Marketplace Newsletter

In this issue:

Discovery 2020 - REGISTER TODAY!

VISION 2020 EXPO - Virtually Everything You Need

Changing into Our Work PJs: Maintaining the CU Difference Even as We Distance

FIS Digital Issuance

Civil Disturbance Checklist

VERO offers Real Help!

Are you reopening branch lobbies?

Insights and Strategies for a New Frontier

Are You Providing Enough Support to Your Compliance Officer?

Tax Filing Deadline is July 15

Kentucky Kingdom & Hurricane - We have your discounted tickets!

CO-OP Transforms THINK LIVE Conference into All-Virtual Programming for Remainder of 2020

Empowering Strategies for Moving Forward

CUNA Strategic Services announces Illuma Labs as newest alliance providing effortless voice authentication for credit unions

Marketing Insights Network Live Webinar Series

Upcoming Webinars

Subscribe to Marketplace


Discovery 2020 - REGISTER TODAY! 

Join thousands of credit union leaders across the country online, Thursday, August 13 for a day of Discovery! This free conference is designed to help boost your strategic planning with innovative ideas and key insights. 

Don’t miss this valuable opportunity. Check out the Agenda and Register Today! 

 

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The Kentucky Credit Union League is excited to announce a re-imagined, innovative tradeshow experience - VISION EXPO 2020!

We understand that a virtual event isn’t quite the same as an in-person event, but we are committed to providing you with the opportunity to connect and engage with vendors offering innovative solutions for your credit union.

VISION 2020 EXPO will be a LIVE virtual event and will feature minute-to-minute facilitation using the Whova event app.  Our event will also feature a COMMUNITY where attendees and vendors can join in virtual discussions, organize live “meet-ups” and post messages and announcements. In the exhibit hall, you can visit with exhibitors using zoom video.

The Kentucky League is offering this event to our member credit unions as a FREE Member Benefit.

AGENDA

9:00 a.m. – 11:00 a.m. – Exhibit Hall
12:00 p.m. – 1:00 p.m. – Lunch Keynote
2:00 p.m. – 3:00 p.m. – Happy Hour & Door Prizes

Please stay tuned for more information!

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Changing into Our Work PJs: Maintaining the CU Difference Even as We Distance

8 minutes with Daragh Fitzpatrick, Client Strategy Consultant 

What follows is the first in our new series “8 Minutes with AdvantEdge Analytics,” a collection of eight-minute (or less) reads featuring brief interviews with the firm’s top thinkers on trending topics in the credit union space. 

Why did you choose this topic?

Daragh Fitzpatrick, AdvantEdge Analytics Client Strategy Consultant

The new normal of serving clients remotely has introduced countless challenges to the business environment. One of the most profound difficulties we’re facing as we cope with COVID-19 is delivering human-centric personalized service while also maintaining a safe social distance. 

I want to start a dialogue around what it means to maintain close-knit relationships when you can’t look into the eyes or shake the hands of people you want to serve. Going digital certainly has its place, but it can’t be the only strategy. 

And, what does “professional” actually look like when everyone’s wearing stretchy pants? 

How does this topic hit close to home for you?

I’ve been a consultant for almost my entire career, so maintaining personal relationships remotely is nothing new. Not being able to travel to my clients for an in-person strategy session is more challenging, however. In that way, I can relate to the credit union leaders who are used to deepening member connections through in-person engagements. 

It’s been encouraging, inspiring even, to see how well credit unions and their members have adapted to digital means of communicating and transacting. Members who have thus far avoided tools like online banking, virtual teller interaction and touchless / mobile payments are dipping their toes in the water, and if our credit union clients’ experiences are any indication, taking to it like ducks in that very same water. 

But, an important question remains: Will serving members remotely today alter the credit union-member relationship forever? Will digital dilute the credit union difference? If I’m leading a credit union, I’m concerned about the potential change in the dynamic between my staff and my members going forward, especially when the oddity and stressors created by the pandemic ironically also offer us a tremendous opportunity to live out our missions in the purest way. 

Tell me more. What keeps you up at night?

