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    5 must-read articles for credit union leaders

    August 10, 2021

    If you're anything like us, then you’re always looking to catch up on the latest trends in the financial services industry.

    Learning what's going on across the sector — from the latest fintech trends leading digital transformation in Canada, to the cybersecurity landscape — is essential to keeping your credit union head of the curve. We've compiled a list of our top five recent reads that we think every credit union leader should check out, keep reading to find out more.

    Frictionless Payments Evolve Post-Pandemic

    Payments are a hot topic within the credit union system right now, and payments processing hardware is having a bit of a renaissance thanks to quick pivots in payment options that had to be made as a result of the pandemic and the need for touchless payments.

    This article from Street Fight is a quick read that covers how the market is shifting the role of traditional point-of-sale systems, as consumer demand for contactless payment and frictionless payment options continues to grow.

     

    The future of payments is moving toward automated checkout technologies, and there are even exportations of sci-fi-esque biometric payments taking place.

     

    Mid-section of customer making payment through payment terminal at counter in cafx92xA9

    Make Change that Counts: National Financial Literacy Strategy 2021-2026

    The Financial Consumer Agency of Canada (FCAC) recently released the federal government's 5-year plan to improve financial literacy for Canadians. 

     

    This is an long (but important!) read for credit unions to consider the role financial institutions can play in helping to educate people and increase their own members' financial literacy. 

     

    As digitalization of the financial marketplace continues, and Canadians are still recovering from the financial disruptions that came alongside the pandemic, a plan for better financial resiliency for both individuals and enterprises is a necessary step toward economic recovery.

    Creating the Future of Work: From Trauma to Opportunity 

    This article lends an interesting perspective on how "the corporation" as we know it will be permanently changed as a result of the pandemic. Many organizations are already seeing this shift, as more and more workplaces move to hybrid workplaces when considering their back to office plans. 

     

    People have embraced technologies that, pre-pandemic, were secondary to in-person meetings. There is more open-mindedness about the feasibility of distributed teams, and many people have realized that the daily commute is highly overrated. 

     

    All of this is causing organizational leaders to rethink how they operate, and changes to workplace environments are being driven through a bottom-up approach as employees seek greater flexibility for their employers into the future.

    These changes present an opportunity to reevaluate how we work through a move collaborative approach.

     

    Woman working with laptop computer at night

    A Quick Guide to Credit Union Member Acquisition Costs

    This is another fast read that gives a glimpse into how credit unions can figure out their average cost per customer (CPC/CPA). 

     

    Having an idea of what it costs to acquire a new member is essential for credit unions, as it can help you build your budget and make informed investments in marketing and other areas of your business so you know what kind of return on investment (ROI) you're getting.

     

    This article highlights that it's also important to remember: not all members have the same ROI — depending on the number and types of products they have, that can all change. It's a worthwhile reminder for credit unions to complete regular reviews on member acquisition costs to ensure you're making sound investments in targeted areas of your business that deliver the most value. 

    Does Your Banking Channel Strategy Address COVID’s Impact?

    This quick blog read from Gartner provides some high-level thoughts on how banks and credit unions can evaluate the future of their current channels by asking seven simple questions. 

     

    Most notably, the article focuses on how customer channels have been permanently affected following the shift to self-service and remote channels that consumers sought out as a consequence of the pandemic. 

     

    Many people who had never used online channels before learned how easy digital banking can be, and this has caused a need to reevaluate the role of the in-branch experience. 

    Bonus reading

    One of our favourite sources for all things banking is The Financial Brand. It is a great source of content on topics varying from data analytics to how to better reach millennials. To receive even more relevant information on the banking industry, subscribe to Celero Insights.

     

    We’d love to hear about what type of content you like to read about. Let us know on Facebook, Twitter, LinkedIn or Instagram!

     

    Editors note: this post was originally published in February, 2020, and has been completely revamped for and updated for accuracy.  

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