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Back to Basics: Mitigating Money Laundering Risk in Credit Unions
Strategic outsourcing: A modern approach to credit union lending
Strategic outsourcing transforms credit union lending by addressing staffing challenges, enhancing member service, and embracing technology. Many credit unions face recruitment and retention issues, making outsourcing an appealing solution to manage workload fluctuations and avoid employee burnout. By outsourcing lending tasks, internal staff can focus more on member interactions, improving service quality. Keep reading to learn more from Origence.
Credit Union Earnings Remain Strong Amid Slower Loan Growth
Credit union earnings are strong despite loan growth slowing to below 2%. Members spend less, and credit unions hold higher loan rates to manage risk. Delinquencies and charge-offs have increased, but performance remains solid. Understanding loan portfolios, especially in vehicle loans, is essential. While term certificate growth continues due to competitive pricing, the overall cost of funds has risen. Credit unions are effectively managing loan and deposit pricing, maintaining net interest margins around 3%. Keep reading to learn more.
Securing Your Online Accounts – Phishing Red Flags to Share with Your Members
Take advice from the experts at Stickley on Security and Millennium Corporate Credit Union to understand the importance of recognizing phishing red flags that can help protect your online financial accounts. Key red flags to watch include checking the sender's email address for discrepancies, being wary of messages that create a sense of urgency, spotting poor grammar or spelling, and verifying any offers that seem too good to be true. To learn more, keep reading.
Payments Index November 2024: Holiday Spending Season Starts Strong in the Goods Sector
In the November edition of the Velera Payments Index, consumer card spending showed improvement in October. Debit purchases increased by 5.1%, while credit purchases rose by 0.7%. Consumer confidence surged significantly in the lead-up to the presidential election, although job growth remains stagnant. As the new year approaches, credit unions are encouraged to focus on acquisition strategies and member engagement while managing elevated credit card delinquencies. Keep reading to learn more from Velera.
Essential Budgeting Skills for College Students
Budget management is crucial for college students as it prepares them for financial independence. To manage their finances effectively, students should adopt critical strategies such as setting clear financial goals, understanding their income sources, identifying and prioritizing expenses, using credit responsibly, repaying loans while still in school, saving regularly, and developing positive financial habits. Continue reading to learn more from LendKey about how budgeting can benefit college students in the future.
Loan Participation Choices: Direct Placement or Automated Platform
Loan participation is a strategic tool for credit unions to manage their loan portfolios, diversify risk, and enhance liquidity by selling portions of loans to other institutions. Sellers can choose between two primary methods: direct placement, which offers a personalized approach with specific buyers, and marketplace platforms that increase visibility and reach a larger pool of potential buyers. Catalyst provides both options; keep reading to learn more.
ATM Crime: How to Help Prevent It
ATM-related crimes, including skimming and attacks on personnel, have spiked by a concerning 50% in the U.S. over the last three years. It's imperative to act now to safeguard your ATM fleets. Keep reading to learn about crucial security strategies that can significantly strengthen your defenses, expertly presented by Dolphin Debit.
How CBS Helps Credit Unions Launch Commercial Real Estate Lending Services
Cooperative Business Services (CBS) offers expertise to help credit unions expand into commercial real estate lending. They assist in evaluating tenant financial stability, conducting market analysis, and reducing risks. CBS helps credit unions create safer and more profitable lending portfolios. Keep reading to learn more about their tailored services for launching Commercial Real Estate Lending Services.
Top 7 Payroll Mistakes to Avoid and How You Can Prevent Them
Managing payroll efficiently is vital for every employer. Mistakes in payroll can lead to serious consequences, from disgruntled employees to potential legal troubles. Fortunately, with the right knowledge and systems in place, most payroll errors can be easily avoided. Read on to uncover the top seven payroll mistakes and actionable strategies to prevent them, brought to you by OneDigital.
Cybersecurity and AI: Pros and Cons
Online security poses daily threats to financial institutions globally. AI is transforming cybersecurity by enhancing threat detection and automating tasks, but it also enables cybercriminals to launch advanced attacks, such as tailored phishing schemes and AI-generated malware. Catalyst addresses these challenges with AI-driven security measures and promotes digital privacy awareness among stakeholders. While AI offers powerful cybersecurity tools, financial institutions must balance its benefits with potential risks. Keep reading to learn more.
