemption from interchange fee limitations for financial institutions with less than $10 billion in assets.
With more “money in motion” in a rising rate environment, consumers have multiple choices on where to place their deposits for maximum value. Beyond simply choosing the best rate, consumers are increasingly seeking institutions that will help them better manage their day-to-day banking and deliver tailored advice. A recent survey found that 58% of consumers are likely to move their money to an institution that provides better money management capabilities. In this session, we’ll discuss how credit unions can win the Battle for Deposits by amplifying their promise of looking out for the financial well-being of their members. By leveraging advanced data and analytics, credit unions can demonstrate a deeper understanding of members’ needs and deliver personalized insights and savings tools that can help members better meet their financial goals. The Battle for Deposits is underway, and savvy credit unions are poised to grow and better meet the needs of their members.
It’s never too late to make your holiday fraud list and check it twice to let the holiday fraudsters know we’re watching to see if they are naughty or nice. Ann Davidson of Allied Solutions will speak in-depth about blocking scammers this holiday season.
Today, I’ll be speaking with two members of the CUNA Mutual Group team about their research to get some of those answers: Kevin Cummers, TruStage Life Products Director, and Sarah Randle, TruStage Program Specialist.
We’ll discuss common member worries, the goals life insurance can help them address, barriers to an insurance purchase, and the steps your credit union can take to better understand your members and their needs. Kevin, Sarah, great speaking with you, and thanks for joining me today.
Transaction fraud continues to be a top risk for financial institutions across the country. Ann Davidson of Allied Solutions will speak in-depth about transaction risk & fraud.
Transaction fraud continues to be a top risk for financial institutions across the country. Ann Davidson of Allied Solutions will speak in-depth about transaction risk & fraud.
- Customers typically don’t close their financial accounts when they leave for another provider
- But this gives credit unions an opportunity to re-engage these customers and expand relationships
- Data-driven engagement is the key – understanding where each customer is on their financial journey
- Customers typically don’t close their financial accounts when they leave for another provider
- But this gives credit unions an opportunity to re-engage these customers and expand relationships
- Data-driven engagement is the key – understanding where each customer is on their financial journey
Fraud using payment P2P online or using apps continues in financial institutions across the country. Listen as Ann Davidson of Allied Solutions sits down with Randy Salser to speak in-depth about P2P online and payment apps fraud attacks.
In this episode of The CU Lab podcast, Randy Salser sits down with Jason Kratovil, Head of Public Policy at SentiLink to talk about how credit unions can onboard new members faster and with less friction and help cut back on fraud with eCBSV. Jason shares what is eCBSV as well as the benefits credit unions can get when incorporating it in their account opening process. Learn more about SentiLink at: https://www.nafcu.org/sentilink
In this episode, we are joined by Mike Umscheid, CEO of ARCSys. Mike is an expert in everything CECL and will be touching on what CECL means for TDRs. There have been many changes with Troubled Debt Restructuring since FASB issued an accounting standards update eliminating the model. We hope you enjoy expanding your knowledge on TDRs and it helps you be more well prepared for what is to come with CECL.
In an ever competitive landscape, embedded finance iswhat many are seeing as the next point of evolution in the consumers’ digital experience. As financial institutions, credit unions should heavily consider it as part of their member retention and acquisition strategy, especially among small businesses. In this episode with Matt Collicoat from FIS, we’re discussing what embedded finance is, why it should be leveraged and how.
Financial institutions across the country continue to experience card-not-present (CNP) fraud at an alarming rate and it is not stopping. Currently in the top fraud spot, this type of fraud occurs online and involves both credit and debit card numbers. Ann Davidson of Allied Solution outlines how these nefarious attacks are occurring and how to prevent this type of fraud before it happens.
In this podcast, Randy Salser talks to Christopher Leonard, CEO of Velocity Solutions, about how credit unions can provide responsible and compliant liquidity options for their members, while preserving the revenue they need to run their credit union.
Hello! And welcome to another episode of the CU Lab. I’m Randy Salser, President of NAFCU Services, and today I’m talking to the Co-Founder and CEO of SentiLink, Naftali Harris, to get his insights on fraud. We’ll discuss fraud attacks on credit unions, what new tactics are criminals using against credit unions, and how can credit unions protect themselves. Naftali, it’s great to speak with you today. Thanks for joining me!
Retirement plan sponsors have day jobs--they are busy running their businesses. But at the end of the day, plan sponsors are fiduciaries. They are legally responsible for their plans. Most mistakes involve plan administration.
Authentication measures can stop fraud before it happens.
However, the bad guys are getting more clever and are finding ways around traditional authentication measures to commit fraud. New trends in biometrics leverage voice technology for more secure authentication measures and enhanced member convenience. Ann Davidson and Charlie Peterson of Allied Solutions will address how to leverage biometric technology to mitigate costly fraud before it affects your members.
