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Posted: Nov 7, 2016
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Author: Paul Castner

CSCU was in attendance and found the following topics of interest to credit unions

Editor's Note: CSCU was on the scene at this year's Money 20/20 in Las Vegas.  Billed as the world's largest payments and financial services innovation event, Money 20/20 attracted 11,500 attendees this year while drawing more than 400 fintech vendors.  As our experts saw it, a few themes emerged such as APIs, blockchain, bots, and the critical need for financial institutions to think and act differently to keep up with the changes in technology.  Following is a recap of some of the sessions and announcements with links to relevant articles.

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Posted: Nov 3, 2016
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Author: Lou Grilli

How Credit Unions Can Grow Profits From This Opportunity

People don’t like to pay fees, and many credit union members love their credit unions precisely because they don’t like the fees that big banks charge. But there is one area where members may be willing, and actually want to pay fees. Credit cards with high annual fees that also come with equally generous benefits are in high demand. And credit unions should take advantage of this increasing appetite for what are known as signature, premium, or elite cards, along with the high interchange rates that come with the card.
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Posted: Oct 26, 2016
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Author: Shana Baert

Why make your members wait for their new or replacement cards?

Traditional card issuance involved a credit union requesting a new card from their processor when a member opens a new account, or reports a lost or stolen card. The processor then personalizes a card and mails it, getting a new card in the hands of the member, on average, 8-10 days after opening the account. But instant issuance, the ability to provide an activated card in-branch is a game changer, both for greater member satisfaction, and increased card usage.

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Posted: Oct 5, 2016
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Author: Lou Grilli

The Facts and Myths That Every Credit Union Should Know

Another liability shift related to the U.S. adoption of EMV is facing banks and credit unions. As of October 21, 2016, ATM acquirers, whether they are banks, credit unions, third-party or ISO-owned, will bear the liability for fraud committed at ATMs that have not been EMV-upgraded (that is, ATMs not capable of reading and processing chip cards) and a MasterCard-branded card is used. The same concept of shifting liability to brick and mortar merchants who have not upgraded their point of sale terminals took place last October.
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Posted: Sep 26, 2016
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Innovative ScoreCard Rewards Promotion Delivers Results

CSCU member Evansville Teachers Federal Credit Union has increased its average monthly credit card applications by 89% after extending to members its “3-2-1” ScoreCard Rewards program. Since July 2015, the program has offered credit union members triple points on a quarterly rotating category, double points year round on gas and groceries, and one point per dollar spent on all other purchases.

 

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