Big Moves in Mobile Banking

 

Mobile banking, a feature that’s been around for years, has suddenly become a primary means for credit union members to carry out as much of their financial activity as possible.

Let’s take a look at how mobile banking is succeeding – and the areas that need some work.

Winning Features from Top CUs

Nerd Wallet recently shared a list of the 6 Best Banks and Credit Unions for Mobile Banking, and here are the top tools each is using to entice customers and enhance their mobile offerings:

  •  Tools for managing and increasing savings
  • High interest rate on savings
  • Generous ATM fee reimbursements
  • Advanced mobile app security
  • Wide branch access
  • High daily limit for depositing checks

This is a great cross-section of the types of features mobile banking customers are coming to expect.

Balance Preview & Other Communication Features

Balance preview is a successful feature Alliant Credit Union implemented that allows members to check their balances quickly without logging in.

More transparent communication options are going to be big draws for mobile banking apps as more and more people move away from doing business in physical credit union locations and adopt a more mobile-forward approach on a permanent basis.

Communication features like messaging and chats that connect members to customer service representatives are also great features for any mobile banking app. This allows some AI or one-to-one interactions to help your customers navigate functionality or update issues and answer general information questions.

Mobile Bill Pay Is Mutually Beneficial

Online and mobile bill pay is a great process that mutually benefits credit unions and their members. Automating payments means peace of mind and one less thing to worry about for members, and it also means credit unions don’t have as many late payment issues to work through.

This is still an area of potential growth for many credit unions. Running targeted campaigns and offering informational materials describing the benefits and features of automatic bill pay could increase your credit union’s appeal and position as a tech-forward financial option.

Personalization

As with many mobile-based programs, mobile banking is going to evolve to become more and more customizable for users. Everyone carries out their financial responsibilities differently, so it makes sense that mobile banking is also going to benefit from this personalization.

Personalization can include a variety of transactional or banking insights based on each member’s preferences and activities, icon placement and size, photos, and personal financial goals.

Security

This personalization can also be applied to security features. The goal of the mobile banking experience should be to fit into every member’s lifestyle and preference. A tall order, but many online experiences are incorporating similar features to create the optimal experience for each user.

As for security, this could mean creating options for fast, seamless login features like fingerprint scans, face ID, push notifications for logging in and tracking activity, and other biometric-based options.

Implementing security features that can stop cyber criminals without making login and verification processes annoying and time-consuming for users is going to be the challenge here.

For Credit Unions Looking to Update Their Digital Solutions

IMS Integration has a host of great credit union solutions, including Make a Statement, Online Courtesy Pay, Online Self Service forms, and Trial Balance. Request a consultation today for more information about our credit union solutions.


Trends in Auto Lending

 

Today, credit unions are tasked with adapting older or outdated processes and services to a newer market. Add a pandemic to the mix, and you see a surge in online and mobile banking that will be hard to ignore from now on. And auto lending is no different.

Here are some trends in auto lending to watch for.

Online Car Shopping Trends

With social distancing and increased cleaning protocols, shopping for cars online has become a go-to for those in the market for a new ride.

And once they start that online car shopping process, interested individuals want to make sure they can get financing before they invest themselves emotionally in a car they won’t be able to get a loan for.

More and more, the future of auto shopping and lending is going to be virtual. And that’s why your credit union needs to be ready to embrace the following trends to capture your portion of this audience’s attention and business.

Early Loan Preapprovals

61% of new car financing happens through vehicle manufacturers and dealerships, but the majority of used car financing takes place at banks and credit unions.

This presents an opportunity for your credit union to offer auto loan pre-approvals to members through multi-channel campaigns so you can reach them before they try to finance those loans through other dealerships or financial institutions.

Increase Loan Amounts

CU Management has some compelling insights about how credit unions can play to their auto lending strengths:

“Credit unions tend to go a little bit larger in the average amount financed compared to banks and finance companies…They don’t go out the longest terms, but when you combine their sweet spot of 73 months with low interest rates, credit unions offer the most competitive product in the marketplace, particularly for prime and super-prime customers.”

By increasing loan amounts and offering competitive interest rates, you can give your members the opportunity to treat themselves to a slightly nicer car than they anticipated. You can position it as a post-pandemic opportunity at pandemic-like rates. This will be appealing to your members, especially as they watch gas, home remodel materials, and other prices go up in response to the vaccine rollout and the decreasing COVID restrictions.