If credit unions allow their members to “go digital” – and only digital – there’s a stronger possibility they’ll lose that member. It’s not difficult to predict credit unions getting out-maneuvered by the competition in a digital-only game. Banks and fintechs are killing it when it comes to the online and mobile experience. 

At the same time, banks and fintechs can’t hold a candle to the personalized experience that credit unions offer their members. They are completely outmatched when the game is human-to-human connection. 

The credit union advantage won’t last forever, though – at least not without a data and analytics strategy and forward-thinking approach. The Chases and Amazons of the world have developed amazing analytical capabilities to help them understand consumers and to provide mind-bending, revolutionary solutions on top of that intelligence. Credit unions have the capacity and the imperative to do the same. 

What’s happening right now that makes this topic important?

To get through the challenges of COVID-19, credit unions are looking for new ways to service their members remotely. That will bring with it a lot of advantages, if they can maintain the human connection. Pushing members who don’t want to “go digital” to the laptop or the smartphone is not the answer – or at least not the only one. 

Credit unions must be thinking through a few distinct things: 

  1. How can we ensure the digital and remote experiences members are adopting today are smooth, easy and something members will learn to love?
  2. How can we make our call center, virtual teller, video conferences and other remote engagement channels feel as in-person as possible?
  3. How can we maintain the security and privacy of our member’s data and remain compliant as we make necessary adjustments?
  4. And, of course, how can we give staff the tools they need to maintain professionalism while wearing stretchy pants? 

Ok, so that last one is somewhat rhetorical, but in many ways, it’s worth asking. Those of us who lead teams need to ask ourselves how we can support our front-line employees in the delivery of exceptional, on-brand and relevant services... while outside the walls of our professional spaces. 

How is this going to look a year down the road? What about 5 years?

A year from now, credit unions will have addressed competitive and member-experience pressures by expanding their data analytics capabilities exponentially. The 360-degree view of the member will have risen to the level of table stakes in the retail financial services marketplace. With their newfound data and analytics competencies, credit unions will achieve several great things, namely: 

  • An optimal balance between human interactions and digital engagement
  • A robust way of measuring member satisfaction and spotting trends within that data
  • A seamless way of integrating new technologies that drive home the CU difference
  • A data-driven, laser focus on cultivating financial wellness, automated to whatever degree makes sense for their cooperative 

In five years? If credit unions play their cards right, they will have to cover much greater distances. Having achieved something much closer to market dominance, they’ll be serving members around the world... potentially even beyond. Digital banking from the Moon? Now, that will require a whole different kind of stretchy pants. 

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FIS Digital Issuance

Evolve Your Cardholder Relationships

Today, cardholders expect your locations to offer frictionless services to be readily available. With traditional card fulfillment, it can take up to 10 days to issue, mail and activate cards. Such a long period of time is no longer acceptable in today's on-demand society. 

The FIS™ Digital Issuance solution, allows the cardholder to provision the card immediately into a mobile wallet. This solution attracts accelerated and increased cardholder loyalty and gives your institution card’s “Top of Wallet” status. 

On average, cardholders who receive their cards immediately, use their new cards within hours. The sooner they receive their cards, the sooner they spend, and the sooner you generate transaction fees. It's a win-win situation for everyone. Not only will you receive more revenue, but your institution will have a clear point of service differentiation by having the ability to reissue a card digitally if a card is ever compromised. 

Benefits 

  • Improved Experience. Meet new cardholder's instant expectations while retaining existing cardholders by showing the value of instant issuance in emergency card replacement situations.
  • Competitive Advantage. Digital issuance delivers speed, convenience and value to cardholders.
  • Revenue Opportunities. Activation at the time of card issuance maximizes activation rates, increases card usage and reduces downtime in reissuance situations. 

Delivery Options

FIS will offer the option for your institution to utilize Code Connect to deliver the cardholder information via secure container. Other options include an end to end solution with the FIS Mobile Application. This solution will restrict the usage of the card to only tokenized transactions until the physical card is activated. 