LendKey has observed consumer demand for student loan refinancing is up 23% year over year for newly approved applications compared to the same time last year. Credit unions can put their excess liquidity to work while servicing the needs of Millennial and GenZ members and prospects. Tap into the opportunity to build relationships with these new members and promote future cross-sell opportunities with prospects as their primary financing institution.
We'll share about how credit unions drive high-volume acquisition in the refinancing market, the current landscape of student loans, and some new methods to enhance your member service.
Listen to this episode to learn:
• The consumer demand for education loans and ways to drive loan volume
• Why CUSO (Credit Union Service Organizations) loan participation programs are a benefit
• Hear examples of how your credit union can provide a new service to existing members, onboard additional members, attract more prime borrowers, and foster lifetime relationships.
In this episode we’re talking about the latest in embedded finance. This technique incorporates complimentary financial services offers, such as insurance or credit through a technology platform, in a non-financial transaction. While some may dismiss offers like BNPL as modern layaway, its more about reducing the friction in the purchase process – while creating new revenue streams from interest and/or fees. This is fast becoming a disruptor for traditional banking channels, reducing utilization of traditional products like credit cards and unsecured loans. Listen as Karan Maini from Persistent Systems discusses how embedded finance is impacting credit unions, and what the future may hold for this strategy.
In this episode we're joined by Larry Pruss and Patti Wubbels from SRM to talk all things cryptocurrency. In this conversation we cover how crypto has evolved since 2020, the latest regulatory trends to be aware of, and how credit unions are getting involved. Plus, hear ideas about the future of consumer adoption and credit unions' role in this emerging space.
Financial wellbeing - It’s a topic that’s been getting a lot of attention of late as members struggle with the myriad economic challenges of the pandemic—from the job losses of the early days of COVID to the supply chain issues and inflation of today. An important way for credit unions to help members improve their financial wellbeing: Make simple and cost-effective insurance available to help protect two of their most valuable assets, their home and their vehicles.
Learn what the bad actors are up to with the physical attacks and cash out on ATMs/ITMs, involving both the physical damage and financial loss of the cash contents. We will talk about what credit unions can do to help prevent these types of attacks.
Today I am talking with Tarik Camurdes at FIS about the buy now, pay later trend that is making big waves across the financial services industry. The fundamental idea behind it is decades old with the layaway programs and everything else from earlier days. The technologies, distribution, and marketing of it have skyrocketed over the last two years.
In today’s episode, we are going to be discussing what it is, how it is being used, and the risks and benefits involved with buying now and paying later.
In This Episode:
[01:13] Buy now, pay later is giving more purchasing power to consumers to pay for the things they want to buy over time.
[01:58] For our credit unions, buy now, pay later is basically an installment loan.
[02:35] For the U.S. it is definitely disrupting. Banks, big, and small financial institutions lose revenue because of the other solutions or propositions in the market that are mainly coming from FinTechs.
[04:27] The number one benefit to consumers is the increase in purchasing power. It is also very convenient.
[05:26] The customer knows if they go through a FinTech they are not going to get a credit hit. It is also free to the consumer.
[07:15] There is a risk of defaulting for consumers because of the manageability.
[08:54] In general it is implemented before FinTechs in some markets that is attached to credit cards.
[10:07] In the U.S. the most successful implementation is the mattress firms.
[11:18] The major card brands are coming up with other solutions, especially ones that they can scale and be beneficial for the whole market.
[13:22] The biggest risk for credit unions is to be late in the game and not to stay competitive, so they need to act.
[13:54] We need our credit unions to act now and then understand what is the right strategy. They need to take a step right now.
[15:10] The perception in the U.S. is that this is for big-ticket items but the average ticket value is actually coming down.
[16:14] They are just giving a better repayment capability to your customers that is going to increase your customer satisfaction as well. It is just making their lives easier and making you stay competitive.
[17:15] We need to put our heads together and generate a strategy.
[17:47] Credit unions may have a better chance of having innovative ideas and bringing the community together and generating a different value proposition that is going to benefit their cardholders and members.
[19:53] The interest is coming from CFPB because this is something new, it is a hot topic, and the volumes are growing.
[20:39] Tarik does not see a big risk for financial institutions and credit unions that is going to come out of this effort.
[21:38] It could have an effect for the banks who are partnering with FinTechs.
[22:37] FIS is trying to solve every customer need in the market. They are building and bringing new solutions to market to keep credit unions more competitive and respond to market dynamics quicker.
Links and Resources:
NAFCU
FIS
Tarik on LinkedIn
Data and analytics tie into everything that Vermont-based NorthCountry Federal Credit Union does and the goals they want to reach for their community. Partnering with AdvantEdge Digital is one of the first steps NorthCountry has taken on the path to analytics maturity. In this episode, we’re talking with NorthCountry’s Bob Morgan, and AdvantEdge Digital’s Aaron Grossman. They’ll walk through lessons learned and best practices implemented so far in the credit union’s journey to leverage data for a better understanding of members and the insights to deliver the products and services they most want.
