Velera’s Post

Explore how credit unions of all sizes are adopting digital innovations to compete with traditional financial institutions! 💥💻 #CreditUnions #DigitalTransformation Dive deeper into this topic here: https://okt.to/Ws2mMy

Last week, the Government shared a series of updates related to Consumer Data Right’s (CDR) expansion to the non-bank sector, including a new target date for implementation. We have been monitoring this closely and with yesterday’s announcement that the CDR Action Initiation Bill (https://loom.ly/KvmkdUg) has been passed, we thought to share the key highlights. Assistant Treasurer Minister Stephen Jones, highlighted the Government’s commitment to making #ConsumerDataRight (CDR) work. Here’s what you need to know: - Timing: Rules and timing for non-bank lenders to become data holders are expected in early 2025 with an expectation that non-bank lenders will be live on the CDR by mid-2026. - Cost-reduction: Regular developments and enhancements to the CDR are to be streamlined into fewer releases, compared to approximately 5 per annum currently, to reduce costs for data holders.   - Use Cases: More focus on enabling use cases like loan origination, business accounting and energy switching.  - Regulation: A ban on screen scraping is a priority. - Empowering Consumers: Action initiation will be enabled at the right time, empowering consumers to change providers with less friction.  - Improved Conversion: A significant reduction in Consent UX standards is indicated, allowing consumers and businesses to share their data more easily to improve conversion.   To discuss the implications and how Cuscal can help, please reach out to Stefan Ellis [email protected] #FinTech #OpenFinance #DataSecurity #OpenData #CDRfornonbanklenders #CDR #Cuscal

Consumers now have extremely high expectations for the speed of decision-making in accessing and using financial products and services. How many customers expect a decision on the same day? • 74% for savings accounts • 67% for insurance applications • 55% for opening an investment account • 49% for loan applications 65% of consumers report that they would abandon signing up for a product or service online if it became too difficult or time-consuming. Find out more in CRIF’s latest report! https://hubs.ly/Q02_JMmm0 #BankingonBanks #CustomerExperience #CustomerService

We get to talk about all things SBA at the Massachusetts Banking Symposium. Strategies around SBA Lending and Best Practices!

BNM issued the Exposure Draft on Product Transparency and Disclosure on 29th February. It covers both banking and insurance/takaful sectors. https://lnkd.in/gWQ93qme With financial consumers facing increasing diversity and complexity when acquiring financial products, this creates a need for improved transparency and disclosure to ensure they are able to make informed decisions. With the growing use of financial products and services, consumers require relevant, timely, reliable, and comparable information to choose products that best suit their financial needs. This Policy Document lays down minimum requirements for consistent and comprehensive transparency to enhance information disclosure on financial products offered by financial service providers. It outlines the timing and content for disclosing information on financial products to consumers. The objectives of this Policy Document are to: a) Raise awareness and understanding of financial products offered by FSPs b) Ensure consistency in disclosing essential information on financial products for comparison c) Minimize mis-selling of financial products and ensure that products sold are suitable for the needs and financial circumstances of consumers. d) Promote informed decision-making e) Help financial consumers safeguard their best interests.

Come join us for a complimentary session on: Strategies for Small Business and SBA Lending, updates on 1071 and CRA Modernization, and how to help your small business customers with BOI filing.

ICYMI: The latest PYMNTS Intelligence and Velera report, "How Top-Performing Credit Unions Innovate to Stay Competitive," contains eight charts revealing how CUs are investing in innovation to meet and exceed digital-first consumers’ expectations. ➡️ Download the report: https://bit.ly/4fSmUnZ #CreditUnions #WeAreVelera #DigitalInnovation

There is no better time to assemble a collective industry brain trust 🧠 💡 on the topic of cash flow underwriting in consumer credit. There's a massive opportunity in more comprehensive underwriting and will define competitive advantage for lenders in the open banking era. This is a great forum to learn and set strategy for your organization.

The "How Top Performing Credit Unions. Innovate to Stay Competitive" report: Official Link: https://lnkd.in/guf4iXrn A new PYMNTS Intelligence report, produced in collaboration with Velera, dives deep into how credit score unions (CUs) innovate to keep members and appeal to new ones in a swiftly evolving financial services landscape. Key findings: - The most innovative CUs have more than double the #innovation readiness score of bottom performers, demonstrating their ability to offer the goods and functions members need. - Top CUs are twice as likely as average CUs to view huge tech and alternative #lending / #banking vendors as competition, highlighting their popularity that innovation is prime to staying competitive. - Faster onboarding and revolutionary offerings are noted as competitive blessings through over 50% of pinnacle CUs, as opposed to just 17% of backside performers. As digital-first consumers demand extra from their financial institutions, this record affords valuable insights for #CUs seeking to leverage innovation to drive boom and member satisfaction. Sam Boboev Arjun Vir Singh Maximilian Salomon Saleh ALhammad #creditunions #financialinnovation #competitiveedge

🚨What's the true impact of digital credit? Find out in our upcoming webinar on April 30! As digital credit expands in low- and middle-income countries, some hail its potential to drive financial inclusion, reduce poverty, and spur economic growth. But what risks are involved? What does it mean for consumer protection? Join experts Dan Cassara, Financial Inclusion Program Manager at CEGA, Ria Zapanta & Paul Adams of IPA, Silvia Prina of Northeastern University, and Ammar Khan from Creditbook Financial Services for“The Digital Credit Debate: Impacts, Challenges, & Lessons for Consumer Protection.” 🚀Register here: https://buff.ly/3Wk2Aox #DigitalCredit #FinancialInclusion #ConsumerProtection #InstantCredit