Top Innovative Solutions Recognized at NAFCU 48th Annual Conference and Solutions Expo

The winners of our annual Innovation Awards competition, recognizing outstanding innovations that help credit unions thrive, have been revealed! This year’s Innovation Award winners are preferred partners Insuritas, MasterCard, and Q2.

2015 Innovation Award Winners: Insuritas, MasterCard, Q2

“Our partners set a high standard for innovation geared toward driving credit union success,” said Randy Salser, president of NAFCU Services. “This year’s winners provide innovative solutions that help credit unions stay competitive, while delivering exceptional member service.”

Insuritas for EasySTREET
EasySTREET is the first technology solution of its kind. It extracts data from a credit union’s core, its loan origination system, any credit union CRM or CIF platforms, and supplemental data from TransUnion or Lexis Nexis. It compiles a master auto or home insurance policy application on behalf of the member without ever bothering the member with questions. The technology then automatically solicits bids for auto and home insurance coverages from multiple insurance carriers in under 2 minutes. These prices are then compiled in a personalized email that is sent to the member. The member sees up to four bids from A-rated carriers, ranked by cost. For the first time, the credit union can actually do the insurance shopping for the member without ever bothering the member. For more information about Insuritas’ products and services, visit www.nafcu.org/Insuritas.

MasterCard for Identify Theft Resolution
The Identity Theft Resolution Benefit solution provides credit union members with the ability to monitor the “dark web” and receive tailored alerts about their personal information. Additionally, MasterCard offers free identity remediation services to members who are victims of identity theft. This service will provide more peace of mind to members and will help credit unions reduce cardholder attrition due to security concerns. MasterCard is the only payment network that provides a service like this to all U.S. cardholders. For more information about MasterCard’s products and services, visit www.nafcu.org/MasterCard.

 Q2 Holdings for the Q2platform
The Q2platform gives credit unions the ability to serve their members’ online and mobile banking needs via a single, secure virtual banking solution. While the Q2platform in and of itself is an innovation, perhaps the single most innovative attribute of the platform is its integrated, patent pending security component, RFA (Risk Fraud Analytics). By having a holistic view of end users’ activity, the behavioral profiling algorithms that undergird Q2’s RFA solution are able to build a comprehensive picture of a member’s virtual banking habits. This vital feature makes it far easier to detect anomalous behaviors that typically precede fraud and to stop suspect transactions in real-time—before any funds have been compromised. For more information about Q2’s products and services, visit www.nafcu.org/Q2.

Representatives from Insuritas, MasterCard, and Q2 accepted their awards on Tuesday, June 23rd at a private VIP reception at the Musée Grévin in Montréal.  Join us in congratulating this year’s innovation award winners!

For a complete schedule of conference events, visit www.nafcu-annual.org. For up-to-the-minute information on the conference, follow the #NAFCUAnnual hashtag on Twitter.

Financial Calculators Can Multiply Your Credit Union’s Reach

CULookup Financial Calculator via SmartphoneAlthough Financial Literacy Month officially occurs in April, your members are looking for ways to manage their financial futures throughout the year. Obvious statement? Perhaps, but it’s important to note that regardless of the day or month, your members are continuously looking for practical tools and resources to help plan and set goals to maximize their financial well-being.

Offering financial calculators on your credit union’s website is a huge added value for members and is an easy and quick way to extend your credit union’s reach and create a channel to attract new members.

Deliver Personalized Financial Guidance 24/7

Many people use online financial calculators to estimate mortgage amounts they can obtain, evaluate how long their retirement savings will last, or determine the amount of time it will take to pay off their credit card balance. And, the great news is that your members can access this valuable set of tools any time of day and on any device. Members should think of your credit union as a resource for financial guidance. Offering financial calculators on your website is a great step to take in order to enhance your reputation for helping individuals manage their financial health.

Offer Member and Mobile-Friendly Online Resources

Be sure that your credit union website offers financial calculators that are member-friendly, and more importantly, mobile-friendly.

On April 21st, Google re-programmed their search algorithm to reward websites that are fully optimized for mobile platforms with higher rankings. This change will undoubtedly have a profound effect on search listings, thus confirming that responsive web design is now a best practice for websites.

Give Your Website a Valuable Boost in Visitors

By offering mobile-friendly online financial calculators to your members, your credit union will inevitably see an increase in website traffic.  Don’t forget to track these visitors!  You’ll want to answer questions such as, “What is my most popular calculator?”, “How many unique visitors are my calculators attracting?”, and “What is the total number of calculations occurring?”  Tracking this type of visitor data will lead to greater insights and better reporting.

Ultimately, driving more visitor traffic depends on the call to action issued on your website. The call to action is the component of your marketing message that directs your audience toward the obvious next step you would like them to take.  You may direct your audience through a banner or button click or a request to complete an online form.  A call to action could be the differentiating factor between a website visitor and a converted new member.

CULookup Call-to-Action Home LoanIf you overlook the importance of a strong call to action, you will miss an opportunity to showcase the value of your credit union’s products and services. And, a missed opportunity could be a lost opportunity.