Streamlining success: The power of automation
As credit unions navigate a rapidly changing financial landscape, automation is critical to delivering seamless, digital-first member experiences. Member expectations for instant service necessitate quick online applications and immediate decisions, making automation a crucial differentiator. Continue reading to learn more about the key advantages of automation.
The Future of Auto Financing: Credit Union Lending and Automation
In auto financing, speed and accuracy are crucial. Delays can lead customers to seek quicker loans elsewhere, making technology essential for credit unions. Currently, 63% of lenders report that manual processes can extend auto purchases beyond 30 minutes, causing significant funding delays and errors. Learn more about how the partnership between Origence and Informed.IQ can help change the landscape.
Mortgage-Backed Securities Double-Edged Sword
Mortgage-backed securities (MBS) can offer higher yields but come with associated risks, such as interest rate and liquidity risks. Credit unions must balance these factors through robust Asset Liability Management (ALM) practices. Keep reading for more information on how Catalyst can assist.
Document processing automation: Fewer manual reviews, more happy dealers and members
Document processing automation (DPA) uses technology to expedite loan funding for credit unions, improving the experience for buyers and dealers. DPA reduces manual tasks, enhances efficiency and accuracy, and strengthens dealer relationships. Origence's DPA solution, in a strong partnership with Informed.IQ, offers credit unions a reliable and streamlined approach to processing and funding indirect loans.
Protect Yourself from Phishing Scams at Your Credit Union: 8 Steps to Better Security
Email phishing scams have increased since the mid-1990s and have become even more prevalent due to the coronavirus epidemic. Phishing attacks are a severe threat, with 96% of them arriving via email, according to a study by Tessian. To protect yourself from phishing scams at your credit union, keep reading to learn eight steps to better security.
Unlock Growth by Harnessing the Power of Digital Lending
The modern consumer expects quick and easy experiences in all aspects of life, including financial services. This includes acquiring a new credit card. While many credit unions have updated their in-branch and contact center processes to meet these demands, digital account opening and credit card loan origination still present challenges. This can lead to consumer dissatisfaction. This post by Scott P. Young, SVP, Emerging Services, Velera, will explore the market landscape, expectations, and opportunities around consumer loans and discuss how credit unions can stay competitive in the digital-first world.
Four Strategies to Optimize Your Decisioning
Today’s consumers expect quick credit decisions, and delayed approvals can result in lost opportunities. To stay competitive, financial institutions need to optimize their decision-making processes. Embracing advanced strategies such as AI, configurable decision engines, customized credit offers, and enhanced fraud tools can help credit unions approve creditworthy applicants in real time, leading to increased revenue and improved efficiency. Learn more with Origence.
Uncovering Use Cases for The FedNow® Service
Mark Keeling, Catalyst Senior Manager, Payments Strategy & Product Innovation, discusses various use cases for the FedNow Service and provides insight into the future of faster payments strategy. The discussed categories include Account-to-Account (A2A/P2P), Business-to-Consumer (B2C), Consumer-to-Business (C2B), Business-to-Business (B2B), and Government Sponsored Enterprises. Second in a series, this is a discussion of use cases and information helpful in forming a faster payments strategy for your credit union.
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The Trifecta of Member Growth: Unleashing the Power of Marketing, Sales, and Service Alignment
Experience the power of the Trifecta of Member Growth, where marketing, sales, and service unite to propel credit union growth. Together, these departments can deliver superior leads, boost conversion rates, elevate member experience, uncover valuable insights, allocate resources strategically, and enhance communication. Let Millennium Corporate and Burditt Consulting guide you through this transformation.
Choosing a FedNow Service Provider? This Guide Should Help
Catalyst offers assistance and guidance for credit unions seeking to join the FedNow Service. Its strong team has expertise in faster payments, and it aims to make the onboarding process as smooth as possible for its partners. Through its user-friendly portal, CatalystPay, Catalyst provides support in understanding the Federal Reserve paperwork, initiating the service, and facilitating settlement.
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