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With more “money in motion” in a rising rate environment, consumers have multiple choices on where to place their deposits for maximum value.  Beyond simply choosing the best rate, consumers are increasingly seeking institutions that will help them better manage their day-to-day banking and deliver tailored advice.  A recent survey found that 58% of consumers are likely to move their money to an institution that provides better money management capabilities.  In this session, we’ll discuss how credit unions can win the Battle for Deposits by amplifying their promise of looking out for the financial well-being of their members.  By leveraging advanced data and analytics, credit unions can demonstrate a deeper understanding of members’ needs and deliver personalized insights and savings tools that can help members better meet their financial goals.  The Battle for Deposits is underway, and savvy credit unions are poised to grow and better meet the needs of their members.  

It’s never too late to make your holiday fraud list and check it twice to let the holiday fraudsters know we’re watching to see if they are naughty or nice.  Ann Davidson of Allied Solutions will speak in-depth about blocking scammers this holiday season.

Today, I’ll be speaking with two members of the CUNA Mutual Group team about their research to get some of those answers: Kevin Cummers, TruStage Life Products Director, and Sarah Randle, TruStage Program Specialist.  We’ll discuss common member worries, the goals life insurance can help them address, barriers to an insurance purchase, and the steps your credit union can take to better understand your members and their needs. Kevin, Sarah, great speaking with you, and thanks for joining me today. 

Transaction fraud continues to be a top risk for financial institutions across the country. Ann Davidson of Allied Solutions will speak in-depth about transaction risk & fraud. 

Customers typically don’t close their financial accounts when they leave for another provider But this gives credit unions an opportunity to re-engage these customers and expand relationships  Data-driven engagement is the key – understanding where each customer is on their financial journey  

Fraud using payment P2P online or using apps continues in financial institutions across the country. Listen as Ann Davidson of Allied Solutions sits down with Randy Salser to speak in-depth about P2P online and payment apps fraud attacks. 

In this episode of The CU Lab podcast, Randy Salser sits down with Jason Kratovil, Head of Public Policy at SentiLink to talk about how credit unions can onboard new members faster and with less friction and help cut back on fraud with eCBSV. Jason shares what is eCBSV as well as the benefits credit unions can get when incorporating it in their account opening process. Learn more about SentiLink at: https://www.nafcu.org/sentilink

In this episode, we are joined by Mike Umscheid, CEO of ARCSys. Mike is an expert in everything CECL and will be touching on what CECL means for TDRs. There have been many changes with Troubled Debt Restructuring since FASB issued an accounting standards update eliminating the model. We hope you enjoy expanding your knowledge on TDRs and it helps you be more well prepared for what is to come with CECL.

In an ever competitive landscape, embedded finance is what many are seeing as the next point of evolution in the consumers’ digital experience. As financial institutions, credit unions should heavily consider it as part of their member retention and acquisition strategy, especially among small businesses. In this episode with Matt Collicoat from FIS, we’re discussing what embedded finance is, why it should be leveraged and how. 

Financial institutions across the country continue to experience card-not-present (CNP) fraud at an alarming rate and it is not stopping. Currently in the top fraud spot, this type of fraud occurs online and involves both credit and debit card numbers. Ann Davidson of Allied Solution outlines how these nefarious attacks are occurring and how to prevent this type of fraud before it happens.  

In this podcast, Randy Salser talks to Christopher Leonard, CEO of Velocity Solutions, about how credit unions can provide responsible and compliant liquidity options for their members, while preserving the revenue they need to run their credit union.

Hello! And welcome to another episode of the CU Lab. I’m Randy Salser, President of NAFCU Services, and today I’m talking to the Co-Founder and CEO of SentiLink, Naftali Harris, to get his insights on fraud. We’ll discuss fraud attacks on credit unions, what new tactics are criminals using against credit unions, and how can credit unions protect themselves. Naftali, it’s great to speak with you today. Thanks for joining me!

Retirement plan sponsors have day jobs--they are busy running their businesses. But at the end of the day, plan sponsors are fiduciaries. They are legally responsible for their plans. Most mistakes involve plan administration. 

Authentication measures can stop fraud before it happens.  However, the bad guys are getting more clever and are finding ways around traditional authentication measures to commit fraud. New trends in biometrics leverage voice technology for more secure authentication measures and enhanced member convenience. Ann Davidson and Charlie Peterson of Allied Solutions will address how to leverage biometric technology to mitigate costly fraud before it affects your members.

