Sundeep Kapur notes that younger generations like his son and nephew make financial decisions based on mobile banking capabilities rather than face-to-face meetings. Credit unions need to engage members through multiple channels like mobile apps, social media, and smart technologies to appeal to younger members and provide full service. The smartphone is becoming a virtual branch where members can access accounts, deposits, and connect seamlessly with their credit union from anywhere.
The document provides an overview of sessions and topics at a CUtopia conference. Key sessions include:
- OASYS core data processing platform overview and sneak peek at future releases.
- iTeller and mTeller mobile and online banking solutions demonstrations.
- Roundtable discussion for credit unions to share best practices.
- Compliance sessions on concentration risk and hot topics.
- Going paperless with digital archiving.
- Attracting younger generations of members.
- Motivational speech on stepping outside comfort zones.
This document provides an overview of Best Advantage Credit Union's efforts to reimagine the member experience through innovative facility design using Experience-Based Design methodology. It discusses how the financial services industry has become more impersonal over time due to technology advances. Best Advantage Credit Union sought to create a new type of facility focused on personal relationships and the needs of members. The document outlines the vision for the new facility to minimize stress, support families, and remove barriers between members and employees. It also discusses establishing multidisciplinary innovation teams and using various tools and strategies to create an experience that cannot be replicated elsewhere.
A collection of research, observations and articles about what technology, solutions and
services bankers will buy in 2010 and the changing financial industry landscape.
The document summarizes Mississippi Interactive's work with the Mississippi Department of Public Safety and other state agencies. It discusses the launch of a successful mobile Driver's Practice Test app by MSI in partnership with DPS that has been downloaded over 4,700 times. It also mentions MSI's focus on expanding Mississippi's mobile presence and developing additional mobile apps for state agencies.
The document discusses the future of customer experience. It begins by explaining that every interaction a customer has with a company, such as shipping a package or calling an insurance provider, is part of a service system. Good service design can transform a company's image and improve people's lives. The document then discusses how companies are now focusing on customer experience, which encompasses the full interaction from first hearing about a company to receiving a product. It also discusses how customers hire products and services to get jobs done in their lives, not just buy products.
Credit unions have struggled over the past decade as their target demographics have changed dramatically. Younger consumers expect to do their banking digitally and demand services like mobile access that many smaller credit unions cannot provide. Additionally, over-regulation has increased compliance costs for credit unions. To adapt, credit unions must modernize their digital offerings, focus on data analytics to better target potential members, and get more creative with their marketing, focusing on member benefits rather than just promoting loans. The pandemic accelerated credit union challenges, causing average shrinkage of 7%, so retention efforts are also critical alongside new member acquisition.
The document discusses the "Customer Experience Gap" faced by community banks and credit unions. This is the divide between rising customer expectations for digital and integrated financial experiences, and what these institutions currently offer. It notes big banks and fintech disruptors are pushing customer expectations higher. To overcome this gap, the document argues community banks must quickly enhance their digital offerings to provide personalized, consistent experiences across channels to attract and retain customers of all generations.
This Interview with Vanessa DiMauro, CEO Leader Networks and the Patricia Seybold Group explores the best practices for building professional peer communities. This joint collaboration was written in 2007 and stands as a classic reference for online community-building today.
The document provides an overview of sessions and topics at a CUtopia conference. Key sessions include:
- OASYS core data processing platform overview and sneak peek at future releases.
- iTeller and mTeller mobile and online banking solutions demonstrations.
- Roundtable discussion for credit unions to share best practices.
- Compliance sessions on concentration risk and hot topics.
- Going paperless with digital archiving.
- Attracting younger generations of members.
- Motivational speech on stepping outside comfort zones.
This document provides an overview of Best Advantage Credit Union's efforts to reimagine the member experience through innovative facility design using Experience-Based Design methodology. It discusses how the financial services industry has become more impersonal over time due to technology advances. Best Advantage Credit Union sought to create a new type of facility focused on personal relationships and the needs of members. The document outlines the vision for the new facility to minimize stress, support families, and remove barriers between members and employees. It also discusses establishing multidisciplinary innovation teams and using various tools and strategies to create an experience that cannot be replicated elsewhere.
A collection of research, observations and articles about what technology, solutions and
services bankers will buy in 2010 and the changing financial industry landscape.
The document summarizes Mississippi Interactive's work with the Mississippi Department of Public Safety and other state agencies. It discusses the launch of a successful mobile Driver's Practice Test app by MSI in partnership with DPS that has been downloaded over 4,700 times. It also mentions MSI's focus on expanding Mississippi's mobile presence and developing additional mobile apps for state agencies.
The document discusses the future of customer experience. It begins by explaining that every interaction a customer has with a company, such as shipping a package or calling an insurance provider, is part of a service system. Good service design can transform a company's image and improve people's lives. The document then discusses how companies are now focusing on customer experience, which encompasses the full interaction from first hearing about a company to receiving a product. It also discusses how customers hire products and services to get jobs done in their lives, not just buy products.
Credit unions have struggled over the past decade as their target demographics have changed dramatically. Younger consumers expect to do their banking digitally and demand services like mobile access that many smaller credit unions cannot provide. Additionally, over-regulation has increased compliance costs for credit unions. To adapt, credit unions must modernize their digital offerings, focus on data analytics to better target potential members, and get more creative with their marketing, focusing on member benefits rather than just promoting loans. The pandemic accelerated credit union challenges, causing average shrinkage of 7%, so retention efforts are also critical alongside new member acquisition.
