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Posted: Jan 15, 2019
Categories: Credit Cards
Comments: 0
Author: Ann Farrell

Understanding your members’ behavior gives you the opportunity to serve them effectively and in turn, increases your bottom line. Unfortunately, it is not uncommon for credit unions to overlook existing cardholders as a significant opportunity to help stimulate portfolio growth and increase profitability. With the use of data, you can identify trends that will help you to ensure that you are offering the right incentives, rewards, and services that will not only retain your existing cardholders, but also attract new prospects.

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Posted: Oct 23, 2018
Comments: 0
Author: Lou Grilli

Security For Your PCI Reports

A typical credit union downloads its report bundles daily from its processors. Usually, the only option is to store those highly sensitive Payment Card Industry (PCI) report bundles on a network drive, with some level of appropriate user access controls. The reports contain 16-digit card numbers, transaction-level details, and Personally Identifiable Information (PII) of credit union members. However, the network drive is not in a PCI compliant environment. Does this sound familiar? More importantly, do you know where your processor reports are being stored?

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Posted: Oct 15, 2018
Categories: Consulting
Comments: 0
Author: Lou Grilli

Simple Steps To Make More Informed Decisions And Enhance Member Experience

There is lots of buzz about big data and data analytics, but all the data in the world does no good unless it’s being used. Credit unions are behind retail and online companies in using data to make informed decisions. For example, if your forms, such as a HELOC application, do not have the fields for name, address, etc. already filled in for your members, that indicates that you are probably not using your data. You should already know this information about your members. Save them the hassle and give them the option of updating if necessary.

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Posted: Aug 14, 2018
Comments: 0
Author: Lou Grilli

Planning for the Breach - the WISP and IRP

Understanding and managing the risks associated with the changing world of data security, and being prepared for breaches and how to respond, have become business necessities. This three-part series, based in part on a presentation given by Michele L. Cohen, a principal with the law firm Miles & Stockbridge P.C., at Trellance’s immersion 2018 conference, outlines the balancing act between convenience and data, and provides a framework for preparing for breaches and what actions to take in response. Part 1 focused on what is at risk; what causes breaches, and the fact that breaches are inevitable. This Part 2 will focus on planning and documentation for the inevitable.

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Posted: Apr 5, 2018
Comments: 0
Author: Michele Featherstone

Journey mapping helps in eliminating pain points from the customer experience.

[Editor's Note: This article was previously published in CUNA News, and has been modified.]

If one of your members stopped using your credit card because they didn’t think it had adequate fraud protection, would you know? What if they stopped using your mobile banking app because they had a negative user experience, would you know that? This is just the tip of the iceberg in terms of the data and intelligence your credit union could learn if you engaged in a member journey mapping program. Knowing this information could mean the difference between retaining and growing that relationship or losing it.

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