If there was one key takeaway from THINK 18 it’s that there is no shortage of things keeping credit union leaders up at night. The “Race to Excellence” is an ongoing battle and one that will continue to challenge credit unions to think outside the box. We shared our 7 strategies to accelerate digital transformation, which chronicles CO-OP’s digital transformation journey and what we’ve learned in the process.
In this week’s must-reads, we explore some of the topics overheard at THINK as critical challenges for the future of the credit union movement. We revisit the expanding role that machine learning is playing in the credit union space, hear more news about the importance of contactless payments and unlikely partnerships. We also share a piece on the role credit unions are playing in pioneering digital innovation, as well as a new survey that reveals credit unions may not be doing enough in the data analytics space.
Want to catch up on THINK 18? Check out our top 3 takeaways and this roundup of THINK coverage.
CO-OP Boosts Fraud Security to Credit Unions
As fraud patterns continue to grow and become more sophisticated, AI and machine-learning will be critical. At this year’s THINK we unveiled COOPER, CO-OP’s new data-driven platform for applying machine learning to the fight against fraud. Learn more about how COOPER will roll out – first across CO-OP’s Shared Branch network, then for card-based transactions – to keep CO-OP’s 1,800 client credit unions on the forefront of fraud security.
Fighting Our Love-Hate Relationship with Contactless Payments
Contactless payments are on the rise globally, but what about here in the U.S.? Will U.S. consumers convert to contactless in the near future – and what’s in it for credit unions and other card issuers if they do?
Why Banks Are Turning to Fintech for Help
What’s behind the trend of fintechs and FIs partnering up? Upstart tech companies and established financial institutions have much to gain from collaboration and may even achieve a kind of symbiosis when the conditions are right.
How Customer Demands Have Pushed Finance to Evolve
It is news to no one that digital technology is not only changing the way we bank, but the financial services industry as a whole. Who led the charge in making this shift back in the 1990s? Surprise: Stanford Federal Credit Union. And since then, credit unions have shared a tradition of responsiveness to member demand that could serve them will in the new digital era.
Credit Unions Are Way Behind the Curve on Data Analytics
According to a recent study from Best Innovation Group and OnApproach, 45% of credit unions don’t have a data analytics strategy in place. “FIs, including the largest CUs in the U.S., are investing heavily in data strategies and analytics and are now seeing increased membership growth, loan originations and digital brand/marketing awareness,” according to Kirk Kordeleski, senior managing partner at Best Innovation Group. How many credit unions are actually ready and able to execute?
And start planning for THINK 19, May 6-9, 2019 in Miami, Florida. Take advantage of the early bird rate of $999 until October 31, a 50% savings.