Leverage Past Applications for Refinancing

Refinancing has defined many interactions between consumers and financial institutions in the last year, so why not keep that momentum going?

Credit unions can recapture a lot of business by going back through 2019 and 2020 loan applications that were lost or abandoned, and offering those applicants who are members some refinancing options.

Increase Education Efforts

The pandemic gave us all a good look at which areas of our lives – especially those tied to finances – we could use some more education in.

Credit unions are perfectly positioned to offer a wider variety of educational content geared toward different financial situations and age groups. What millennials need right now may not be the same as what Gen Xers needed at that same age. Tailoring your education to more targeted demographics can broaden your credit union’s reach while also appealing more directly to younger generations, who are always looking for more value and insight from expert brands.

Focus on Alternative Credit Data

Many millennials and Gen Zers are not going to have the traditional lines of credit that their parents and grandparents had when applying for loans. For those who are too young to have a well-rounded traditional credit score, take a look at other financial areas such as rental records, utility payments, address consistency, and employment history. 

This is a great way to capture a traditionally overlooked population looking for an auto lender.

Tech Upgrades

IMS Integration can help improve your credit union online offerings, starting with web loan applications. IMSI’s online loan applications are designed to incorporate your credit union brand and image and can be designed to collect as much information as you need.

Request a consultation today for more information about our credit union solutions.


Community Outreach during National Small Business Week

 

2021’s National Small Business Week is coming up. From May 3 to May 9, communities come together to highlight the importance of entrepreneurs and small business owners across the US. And this is also a great time for your credit union to perform some targeted community outreach.

Let’s discuss some tips and ideas for celebrating small businesses with your credit union resources.

Why Celebrate National Small Business Week?

Credit unions are (or should be) seen as more than just banks – they are financial institutions with close ties to the communities they serve.

Recently, it’s been reported that credit unions are losing out on opportunities to serve small businesses, due to the rise of fintech like Square and Stripe and larger institutions’ increasingly focused efforts to capture the small business owner’s attention.

But credit unions are uniquely positioned to help small businesses, which means you should be using that positioning to your CU’s advantage!

Celebrating National Small Business Week is a great way to build relationships with local entrepreneurs.

Sponsor an Awards Competition or Spotlight

Small businesses need many things, but one of the biggest things they need is quality “air time”. They need people and businesses in the area to talk about their brand, products, and services to help spread the word and drum up more business. And that’s never been more crucial than right now.  

Millions of small businesses closed temporarily or permanently due to the COVID pandemic, and entrepreneurs need someone to start talking about them again. Credit unions are a great partner in this effort.

There are many ways your credit union can highlight local businesses, and during National Small Business Week, one great way to do this is to host a spotlight or awards competition for local businesses. Businesses can sign up to participate or be nominated by a social media comment or event share, and then you can use a preferred platform to spotlight each business and its purpose. After the spotlight, you can also create polls or contests to let your community members participate in choosing the winners. You can use the Small Business Association’s list of awards as a starting point or you can make up your own!

Create a Tradeshow or Event

This one is a bit more time-consuming, but your credit union can also sponsor or host an event where you allow small businesses to set up a booth for a small fee.

Not only does this generate business for you and the participating businesses, but it’s also an engaging way to promote your credit union’s brand as community-centered. Attendees will associate your credit union with fun “shop local” initiatives, thus increasing the visibility of your brand.

Host a Panel or Discussion Group

Small business owners often feel like their concerns aren’t heard in the same way that big businesses are. To combat this, you can host a roundtable, discussion group, or dinner event for local entrepreneurs.

This gives small business owners a chance to network with you and other area businesses and share their struggles, triumphs, and insights with like-minded individuals. It also shows these businesses that you and your credit union are open to building meaningful relationships that will benefit your business and theirs.

Upgrade Your Software to Compete with the FinTechs

Big businesses aren’t the only ones that can upgrade their software and score more customers. IMS Integration is dedicated to helping you bridge the gap so you can compete with the big guys while still staying focused on serving the little guys in your community.

IMS Integration is here with a full range of credit union software solutions to take your problem-solving effectiveness to the next level.

Request a consultation today for more information about our credit union solutions.


