Originally posted on forwardbanker.com.
Guest post written by Nick Buri, Fraud & Payment Solutions Manager, Deluxe Corporation.
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”Life is 10 percent what happens to you and 90 percent how you respond to it.”
This famous quote from Lou Holtz, a college football coaching legend, applies to your role in helping your small business customers with the problem of fraud.
Fraudsters are increasingly targeting small businesses. Consider these statistics: (1) 95 percent of all VISA credit card data breaches involve small businesses, (2) 73 percent of small businesses were hit by a cyber attack in 2011.
Why are small businesses an attractive target? Read more
For any business, trust is key for retaining customers and attracting new ones. For credit unions, establishing trust is even more important because you are dealing with very sensitive issues—their money and their future. And we’re not just talking about convincing members to entrust us with their deposits in share draft or savings accounts. We ask our members to look to us for everything from financial planning and wealth management to lending to insurance related solutions, all of which drive revenue.
But building a trusted advisor relationship with your members on all things financial is easier said than done. Luckily, credit unions have a head start when compared to banks, not having to dig ourselves out of a ‘trust black hole.’
Many aspects of the credit union business model and brand just naturally lend themselves to building trust—putting members first, our service mentality, and so on. There is always room for improvement, though, so how would a credit approach building an even greater level of trust with their members?
Innovation can be hard to define, but you can think of it as “the successful application of new ideas.” ‘Application’ is the key word there – new ideas are the easy part – figuring out which are the good ones, and then applying them successfully, is more difficult.
So innovation is more than just an academic exercise or a tally of patents. The application of a new idea in the real world leads to new products, services, processes, systems, or attitudes that improve something or add value. With all of the changes that are occurring in financial services generally, and in the credit union business model specifically, being (and staying) innovative is more important than ever.
Every year at the NAFCU Annual Conference we recognize the very best innovations among our Preferred Partners that help credit unions thrive in an increasingly crowded financial services marketplace with the 2012 NAFCU Services Preferred Partner Innovation Awards.
We had another exceptionally competitive field of entries this year, and the difficult task of judging was undertaken by the NAFCU Services Advisory Committee, which is composed exclusively of credit union executives. I didn’t envy them in the challenge of picking the winners, and greatly appreciate their bringing a real-world perspective to the value offered by the innovations. No surprise as to what is top-of-mind – all three winners have solutions that help credit unions with marketing and growth. Read more