The document discusses the "Customer Experience Gap" faced by community banks and credit unions. This is the divide between rising customer expectations for digital and integrated financial experiences, and what these institutions currently offer. It notes big banks and fintech disruptors are pushing customer expectations higher. To overcome this gap, the document argues community banks must quickly enhance their digital offerings to provide personalized, consistent experiences across channels to attract and retain customers of all generations.
This Interview with Vanessa DiMauro, CEO Leader Networks and the Patricia Seybold Group explores the best practices for building professional peer communities. This joint collaboration was written in 2007 and stands as a classic reference for online community-building today.
The document discusses the evolution of e-banking and its three pillars: online banking, online bill payment capabilities, and mobile banking. It notes that while online banking was initially adopted, customers now expect the full suite of e-banking services. Younger generations especially prefer mobile banking. The document advocates that financial institutions offer an integrated solution across online, bill pay, and mobile banking channels to remain competitive. It describes the benefits of online banking and highlights features important for an effective bill payment solution.
Case View with Lucas Bianchi - P2P Lending in India: Delivering Disruptive In...ET Cases
An Interview with Lucas Bianchi, Co-Founder & Promoter of Namaste Credit.
As a co-founder, Lucas is excited to be working with a great team at Namaste Credit to build amazing technologies that are revolutionizing finances for SMEs and individuals across India.
Opportunities for disruption in Financial Services (with a mobile focus)Nadya.Powell
A talk given at the IPA on opportunities for disruption in Financial Services with a focus on mobile. Three strategies to employ, case studies and three golden rules. Thanks to Zoe Decool for research help.
Disruption, mobile and financial servicesNadya Powell
A presentation given for the IPA on disruption, mobile and financial services. Three strategies to employ and the best disruptive uses of mobile out there. Thanks to Zoe Decool for research help.
Digital Innovation In The Third Sector Summarygillarnold
Steve Bridger argues that charities need new digital roles like community champions and conversation officers to engage supporters through social media. He notes that personal networks are replacing institutions, so charities must focus on personalized, one-to-one engagement through social media to remain relevant. Bridger cites examples like Leap and charity:water, which engage supporters through Twitter with a minimal hierarchy and allow staff freedom to develop the organization's identity. He urges charities to restructure around participation over transactions and to question assumptions about centralized communications.
The document discusses transformational customer experience in financial services through technology by examining changes in customer behavior driven by self-actualization and technology adoption, outlining 3 phases of behavioral disruption and shifts in how customers access services through various channels like mobile banking and internet banking. It also provides recommendations for improving customer experience across channels like branches, ATMs, call centers, and digital platforms through initiatives focused on usability, analytics, sales capabilities, and organizational changes.
social media and networking drive changes in financial servicesBoni
Banking and insurance companies are facing changes driven by social media and an increasingly participatory online environment. Customers expect banking services that allow full interaction and customization. Social lending websites now facilitate peer-to-peer lending outside the traditional banking system. While these developments present opportunities, banks also face challenges in adapting to changing customer expectations and behaviors.
The report published by Fundraising Technology News (Progressive Media Group), focuses on how technology has allowed fundraising to operate through a myriad of channels.
2nd Place Finalist Consulting Case Competition for ANZ x TBWA x UniMelb Kate Gilchrist
Presentation by Finalists of SAMM's (Student Association of Management and Marketing) Consulting Case Competition with ANZ Banking Corporation and TBWA. Our proposal includes 4 key disruption inspired ideas for ANZ's strategic direction.
Semester 2 (August) 2017 at The University of Melbourne.
Retaining Knowledge and Combatting IT TurnoverBloomfire
IT turnover is significantly higher than other departments. The average IT employee stays with the company for 4 years. That is a lot of tribal knowledge walking out the door every year.
Friendsvow Incorporated is a social financial technology platform that uses blockchain technology and the African system of community credit to create a peer-to-peer lending system. It allows individuals to create lines of credit with friends, family, colleagues, and cooperative associations, ensuring no one can default on repayment. The company was founded in 2012 and has perfected this system online. It is led by Colyns Ehys and has different pricing models for personal, group, and business accounts. Friendsvow aims to be the internet bank of credit by democratizing access to financial credit through social networks and guaranteeing zero percent default rates. It currently has 5 employees and is seeking $500,000 in equity investment to develop products and marketing.
Several US states are working to become the blockchain and cryptocurrency capital of the country by passing crypto-friendly legislation. Wyoming has passed several bills defining cryptocurrencies as assets and exempting certain tokens from securities laws. This is aimed at attracting blockchain companies to the state. Tennessee is also pursuing pro-crypto policies like legally recognizing cryptocurrency payments. Delaware was an early leader but its blockchain director recently stepped down, though the state still plans to advance its goals in this area.
The development of it in economic growth in usa & bangladeshRafi Afnan
This document is an assignment submitted by Rafi Afnan to Jewel Kumar Roy on the topic of fintech and its potential to disrupt traditional financial institutions. It summarizes findings from a World Economic Forum report that identified 5 key characteristics of fintech innovators that make them more threatening to incumbents than past innovators. These include highly focused products, automating processes, strategic use of data, platform-based models, and collaborating with incumbents. The document concludes that while brands may survive, fintech will force changes that benefit consumers. It then briefly previews emerging technologies in 2019 like 5G that could enable further fintech innovations.
Kiva is a non-profit organization that allows people to lend money via the Internet to low-income entrepreneurs in over 80 countries in order to reduce poverty. It was founded in 2005 by Matt Flannery, Jessica Jackley and Geoff Davis to connect people through lending. Kiva has facilitated over $3 billion in loans by 2013 and has an A+ rating from Charity Navigator. However, some critics note that the direct person-to-person connections between lenders and borrowers that Kiva promotes are partly fictional.