Credit Union Leadership Tips for Improving Performance and Problem-Solving

 

“The strength of the team is each individual member. The strength of each member is the team.” –Phil Jackson

Credit unions, like many businesses, are coming off one of the toughest years in modern history. To get through this and start moving forward with some solid momentum this year, let’s talk about some credit union leadership tips to improve performance and solve problems.  

Separate the Problems

There are two different types of problems: ones you solve and ones you can disregard.

As a leader, your employees should come to you with potential issues, but it’s important to be able to distinguish which ones you need to devote time and resources to, and which ones are isolated incidents or one-off problems that aren’t likely to crop up again.

Just because something isn’t working doesn’t mean it is a problem that needs to be solved. A problem is only worth your time if it can be assessed in context with your goals and you determine it will inhibit you from reaching those goals.

Don’t Lose Sight of Your Goals by Hyper-Focusing on Damage Control

There are tons of examples of the 80/20 rule in business, which states that 80% of all business success is going to be attributed to 20% of its processes.

But if your only focus is damage control or problem-solving, the 20% of the processes that are necessary for your credit union to grow isn’t being completed.

One way to change this trajectory is to practice your own 80/20 strategy – encourage your employees to spend 80% of their time doing their regular job duties, and allow for 20% of their time to be focused on brainstorming and implementing new ways to grow your business.

Losing sight of your goals is just as bad as not having any in the first place.

Embrace a Targeted Approach

There are always more problems. Even if you have a perfectly trained staff that never makes mistakes, you will still encounter issues.

And expanding your resources doesn’t always help. Kristen Cox, consultant and former Executive Director of the Governor’s Office of Management and Budget in the State of Utah, talks about the “seductive seven” – common ineffective tactics that organizations often use when responding to problems.

The Seductive Seven are:

  •  More Technology
  • More Data
  • More Strategy
  • More Training & Communication
  • More Reorganization
  • More Accountability & Assigning Blame
  • More Money

These things are seductive in that these things often pull focus and allow leaders to fixate on these shiny solutions rather than creating space for any actual problem-solving.

Kristen goes on to say that increasing performance means leaders must “start by stopping.” Your credit union’s resources are not infinite. So, rather than employing lots of quick fixes and buzzword action plans, you must devote your time to training your staff to recognize when to stop doing things that aren’t working.

It seems counterintuitive at first, but success comes not just from doing things that are helpful, but also from ceasing activities that don’t return good results, axing technology solutions that don’t work for you, and amending processes to weed out redundancies.

Implement Software Solutions That Work

As we said, it’s not about implementing more technology – it’s about implementing the right technology. And IMS Integration is here with your credit union-specific problem-solving software.

IMS Integration is here with a full range of credit union software solutions to take your problem-solving effectiveness to the next level.

Request a consultation today for more information about our credit union solutions.


Financial Preparedness Approaches for the Future

 

Financial preparedness meant something like a “rainy day” stash or “disaster fund” before the events of 2020. Many credit union members were lucky enough not to have worried about what it takes to be financially prepared. If they don’t live somewhere with extreme weather, many thought financial preparedness plans didn’t really apply to them.

And then a pandemic happened, and nearly everyone in the USA and the world was forced to take a hard look at their financial situation because the stability we thought we had was gone.

Credit unions and members alike should be looking forward with a renewed appreciation for financial planning. Let’s discuss some important financial preparedness approaches for post-pandemic life.

Have a Plan B

In 2020, many workers experienced a sharp decrease in wages due to layoffs, furloughs, and quarantine-related shutdowns or capacity limitations. While we hope never to live through something like that again, it’s important to realize how desperate many families’ situations were before the pandemic hit.

According to CNBC, “roughly 1 in 3 households had trouble making ends meet right before the coronavirus pandemic.” 33% of the population were struggling to keep up with their bills in a normal financial climate, and that number only grew as the pandemic stretched on.

That’s why having a plan B is essential. If you encourage members to start now, it’s much easier to get through rough patches when you’ve been stockpiling funds a few dollars at a time. Encouraging members to create separate savings accounts for emergencies is a helpful way to teach financial preparedness in a way that is relatable.

That emergency fund can be used for sudden changes in job status or pay, sudden expenses like replacing a totaled car, or paying for medical emergencies. When you phrase it as a series of probable bumps in the road, rather than an “in case a tornado or hurricane wipes out our house”, emergency funds start to make more sense to your members and become a valued service and insight you are offering them.