Join our discussion about the opportunity to embrace digital transformation. We sat down with Jeff Keltner, SVP of Business Development at Upstart and talked about the current environment and challenges credit unions are facing, the benefits of fintech partnerships, and AI enabled personal and auto lending.
Foundational credit union values can lead to profound impacts on your members and the communities you serve. Life insurance is one of the ways you can enact meaningful change.
This September, use Life Insurance Awareness Month as an opportunity to start shining a brighter light on the role it plays in protecting members’ financial wellness and building a stronger community.
In the final episode of our 3-part fraud series, we’re talking with Ann Davidson about how credit unions can navigate physical breaches, digital breaches, and phishing attacks.
Tune into this episode to learn how fraudsters are leveraging weak authentication to commit account fraud and best practices credit unions can implement for strong authentication measures.
In this episode, you’ll hear from fraud fighting expert, Ann Davidson, about the trends of payment card, ACH and wire fraud, how to spot fraud before it happens, and tactical ways to put prevention measures in place.
A mortgage relationship between member and lender can last for decades. Credit unions can also completely divest themselves from both financial and servicing responsibility almost as soon as the deal is signed. We’re talking with Michael Wilkinson, Vice President of Dovenmuehle about mortgage subservicing options which put the monthly administration in the hands of specialists, and what to consider when evaluating the structure of your mortgage operations.
The reasons for taking a wait-and-see approach are long over. Also gone are the days of completing a digital task list and moving on to other priorities. Accelerating your credit union’s efforts to deliver the next generation of digital channel integration is a must have to succeed in a post-pandemic world. But it’s less about the technology and more about your members. Because without them, your brand doesn’t exist.
Listen as Jeff Dillon and Adam Malka share ways your credit union can elevate your digital strategy, accelerate your digital roadmap, and win by keeping your members front and center.
Learn practical tips for integrating human-centered design into your credit union’s product, service, and experience design process. Hear how purpose-built fintech can deepen the credit union-member relationship and change members’ financial lives for the better.
This session will outline key aspects of how Health Savings Accounts (HSAs) and 401(k)s help members save for the future. The session will discussion how to defer dollars from payroll to either solution; how to contribute dollars outside of payroll; and how to best use those dollars in the future.
With an historic influx of federal stimulus (and more on the way), many credit unions are looking to deploy excess liquidity into earning assets. The question quickly becomes: How do I grow loan profitably these days while margins remain compressed? We’re answering this question with five strategies involving tangible, actionable data for your credit union.
In this episode, we’re talking all about the value artificial intelligence is bringing to credit unions. We’re getting into the challenges credit unions are experiencing, and the solutions that AI can provide.
In this episode we're diving a little deeper on updates in cryptocurrencies and the impacts on credit unions. We’re going to focus on blockchain and the impacts on financial products, the changing regulatory landscape, and more.
There have been substantial developments in cryptocurrencies lately, but what does it all mean for your credit union? We’re talking with Larry Pruss, Senior Vice President at SRM, on recent news, trends, and policy events on cryptocurrencies, and specific use cases emerging around crypto integrations in financial services.
We’re discussing the various impacts of CECL on loan pool purchases and how those loans fit into a CECL model. We’ll explore how your credit union can determine credit deterioration when purchasing a pool, the effects of loan pool conversions to CECL models, and more.
Hear about how Franklin Mint Federal Credit Union has been engaging Gen Z and Millennial borrowers with their student lending options. We’ll be talking about the successful marketing campaigns that FMFCU employed, why they were so effective, the member feedback they received, and more. We’ll also cover the current landscape of student loans, and some new methods to enhance your member service.
Join our discussion on how data isn’t just for big banks, and how your credit union can leverage data to connect with your members. We'll be sharing insights on the risks, rewards, best practices, and challenges of your member data.
Applications for life insurance increased significantly in 2020. Join our discussion about member perceptions around life insurance, effective ways to educate them, and things your credit union can do to make it easier for members to get the peace of mind they need.
We're discussing how the pandemic has affected the demand for small-dollar lending. Learn best practices for 2021, like how to develop a plan that protects your credit union while preventing members from getting taken advantage of by outside lenders.
Credit union leaders nationwide have been tallying up costs, making revenue plans, and setting budgets amidst a pandemic andrecent election. While you’re gearing up to right-size staff and shrinking liabilities in 2021, take advantage of these three methods to find additional lift in your credit union's payments vendor contracts.
In the second part of this series, we're focusing on key fraud prevention strategies for your credit union. We'll discuss tips for institutions and members alike on keeping their data secure.