10 Ways Credit Unions Can Transform Millennials into MembersCafeGive Social
How can credit unions win big with millennials - the fastest growing consumer segment in US history?
Read this guide for 10 ways to transform millennials into members, with insights from Kim Vu, VP of Community Investment and Social Impact Executive Director, Northwest Credit Union Association (NWCUA)
Our open letter to ARNECC requesting digital mortgage options be included as a priority consideration in 2016 to encourage an acceleration of take-up of mortgage transactions in PEXA.
This document summarizes a presentation on using social media for workforce and economic development. The presentation discusses what social media is, why organizations should use it, examples of how peers are using it successfully, and practical tips. Specific social media tools are examined like Facebook, communities of practice, blogs, and Twitter. Case studies show how social media helped reduce costs, engage customers, and increase visibility for Worksystems Inc. Attendees learned how to get started with social media and how to measure success and return on investment.
Social media conference - Matt Poelmans Opening-up.eu
This document outlines a new model of engagement between the public sector and civil society called "Citizenvision 2.0". It proposes new rules of engagement that shift from a supply-oriented model to one focused on demand, interaction, and citizens as co-producers. The model is based on defining quality requirements, measuring citizen satisfaction, and facilitating participation. This will help reform public services to be more collaborative and solve issues like debt through innovative solutions and social support. The lessons are that social media should be used to listen to society rather than just disseminate information, and that citizen views should be considered equally valuable to expert opinions.
Futurecom - Brad Bush Keynote - Limitless Realtime CommunicationsBrad Bush
Futurecom - Brad Bush Keynote - Limitless Realtime Communications
Intuitive, Collaborative, Contextual
An overview of the future of communications and how enterprise is becoming UX driven leading to the need for embedded communications via technologies like WebRTC. Presentation given at Futurecom in Sau Paulo, Brazil by Brad Bush, CMO GENBAND, http://www.cio2cmo.com
This document describes a 4-channel infrared remote control system including both a transmitter and receiver. The transmitter uses an HT12A chip and infrared LED to transmit codes for 4 buttons. The receiver uses an HT12D chip and TSOP1738 infrared sensor to receive the codes and control 4 relays, with LED indicators for each relay and an overall power light. Jumpers are used to set the transmitter and receiver to the same address and select either momentary or latching function.
The document discusses the evolution of e-banking and its three pillars: online banking, online bill payment capabilities, and mobile banking. It notes that while online banking was initially adopted, customers now expect the full suite of e-banking services. Younger generations especially prefer mobile banking. The document advocates that financial institutions offer an integrated solution across online, bill pay, and mobile banking channels to remain competitive. It describes the benefits of online banking and highlights features important for an effective bill payment solution.
Case View with Lucas Bianchi - P2P Lending in India: Delivering Disruptive In...ET Cases
An Interview with Lucas Bianchi, Co-Founder & Promoter of Namaste Credit.
As a co-founder, Lucas is excited to be working with a great team at Namaste Credit to build amazing technologies that are revolutionizing finances for SMEs and individuals across India.
Opportunities for disruption in Financial Services (with a mobile focus)Nadya.Powell
A talk given at the IPA on opportunities for disruption in Financial Services with a focus on mobile. Three strategies to employ, case studies and three golden rules. Thanks to Zoe Decool for research help.
Disruption, mobile and financial servicesNadya Powell
A presentation given for the IPA on disruption, mobile and financial services. Three strategies to employ and the best disruptive uses of mobile out there. Thanks to Zoe Decool for research help.
Digital Innovation In The Third Sector Summarygillarnold
Steve Bridger argues that charities need new digital roles like community champions and conversation officers to engage supporters through social media. He notes that personal networks are replacing institutions, so charities must focus on personalized, one-to-one engagement through social media to remain relevant. Bridger cites examples like Leap and charity:water, which engage supporters through Twitter with a minimal hierarchy and allow staff freedom to develop the organization's identity. He urges charities to restructure around participation over transactions and to question assumptions about centralized communications.
The document discusses transformational customer experience in financial services through technology by examining changes in customer behavior driven by self-actualization and technology adoption, outlining 3 phases of behavioral disruption and shifts in how customers access services through various channels like mobile banking and internet banking. It also provides recommendations for improving customer experience across channels like branches, ATMs, call centers, and digital platforms through initiatives focused on usability, analytics, sales capabilities, and organizational changes.
social media and networking drive changes in financial servicesBoni
Banking and insurance companies are facing changes driven by social media and an increasingly participatory online environment. Customers expect banking services that allow full interaction and customization. Social lending websites now facilitate peer-to-peer lending outside the traditional banking system. While these developments present opportunities, banks also face challenges in adapting to changing customer expectations and behaviors.
The report published by Fundraising Technology News (Progressive Media Group), focuses on how technology has allowed fundraising to operate through a myriad of channels.
2nd Place Finalist Consulting Case Competition for ANZ x TBWA x UniMelb Kate Gilchrist
Presentation by Finalists of SAMM's (Student Association of Management and Marketing) Consulting Case Competition with ANZ Banking Corporation and TBWA. Our proposal includes 4 key disruption inspired ideas for ANZ's strategic direction.
Semester 2 (August) 2017 at The University of Melbourne.
Retaining Knowledge and Combatting IT TurnoverBloomfire
IT turnover is significantly higher than other departments. The average IT employee stays with the company for 4 years. That is a lot of tribal knowledge walking out the door every year.