As for natural disasters specifically, it’s also good to inform credit union members that they should keep a small stash of cash at home, in the event that power in the area goes out and ATM withdrawals are not an option.

Budget What You Have

Budgeting is an elusive concept to many Americans. In fact, an Intuit survey showed that 65% of Americans have no clue how much money they spent last month.

But that doesn’t mean you should jump right into a hyper-detailed budgeting strategy. Just like learning to read, you don’t start with an entire book. You move through each letter, and then on to words, sentences, paragraphs, and so on.

Incorporating budgeting strategies a little at a time can help your members learn basic financial preparedness and planning, which can improve their financial stability little by little. Younger generations have previously been reported as not financially responsible, and you can’t teach that responsibility overnight. Creating budgets for small things, like groceries or streaming services can help members recognize and identify areas in their life that could use a good budgeting once-over.

Mitigate Debt

The COVID pandemic caused more than 51% of adults with credit card debt to add to their balances from March 2020 to January 2021.

In leaner times, financial goals should shift from growth and expansion – new house, newer car, impulse purchases on Amazon – to debt mitigation. If credit card debt is trending upwards, it’s important to revisit that budget, maybe cut out a few of the less essential expenses and make some goals to pay off credit card debt. For Millennials and Gen Z, offering these insights through your credit union is a great way to appeal to this very debt-conscious demographic.

Ensure Quick & Easy Access to Financial Information and Services

As a result of the pandemic, more people are using online banking services than ever before. Credit unions that wish to see success in a post-pandemic world need to be implementing and troubleshooting more digital services and offerings so as to keep up with the demand that is now present for these contactless banking options.

IMS Integration is here to help you optimize your credit union’s website with Web Loan Applications, Online Account Opening, and so much more.

Contact us today for more information about our credit union solutions.


How to Improve Credit Union Customer Service

 

We’ve talked previously about trends credit union customers will come to expect and ways to improve member experience in previous blog posts. But a lot has changed in the last year. So let’s take a look at some new ways to improve credit union customer service.

Focus on Financial Well-Being

Credit unions are very community-oriented and collaboration-focused. And as more young adults come of age in these financially uncertain times, they don’t just need a bank, they need a financial institution that can also act as a teacher or guide.

Millennials and Gen Z spend money and view debt differently than older generations. And many times, they look to the internet for answers. So why not use your credit union’s online presence and customer approach to provide those answers for them? You can build trust with younger demographics by positioning your credit union as not only a bank, but also a partner throughout their financial lives.

By focusing on helping your members pursue financial well-being, you can not only provide better customer service, but you can also see what trends and growth areas exist in your immediate market.

This is also a strategic way to invite more small businesses to bank with you as well. Often, owners of small businesses are forced to be their own supervisor, employee, accountant, marketer, and so much more. If you have resources and experienced advisors available, SMBs will see that as a huge advantage.

Leverage APIs

An application programming interface – or API – is a “code that allows two application systems to connect and share information with each other. You can see some quick and easy examples in this CUInsight article.

Leveraging APIs helps credit unions compete with the big banks and their multi-million dollar tech resources. APIs allow your CU to save time and money on significant website and app improvements by using pre-built programs to help drive engagement and growth.

Listen to Your Employees

Being a credit union leader often involves making hard decisions, but that doesn’t mean you have to do it in a vacuum. You have dozens of experienced employees who are your boots on the ground every day. One of the best ways to improve credit union customer service is to listen to the struggles of your staff.

If there are systems or procedures that have not been updated or optimized in a while, talk to the people who use them every day. Ask them what they struggle with, and what their members are struggling with. Having an open-door policy on process improvements can allow your credit union to keep moving forward with incremental changes, rather than forcing shutdowns or huge company-wide strategy overhauls in the coming years.

Take Advantage of Testing

You’ve heard it before: no two customers are alike and no two businesses – even two branches of the same credit union – are alike. Just because a messaging system isn’t well-received at branch A doesn’t mean the system should be scrapped or replaced. It means you should do some testing to find the reasons certain programs are working at each branch of your credit union.

Testing, especially after the year of rapid technological change we just had, is paramount to the success of your credit union. Some of the temporary solutions you’ve implemented may be great tools or resources to keep for the long haul. And maybe others need some refining before they can be considered an asset to your business.