We’re diving into why more data means less fraud and friction for your members, and the most prevalent forms of fraud for your CU to watch out for right now.
No two credit unions will experience the impact of COVID-19 in exactly the same way. The same can be said for both credit union staff and the members they serve. That’s why it’s more important than ever to understand the stories your data is telling and take action. Listen in for tips on how to view your data with a fresh perspective, utilize daily reports to motivate your staff, and automate reports so you can spend 20% of your time gathering data and 80% of your time analyzing (instead of the other way around).
With unemployment at a record high, loan payment risks are certain to increase over the coming months and years. Adopt a risk management approach that will address risks beyond the here and now.
Is your credit union worried about how to handle the uptick in uninsured collateral and delinquencies? Hear how to adopt proactive, borrower-friendly strategies to better predict and manage these pandemic-related portfolio risks.
Recent trends indicate that consumers don’t stick to just one approach when searching for and purchasing auto and home insurance. While personal interaction is still important, experts recommend a newer multi-channel approach to meeting your members where they are today. Listen for some innovative ideas on how your credit union can deliver more value to your members by helping them evaluate and choose insurance options.
In this episode, we’re talking about how to align your payments strategies with shifting consumer behavior. This process is more complex now than ever before, as credit unions face a slew of pandemic-related revenue disruptions. Gain insights on recent data, shifts in the payments landscape, and how to address upcoming deadlines in critical vendor contracts.
In this episode, we’re delving into data selection, and why adjusting your data is even more important than forecasting. Gain insights into how to best utilize your data in your models.
The COVID-19 pandemic hit the US economy hard in the spring of 2020, yet many credit unions have yet to see the full impacts on their loan portfolios. While government stimulus and proactive steps by lenders have helped borrowers stay afloat, credit challenges are still likely on the horizon. Credit unions can prepare now by leveraging portfolio analytics to spot trouble before it arrives, and have the right processes in place for when it does.
Today we are discussing how to automate vendor invoice auditing to improve your bottom line. The impact of unchecked vendor management is estimated to cost organizations and an average of 9.2% of their bottom lines. A big part of the problem is the lack of time allocated for auditing high-value vendor invoices.
I am talking with Michael Carter today. Michael is the Executive Vice President of SRM. He is going to share some insight on using automation to track and audit major contracts and invoices to reduce overhead, increase productivity, uncover cost savings, and improve quality.
In This Episode:
[00:49] I am joined by Michael Carter, Executive Vice President at SRM.
[02:04] Now is the most important time to be looking at back-office operations and trying to determine if there are ways to access low hanging fruit and turn that into some costs savings at a time when that asset is precious.
[02:48] Michael’s firm has audited invoices for credit unions for 28 years and they found about 1 in 10 invoices have significant errors in them.
[04:32] Financial institutions are not auditing their vendor invoices in the way they should be audited.
[04:39] The common way to audit is that the payables department will take the last month’s invoice and compare it to this month’s invoice. If the totals are within margin then they will be paid.
[05:35] Auditing invoices is a perfect area for applying automation. There are inexpensive bundles of automation that credit unions can use on their own or services they can get to compare the invoice to all prior invoices and the fee schedule.
[07:35] There are variables in the contracts that move constantly.
[08:43] Automating is almost like a type of insurance going forward because our contracts are living, breathing things and they change, and therefore the invoice changes. It is also a more professional way to handle vendors.
[09:39] The first step for Michael’s firm is to always sit down and talk with them about what their major high-value critical vendors are and then they take their bundle of invoices.
[10:09] Every vendor invoice is different by category and also within a category.
[11:39] He suggests starting with a simple first step and three critical vendors.
[13:06] You release human capital to be used in other places in your back office. If the machine finds an error you also save the money before you pay the invoice.
[14:53] They typically take 1% of the total value of the invoice with a bottom number. The more invoices you get audited the less the percent.
[15:43] Often one big find can pay for years and years of service.
Links and Resources:
NAFCU
SRM
Michael on LinkedIn
Tweetables:
“Now is the most important time to be looking at back-office operations and trying to determine if there are ways to access low hanging fruit and turn that into some cost savings at a time when that asset is precious.” - Michael Carter
“Every vendor invoice is different by category and also within a category.” - Michael Carter
“Financial institutions are not auditing their vendor invoices in the way they should be audited.” -Michael Carter
Mobile banking usage has grown exponentially with the pandemic. Hear how to leverage the increased usage and demand for on-demand channels to enhance member service, marketing, growth, and risk strategies.
Learn what other credit unions have done to keep their loan, deposit, and member growth thriving throughout the COVID-19 crisis. Also in this episode, hear about strategies you should consider to future-proof against risks yet-to-come, such as a resurgence of the pandemic.
Join us for a discussion on why student loan refinancing and private student loan participations may be right for your institution to stay competitive and attract younger members. Learn how to expand your portfolio, diversify your assets, and grow yield through student lending loan participations.