Key Features | Functions for FIS Digital Issuance:

  • Provide cardholders with new or replacement digital card on demand
  • Lower cost option — no hardware investment
  • Maintain the same PAN with the physical card
  • Restrict Card Present transactions until physical card is activated
  • Automatically order physical card

 

Brand Loyalty

Digital Issuance helps establish your institution's brand as cardholders come to trust that their card will always be immediately available. As cardholder preferences evolve and new channels emerge, financial institutions must consider the role of locations as it relates to the emergence of digital capabilities. This is a game-changer for financial institutions; digital issuance offers a great opportunity to transform your location into a superior service center, thus improving consumer loyalty and profitability. 

For more information, please contact Laura Parrish at [email protected].

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Civil Disturbance Checklist 

These disturbances are often non-violent, but a tense situation can escalate quickly. 

These disturbances are often non-violent, but a tense situation can escalate quickly. When performed peacefully, these demonstrations can bring together a community in ways that few other actions can. However, protests have a way of spiraling out of control, causing catastrophic damage and loss of life. Take these precautions to keep your employees and your business safe. 

Get the Checklist

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VERO offers Real Help! 

Security and Safety - Everyone feels vulnerable during these difficult times. ID theft is a serious problem in our country, and your members know it. Members understand ID theft not only affects their identity but their wealth. Credit unions can provide a higher level of safety and security to its members and here’s how: 

  • Fully Managed Recovery – provides an advocate that does the calling, letter writing and remediation, so consequently your members:
    • Don’t have to follow a manual of instructions to conduct research just to find out who to contact and what questions to ask;
    • Have a higher feeling of security because they realize they have real help to get them through any type of ID theft or fraud;
    • Are safe because they know they can go for real help to their credit union. 

Savings and Revenue – Due to COVID-19 we are in financially tenuous times. Everyone is looking to save. Members are more frugal than ever, searching for ways to stretch their dollar. Credit unions are working to secure products and services that are meaningful and relevant for the times we live in. Here is how VERO along with NXG can offer both: 

  • Drastic savings for your members – for pennies on the dollar and in response to COVID-19 VERO in concert with NXG is offering special pricing on our Fully Managed Recovery solution.
  • Great savings for credit unions – because there aren’t any upfront program fees, any fees for training or for implementation.  
  • Revenue – offers the credit union an opportunity to create a new and significant revenue stream. 

If you’re looking to enhance your member’s protection against ID theft and fraud, while simultaneously increasing member engagement, creating a new revenue stream and increasing your level of cybersecurity preparedness please contact Laura Parrish at [email protected]

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Are you reopening branch lobbies?  

Creating a safe environment for employees and members should be the highest priority. POPi/o CEO Gene Pranger and DBSI CEO John Smith explain how video banking and branch design can ensure branches are safe and effective.  

Watch the recorded webinar. 

For more information on POPi/O, please contact Laura Parrish at [email protected].

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Insights and Strategies for a New Frontier

There's no such thing as "going back to normal" in a post-pandemic world, but how do you find your footing to make solid, strategic decisions without being able to count on past experience? Don't miss the Moving Forward Forum, featuring important, forward-thinking (and incredibly useful) sessions: 

  • Three sessions presented by top industry experts
  • Live, interactive Q&A
  • Downloadable resources and guides 

KEY DETAILS

Date: Thursday, June 25, 2020 – 11:30 am Eastern/8:30 am Pacific
Sessions: Three sessions by top industry experts from CUNA Mutual Group
Length: 45 minutes per session
Where: Online –Register now!
Price: $0

 

EVENT AGENDA

How Leveraging Agility Will Help You Meet Uncertainty Head-On (11:30 am-12:15 pm Eastern/8:30 am-9:15 am Pacific)

Maximize Credit Unions’ Non-Interest Income (12:30 pm – 1:15 pm Eastern/9:30 am – 10:15 am Pacific)

Multicultural Consumers—The Good, The Bad and The Opportunity. (1:30 pm – 2:15 pm Eastern/10:30 am-11:15 am Pacific) 

MORE INFORMATION

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Are You Providing Enough Support to Your Compliance Officer? 

By Cheryl Lawson, EVP, Compliance Review 

“I get by with a little help from my friends.”

Even The Beatles knew it takes a village to maintain compliance across an entire credit union!

All kidding aside, even credit unions that have a dedicated compliance officer must rely on the knowledge and expertise of third-party vendors to remain compliant in all areas. That’s doubly true right now, with everything happening with the COVID-19 crisis. It’s up to the management team to provide their compliance people the support they need to be able to do their job thoroughly.