Offer Great Online Resources and Services

Fintech partnering is a big trend right now, and it’s probably going to stick around for a while. Finding companies that can help you provide valuable services online is a great, cost-effective way to improve customer service.

IMS Integration is here to help you optimize your credit union’s website with Web Loan Applications, Online Account Opening, and so much more.

Contact us today for more information about our credit union solutions.


6 Ways to Improve Your Credit Union Website

 

Your credit union’s website is getting more traffic, and your members expect to be able to find more information and services than ever before. After a long year of hurried digital transformation, now is the time to optimize your business’s online presence. Here are some of the best ways to improve your credit union website.

Update Your FAQs

Frequently Asked Questions pages are one of the first places your members go to get information about new website features and common issues or questions.

To improve your credit union website, spend some time reorganizing and updating your FAQs. Questions should be grouped by topic or category (mobile banking, online loan applications, etc.). You can even include a search feature, especially if you have a long list of FAQs, to help your members find the information they need faster.

With all the crazy 2020-inspired changes to your business, your FAQ section is likely in need of a good update.

Analytics and Personalization

Predictive analytics can create a more tailored experience for every member or potential customer who visits your credit union website.

“By leveraging application programming interfaces (API) to connect customer relationship management (CRM) databases, your website can display personalized content, advertising, and product information uniquely targeted to each individual,” says InetSolution.

You can use existing tools like Google Analytics and customize the insights to capture specific data that can improve your website’s (and your business’s) performance.

Include or Improve Site Search Functions

We already mentioned including a search feature on your credit union’s FAQ page. It is just as crucial that your website includes a global search feature too, so visitors can quickly and easily search your entire website content for specific information or services.

Before you create or commission work for a one-size-fits-all search function that also searches Google or other internet content, remember: the function of every piece of information and page design should be optimized to get your members or potential customers to the content or service they are looking for.

This site search function would also likely benefit from the same analytics and personalization features that you’ve built into your site mentioned in the above section.

Create and Curate Financial Education Content

Blogs, links, infographics, events pages – many people visit websites for advice or information that is related to your business or industry. To improve your credit union’s website, having a section dedicated to financial education content is a perfect companion to your credit union’s mission to serve and educate the communities your offices are in.

When you provide relevant resources, you also help your customers become educated and invested in their own financial literacy and experience. A blog or resource page with relevant links or infographics not only adds value to your website but also provides another reason for visitors to check back in on your website for the latest helpful tips or interesting articles.

Ensure All Site Functions are Mobile-Friendly

89% of American bank account holders use mobile banking for account management. And 94% of mobile banking customers use online banking platforms at least once a month.

Whether your credit union has a website, an app, or both – all pages and functions of your online services should be optimized to work on mobile platforms. This is even more important when it comes to the longer, more involved service processes, like account opening or web loan applications.

Offer Online Web Loan Applications and Account Opening

And speaking of web loan applications and online account opening – both of these should be features on your credit union’s website and app. Younger prospective customers have always tended to prefer any solution that is fully online and contactless.

This is even more important as we continue to feel the impact of COVID-19 restrictions. Rather than losing them, you can give potential customers the power to initiate business with you. This is safer, faster, and often more preferred anyway.

Need Help Improving Your Credit Union’s Online Presence?

IMS Integration is here to help you optimize your credit union’s website with Web Loan Applications, Online Account Opening, and so much more.

Contact us today for more information about our credit union solutions.


Human Interface – Fintech with a Personal Touch

 

As more and more banking operations go digital, it’s easy to get caught up in the convenience and forget about the human aspect of doing business. And that human aspect, the connection to community and customer, is what sets credit unions apart from other financial institutions. And that’s why creating human interfaces is so important in this age of digital transformation.

Let’s take a look at what a human interface is and the benefits of having this software in your credit union arsenal.

What is a Human Interface?

“Human interface” is a term you have probably not heard as often as “bots” or “intelligent virtual assistants.” But human interfaces mean that these advanced and emerging technologies are learning to look and talk the way real people naturally look and talk. Here’s a quick video that explains the evolution and importance of human interfaces.

Benefits of a Human Interface

While this technology may seem overwhelming at first, there are many benefits to creating technology that better understands and interacts with humans. It means your credit union can more fully serve its customers, even from the comfort of their own home. Here are some of the top benefits of human interfaces.