We're talking about how to provide the best financial education possible to support your members through the COVID-19 crisis, and foster lasting financial wellness for them into the future. This pandemic is having a profound effect on every American's financial health, and credit unions can position themselves to be the guiding hand that members need right now. We’re going to dive in and explore some of the strategies and opportunities that exist to help your members thrive through the crisis and beyond.
Tune in to learn about some of the impressive research behind the effectiveness of direct mail, and how it’s likely to be the unsung hero of credit union marketing. When done right, direct mail can improve members’ overall experience and make it easier to engage them at the right time with the right product. We’re talking with experts who work with credit unions across the country, helping them develop targeted marketing strategies that allow them to protect more members.
Join our conversation about how to create an adaptable data analytics strategy to guide your credit union through times of crisis. The financial impact across member segments can vary widely as we’ve seen from this pandemic. Where some Americans have suffered deep and immediate income losses, others haven’t been hit nearly as hard. So how does your credit union best respond and live out the people-helping-people philosophy in times like these? Many answers can be found within your data, so we’re going to explore how to use the data you already have, plan member relief strategies for the future, maintain members’ accelerated digital behaviors, and more.
Join us for an exciting, in-depth conversation on the topic of Organization Alignment. We'll address some of the challenges credit unions are facing today, the researched strategies for achieving an empowered and aligned organization, and the important improvements needed in the financial services industry.
Join our conversation to hear how student lending has become a staple asset for credit unions nationwide, and how student loan refinancing is such a big piece of this. Learn about some of the most important reasons credit unions are entering this valuable asset class.
Take a deep dive into the common challenges that credit union boards face, and the cutting edge methods available to overcome them. We're sharing the easy steps boards can take to get more aligned, stay aligned, and realign if needed. We're also talking about ways boards can handle the tougher topics that often go unaddressed.
COVID-19 has forced many companies to accelerate their digital transformation efforts. Now more than ever, credit unions need to invest in and implement emerging technologies. When done right, these innovations can improve the overall member experience and help your credit union not just survive, but thrive, even during times of uncertainty.
Tune in for our conversation on how to propel your credit union forward and transform your members’ financial lives.
Digital payment options add a lot of value to your credit union and members, but they can also open your credit union up new risks if not properly monitored and protected. Listen to this podcast to hear how these attacks are happening and learn what precautions your credit union can take to protect against fraud attacks through these payment channels.
Key takeaways:
- Examples of these fraud crimes happening today, including COVID-19 related attacks
- How the criminals are breaking thru these channels
- Key risk measures to help combat these attacks
Credit unions continue to see an increase in fraud attacks involving HELOC and loan payments. These fraud exposures can result in losses upwards of $500,000 from a single attack. Join our discussion with Ann Davidson of Allied Solutions to hear how these attacks are occurring today and strategies to prevent these fraud losses.
Key takeaways:
- Entry points and warning signs for these attacks
- Types of exposures happening today
- Ways to prevent these attacks, including wire and non-wire fraud prevention methods
Rising consumer expectations and new technology innovations are disrupting the banking experience as we know it. To stand apart and keep your members satisfied in this increasingly competitive landscape brimming with scrappy, digital-first fintech brands, credit union leaders may want to think about new ways to approach these fundamental business challenges. Join our discussion for ideas to overcome these challenges—better yet, deliver the experiences your members will love.
In this episode, we're talking all things fraud--and the important tools at your disposal to prevent it. Even though institutions are being hit with fraud scams every day, we can leverage data to model behaviors and fight back. Join our discussion about the fraud events you’re likely to see, and what we can do about it.
Oftentimes, credit unions and community financial institutions rely heavily on processors to handle claims and perform chargebacks. While this isn’t a problem in and of itself, it can result in a limited line-of-sight to chargeback performance. Join our discussion to find out our recommended methods to remedy this, and how best to implement them at your institution.
In this discussion, we’re talking all about the competitive landscape that requires boards to operate in a strategic capacity. We’re taking a look at the critical steps on the path to reaching new levels of strategic insight, capacity, and impact as a contributing board.
We’re discussing the central characteristics in executives that have transitioned from being tactically effective to strategically impactful, and shedding light on what it takes to enact a strategic perspective to create meaningful and long-lasting change.
The economy is strong, more money is being loaned for vehicles than ever before, and higher-priced cars and trucks are being financed.
Conversely, loan terms are becoming longer and are being extended to more non-prime borrowers. Delinquency rates are on the rise: 2.7 million are 30-60 days delinquent with payments. And, repossessions are on the rise as well.
This strange confluence of factors can negatively affect lenders as they try to secure vehicle liens. Join our conversation about the the current paradoxical financial landscape in motor vehicle lending, how an increase in repossessions can add unforeseen burdens to a lending department, what the next 18 months hold with regard to vehicle repossessions and how lenders can weather the storm.