Friendsvow Incorporated is a social financial technology platform that uses blockchain technology and the African system of community credit to create a peer-to-peer lending system. It allows individuals to create lines of credit with friends, family, colleagues, and cooperative associations, ensuring no one can default on repayment. The company was founded in 2012 and has perfected this system online. It is led by Colyns Ehys and has different pricing models for personal, group, and business accounts. Friendsvow aims to be the internet bank of credit by democratizing access to financial credit through social networks and guaranteeing zero percent default rates. It currently has 5 employees and is seeking $500,000 in equity investment to develop products and marketing.
Several US states are working to become the blockchain and cryptocurrency capital of the country by passing crypto-friendly legislation. Wyoming has passed several bills defining cryptocurrencies as assets and exempting certain tokens from securities laws. This is aimed at attracting blockchain companies to the state. Tennessee is also pursuing pro-crypto policies like legally recognizing cryptocurrency payments. Delaware was an early leader but its blockchain director recently stepped down, though the state still plans to advance its goals in this area.
The development of it in economic growth in usa & bangladeshRafi Afnan
This document is an assignment submitted by Rafi Afnan to Jewel Kumar Roy on the topic of fintech and its potential to disrupt traditional financial institutions. It summarizes findings from a World Economic Forum report that identified 5 key characteristics of fintech innovators that make them more threatening to incumbents than past innovators. These include highly focused products, automating processes, strategic use of data, platform-based models, and collaborating with incumbents. The document concludes that while brands may survive, fintech will force changes that benefit consumers. It then briefly previews emerging technologies in 2019 like 5G that could enable further fintech innovations.
Kiva is a non-profit organization that allows people to lend money via the Internet to low-income entrepreneurs in over 80 countries in order to reduce poverty. It was founded in 2005 by Matt Flannery, Jessica Jackley and Geoff Davis to connect people through lending. Kiva has facilitated over $3 billion in loans by 2013 and has an A+ rating from Charity Navigator. However, some critics note that the direct person-to-person connections between lenders and borrowers that Kiva promotes are partly fictional.
10 Ways Credit Unions Can Transform Millennials into MembersCafeGive Social
How can credit unions win big with millennials - the fastest growing consumer segment in US history?
Read this guide for 10 ways to transform millennials into members, with insights from Kim Vu, VP of Community Investment and Social Impact Executive Director, Northwest Credit Union Association (NWCUA)
Our open letter to ARNECC requesting digital mortgage options be included as a priority consideration in 2016 to encourage an acceleration of take-up of mortgage transactions in PEXA.
This document summarizes a presentation on using social media for workforce and economic development. The presentation discusses what social media is, why organizations should use it, examples of how peers are using it successfully, and practical tips. Specific social media tools are examined like Facebook, communities of practice, blogs, and Twitter. Case studies show how social media helped reduce costs, engage customers, and increase visibility for Worksystems Inc. Attendees learned how to get started with social media and how to measure success and return on investment.
Social media conference - Matt Poelmans Opening-up.eu
This document outlines a new model of engagement between the public sector and civil society called "Citizenvision 2.0". It proposes new rules of engagement that shift from a supply-oriented model to one focused on demand, interaction, and citizens as co-producers. The model is based on defining quality requirements, measuring citizen satisfaction, and facilitating participation. This will help reform public services to be more collaborative and solve issues like debt through innovative solutions and social support. The lessons are that social media should be used to listen to society rather than just disseminate information, and that citizen views should be considered equally valuable to expert opinions.
Futurecom - Brad Bush Keynote - Limitless Realtime CommunicationsBrad Bush
Futurecom - Brad Bush Keynote - Limitless Realtime Communications
Intuitive, Collaborative, Contextual
An overview of the future of communications and how enterprise is becoming UX driven leading to the need for embedded communications via technologies like WebRTC. Presentation given at Futurecom in Sau Paulo, Brazil by Brad Bush, CMO GENBAND, http://www.cio2cmo.com
This document describes a 4-channel infrared remote control system including both a transmitter and receiver. The transmitter uses an HT12A chip and infrared LED to transmit codes for 4 buttons. The receiver uses an HT12D chip and TSOP1738 infrared sensor to receive the codes and control 4 relays, with LED indicators for each relay and an overall power light. Jumpers are used to set the transmitter and receiver to the same address and select either momentary or latching function.
Magestore’s mega menu magento extensionHillary0330
This is a Magento Menu extension that helps store-owners create professional magento navigation Menu easily without technical knowledge. Your customers can view and access products and categories just by hovering over the menu.
This document discusses the development of a new conformal system for vital sign monitoring. It describes the prototype, which takes an existing product as an example, and discusses potential sensing elements including pressure and motion sensors. It also outlines software design tools and CAD/CAM tools that could be used, including a digital tooth mold. The document then discusses the dental industry and potential market, as well as regulations and certification in Taiwan. It provides examples of companies in the dental industry in Taiwan that could be potential partners.
Teks tersebut membahas tentang lingkungan organisasi, yang terdiri dari lingkungan langsung seperti konsumen, pemasok, pesaing, pemerintah, dan lembaga keuangan, serta lingkungan tidak langsung seperti sosial, ekonomi, politik, teknologi, dan dimensi internasional. Teks tersebut juga membahas model hubungan antara organisasi dan lingkungannya, serta strategi yang dapat diambil organisasi untuk menghadapi lingkungann
Painted stations and whistling trains are seen rushing by as a child clambers and scrambles along the railway tracks. A tramp stands gazing as hills, plains, horses, cattle and a runaway cart rush past like troops in a battle, as quickly and thickly as driving rain.