NOBODY CAN REALISTICALLY GO IT ALONE

I’m reminded of a conversation I had with a CEO, who told me, “We don’t need to hire an outside consultant to monitor and manage our overdraft program—we’re hiring a great compliance officer with previous experience in overdraft compliance.”

I asked him, “When did that experience occur? Because what you could do in 2011 in-house when Regulation E went into effect is much different than what you can do today. Everyone had help in 2011.”

And it’s true.

Fast forward to when I actually met the aforementioned compliance officer. She told me it was a relief to have a third-party vendor assist with overdraft program compliance.

This is the disconnect that often occurs between management trying to show confidence in its compliance officers’ capabilities and the reality that there’s just too much for one person (or one small team) to keep up with.

Staying abreast of the latest governance and interpretations on everything from deposits and lending, to attending conferences, reviewing briefs and reporting changes adds up quickly. Year over year there continues to be a flood of new regulations—along with greater complexities—which adds an insurmountable amount of pressure and increased responsibilities.

“You have to build an industrial-scale operation just to digest all the regulatory changes,” HSBC’s chief compliance officer Colin Bell said. No matter the size of your credit union and the scale of your operations, it’s a lot to keep up with—especially amid all the changes brought on by the COVID-19 crisis.

Another risk comes when you can’t keep up with issues because you simply don’t know they’re happening. Over the past few years we have continued to see a rise in litigation, and many cases never even make it to court. If you’re not aware of what is happening in the industry, it’s that much harder to protect yourself.

Indeed, there is a ceiling of competence for everything, and management must be mindful of this fact. Given the limited hours in a day, plus curveballs like the novel coronavirus, nobody can stay on top of everything. To assume even the most proficient compliance person has the time to be well-versed and up to date on so many issues is really a disservice to them as well as your credit union.

SUPPORTING YOUR COMPLIANCE TEAM REQUIRES OUTSIDE EXPERTISE

The reality is, most compliance officers would welcome some help when it comes to having compliance certainty in a specific area, to complement their own knowledge and free up their time to focus on other areas.

Depending on knowledgeable vendors supplements the hard work and expertise of your compliance team.

Overdraft compliance knowledge, like other areas, can be seasonal. Your credit union may have a really good Regulation E process at one point in time, but when priorities and objectives shift, you can lose focus and violations may occur. 

Outside expertise helps fill in knowledge gaps and provides:

  • A long-term partnership dedicated to your overdraft program’s success
  • Ongoing monitoring and maintenance to optimize program performance while avoiding compliance scrutiny
  • Uniform processes, industry best practices and member communication materials
  • Staff training to ensure consistent and confident communication with members 

Hot-button issues in our industry change. Regardless of seasonal cycles or current events, make sure your overdraft program is compliant. Because JMFA is laser-focused on running fully transparent, compliant overdraft programs, we have one agenda and can remain well-versed in this particular area of regulations. 

And that is weight off your compliance department’s shoulders so they can focus on the myriad other issues they face on a daily basis. 

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Tax Filing Deadline is July 15

The Treasury announced that the federal tax filing deadline will be extended to July 15, 2020. Members that are getting a refund are encouraged to file now and get their refund.  The IRS expects to continue processing refunds as normal and still plans to issue nine out of 10 tax refunds within 21 days or less from acceptance with e-file and direct deposit — the quickest way for your members to get their refund. 

State Tax Updates
Most state tax deadlines have moved to July 15, 2020 following the federal tax deadline.

To help your members save on TurboTax, the credit union member discount will be available to your members throughout the entire tax season (October 15 for extended filers). Late season marketing assets, such as social media posts, email templates and newsletter content have been added to the Partner Center to help you share the savings with your members. 

If you have any questions or need help sharing the TurboTax discount with your members, please contact Laura Parrish at [email protected] or the Client Services team at [email protected]

Please keep TurboTax banners posted on your web and mobile sites sharing the credit union member discount throughout the tax filing season.

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We are now offering credit union members the opportunity to purchase deeply discounted tickets online to Kentucky Kingdom!  

