Deena Otto

👉 FREE EBOOK DOWNLOAD 👈 As #creditunions engage in their strategic planning sessions, they should consider what will really help them not just grow, but thrive, long into the future. Network Lending helps future-proof your credit union allowing it to more adeptly navigate market fluctuations and provide more flexibility with your liquidity management. #lending #fintech #strategicplanning #growth

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There are ~1.6 billion transaction accounts in the USA, including credit cards, debit cards, checking accounts, Buy Now Pay Later (#BNPL), Health Savings Accounts (#HSA), etc. There are ~1.7 billion mobile wallet users across platforms like PayPal, Venmo, Apple Pay, Google Wallet, Samsung Pay, and Square's Cash App. At least 5.125–10.25 billion payment credentials are stored across the economy—both knowingly (registered & retained for payment) and unknowingly (captured & processed through negative & positive files)—by retailers, recurring billers, subscription services, government agencies, credit/debit bureaus, networks, and other payment processors. Crone Consulting LLC independent estimates, no public disclosure by the companies mentioned. The Consumer Reports Financial Protection Bureau’s #CFPB recent move to regulate Google raises the question: Why start with Google? If applied broadly, the ruling should include any entity processing more than 50 million transactions annually while retaining card credentials. This includes government agencies like the Social Security Administration #SSA and the Internal Revenue Service #IRS. Consider these annual transaction volumes: Apple Pay: 60 billion PayPal/Venmo: 31 billion Google Wallet: 16 billion Amazon: 8 billion Medicare: 2 billion Social Security: 1.12 billion IRS: 550 million While the CFPB claims to protect consumers, private entities like Apple Pay, PayPal, and Google Wallet consistently outperform government services in customer satisfaction, as reflected in their Net Promoter Scores (#NPS): PayPal: 65 Apple Pay: 61 Google Wallet: 44 Amazon: 49 Medicare: 19 Social Security: ~10 (Estimated) IRS: ~5 (Estimated) Why doesn’t the CFPB start with the worst offenders, namely their own governmental brethren? Private entities lead in user satisfaction, while agencies like the SSA and IRS lag far behind—emphasizing the urgent need for oversight and modernization to fulfill their “protection” mandate. Please 📤 Comment 🗨️, react 👍, and 🔁 reshare Steve Cocheo’s article in The Financial Brand (no paywall). 👇 #innovation #technology #ecommerce #bankingindustry #shoppingandtheretailindustry #marketing #selfservice #retailers #mobiletechnology #mobilepayment #fintech #digitaltransformation #bank #banks #banking #digitalstrategy #payments #digitalinnovation #socialcommerce #artificialintelligence #ai

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Community banks and credit unions are gaining momentum in the credit card issuing space. To maximize the value of their new cardholders, these smaller FIs need a solid early month on book strategy. Download our tip sheet for essential EMOB truths and consequences for community issuers ➡️

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For the first time, RDFIs will have a defined role in monitoring ACH payments they receive. This significant development, approved by Nacha members, aims to combat fraud, including business email compromise (BEC), associated with credit-push payments. As Jane Larimer, Nacha President and CEO, points out, "All participants in the ACH Network have a part to play in reducing the incidence of fraud and recovering when fraud has occurred." Learn more in our April 2024 Innovating Payments Executive Summary— Nacha Rules Take Aim at Credit-Push Fraud: https://lnkd.in/ezsgudgX. Plan to join Sean Carter, AAP, APRP, Mark J. Dixon, CTP, AAP, APRP, NCP, Mary Morrison, AAP, APRP, NCP, CAMS, and Patty Presta for a comprehensive two-part series, "Diving Into the Operation Impact of the New ACH Rules," on May 31 and June 07, 2024, where they will delve into the implications of these new rules, offering insights on implementation, procedures, policy updates, audits, risk assessments, and organizational engagement. 🔍 Curious about engaging with third-party providers? 📝 Wondering about new procedures and policy updates? 🤔 Unsure about ACH audits or risk assessments? Get the answers by registering for Diving Into the Operation Impact of the New ACH Rules: https://lnkd.in/e7y73DN2 #ACH #FinancialServices #FraudPrevention #RegulatoryCompliance #ProfessionalDevelopment

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Looking to elevate workflow efficiency? Shastic's AI-Workflow-Automation platform is what your credit union needs to revolutionize operational efficiency and member engagement. Why Choose Shastic? -Streamline Processes: Automate to save time and minimize errors to focus on high-value tasks. -Enhanced Member Experience: Deliver personalized, digital-first services that exceed member expectations. -Drive Efficiency and Growth: Leverage predictive analytics for data-driven decisions, enhancing your competitive edge. -Seamless Integration: Effortlessly connects to your existing systems in minutes with minimal IT lift. 🔍 Transformative Impact From loan processing to member services, witness a tangible improvement in productivity, satisfaction, and ROI. Join the leaders who are already redefining the credit union industry with Shastic. 🌐 Schedule Your Demo Today Don't just keep pace with technology—lead the charge. Request your Shastic demo today and take the first step toward a smarter, more responsive, and member-focused future. https://hubs.ly/Q02Py-7B0 #AI #workflowautomation #efficiency #automation #creditunion #banking #workflow