LendKey has observed consumer demand for student loan refinancing is up 23% year over year for newly approved applications compared to the same time last year. Credit unions can put their excess liquidity to work while servicing the needs of Millennial and GenZ members and prospects. Tap into the opportunity to build relationships with these new members and promote future cross-sell opportunities with prospects as their primary financing institution. We'll share about how credit unions drive high-volume acquisition in the refinancing market, the current landscape of student loans, and some new methods to enhance your member service. Listen to this episode to learn: • The consumer demand for education loans and ways to drive loan volume • Why CUSO (Credit Union Service Organizations) loan participation programs are a benefit  • Hear examples of how your credit union can provide a new service to existing members, onboard additional members, attract more prime borrowers, and foster lifetime relationships.

In this episode we’re talking about the latest in embedded finance. This technique incorporates complimentary financial services offers, such as insurance or credit through a technology platform, in a non-financial transaction. While some may dismiss offers like BNPL as modern layaway, its more about reducing the friction in the purchase process – while creating new revenue streams from interest and/or fees. This is fast becoming a disruptor for traditional banking channels, reducing utilization of traditional products like credit cards and unsecured loans. Listen as Karan Maini from Persistent Systems discusses how embedded finance is impacting credit unions, and what the future may hold for this strategy.

In this episode we're joined by Larry Pruss and Patti Wubbels from SRM to talk all things cryptocurrency. In this conversation we cover how crypto has evolved since 2020, the latest regulatory trends to be aware of, and how credit unions are getting involved. Plus, hear ideas about the future of consumer adoption and credit unions' role in this emerging space.

Financial wellbeing - It’s a topic that’s been getting a lot of attention of late as members struggle with the myriad economic challenges of the pandemic—from the job losses of the early days of COVID to the supply chain issues and inflation of today. An important way for credit unions to help members improve their financial wellbeing: Make simple and cost-effective insurance available to help protect two of their most valuable assets, their home and their vehicles.

Learn what the bad actors are up to with the physical attacks and cash out on ATMs/ITMs, involving both the physical damage and financial loss of the cash contents. We will talk about what credit unions can do to help prevent these types of attacks. 

Today I am talking with Tarik Camurdes at FIS about the buy now, pay later trend that is making big waves across the financial services industry. The fundamental idea behind it is decades old with the layaway programs and everything else from earlier days. The technologies, distribution, and marketing of it have skyrocketed over the last two years.  In today’s episode, we are going to be discussing what it is, how it is being used, and the risks and benefits involved with buying now and paying later.    In This Episode: [01:13] Buy now, pay later is giving more purchasing power to consumers to pay for the things they want to buy over time.  [01:58] For our credit unions, buy now, pay later is basically an installment loan.  [02:35] For the U.S. it is definitely disrupting.  Banks, big, and small financial institutions lose revenue because of the other solutions or propositions in the market that are mainly coming from FinTechs. [04:27] The number one benefit to consumers is the increase in purchasing power. It is also very convenient.  [05:26] The customer knows if they go through a FinTech they are not going to get a credit hit. It is also free to the consumer.  [07:15] There is a risk of defaulting for consumers because of the manageability.  [08:54] In general it is implemented before FinTechs in some markets that is attached to credit cards.   [10:07] In the U.S. the most successful implementation is the mattress firms.  [11:18] The major card brands are coming up with other solutions, especially ones that they can scale and be beneficial for the whole market.  [13:22] The biggest risk for credit unions is to be late in the game and not to stay competitive, so they need to act.  [13:54] We need our credit unions to act now and then understand what is the right strategy. They need to take a step right now.  [15:10] The perception in the U.S. is that this is for big-ticket items but the average ticket value is actually coming down.   [16:14] They are just giving a better repayment capability to your customers that is going to increase your customer satisfaction as well. It is just making their lives easier and making you stay competitive.  [17:15] We need to put our heads together and generate a strategy.   [17:47] Credit unions may have a better chance of having innovative ideas and bringing the community together and generating a different value proposition that is going to benefit their cardholders and members.  [19:53] The interest is coming from CFPB because this is something new, it is a hot topic, and the volumes are growing.  [20:39] Tarik does not see a big risk for financial institutions and credit unions that is going to come out of this effort.  [21:38] It could have an effect for the banks who are partnering with FinTechs.  [22:37] FIS is trying to solve every customer need in the market.  They are building and bringing new solutions to market to keep credit unions more competitive and respond to market dynamics quicker.  Links and Resources: NAFCU FIS Tarik on LinkedIn