A guide to researching WWII military servicetxmilmuseum
This document provides numerous resources for researching a relative's service in World War 2. It outlines documents like the DD214 that contain useful military service information. While many Army records from 1912-1964 were destroyed in a fire, records from other branches may still exist. Sites like the National Archives have draft records, casualty lists, and more. Local historical sources can provide additional context. Photos, letters, uniforms and headstones may supply unit or location details to aid the search. Online forums connect people researching specific units.
The document lists various items needed for a picnic, school, the library, a day at the beach, a baby's bag, and a bathroom. It includes food, drinks, plates, toys, books, school supplies, toiletries, clothes, sun protection, and other miscellaneous accessories. The items are scattered throughout the document without categories or organization.
Satan seeks to hinder believers and the progress of the church in several ways:
1. By suggesting doubts
2. By magnifying difficulties
3. Through distractions
4. By frustrating our purposes
5. By tempting us to do the opposite of what God calls us to do
6. By falsely accusing us
Paul recognized Satan as the real enemy behind any opposition to the gospel. Satan's goal is to stop the spread of the gospel and the forward progress of the church. Though Satan hindered Paul from visiting the Thessalonians, this resulted in Paul writing them a letter that provided comfort, warning, and direction. Paul found his hope and joy in being reunited with believers at
The document proposes a multi-purpose cart designed to aid disabled users in Tanzania in running small businesses and transporting water. The cart would attach to wheelchairs but also detach to function as a mobile sales stand. It aims to improve independence and income generation for users by enabling them to collect and sell water, vegetables, and function as a call vendor by incorporating a mount for a prepaid phone. The cart needs to transport at least two 20L water jerricans, convert between uses, and be affordable and locally produced. It addresses the challenges faced by many Tanzanians in accessing water, which often involves long walks each day to transport heavy jerricans of water back home.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms for those who already suffer from conditions like anxiety and depression.
This document outlines the characters and setting for a proposed soap opera called "Cherry Gardens". It will be set in the village of Chelmsford and feature working class characters such as Marris, the depressed owner of the village pub who is still longing for his ex-wife; his son Dom and Dom's girlfriend Georgia, a barmaid with a young child; and local troublemakers Kirk and Dan. The first episode's narrative involves an altercation between Marris and Kirk. Demographic information suggests targeting a working class audience who enjoy embarrassing or hurtful humor. It is proposed that the soap opera air on Channel 5 to fill a lack of British soap operas on that channel.
Vet 2300 professional development week 12stanbridge
This document discusses professional career development for veterinary technicians. It outlines various employment opportunities, including general practice, specialties, research, teaching, and more. Sources for locating jobs and preparing application materials like cover letters and resumes are provided. Tips for interview preparation, following up after an interview, and expectations in the workplace are also reviewed. A wide range of career choices within the veterinary field are described.
"Rethinking the Customer" - Disruptive Shifts in Financial Services: The Cust...Claro Partners Inc.
The presentation explains how virtually every product and service in the financial services industry will be affected by new business models and the a new set of expectations, behaviours and needs from digital natives.
Because technology has prompted a disruption in banking services, branch usage patterns have changed. Factor in demographic shifts, competition from traditional banks, digital-only banking services and rapidly changing expectations from consumers means that credit unions really need to understand their current and future members. What do they want out of a branch experience? Why are they still coming to the branch? Where should the branch be? How can we scale a branch design for a network in different communities and distinct demographic profiles? RATIO principal, Chris Pollard was interviewed for his thoughts on future-proofing credit union branch design through scalability, member insights and community profiling.
More Personalized Banking Through Big Data and AnalyticsSAP Analytics
Commonwealth Bank of Australia (CBA) is using big data analytics to provide more personalized banking services and build customer loyalty. By combining data from its transactions, accounts, and new sources like social media, CBA can better understand customer needs and behaviors. This allows CBA to reduce fraud, offer targeted product recommendations, and provide a more customized online experience. While making use of big data presents challenges, CBA's investments in technologies like its real-time analytics platform have helped it gain insights from its data to improve customer service and gain a competitive advantage.
Can virtual banks accelerate initiatives toward cashless and smart nations.pdfElevate Ventures
"Elevate Ventures is more than a group of companies and like-minded individuals. We’re a team who share a vision to promote the continuous adoption of new Web 3.0 technologies, incubate the next generation of talents and drive innovations.
Collectively, we can elevate the lives of those around us."
1. The document discusses how mobile technology and online platforms have transformed fundraising. Mobile donations grew from 10% in 2014 to becoming a necessity for nonprofits today.
2. It highlights different online fundraising platforms like social media, crowdfunding, and responsive websites, noting that they allow smaller nonprofits to perform analytics and personalization previously only available to large corporations.
3. The challenges discussed are keeping up with the growing number of platforms, determining which ones best suit each nonprofit's donors, and maintaining a cohesive donor experience across platforms. Nonprofits must thoughtfully target platforms their constituents use.
The document discusses how financial technology (FinTech) innovation, a focus on customers, and collaboration across the financial ecosystem can help address the "last mile" challenge of expanding access to financial services. It summarizes several case studies of organizations that have implemented digital financial services with these elements in mind. For example, using mobile phones as the primary delivery channel, understanding and addressing customer pain points to create frictionless services, taking a phased rollout approach, and establishing physical access points. It concludes that while technology enables solutions, addressing customer needs through collaboration is key to achieving last mile access.
Ey bgln-viewpoints-leading-the-digital-transformation-of-banking-6-augustAdela Toma
- Digitization will truly transform banking in the coming years through improved efficiency, more innovation, and changes to regulations. This transformation poses both challenges and opportunities for banks.
