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tom j hefter
Digital Payments ‘Happening Now’
May 03, 2014
At stake is control of member data and a digital pathway toward other revenue sources.
Biometrics, Other Tech Catalyze CES Conversation
May 02, 2014
Future technology's efficiency of space and energy consumption translates directly to dollars saved.
Top Ten Takeaways from NACUSO 2014
April 30, 2014
Encourage 'intrapreneurship' among employees at all levels of your CU.
Will Digital Empower or Destroy CUs?
April 20, 2014
Young adults embrace CU qualities such as trust, fairness, and legitimacy.
'Next Big Idea' Competition Highlights CUSO Innovation
April 16, 2014
Conference attendees determine winner through real-time digital balloting.
Can You Measure Social Media's ROI?
April 08, 2014
Most CUs must make giant strides to broaden their audience to maximize their social media efforts.
Enhance Members’ Cross-Channel Experience
March 26, 2014
‘Create a consistent, intelligent, and personalized experience for the member.’
Agency Offers Guidance on Social Media Compliance
March 24, 2014
FFIEC highlights potential legal, reputational, and operational risks.
Unearth Hidden Treasure with Data Analytics
March 19, 2014
CUs have an immense amount of data, but need to know how to use it.
Be in the Game!
March 12, 2014
Don’t hide on the sidelines or allow other providers to muscle you out of the way.
Credit Union Magazine
July 2014 digital edition
Slide Show: The Daily Duties of a Home-Based CU Manager
Regulators Focus on Interest-Rate Risk
Five Cyber Security Considerations for CUs
Advocacy Puts Board Members on Offense
Win Employee Love: Four Steps
David, good point about the "recovering comfortably" comment. That was an editorial addition--which I'll remove.
Many good points but too rosy? Will the "Federal Reserve raise short-term interest rates 1% per year for the next three years, starting in 2015—“probably next year at this time” ? I have heard from other economist that the US government will go bankrupt if that happens due to the QE the fed has done for several years. Also it seems an exaggeration to say “We survived a heart attack,now the economy is recovering comfortably." Comfortably recovering is too ignore the economic stress that many members still live with daily that will eventually affect many credit unions.
Karan, Great article and insight. I would also recommend that you start getting those credit cards into the hands of the youth BEFORE they are in college. One of the best ways to reach this young generation is through mom and dad. Before the student goes to college, get them started with a credit card (even if mom and dad are joint on it). It's never too early to start marketing credit cards. Mark
I would respectfully disagree that transactional data is a good place to start. In my opinion, relationship data is a much better starting point. Transactional data tends to require more "mining" of thousands/millions of transactions to identify opportunities or threats. Relationship data, however, involves identifying and profiling your high-value relationships (those profitable relationships with multiple products/services, for example) and leveraging that information to attract/cross-sell similar members. Generally involves a bit less effort and quite a bit higher return.
Congratulations on a fine article. Perhaps the best advise is unsaid but exemplified throughout the article - namely avoiding the use of the term "Financial Literacy." The term is insulting and counterproductive because it implies that those who take the training are "Illiterate."
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