A fintech partnership allows credit unions to expand into new markets, reach new members, and provide new products/services to the existing member base with greater efficiency and at a lower cost. These partnerships can be leveraged for success while staying compliant if the right processes are in place. In this conversation, we cover the benefits and potential pitfalls of partnering with a technology company, including how to properly vet a potential fintech partner.
Student loan debt is at an all time high. While outstanding student loans may be a scary reality for the many consumers, this reality opens up new opportunities for your credit union to offer the help they need. In this episode, we’re discussing how your credit union can provide the best student lending experience for members and, at the same time, leverage the opportunity for membership growth.
High abandonment has plagued online account opening (OAO) and onboarding for some time. But this is changing, thanks to innovative new technologies. In this episode, we're discussing how credit unions can now incorporate these available technologies to produce easier, faster OAO and onboarding that delivers a satisfying experience to members, prospective members, and even staff.
In this discussion, we’re pulling apart some misconceptions about lending for manufactured housing. There are numerous opportunities for serving credit union members through this market, and our goal is to illuminate those for you.
In this conversation, we’re exploring the many resources available for financial education, how to determine which ones work best for your members, and how to foster and sustain engagement with these educational tools.
In this episode, we’re talking about different member segments and how credit unions can cater to each one. We detail the important habits, needs, and expectations of each member generation, and offer insights on how credit unions can leverage this information to provide the best member experience possible.
In Part 1, we discussed the basic structure of the Dark Web and described what a day in the life of a cybercriminal looks like. In this episode, we're diving even further into common misconceptions about the underground, and how credit unions can track and protect themselves from these threats.
Not only do customers demand more simplicity in all aspects of their life, they’re voting with their dollars to show that they are fine with paying more for it. Join our discussion on the importance of simplifying life insurance for your members.
The Dark Web is a shadowy part of the internet where criminals plot their activity. This hidden area of the web is widely misunderstood, however. In this podcast we will explore the structure of the Internet, the secret criminal communities hiding within it, and the misconceptions of the underground.
In the first part of this series, we discussed the imminent phase-out of LIBOR. In Part 2, we dive deeper into the details of the phase-out schedule, what’s to come, and actionable steps credit unions can take to prepare.
Credit union loan participations have increased by 61% between 2014 and 2017 as a percentage of their total outstanding loan portfolios. Listen in to understand the landscape of modern loan participations and how to evaluate loan participation tools. Learn about ROA models, participation benefits and pitfalls, expanded balance sheet options, and more.
In this episode, we’re discussing the expected phase-out of LIBOR and the impact on all financial institutions. Your primary functional regulator will want you to do your due diligence and demonstrate preparedness, and we want to help. We cover the specifics of LIBOR’s expected phase-out, the implications for the change, and the anticipated timeline of events. We also provide historical context regarding how we have arrived at this point, and offer constructive guidance on what you can do now to prepare for the change.
The financial services industry is changing rapidly, and a true digital strategy requires a move beyond technology that encompasses a credit union’s entire approach to doing business. Before diving into technology decisions, credit unions should understand the integrated experience their members are seeking and where the credit union’s current engagement efforts may fall short. This is especially important when it comes to attracting younger, digital native consumers.
Student Lending, Elevated: Educate and Engage Gen Z and Millennial Members | LendKey 2019 by NAFCU Services Preferred Partners
Today we’re delving into the topic of deposit growth for credit unions: the benefits, the challenges, and everything in between. Joining us today is Traci Mottweiler, Director of Product Management at Allied Solutions.
Part two of this podcast series focuses on all things loan diversification. We're joined once more by Traci Mottweiler, Director of Product Management at Allied Solutions.
In today's podcast, we’re discussing the trends, challenges, and best practices in cybersecurity for credit unions. Joining us to lend his expertise is Steve Soukup, Chief Revenue Officer at DefenseStorm.
In this podcast, we’re talking about something that’s top-of-mind for credit unions across the nation: data protection. Nick Curcuru, VP of the Global Big Data & CyberSecurity Practice at Mastercard, provides expertise.
The 2018 NAFCU, DDJ Myers, and BFB Gallagher Leadership Study asked respondent executives and board members their thoughts regarding “executive advancement” in credit unions, and the results highlight contrasting views.
During this podcast, DDJ Myers will discuss the highlights of the 2018 NAFCU Leadership Study and their relevance to credit unions. Hear how CEOs, executives, board chairs, and directors are reacting to the results and taking immediate action.
Part two of this podcast series focuses on how artificial intelligence impacts credit union CEOs. We’ll drill down into the competitive advantage of AI, the costs associated, the value associated, and whether or not CEOs really need to make AI a priority for their institutions.
