Understanding Fintech Disruptors
Why Credit Unions Have to Act Not React
While Credit Unions are being challenged by numerous big fintech disrupters, outliers like Amazon, PayPay, Facebook, Google and Walmart are morphing into viable financial institutions. As consumer banking behavior continues to change in response to the COVID-10 pandemic, credit unions should embrace their grassroots ethos of “people helping people” and connect with fintech operators that share a similar vision and approach.
Art of Negotiation
Core and Third-Party Agreements Made Easier
With the constantly changing landscape of tools and strategies in the Credit Union industry, it’s essential that executives stay up to date with the latest technology. By finding the right consultancy and implementing best practices, it is not only possible to get more out of vendor relationships but also create a strong business model that will ensure long-term success.
Cost Cutting Initiatives
Auditing and Renegotiating Vendor Contracts
Acting as an unbiased third party, Credit Union consultants can audit and renegotiate vendor contracts in advantageous terms saving money and resources even in a volatile market. A progressive approach to auditing e-business and technology contracts is required to improve revenue optimization and save on costs.
Key Considerations to Establishing A Member Business Services Program
Insights and Best Practices
While the fundamental banking concepts of retail and business services are similar, they differ in their approach to products, services, and lending. There are key factors to consider when establishing a member services program at a Credit Union. By enhancing operational structure, support products, providing exceptional services and adjusting core system functions, a Credit Union will be better positioned for success.
Its Impact on Credit Unions
Mobile phone applications will continue to impact the financial services category and how progressive credit units are to respond will impact their sustainability and growth. Technical consultants with security expertise are well-positioned to navigate emerging mobile applications in the banking sector.