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, PayPal, Facebook, Google, and Walmart are morphing into viable financial institutions. As consumer banking behavior continues to change in response to the COVID-19 pandemic, Credit Unions should embrace their grassroots ethos of “people helping people” and connect with fintech operators that share a similar vision and approach.
Mergers And Acquisitions
Saving Money and Increasing Member Satisfaction
The long-term trend of Credit Union consolidation through mergers and acquisitions has impacted the way executives and Members view and experience the industry, accounting for much of the decline in the number of U.S. Credit Unions in the past three decades. Credit Union consultants bring expertise and oversight to the merger and acquisition process, providing costs savings, adept vendor contract negotiation, and sound project management strategies.
Mastering the Art of Negotiations
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.
When Should Credit Unions Say “I DO” To Vendors
Vendor Agreements During a Core Conversion
In the Credit Union space, a marriage is akin to a core conversion. Understanding when a credit union should say “yes” to the vendor “dress” and establishing a true, bi-lateral agreement yields a favorable long-term outcome for all parties, including Credit Union Members.
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.
In-House or Service Bureau Initiatives
An Insightful Investigation That Goes Beyond Industry Headlines
Deciding between an in-house or service bureau core data processing platform can be a complex process for a Credit Union, which gives rise to a number of quandaries. Often the decision is based solely on cost, and this can be detrimental for the Credit Union. Consultants that analyze and properly manage the evaluation and negotiation process can save time and money.
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.
Preferred And Future Technologies
How to Outpace Industry Evolution
Improving a Credit Union’s technology platform, its core operating system, will provide a competitive edge and increase member satisfaction. Stay ahead of the curve by implementing forward-thinking enhancements across your Credit Union’s technology platforms.
Its Impact on Credit Unions
Mobile phone applications will continue to impact the financial services category and how progressive Credit Unions respond will impact their sustainability and growth. Technical consultants with security expertise are well-positioned to navigate emerging mobile applications in the banking sector.
Alternative Payment System Solutions
How to Investigate New Services
Credit Unions are often spending too much for their payment solutions and can provide efficiencies for their members by evaluating and considering alternative options. Learn the benefits, pros, and cons of investigating new services while staying compliant with state and federal regulations and addressing security and operational issues.