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To all #CDFI #CreditUnions Worried About Losing Certification: The CDFI Fund's revised CDFI Certification Application WILL NOT result in the loss of your certification, if you contact us now. CU Strategic Planning was at the forefront of advocacy to ensure the revision had the flexibility for credit unions to maintain CDFI Certification. Since then, CU Strategic Planning has been actively working with over 100 credit unions to ensure their recertification success. This includes creating advisory boards, community development mission statements, providing product design insights and defensible justification of product attributes. Most powerfully, with the depth of that expert consulting (not available through a technology company alone), we took a giant leap forward by merging two leading organizations to create a profound alliance with Callahan & Associates, Inc. the national leader in data analytics for credit unions. CU Strategic Planning is now a Callahan & Associates company leveraging the power of the most trusted data system in the movement. As THE credit union CDFI certification experts, we are and have been for the last 16 years working to ensure every credit union serving people of modest means can attain and retain its CDFI Certification. If you believe you are in jeopardy of losing your certification, come to the experts. No one has certified more credit unions as CDFIs than CU Strategic Planning. Learn more: https://lnkd.in/gbvdeYpe Schedule a call: https://lnkd.in/gr_FemEV

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The ground credit unions occupy on the banking battlefield is under attack. With deep pocketed banks squeezing in on one side and fast-moving digital challengers on the other, the time for credit unions to act is now. But how did they get here and what do they have to do to start fighting back? We called on David M. Brear, Ewan Silver, and Benjamin Ensor to give us the answers in this latest episode of 11:FS Explores.

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What really matters for customers/members of any banking relationship, particularly #communitybanks and #creditunions, is that they feel like their FI has their backs. And the most important way to do that is for community FIs to provide products that show they understand their customers' and members' needs. That's the whole point of BaZing. It gives community FIs a great modern value-driven checking product that adds shopping discounts, cell phone protection, and much more to customers' and members' accounts for a low monthly subscription. And it's a lot more palatable than service fees. The best thing about BaZing (and BaZingBiz) is, any FI can get it up and running in as little as three months.

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The current challenges of ACH fraud require an industry wide approach. Download our new infographic, NACHA’s New Rules: What Your Institution Needs to Know, to learn how your institution can be prepared to respond to this evolving landscape. https://buff.ly/3zMrvbh

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To the likely surprise of providers of buy now, pay later (BNPL) financing, the #CFPB recently issued an interpretative rule stating that BNPL products are actually "credit cards" under the Truth in Lending Act and BNPL providers are "card issuers" and therefore "creditors" under, and subject to, Regulation Z. Scott Pearson, Bryan Schneider and Eric Knight explain the significance here:

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Harvard Federal Credit Union (HFCU) has always had a strong focus on member experience, carefully balancing the potential of new technology with what will work best for their organization. With the belief that members want self-service if it’s well done, HFCU was always waiting for something that would both improve their operational efficiency and cater to the needs of their members. In 2022, the launch of ChatGPT intrigued the HFCU team, seeing the potential of how to get ahead of the competition. Learn how HFCU adopted AI and prepared for a successful implementation: https://hubs.ly/Q02QC1KT0 #ClientStory #CaseStudy #ClientSuccess #AI #HFCU

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The #CFPB issued an interpretive rule describing how lenders issuing digital user accounts to access credit are also “creditors” subject to subpart B of Regulation Z. The rule makes clear that lenders issuing BNPL products and other digital user accounts to access credit will be regulated like credit card providers. Read more in this #clientalert: https://ow.ly/8IYm50RTU3w #legalnews

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Post 9 of Our Series: Why Do Consumers Still Call? 📞 Why Do Consumers Still Call? We Want to Hear From You! As we near the end of our multi-post series, we’re curious: ➡️ Did we miss any reasons why consumers still call their bank or credit union? ➡️ Why do you think consumers continue to pick up the phone instead of relying solely on digital channels? ➡️ Do you believe phone calls will phase out with younger generations, or will telephony remain relevant? ➡️ Is telephony customer service worthy of your attention in 2025 and beyond? We’d love to hear your thoughts, perspectives, and predictions. Let’s start a conversation! 📧 Email us at: [email protected] #ConversationalAI #CommunityBanks #CreditUnions #AI #CustomerExperience #MemberExperience #AIinBanking #Fintech #DigitalTransformation

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KBRA released a report that examines how some #creditunions are turning to the ABS market. Credit unions have traditionally sourced funding through member deposits, wholesale borrowings and, to a lesser extent, through #loanparticipation sales and alternative sources such as repurchase agreements and committed lines of #credit. Read the full report here: https://lnkd.in/euADmnVb | #assetbacked #insightfulresearch

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In December 2023, the Treasury released new guidelines for #financialinstituions to become certified as a #CDFI. We’ve written a blog post to share the basics of the new guidelines and what they mean for your #creditunion or #bank (https://lnkd.in/gqPAM5eq). If you’re looking to chat about the CDFI certification process or want to learn how we can help you get certified, shoot us a DM or email [email protected]!

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Preventing ACH fraud in isolation is almost impossible. Institutions need to harness the collective power of the industry to better protect against evolving ACH fraud threats. Learn how a consortium approach to payments fraud can help your institution protect yourself and your customer from falling victim to sophisticated scams. Download our infographic, NACHA’s New Rules: What Your Institution Needs to Know, to learn more! https://buff.ly/3zMrvbh

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Bank and Credit Union CEOs Reveal Top Priorities in Annual Survey https://lnkd.in/eCvXUAGS #CreditUnions #CreditUnion #banking #financialservices #survey #ceo Jack Henry

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