- Customer expectations are increasingly being set by digital-first companies like Amazon and Netflix, requiring banks to rethink their business models and focus on differentiated customer experiences through digital and physical channels.
- While branches will still be important for customer service and branding, their role will change as more transactions move online and banks experiment with new branch designs focused on advice over transactions. Updating legacy systems and improving data analytics will be essential for banks to adapt to digitization.
A STUDY ON CONSUMER PERCEPTIONS TOWARDS DIGITAL FINANCE AND ITS IMPACT ON FIN...IAEME Publication
With today’s world progressing at a lightning pace, finance cannot afford to lag behind. Finance must become inclusive, dynamic and buoyant. In other words, finance must becomedigital. The genesis and rise of digital financial services is a remarkable global phenomenon. There is little doubt that the financial services industry, today, is one of the most digitized industries. This paper throws light on the adoption and perceptions of the urban Indian consumers, in the context of digitized financial services. The study focuses on the extent of acceptability, usage, beliefs, deterrents and incentive patterns among the Indians. Itsuggeststhat although the popularity of financial services provided digitally is growing in absolute terms in India, but the rate of growth is painfully slow, considering the huge potential that the country possesses.
The 10 most promising payment and card solution providers Merry D'souza
The 10 most promising payment and card solution providers, September 2020; CIO Look admire their contribution in the evolution to local and global businesses.
The document provides an overview of sessions and topics at a CUtopia conference. Key sessions include:
- OASYS core data processing platform overview and sneak peek at future releases.
- Introduction of new iTeller and mTeller online and mobile banking solutions.
- Round table discussion for credit unions to share best practices.
- Compliance sessions on concentration risk and hot topics.
- Going paperless with digital archiving.
- Attracting younger generations of members through understanding their needs.
- Motivational speech on going beyond comfort zones and giving great customer service.
Rethinking Banking for an Always in Beta WorldAnthemis
Always in Beta unites human-centered design and business model innovation to help financial institutions reimagine their relationships to consumers. A project of Claro Partners and Anthemis Group, Always in Beta launched in early 2015 to help six international financial institutions – including BBVA, ING, Bank of Ireland, and Standard Bank – understand and respond to their changing customer base and the emerging financial technology landscape. The project took the team into six cities to conduct ethnographic field research and consult with experts. Executives from Anthemis, Claro, and the six financial institutions gathered in day-long sessions to share findings and begin developing business models that were responsive to those findings. We’ve released some of what we learned about the next-generation financial services customer and the future of financial services in this report.
The article discusses MCB Bank's launch of a new corporate website. The revamped website aims to improve usability, benefits, and exposure compared to the previous website. It uses a content management system to allow for easier updates and management of content. The new website serves as a hub for MCB Bank services and handles customer queries through an interactive chat assistant. The project team worked to 'improvise' the previous website by not only changing its look but also enhancing its functionality.
Every problem has an opportunity: while challenger banks are thriving, incumbents are sourcing open banking capabilities to catch up. In the Banking Automation Bulletin, VP of Strategy Tim Rutten shares his thoughts on how incumbents can develop the best
Banking & Innovation: How Financial Services Can Embrace the Customer RevolutionComrade
Financial services companies are increasingly seeing opportunities to be at the forefront of innovation. Historically, banks have been slow to translate consumer demands into technologies like paperless statements and mobile check imaging. However, they were quick to implement online banking and, today, customers who bank online are typically more satisfied as well as more cost-effective to maintain. Banks have also responded to the shift in consumer demand for mobile banking on tablets and smartphones. The next challenge facing financial services is how to address the rise of consumer trends evolving mainly outside of the industry. We’re pleased to have partnered with Matchi to publish “Banking & Innovation: How Financial Services Can Embrace the Customer Revolution." This paper focuses on three phenomena that will ultimately impact every bank:
- Crowdsourcing
- Wearable Technology
- The Sharing Economy
We explore the state of each these trends, and how they relate to financial services.
Few years before we are using the cash for payments. When a digitalization occurs the way of payments gets changed. It helps our country to move next level of development. It creates more awareness to people about the payment innovation. Umamaheswari K | Santhiya R | Ragavi J"Payments Innovation" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-2 | Issue-3 , April 2018, URL: http://www.ijtsrd.com/papers/ijtsrd11150.pdf http://www.ijtsrd.com/management/innovation-and-product-dev/11150/payments-innovation/umamaheswari-k
This document discusses how technology is changing donor behavior and fundraising. It notes that donors, especially younger generations, now interact and engage primarily through mobile devices and social media. As a result, fundraisers must meet donors where they are online and provide quick, convenient engagement through platforms like mobile apps and social media. The document also discusses how data collection and analytics are increasingly important to understand donors and target fundraising efforts more effectively. However, it cautions that technology should enhance human relationships and storytelling, not replace them, in order to build long-term donor loyalty and engagement.
Slides from August 2015 webinar on the relevance of Fintech strategy for Broker Dealer firms. Webinar covered why Broker Dealer incumbents need a FinTech Strategy to survive industry disruption and how to create one
The document provides an introduction to exploring electronic payments as an alternative to cash payments for relief and development organizations. It outlines key benefits such as improved cost savings, efficiency, and transparency compared to cash payments. Electronic payment systems that utilize mobile networks in particular can dramatically expand financial inclusion by providing the foundation for a wider range of financial services. The toolkit is intended to guide organizations through analyzing their readiness for electronic payments and implementing the transition from cash to electronic payments in their programs and operations.
