Congratulations to our 2014 Innovation Award Winners!

We all feel the strain of keeping up with the changing times.  Many credit union CEOs agree that attracting and retaining members is one of the top three challenges that credit unions face. In order to meet the ever-evolving needs of members, credit unions should rely on innovative solutions to add to their product portfolio. Innovation plays a crucial role in the credit union industry, which is why we recognize ingenuity and inventiveness  through the NAFCU Services  Innovation Awards. This year’s winners have created  outstanding innovations that help credit unions thrive in an increasingly saturated financial services market. They are:

Insuritas. The InsureNOW™ product was designed for credit unions with large member bases, big data CIF/CRM capabilities, and high member affinity levels. InsureNOW™ allows credit unions to provide highly customized, concierge-level insurance offers to their indirect borrowers at the very moment when the member intends to shop for insurance. The most innovative part of InsureNOW™ identifies insurance policy renewal dates for each member and generates targeted, automated pre-populated e-engagement communication to these indirect borrowers 30 days before their insurance policy renews.

DDJ Myers. The Board Performance Assessment was developed to meet the need to support credit union boards. The assessment is designed to guide boards in reaching their highest level of performance, and create a high standard of excellence between board and CEO, one of the most critical interactions within the credit union. The innovation lies in the assessment’s ability to make boards more cohesive and pinpoint critical areas where improvements could be made.

Burns-Fazzi, Brock. Their Executive Benefits Learning Series helps credit unions understand effective methods for executive compensation and benefits to help recruit, retain, and reward their executive team. Complex topics in executive benefits and compensation are broken down into tax, accounting, legal, regulatory compliance, funding, and administrative concepts allowing credit unions to increase their knowledge and gain free practical advice. The innovative series consists of monthly, free live webinars which are recorded and archived for future reference.

For a recap the of 2014 NAFCU-BFB Executive Compensation & Benefits Survey, register for this webinar on August 20.

Allied Solutions. UniTrac is a proprietary insurance tracking system that benefits credit unions by reducing the risk associated with collateralized loan portfolios. The tracking solution is completely workable online for credit unions through their client portal: CenterPoint. CenterPoint offers clients full access to insurance history and document images, letter notifications, customer service call notes, and claims. Lenders are able to view, work, print and download reports, submit claims, update required data fields and chat online with Allied representatives.

Join Sundeep Kapur as he discusses the future of credit unions in this week’s webinar.

A big thank you goes out to these companies and all of the other entries who continue to provide credit unions with innovative solutions that drive success.

Preferred Partners to Shine at the 47th Annual Conference in Las Vegas

Join the more than 1,200 credit union leaders, experts, and solution providers gathering next week at NAFCU’s 47th Annual Conference and Solutions Expo to discuss the most pressing issues impacting the industry. A wealth of education, innovation, and networking opportunities will energize you and your team and positively impact your operations and bottom line.

Be sure to schedule an hour on Wednesday afternoon to hear John Ulzheimer’s thoughts on Credit Scoring: Separating Myth from Reality. John, a nationally recognized credit expert, always gives fascinating insights on the credit union universe. This session, presented by VantageScore Solutions, is scheduled at 1:00 pm and repeats at 2:15 pm.

Many of our Preferred Partners will also be in Las Vegas to meet you and to share their innovations and solutions at 16 educational sessions outlined below. Note that many sessions will be repeated this year so you don’t have to choose. Download a schedule at a glance with times and room locations.

It’s not too late to join your colleagues in Vegas. Register for the convention here.

Debt: The Inheritance No One Wants

Originally posted on CUInsight.

Guest post written by Kristi Nelson, Second VP and Actuary, Securian Financial Group

Second VP and Actuary
Second VP and ActuarSecurian Financial Group

Have you thought about what would happen to your debt when you die?

When Securian Financial Group posed that question to 1,004 Americans of all ages in an online survey last September, nearly one third (31 percent) said they had not thought about it.

Lopsided personal finances

Among the respondents in Securian’s recent survey who hold debt as primary borrowers or cosigners, significant percentages could leave behind large financial obligations if they died. Twenty percent owe $100,000 or more. Forty-four percent owe $25,000 or more.

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What Keeps Credit Union Executives Up at Night?

Originally posted on CUInsight.

By Randy Salser, President, NAFCU Services

Download a complimentary copy of the “Grow 2020: Driving Effective Member Engagement” paper here.

Credit union executives are facing more challenges than ever.  In November 2013, Sundeep Kapur of Allied Solutions conducted a study on the challenges facing credit unions.  The purpose of the resulting report is to:

  1. Release survey results highlighting the top concerns of 547 credit union executives
  2. Introduce prescriptive ideas for addressing these concerns
  3. Explore where we are headed over the next seven years

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Why eChecks Are the New Way to Pay Your Business Bills

Originally posted on the Deluxe blog.

Deluxe Financial Services is the NAFCU Services Preferred Partner for Check Printing, Online Check Ordering, Check Fraud Prevention, and Member Loyalty Solutions.

You may have heard about the latest innovation in the world of electronic payments but do you really understand how they work and how they can benefit your business?

To answer these questions and provide a more in-depth look at eChecks and the electronic-payment space as a whole, Deluxe recently hosted a webinar featuring Chris Clausen, the company’s Director of Payments & Transactional Solutions.

His presentation, eChecks: The New Way to Pay Your Business Bills, made a number of interesting points regarding how eChecks provide businesses new opportunities for efficiency and cost savings, and how they offer capabilities other forms of electronic payments can’t match.

Here is a brief look at some of what was discussed and the questions answered:

What is an eCheck?

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