Anticipate Customer Needs, Based on Common Search Terms and Collected Data

You may be surprised to find out very few credit union and bank customers use bots and virtual assistants for digital support. Technologies have been enhanced in recent years to become more intuitive and user-friendly. These enhancements mean navigating and using your credit union’s website or app is easy for most of your members.

With these improvements, bots and virtual assistants are now using the data they collect on member usage. This can show you exactly what areas customers need assistance with and allow you and your credit union to cater to those needs. You can also use the data to provide more targeted training to your employees based on customer search trends.

Conversational Use is More Effective

Did you know over 30% of the time, “people say ‘hello’ or some other personal greeting when they start interacting with a bot?” Human interface bots seem more human, so customers treat them that way.

The recreation of that “personal touch” human interfaces can replicate means credit union members feel more comfortable using the service, and they continue to reach out via digital assistant to perform many standard or low-level banking functions. This allows your employees more time to handle more difficult or intricate tasks.

The conversational experience in human interface technologies can also help enhance the user experience. It is easier for people to use a computer if they can talk to it. Think about how much easier it is to learn a new app or feature on your phone or smart device when someone is explaining it to you, versus trying to follow written instructions for use.  

Reliability

Human interface solutions are a 24/7 support staff for your credit union. After business hours or during peak customer traffic, your virtual assistant is always “on” and ready to assist, even if your employees are all already assisting customers.

Security

In the same way that online banking is usually very safe, banking operations being run through a bot or virtual assistant that has a human interface and multi-factor authentication also bolster cybersecurity.

Pandemic Health and Safety

Of course, one of the biggest reasons digital solutions like the human interface are getting so much attention this year is because of the COVID-19 pandemic.

Human interface, bots, and virtual assistants fill a very specific void your credit union members are experiencing right now: the need for touchless interfaces and the desire for human-centric service that still “maintains efficiency, security, privacy, and choice,” according to this Forbes article.

Take Your CU Tech to the Next Level

Digital solutions are the best way to differentiate your credit union from the rest and serve your customers using the most up-to-date technology.

From eStatements and eNotices to Web Loan Applications, Online Account Opening, and Trial Balance+, IMS Integration can help you serve your customers better with our elegant, member-facing solutions

Questions? Contact us today!


2020’s Digital Push May Mean Future Security Risks

 

In 2020, credit unions prioritized service over expansion. But creating new digital solutions for members and employees was a whirlwind of uncertainty and this year, leaders will need to stay extra vigilant when it comes to credit union cybersecurity.

Now, many credit unions are focused again on expansion. 2021 looks to be the year 2020 was meant to be, in terms of growth. For this to happen, however, credit unions must protect themselves from cybersecurity setbacks. Here’s why:

Credit Union Cybersecurity

Your credit union, just like any other financial institution right now, has likely checked and rechecked your credit union cybersecurity solutions and protocols in the wake of rising fraudulent activity and cyber breaches taking place all over the country.

Credit union IT professionals have been working tirelessly for the last year to ensure all firewalls and anti-malware programs are present and running on all devices in your network.

The good news is, in most cases, your credit union is at low risk of being breached through your many security systems and protocols. But there is a chink in your credit union’s armor – and it’s your employees.

The Chink in Your Credit Union Armor – Your Employees

Your employees are one of the best assets your credit union has – and unfortunately, they are also often inadvertently to blame for cybersecurity breaches.

According to Varonis, 95% of cybersecurity breaches are caused by human error. And in the last year, your employees have been thrown out of their element and into new remote and hybrid work models, which increases the chances of a breach.

Even if your employees are only performing their work on approved devices, it’s still vitally important to continue educating them on new threats and how to avoid them.

Sending alerts, reminders, and educational material about phishing (one of the top methods employees fall for when it comes to cybersecurity breaches) is a great way to foster a cyber security-minded work culture and bridge gaps in tech-based employee skills.