The Future of Banking & Financial ServicesCognizant
The document discusses the future of banking and financial services. It makes three key points:
1) Banking and financial services will become increasingly digital and integrated into customers' daily lives through their mobile devices and applications. Customers will expect seamless, on-demand access to personalized financial services and advice.
2) Traditional banks will need to transform into platforms that can integrate with external partners and offer customized, multi-purpose applications to remain relevant to customers. Data and artificial intelligence will be used to offer hyper-personalized services and anticipate customer needs.
3) Rebuilding trust will be essential for the future of banking as customers share more personal data. Technologies like blockchain and transparency around business models will be needed
1. Sundeep Kapur, digital strategist with NAFCU Services Preferred Partner
Allied Solutions, works closely with credit unions to help them better
engage with members through technology. Yet when his 20-something
son and nephew were launching their own business and in need of a
inancial institution, they didn’t turn to the expert in the house.
“he irst thing they did was get out their
smartphones,” Kapur notes wryly. “Every
decision they made was based on their
ability to see if that inancial institu-
tion ofered speciic services when they
looked it up on their mobile banking site.
I would have said, ‘Before I decide on a
credit union, I’d like to meet someone in
the oice and have a face-to-face conver-
sation.’ But that’s not how Generations X
and Y think. Mobile is becoming a bigger
and bigger deal.”
It is an increasingly big deal as well
for credit unions seeking to appeal to
younger members and provide a full
MANAGING
YOUR
VIRTUAL
BRANCH
Trends in Technology and
Mobile Strategies By Robert Bittner
THE FEDERAL CREDIT UNION JULY–AUGUST 201418
2. range of beneits for all members. It is
no longer enough to have a functional
website. Serving members today — and
10 years from now — means delivering
as many services as possible through
as many channels as possible. It also
means moving beyond mere mobile
account management to fully engage
with members through social media and
so-called smart technologies.
Your Virtual Branch
Why focus on developing more diverse
and personalized mobile services?
“he smartphone is becoming your
virtual branch,” Kapur explains. “You
can look up account information,
you can ‘visit’ the branch, and you
don’t even have to go to the Web.
It’s a way for members to connect
seamlessly with their credit union.”
Connecting “seamlessly” is key to
maintaining and growing member
relationships.
“Our job is to provide a delivery channel
that every member can use,” says Scott
Wilson, president and CEO of Sea-
Comm Federal Credit Union in Mas-
sena, N.Y. “We did a member survey
last year, and more people are saying, ‘I
want to do things on my time, not your
time.’ his 24/7 access requires you to be
in this [mobile] space. Younger demo-
graphics are looking for new ways to
do business with us. Getting away from
things that require having a computer
and getting into smartphone applica-
tions is the new trend members want.”
‘‘The smartphone is becoming
your virtual branch.You can look
up account information, you can
‘visit’the branch, and you don’t
even have to go to theWeb.
’’—SUNDEEP KAPUR, DIGITAL STRATEGIST, NAFCU PREFERRED
PARTNER ALLIED SOLUTIONS
T
oday’s technologies are already far
beyond what could have been antic-
ipated just 20 years ago. But they are
certainly just the beginning.
Dover Federal Credit Union President and
CEO David Clendaniel believes payments
by smartphones will usher in another major
industry shift in the near future.“Instead of a
debit card, why not just have your iPhone? I
think that’s coming, and I think it could be the
next big thing.”
That idea is gaining traction. In a May Macworld
article exploring the beneits of using a smart-
phone as a debit card replacement, journalist
MarcoTabini points out that it’s about security
as much as convenience. Unlike a debit or credit
card, which gets handed of to waitstaf and
other personnel, the phone need never leave
the owner’s possession. And unlike a debit or
credit card number, which typically gets typed
into numerous websites where it can be hacked
and stolen, smartphone payments could
be handled through a coded“bill”delivered
on-screen, which would then be captured and
conirmed via the smartphone’s camera.
But even smaller steps can yield member
beneits.
It annoys Sundeep Kapur that after years of
banking with the same institution, his ATM is
still not smart enough to remember that every
time he initiates a transaction, he chooses
English as his desired language. Personaliza-
tion could go a long way toward improving
relationships with members.“ATMs should
be smart enough to know my last transac-
tion, know my preferences and then make
predictions about my future transactions,”he
says.“The ATM provider generally provides the
software to enable such personalization. For
improvements to happen, credit unions need
to push for these changes.”
Regardless of what the future holds, there is
no doubt that technology will continue to be
an invaluable intermediary in the member/
credit union relationship. And that can only
be a good thing.“Even though there’s a cost,
technology is the great equalizer,”Clendaniel
believes.“This is one area where we can look
just as big and just as powerful as Bank of
America or any other national institution.”
Coming
Soon?
Continued on page 22
THE FEDERAL CREDIT UNION JULY–AUGUST 201420
3. Thinking Outside the Web
A well-designed, easy-to-navigate
website is still an important part of the
overall marketing and service strategy.
Yet Wilson points out that for many
people under 40, a website today is just
as “traditional” as an old-fashioned
bank once was. To offer the experiences
modern members expect, you must think
outside the Web.
For SeaComm FCU, such thinking has
led to several recent changes. “Last
year, we launched an application on
our mobile platform for bill pay. And
we recently launched mobile deposit
capture,” Wilson says. “We’re in the
irst quarter, but we’ve seen a positive
response. We now have our own mobile
app for iOS and Android devices, bill
pay and mobile deposit capture. We’ve
added a lot of enhancements.”
Truity Credit Union, based in Bartles-
ville, Okla., has explored a similar path.