Kentucky Kingdom and Hurricane Bay is bigger, better, and wetter than ever!  With more than 70 thrilling rides - including six world-class roller coasters, two wave pools, water slides, and lots of children's rides, plus food, games, and shows - Kentucky Kingdom has something for everyone! 

CLICK THE BUTTON BELOW TO SAVE 56% OR MORE OFF YOUR GENERAL ADMISSION TICKET!

BUY TICKETS

YOUR CREDIT UNION CAN SELL TICKETS AT NO ADDITIONAL COSTS. Click HERE to access free marketing materials!

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CO-OP Transforms THINK LIVE Conference into All-Virtual Programming for Remainder of 2020

CO-OP Financial Services is transforming its THINK 20 Live conference scheduled for August in Dallas into a series of content-rich, highly topical virtual events that will take place over the remainder of the year. 

“Due in part to the overwhelming response to our THINK 20 Virtual event, and recognizing that it’s safer for everyone to not travel, we’ve decided to go entirely virtual for THINK in 2020,” said Samantha Paxson, Chief Experience Officer for CO-OP. “In many ways, THINK will be better than ever. Our THINK 20 Virtual event on May 7 had record attendance – nearly four times the highest total for a live conference – and attendee feedback showed a 98 percent interest in future virtual events. And, like the May event, we are offering these upcoming THINK activities to all credit unions at no charge.” 

All those who had registered for THINK 20 Live have the opportunity to either receive a full refund on their registration fee or donate it to Children’s Miracle Network Hospitals. THINK attendees have raised more than $100,000 for CMN Hospitals in six of the last seven gatherings. 

THINK Virtual Events 

CO-OP is expanding its remaining 2020 event calendar to produce a series of THINK virtual events to help credit unions address the most pressing needs of their members. Offered free of charge, a full schedule will be announced in the coming weeks on three series of THINK opportunities:

  • THINK Forums: Virtual broadcasts designed to address pressing credit union challenges and opportunities featuring renowned guest speakers from outside the industry (two hours each).
  • THINK Master Classes: Topic-specific virtual learning opportunities, including hands-on interactive exercises facilitated by subject matter experts (90 minutes each).
  • THINK Power Lunches: Bite-sized virtual deep dives into a variety of topics important to credit unions right now (60 minutes each).


“Data and insights are changing day-to-day right now, so the fact that all three series will extend over several months will allow us to ensure content is immediate and relevant,” said Paxson. “We will miss seeing everyone in person in Dallas, but we look forward to continuing to bring the transformative power of THINK throughout the rest of 2020, directly to credit union employees, wherever they may be.”

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Empowering Strategies for Moving Forward 

Join FIS for The Path Forward, a virtual fintech forum on thriving amidst uncertainty and realizing opportunities in our current climate. This interactive, information-rich event includes impactful sessions on Thursday, July 9 and Thursday, July 30. Each session is scheduled for 10:00 a.m. to 12:00 p.m. ET. The event is complimentary.

Keynote speakers will include leadership expert Mike Robbins, whose clients include Charles Schwab, Wells Fargo and Google, and thought leader Peter Sheahan, CEO of Karrikins Group and advisor to Wells Fargo, Apple and other global leaders. Panelists will include FIS executives and former Navy SEAL Chris Fussell, President of McChrystal Group and author of One Mission: How Leaders Build a Team of Teams. And visit our virtual booths, where you can meet virtually with FIS experts on best-in-class financial technology solutions. 

The event will be held in segments of two hours each.  You may register for a single or both sessions. 

MORE INFORMATION

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CUNA Strategic Services announces Illuma Labs as newest alliance providing effortless voice authentication for credit unions 

Illuma Labs, the provider of real-time voice authentication and fraud prevention solution Illuma Shield, has been chosen as the newest CUNA Strategic Services (CSS) alliance provider. This collaboration will present Illuma Shield to credit unions across the US, empowering their contact centers to streamline the member authentication process and raise the bar against fraudsters and social engineers. The result is an enhanced member experience, higher security and improved operational efficiency. 

FIND OUT MORE

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Marketing Insights Network Live Webinar Series 

WHAT IS THE MARKETING INSIGHTS NETWORK?