Some common features of phishing emails to look out for include:

  • Offers that seem too good to be true. Phishing emails often have some kind of amazing, lucrative deal for recipients or even include information about a product or prize you’ve “won.”
  • Sense of Urgency. The point of these emails is to entice readers to “act now” or “click here” in a short amount of time or they risk losing the “special offer.”
  • Hyperlinks. Cybercriminals often use hyperlinks to mask the real link they want you to click on. To see if a link is legitimate, hold your mouse over the linked text to reveal the real link you will be navigating to. Be careful and check for typos in the link, as many phishing emails say they’re taking you to a legitimate website like “yourbank.com” but if you look closely, the “m” is really an “r” and an “n” set together to trick you into thinking the link is legitimate.
  • Attachments. If you are not expecting emails with attachments, or the attachment seems odd, don’t click on it. These attachments may have viruses or other malware that are released upon opening.
  • Unusual sender. The cardinal rule of employee-based cybersecurity is this – if you aren’t expecting an email from someone, don’t open it – especially if it has any of the abovementioned hallmarks of a phishing email.

Kick Start Your Credit Union’s Digital Expansion

Keep your credit union moving forward. IMS Integration offers premiere solutions for Keystone users:

  • Corelation Solutions: Skip a Pay, Reward Checking, and Online Courtesy Pay+.
  • Infuzion: This powerful tool was developed to streamline complex functions without spending hours developing scripts.
  • Web Loan Applications: Loans are critical to your credit union’s success. Enhance your member experience by implementing our online loan applications system, which tightly integrates with KeyStone core.

If you want to explore our offerings further, or you have questions about our solutions, contact us today.


Digital Lending and Other 2021 Trends

 

Your digital banking solutions are under scrutiny, your member expectations are higher than ever, and your credit union has just come out of one of the toughest years in modern history. Let’s discuss how you’ll get a leg up this year by looking at the top digital and lending trends set to dominate 2021.

Until recently, banking institutions (and credit unions especially) were taking a conservative approach to digital transformation. But COVID-19 showed up and wrecked a lot of plans and protocols in a short amount of time, leaving financial leaders scratching their heads.

However, the new normal is here, and it’s not going anywhere. So what trends should you, as credit union leaders and employees, be pushing in the new year? Let’s break them down.

Digital Lending Solutions

Lending solutions are going to be a hot topic this year. With the amount of financial stress Americans and small businesses have been under since last March, expect to increase small ticket loan offerings. Focusing on low-dollar, short-term, “buy now, pay later” loans – often with zero interest rates – can fill some of the holes left by the 2020 economic downturn.

Lending also needs to go digital. This includes self-service and online options. With or without COVID, Millennials and Gen Z prefer to handle as much of their life and lifestyle as possible through remote channels.

It may seem strange, but these digital darlings are more likely to patronize your credit union if they never have to step foot inside it! This means creating and managing these online offerings as well as increasing machine learning and AI (artificial intelligence) capabilities.

There are many advantages of digital lending:

  • Optimized User Experience – digital lending programs put the power back in your customers’ hands.
  • Increased Efficiency – digital lending also streamlines the lending process and creates shorter turnaround times.
  • Digital Channels Mean More Analytics – when all of your lending information is stored and handled digitally, it gives you the opportunity to analyze all that data and create intelligent, tailored banking solutions for your members.

Small Business Relationships

Another focus area in the banking industry this year will be recapturing small businesses. Credit unions already set themselves up for success in this area last year by participating in PPP (Paycheck Protection Program) loans. The program helped many small businesses keep their doors open during this trying time. It also created an avenue for small-to-midsized banks and credit unions to lend to businesses that were ineligible for other big bank-sponsored programs.

‘Financial Health’ Focus

Financial health is going to be a heavily leveraged topic in 2021 as well because the COVID-19 pandemic has shown us all how badly financial unpreparedness can cripple our lives and economy.

Credit unions are in a great position to tackle this topic, however. Bigger banks tend not to offer comprehensive or tailored financial wellness and education resources. Credit unions have been doing that for decades already.

To take advantage of this trend, banks and credit unions will take advantage of virtue-signaling efforts to craft customer-facing messages that are more socially conscious.

These empathy-based messages will also cater to the direction of the changing White House administration.

Start Your Digital Lending Journey with Web Loan Applications

IMS Integration can help you create a seamless transition to digital lending and other online services:

  • Infuzion: This powerful tool was developed to streamline complex functions without spending hours developing scripts.
  • Web Loan Applications: Loans are critical to your credit union’s success. Enhance your member experience by implementing our online loan applications system, which tightly integrates with KeyStone core.

If you want to explore our offerings further, or you have questions about our solutions, contact us today.