Examine Your Mobile Strategy for 2013

Originally posted on CUInsight.com

Guest post written by David Hilger, SVP Information Technology, Allied Solutions

Articles about mobile banking are popping up everywhere – from the Wall Street Journal to American Banker, in local papers, and on technology and finance blogs. Think more broadly – don’t ask yourself whether or not you have mobile banking. Consider where you’d like your mobile strategy to take you.

What are your members asking for?

There are, perhaps, many things you are hoping to offer your members: mobile banking that allows them to check their balance or transfer funds; remote deposit capture; ATM or branch locations or mapping; straightforward “contact us” options or maybe a more robust self service capability. People appreciate these tools, and are increasingly likely to expect such offerings from their bank or credit union and often consider these when selecting their financial institution.

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The Traditional Branch Concept Is Under Attack. How Do You Respond?

Originally posted on NCR Corporation’s blog

Guest Post By Josh Linder, Director, NCR Business Consulting

Popular press has argued that the branch is obsolete and that consumers are shunning the branch. Traditional financial products are being replaced with prepaid cards as cited in the Wall Street Journal.

Coming out of the great global recession, the key challenge facing banks is that non-interest expenses (NIE) are difficult to contain in the face of a changing consumer, and the emergence of new entrants into the banking sector (notably the growth of credit unions and virtual/online banks).

Branches are expensive to operate, yet they have been proven to be the best channel for sales and customer retention. There is no better place for meeting face to face with clients to provide advice, deepen the relationship, and sell high margin products. The key to success is reinvention of the branch to meet the needs of the new tech savvy consumer who has grown skeptical of traditional banks.

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Happy holidays and…tax reporting for IRAs, HSAs and ESAs?

Guest post written by Paul Kern, Manager of Instruction at Ascensus

It’s that time of year again! And no, I’m not talking about the holidays and gift giving. In fact, the timing has more to do with a little bit of ‘bah humbug’ in the form of 2012 IRA, HSA, and Coverdell ESA Tax Reporting. = )

Nobody likes to be the Grinch, and a little preparation today will help make the process run smoothly and let you save the Holidays!

The overall process is deceptively simple:

Get Started

First, make sure that your credit union knows the important dates for this reporting. Knowing the deadlines to report IRA/HSA/ESA information to the IRS and your IRA/HSA Owners or ESA Designated Beneficiaries will aid in planning your work load over this busy season.

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Banking is not a place we go anymore, it’s something we do.

Originally published on CUinsight.com.

Last week I had the pleasure of attending an eye-opening lecture from one of the financial services world’s most innovative thought leaders, Mr. Brett King, author of Bank 2.0, at the 2012 NAFCU CEOs and Senior Executives Conference.  It was interesting to see the reactions of a room full of credit union executives as he explained why the basic principle that many of them have built their credit unions on – that a physical branch is essential to growth and stellar service – is no longer a universal truth. Brett’s point was that computers, smart phones and the Internet have fundamentally changed the behavior of members. That is, how you take care of your financial services is becoming far more significant than where you take care of your financial services.

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Carpe Diem – Living in a Post-Durbin World

The NAFCU CEOs and Senior Executives Conference this week has featured some outstanding presentations, including noted management guru John Spence (author of “Awesomely Simple”) and financial services expert Brett King (author of Bank 2.0).  But for me one of the more meaningful presentations came from Royal Cole, Vantiv’s Financial Institution President.

Last year everyone was uncertain about the impact of the Durbin amendment and the myriad of other new financial services regulations.  Flash forward and we now have a sense of what the future landscape is going to look like, which means that credit union executives should be assessing how (or if) their strategic plans need to change to adapt to the new reality.

Royal’s presentation was focused on precisely this point – titled ‘Carpe Diem – Living in a Post-Durbin World,’ it zeroed in on the growth opportunity facing credit unions today, and more importantly what we need to do to take maximum advantage of it.

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