“We’ve continued to introduce more
electronic access over time,” says Presi-
dent and CEO Kelly Diven. “We’ve been
using home banking and bill payment for
some time. We introduced a new mobile
app this last fall. And in February we
introduced remote deposit capture.”
In Delaware, Dover Federal Credit
Union has expanded upon these key
services with the addition of Popmoney,
an Internet-based service members can
use to send and receive money from
anyone who has an e-mail address and
a bank account. Other credit unions are
taking technological engagement with
members to the next level through the
use of SmartVideo, a service from Allied
Solutions’ iSolutions division, which
delivers brief, personalized videos to
members’ inboxes as a way to follow up
on speciic activity — a new car loan,
for example — and provide information
as well as tailored recommendations for
additional inancial services.
All of these technologies provide tools
for getting the most out of credit union
membership. But many of them go
further: They help bring credit union
products and services to the forefront
whenever members think about their
inances. They anticipate members’
transactions. And they engage with
members as unique individuals with
speciic inancial needs and goals. Such
engagement is critical at a time when the
competition is one click away. For that
reason, many credit unions are leverag-
ing the power of social media to create
even deeper personal connections.
A Social Strategy
In 2013, Truity CU went through a signif-
icant rebranding. Prior to that, the orga-
nization had eight branches in Oklahoma,
Kansas, Texas and Arkansas, each state
represented by a diferent brand name. “As
we’ve grown and technology has changed,
we found that supporting four brands
was diicult and expensive,” says Diven.
Once the decision was made to unite the
brands under the new “Truity” name,
Diven and his team looked for ways to let
members know that only the name was
changing; what they were as an organiza-
tion remained the same. “YouTube was an
integral step in getting across the message
of why the name change was happen-
ing and that things weren’t changing.”
hrough several simple, slideshowlike vid-
eos posted to YouTube, Truity was able to
communicate with members and control
the message.
In addition, Truity is reaching out to
members through both Facebook and
Twitter, where the focus is on provid-
ing community news, links to useful
personal-inance information and tips
on getting the most from credit union
membership. “We have nearly 10,000
‘likes’ on Facebook,” says Diven, “out of
about 55,000 members.” All of Truity’s
e-commerce — the website, home
banking, mobile and social media — is
overseen by a full-time staf of four.
SeaComm has a dedicated full-time
staf person who handles the website
and Facebook updates. But President
Scott Wilson is also personally involved
in reaching out to members through
Twitter. “As CEO, I’m the chief commu-
nicator. I use Twitter to let people know
that I’m actively engaged with folks. I
tweet everything from when I’m meeting
with staf to when I’m going to be visiting
a branch where members can talk to me
in person, as well as information about
the economy or the inancial industry. I
tweet anything I think is important for
credit union members to be aware of.
“his is a new process for me, but I am
getting tweets back, and folks are asking
additional questions. I think it’s a great
way to communicate back and forth. I
have podcasts and written reports that
members can get, but they can’t have a
conversation that way. his is a way to
have a conversation.”
Taking Stock
Whether you are thinking of taking the
irst steps beyond a home banking–
focused website or you are wondering
‘‘I thinkTwitter is a great way to
communicate back and forth. I have
podcasts and written reports that
members can get, but they can’t
have a conversation that way. This is
a way to have a conversation.
’’—SCOTTWILSON,PRESIDENTANDCEO,SEACOMMFEDERALCREDITUNION
Continued from page 20
THE FEDERAL CREDIT UNION JULY–AUGUST 201422
4. how to beef up your organization’s pres-
ence on social media, the irst step is to
take stock of what services your mem-
bers currently use and what they expect
from you in the future. SeaComm’s Wil-
son says, “We did that through member
surveys. But you can also explore com-
mon member needs through reputable
vendors. Take your time to weigh all the
risk options. Because nothing is worse
than launching a new product or service
and having some problem happen.”
Consultant Kapur encourages clients to
take a hands-on approach to honestly
evaluating their own services and rank-
ing them accordingly.
“Look at how you can be accessed
online, and give yourself a score for
every category. For instance, look
at Google. Do you show up on the
first page of search results? If so, give
yourself a higher score for that. Pull
up your website. Is it easy to look at
and navigate? How many clicks does
it take to find something? Take a look
at your site on a mobile device. Does
it look good on a variety of mobile
devices, from smartphones to tablets?
Give yourself a rating for every possible
digital interaction with members.”
Explore your services just as a member
would. One credit union was pleased to
respond to website visitor requests by add-
ing an online member application. hey
discovered, though, that only 35 percent
of those who began the online application
actually completed it. Managers needed
to ind out why: Was it too long? Too
detailed? Or did the technology malfunc-
tion along the way, making the process
more frustrating than it should have been?
Don’t ignore questions of security. In
the wake of this spring’s news regarding
a security vulnerability on many sites
deemed “secure” — a vulnerability known
as the “Heartbleed” security law — a
number of credit unions made it a point
to state on their sites that they were in no
way at risk from the security law. Don’t
assume members will automatically know
how secure their digital information is
unless you tell them. “As long as you’re
staying on top of getting members' [secu-
rity] information, it lets them know that
protecting their information is important
to you,” says Truity’s Diven.
Finally, “engage with other credit
unions, get recommendations on ven-
dor partners and look closely at other
credit unions’ premier partner arrange-
ments,” Diven advises. “If you need
assistance along the way in working
with vendors, don’t be afraid to seek
that out. That spirit of cooperation is
one of the great things about the credit
union movement.”
Robert Bittner is a Michigan-based free-
lance writer who would be lost without his
iPhone and iPad.
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THE FEDERAL CREDIT UNION JULY–AUGUST 201424