The Marketing Insights Network is a free resource for credit unions of every size and every membership segment. Here you will find access to a Webinar Series with topics that are curated based on your needs and supported by free articles, virtual networking events and much, much more. 

There’s still time to grab a (virtual) seat at Marketing Insights Network’s first June webinar. 

Join us to review marketing topics that need to be top of mind as you reach and connect with your members in the new normal. 

SERIES INTRODUCTION – JUNE 25

  • Lessons we should learn from the shutdown
  • Overview of the three following webinars

IMPORTANCE OF MEMBER FEEDBACK – JULY 9

  • How to elevate member experience
  • How to take action on the insights you have gained
  • How turning around poor experiences can help you create brand ambassadors

HOW TO MAXIMIZE MEMBER ENGAGEMENT – JULY 23

  • How to adjust your messaging for the times
  • How to engage with your members in sensitive times
  • How to leverage tools to engage your members while saving on operational costs

MARKETING IN THE NEW NORMAL – AUGUST 6

  • What channels to focus on as you get back to business
  • How to target and optimize for greater ROI
  • Why continuing to advertise is critical for your business 

Register now so we can look forward to seeing you at the first webinar. 

Hoping you’ll join us!

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Upcoming Webinars

To register for any of these webinars, please go to https://www.cunamutual.com/resource-library/webinars

Skills in Action - Confident Conversations: Follow Up to Online Applications

7/7/2020 10:00 AM (CT)
Members have always applied for loans online, but in today’s new world, it’s happening more than ever. Join us for this very interactive, learner-driven session. The workshop gives you the opportunity to learn how to more effectively and authentically follow up with your member after receiving the application, continue the conversation and assist them with their needs today and into the future.
Lending Resource Center/Live Events

 

Member Focused Conversations: Guide with Confidence, Part 1

7/14/2020 10:00AM (CT)
Your members expect to be educated and guided through each step of their financial journey. There is no way to tell when an unexpected life event may occur, and it can have an immediate impact on their financial well-being. In Part 1, we’ll play The Money Game which allows you to see the impact of a disability or death on a member and their family and the difficult decisions they may need to make during an already tough time.
Lending Resource Center/Live Events

 

Member Focused Conversations: Guide with Confidence, Part 2

7/15/2020 10:00AM (CT)
Go the extra mile. Member Focused Conversations, Part 2 focuses on using consultative questions and breaking down each part of a conversational process. It’s all about using the process consistently to provide your members with a customized, needs-based solution. Be committed to being your members' trusted financial consultant. If you don't take the opportunity to guide your members, they will look elsewhere for the guidance they need.*
Lending Resource Center/Live Events

 

Data Regulations & Consumer Protection

7/15/2020 1:00PM (CT)
Cybersecurity governance and consumer protection are dynamic risk areas that you need to adapt and adjust priorities accordingly. In fact, increased legislation can create challenges for credit unions as they may be responsible for complying with data regulations from multiple jurisdictions and multiple regulators.
Protection Resource Centers/Live Events

 

Member Focused Conversations: Guide with Confidence, Part 3

7/16/2020 10:00AM (CT)
Part 3 of Member Focused Conversations takes the consultative conversation to a new level. In this session, we focus on personalizing benefits to the member and their unique situation. We will go beyond a generic benefit to pursue a richer more personalized benefit to the member. This will ensure your members see the value and why payment protection is so important. . .to them! Go the extra mile.*
Lending Resource Center/Live Events

 

Skills in Action - Coaching Conversations: Adapt Your Coaching Style

7/22/2020 10:00AM (CT)
Each opportunity to coach requires a certain approach; a certain style to be most effective. After identifying your coaching style, we'll walk through a scenario and determine the style best fit to most effectively motivate the individual and their unique personality. Geared for busy managers and coaches, this 30-minute workshop provides a hands-on approach to reflect and practice how to flex your style to see the best results.
Lending Resource Center/Live Events

 

Addressing Concerns: Close the Case

7/23/2020 10:00AM (CT)
What if the member asks a question or raises a concern? Don't let this question stop you any longer from educating your members on payment protection. Confidently address four common member questions and concerns related to payment protection.*
Lending Resource Center/Live Events

 

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