It depends on what your job is. Far from being a “machines rule the world” scenario, AI will enable the automation of an ever increasing number of low-value processes, freeing staff to devote time and effort to more critical tasks. Credit unions must remain clear-eyed about the fact that consumers are already conditioned to expect the features stemming from AI. Since no institution goes 0 – 60 when it comes to AI, the time is now to begin to get familiar with it.
Today’s podcast is all about marketing personas. You may have heard them referred to as a “member persona,”“buyer persona,” or “content persona”—and that’s because they are meant to be personalized to YOU and your marketing strategy. In our case, we’re talking about credit union member personas. These are semi-fictional representations of your ideal member-based on market research and the real data that you already have.
How do you become a smarter marketer? In this discussion, we are going to explore what it means to effectively understand and apply timely and personalized data to build a marketing blueprint that will drive results and cultivate member engagement. We will share key marketing tools that will help guide you through ever-evolving technology and industry trends and keep your credit union focused on what you need to grow your member base.
In this special “Ask the Expert” podcast, Anne Legg of AdvantEdge Analytics interviews Kia Javanmardian of McKinsey and Company about how to transform your data into real and positive change. They discuss how to get your decision-makers to embrace that change and implement it all the way through to the front lines of your credit union. Kia delves into the behavioral aspect of data use: why it isn’t just the data, but how you use it that makes you more effective.
According to Experian Automotive, in Q1 2018 consumers chose residual-based financing for nearly 30% of all new vehicles financed. In 2019, as car prices and interest rates continue to rise, consumers will continue to seek flexible financing programs to make their monthly payments affordable. The used car opportunity is huge. Knowing your options and understanding how to keep your business safe, while making your members happy, is vital. In this podcast, we answer questions such as: -- How can I safeguard my credit union while expanding auto lending options? -- How can my credit union provide borrowers with lower monthly payments on their auto lease and still give them the cars they really want? -- How can my credit union avoid the build of borrower negative equity?
More and more prospective customers/members are being engaged for the first time digitally. Financial service providers want to sign up those customers/members quickly and conveniently by establishing their identity through an onboarding app. FIs then need to provide that identity to authenticate users conveniently and securely through multiple channels (web, mobile, call center, branch). Finally, they also need to able to conveniently and securely enable account recovery during device replacement or upgrades without causing the friction of a re-registering the customer/member. Multi-modal biometrics with advanced liveness techniques are being used to enable this couch to branch identity assurance.
How could data help your credit union attract new members? Hear more about why leveraging your data is so important and what you need to be doing to compete with fintech disrupters.
What do millennials want? Hear about millennial buying trends, what you can do to attract this target market and how you can benefit from expanding your lending options.
Hear about how the latest lending challenges are impacting credit union’s today, and what you need to be doing to diversify your portfolio. Topics covered include: --Ways to start thinking differently when it comes to products and asset classes --How to diversify your lending portfolio --Predictions on how underwriting will change --Advice on how to mitigate risk to enable your credit union to buy more aggressively
During this podcast, we will discuss how forces like digital banking, payments, core renewals, and more are expected to reshape how credit unions interact with and provide services to their members. Delivering value to members is not a simple matter. The basics required day in and day out to meet the immediate needs of members’ is not the only part of the puzzle. Credit unions also must consider how forces well beyond their influence are shaping the expectations members have.
During this session, we identify ways your credit union can provide better value to your members and ensure that you and your indirect lending provider stay in good standing. Listen to learn valuable tips on how to conduct due-diligence in order to mitigate risks when partnering with loan providers.
The number one reason consumers shop and switch insurance companies is price. In this session, we’ll examine what matters to consumers when shopping for auto and home insurance and look at ways your credit union can optimize their experience now and in the future. We’ll share trends that could impact premiums and the overall buying experience.
Join us to explore how the A&H industry is shifting as consumers change how, when and where they shop for insurance. You’ll get ideas for transforming your offerings, service and online experience to meet the consumer expectations and demands of 2018 and beyond.
During this session, we discuss credit union indirect lending portfolios and how credit unions can leverage strategic partnerships to build their business. Listen to learn valuable tips on how to conduct due-diligence in order to mitigate risks when partnering with loan providers.
During this session, you'll hear how to take proactive measures to utilize the data and services from your insurance tracking program to build a stronger, consumer-focused risk management strategy. Learn from one of the foremost experts in the world of insurance, Anne Holtzman the Senior Vice President of the Claim & Recovery division at Allied Solutions. You'll walk away with answers to questions like: -What are some real-life examples of credit unions using insurance tracking to proactively prevent risks? -How can my credit unions ensure that my insurance tracking programs stay compliant? -How can I leverage the right data to protect my loan portfolio from both unplanned catastrophic events and day-to-day exposure risks? *Statements made within this podcast are general in nature. Content in this podcast is not the opinion of Allied Solutions as an entity.