View Financial Calculators as Strategic Tools

By viewing your online financial calculators as strategic tools rather than just a standard element that resides on your website, you can enhance the value that these resources generate for both your members and your credit union.

Take advantage of the financial calculators that were developed specifically for credit unions and their members, by visiting Financial CalCUlators powered by CULookup.com  or contact info@culookup.com for more information.

CULookup.comFinancial CalCUlators powered by CULookup.com offers 30 financial calculators developed specifically for credit unions and their members.  Calculators are mobile-friendly and support custom call-to-action banners to direct users toward a next step after any calculation. Financial CalCUlators are free to NAFCU members and offered to non-NAFCU member credit unions for a nominal fee.

The latest release of Financial CalCUlators powered by CULookup.com will be unveiled on June 23rd at the NAFCU 48th Annual Conference and Solutions Expo in Montréal.  New features of the release include a responsive design to ensure that all calculators are mobile-friendly and custom call-to-action banners that direct calculator users toward the obvious next step after any given calculation.   Financial CalCUlators offer 30 embeddable financial calculators specifically developed for credit unions and their members. For more information on the new release, visit CULookup’s exhibitor booth in the Preferred Partner Pavilion during the conference.

Prepare Your Credit Union for Changes in HMDA Data Collection Rules (Part 2)

Prepare Your Credit Union for HMDA ChangesBy Edward Kramer, Executive Vice President of Regulatory Affairs, Wolters Kluwer Financial Services

In part I of this series, the new data fields that the Consumer Financial Protection Bureau (CFBP) seeks to collect for more HMDA reporting transparency and timeliness and concerns about potential misinterpretation of newly collected data was addressed.

To wrap-up, we will consider the known and unknown factors related to this regulatory change and conclude with a list of key tips you can use to prepare your credit union for these pending changes.

Imminent Compliance and Technology Challenges Are Clear

Although most industry observers expect issuance of the final regulation sometime in 2015, we don’t yet know which specific data fields will be included, nor the amount of time institutions will have to prepare before the requirements go into effect. We also do not know if or how much of any additional data collected will be made public by the regulators.

Protecting the privacy of personally identifiable financial information should be a priority. The inclusion of items such as credit scores, borrower age, and other personal data may raise legitimate privacy concerns, particularly if it becomes possible to identify a specific consumer by combining the new data with other publicly available data.

Despite the unknowns, one thing is certain:  the extent and breadth of the proposed new data collection fields will be considerable.  They will impose significant regulatory compliance and information technology challenges on mortgage lenders.

How Your Credit Union Can Prepare

Whatever requirements are ultimately adopted, lenders will need to evaluate their current data collection capabilities, identify gaps, and make needed investments to be compliant.  What impact will this have for your credit union’s staffing decisions, training, vendor support, and technology infrastructure—and how can you begin to prepare for these changes?

While the specifics have not yet been announced, you needn’t wait before initiating some preparatory action: 

  • Plan now for the increased data capture requirements and remember that data integrity is essential
    The changes coming will be sweeping and broad, impacting your organization in many ways. Minimally, these changes will include all new data fields outlined in the Dodd-Frank legislation—and likely, many if not all of the CFPB’s additional proposed data fields—so make sure your preparation is underway.
  • Identify all lines of business impacted by the HMDA changes
    Determine how you will organize these lines of business so that your efforts are coordinated. Ensure that all individuals responsible for implementation are connected and developing a plan of action so your organization is as ready as it can be once the final rules are announced.
  • Identify and prepare for any needed staff training
    Determine what your enterprise methodology and approach will be to manage the implementation. It’s never too early to start planning when it comes to staff training.
  • Strengthen and bolster your analytics capabilities
    The last thing you want is to submit data to the government that you haven’t already fully analyzed.  Given resource constraints, lenders might be best served in outsourcing their data analytics needs to a capable vendor.  But, whether you manage this function internally or through a third party, know the implications of that data for your organization—and how you plan to go about addressing any problems found in the analysis.  You don’t want others analyzing and interpreting your findings in advance of conducting your own comprehensive review.
  • Conduct a root cause analysis on questionable cases
    If your analyses uncover indicators of potential disparate treatment or impact of protected classes, conduct a root cause analysis to determine the extent of the problem and what is causing it. Then fix it.

Accept the fact that whatever implementation timeline is ultimately defined, the transition time for Tim Burniston EVP Wolters Kluwer Talks HMDAmanaging a regulatory change of this magnitude can never really be sufficient. But with some thoughtful and concerted advance preparation, you will be best positioned to ease some of the challenges in transitioning effectively to the new requirements.

Watch and share this short video of Tim Burniston, Executive VP at Wolters Kluwer, speaking about 4 key ideas to prepare for HMDA changes: New HMDA Fields Coming – Are You Ready?

Wolters Kluwer Financial ServicesWolters Kluwer Financial Services is NAFCU Services Preferred Partner for consumer and member business lending and deposit services. For more information on Wolters Kluwer’s products and services, visit http://www.nafcu.org/wolterskluwer/