With the recent spate of community bank purchases by credit unions — more than a half-dozen so far in 2018 — a possible new trend is emerging that offers additional ways to capture market share and expand member benefits. Whereas community banks and credit unions might serve similar consumers, especially in rural communities, the unique ownership structure of the cooperative model can make these unlikely pairings more attractive to both sides. Learn best practices from three such acquisitions.
Read: "3 Stories Of Bank Acquisition."
In the age of Apple’s Siri, Google’s Alexa, Microsoft’s Cortana, and Bank of America’s Erica, it’s easy to think that personal interactions have gone the way of the dodo. But AI-based assistants and chatbots can only go so far in resolving member service issues. Live employees handle the lion’s share of member complaints at Community First Credit Union of Florida. In fact, the credit union counts more than 400,000 member interactions each year. Learn more about how the credit union's members respond to a human touch — and ear.
Read: "Trigger Words And Complaint Resolution At A Florida Credit Union."
Analytics has been a major topic for some time among credit union strategists and is only growing in importance. Meanwhile, using analytics ethically has come to the fore globally, with the May 25 go-live date for the General Data Protection Regulation by the European Union. The GDPR might not directly impact credit unions that don’t have members in Europe, but it’s a new bar for such things as reporting data breaches and obtaining consent for data use. See four ways the movement's leaders have discussed using member-focused data.
Read: "4 Ways To Turn Data Analytics Into A Credit Union Differentiator."
As of March 31, 2018, credit unions held $4.0 billion in private student loans. That’s up 14.0% from the first quarter of 2017. Credit unions are increasingly adding student loans to their portfolios as the movement works to provide affordable credit to young borrowers. But how much do you know about this portfolio? Take our industry quiz to find out.
Read: "How Many Credit Unions Make Private Student Loans?"