During this session, you'll hear how adding insurance tracking to your credit union's risk management strategy can bolster your business capabilities and protect from unforeseen risks. Learn from one of the foremost experts in the world of insurance, Anne Holtzman the Senior Vice President of the Claim & Recovery division at Allied Solutions. You'll walk away with answers to questions like: • How does insurance tracking benefit my credit union's members? • What does an ideal insurance tracking program look like? • What's the worst that could happen if my credit union doesn't have an insurance tracking strategy during a natural disaster? *Statements made within this podcast are general in nature. Content in this podcast is not the opinion of Allied Solutions as an entity.
Anne Legg, Director of Market/Client Strategies for AdvantEdge Analytics, introduces you to Quantifiable Self and Zero UI, and addresses why these concepts are becoming increasingly important to Credit Unions. Members rely on technology to help them make healthier, smarter, and more successful decisions. With your Credit Union’s vast access to data, you are in a unique position to deliver this experience to members. But to do so you must leverage the ever-expanding marketplace of technology to meet their needs. Find out: Is your Credit Union ready?
As the employment rate in the US continues to improve, more employers are being required to offer health benefits to attract and retain employees. For most of these employers, the Consumer-driven Health Plan (CDHP) is the most economical method to do so. For the CDHP option to be truly effective, a health savings account (HSA) provides a key tool for assisting with higher deductibles. By educating employers and their employees on the HSA, credit unions gain a distinct advantage in obtaining new members.
In the final installment of a two-part podcast on best practices in vendor contract negotiations, we focus on the seven best practices that financial institutions can put into practice to help level the playing field when negotiating longer term contracts with vendors. Utilizing these best practices will help credit unions offset the inherent advantages that vendors have when negotiating contracts.
The industry is abuzz with the term blockchain technology. But what exactly is blockchain and why would it be useful for your credit union? Blockchain is a safe, secure and encrypted rail system to conduct cross border transactions. In this podcast we will learn how advancement in blockchain is changing the cross-border remittance ecosystem.
Boards are in a time and place of immense opportunities and challenges. How they think, behave, produce, coordinate, and build a relationship with the CEO in the past no longer works for the future. This informative podcast features the research that creates sustainable and replicable successful board dynamics and processes. Myers shares the three components of change that, in many organizations, have supported the intent of doing the right way with greater ease and productivity.
When financial institutions partner with outside parties to provide mission-critical services, they are making long-term commitments. Because many of these services directly touch the customers making choosing the right vendor for your credit union a high stakes decision. This podcast if the first of a two-part series on best practices in vendor contract negotiations and will focus on why vendors have three key advantages in negotiations that too many organizations underestimate. The stakes are far higher.
Leaders of financial institutions must anticipate all kinds of risk, including reputational risk. Managing reputational risk means anticipating crises and being ready to execute a crisis response plan that will protect your institution’s reputation if a breach occurs. In this session, industry expert Sharon Cook will cover important considerations when preparing a crisis plan before a breach occurs and offer best practices in developing a public relations response once an institution has been breached. It will also explore what an institution should do following a cyber-attack to maintain customer confidence.
Join Paul Timm, the Vice President of Marketing at NAFCU Services, as he sits down with Nick Curcuru, VP Global Big Data & CyberSecurity Practice at Mastercard, for a conversation discussing data analytics and how credit unions can effectively leverage the intelligence gained from Big Data by implementing a proper data strategy.
We know that disruption is occurring in financial services, but with all the hype in the market, it can be hard to know how to respond. Are these startups disruptors or potential partners? What do fintech startups mean for credit unions? Listen to this podcast as our experts discuss fintech trends and key insights they have learned in the field.
In the final installment of the four-part podcast series with Money Concepts, Paul Timm, VP of Marketing with NAFCU Services, sits down with Barry Dayley, EVP with Money Concepts, to discuss how the new Department of Labor fiduciary rule impacts credit unions the implications the new rule has on the wealth management business overall.
Leaders of financial institutions must anticipate all kinds of risk, including reputational risk. Managing reputational risk means anticipating crises and being ready to execute a crisis response plan that will protect your institution’s reputation if a breach occurs. In this session, Sharon Cook will cover important considerations when preparing a crisis plan before a breach occurs and offer best practices in developing a public relations response once an institution has been breached. It will also explore what an institution should do following a cyber-attack to maintain customer confidence.
Allied's resident auto marketing specialist, Betty Seifu, identifies the ways your credit union can take action today to better attract modern consumers and get a leg up on your competition. Learn how to use market data to attract auto purchasers and utilize digital communication channels to invest in a stronger auto loan program.
Join Paul Timm, the Vice President of Marketing at NAFCU Services, as he sits down with Nick Curcuru, VP Global Big Data & CyberSecurity Practice at Mastercard, for a conversation discussing data analytics and how credit unions can effectively leverage the intelligence gained from Big Data by implementing a proper data strategy.