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Oct 4, 2024 | 
cuinsight.com | Mark Axmacher
Credit unions often use permanent life insurance to fund Supplemental Executive Retention Plans (SERPs) to accomplish several goals. One, to retain an executive for a certain period, anywhere from five-years up to as many as 20 or more years. Two, to reward an executive for their tenure at the credit union by providing an income stream in retirement, much like the pensions of old.
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May 2, 2024 | 
cuinsight.com | Jennifer Berry |John DeLuccia |Caroline Willard |Mark Axmacher
AI is top of mind for most financial services organizations, but the question of, ‘where to begin?’ remains. Upstart’s new AI in Financial Services Professional Certification course is designed to give banking professionals a firm grounding for the potential of AI in financial services —with a particular focus on credit—as well as practical tools to help them begin the journey of applying AI inside their organizations.
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May 2, 2024 | 
cuinsight.com | Jennifer Berry |John DeLuccia |Caroline Willard |Mark Axmacher
America’s Credit Unions President/CEO Jim Nussle detailed the credit union perspective on the topic of mergers in conjunction with Wednesday’s House Financial Services Subcommittee hearing to discuss merger policies of the federal banking agencies. “We have unfortunately seen the negative effects of mergers that reduce choice, reduce competition, and impair the consumer experience,” wrote Nussle.
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May 2, 2024 | 
cuinsight.com | Jennifer Berry |John DeLuccia |Caroline Willard |Mark Axmacher
The core processor is one of the most important products a credit union implements. It houses all member data and drives every other integrated product and service. But, because core processors are so powerful and complex, it can be difficult for credit union staff to stay up to date on all the features and functionality and to know how to best leverage their core to gain their maximum return on investment.
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May 2, 2024 | 
cuinsight.com | John DeLuccia |Caroline Willard |Mark Axmacher |Scott Young
One of the persistent challenges credit unions face is managing delinquencies effectively across various loan types. Delinquency management and collections strategies are not just about recovering overdue payments but are integral to maintaining the financial health and sustainability of credit unions and members alike. Delinquency—the failure to make timely payments on loans—poses significant risks to credit unions’ portfolios.
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May 2, 2024 | 
cuinsight.com | Caroline Willard |Mark Axmacher |Scott Young |Meridith Elliott Powell
Back in 2001, when I got my first credit union job, one of the first things that contrasted that institution from the now-defunct thrift at which I’d worked in the 90s was the unwavering support for Credit Unions for Kids (CU4Kids), which supports Children’s Miracle Network Hospitals (CMN Hospitals). It was one of many things that validated my choice to be a part of this beautiful movement.
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May 1, 2024 | 
cuinsight.com | Mark Axmacher |Scott Young |Meridith Elliott Powell |Kurt Klassen
Whether due to rapid technological innovations or economic factors, the landscape of auto sales and lending is shifting more rapidly than ever. In times like these, adaptation is crucial for survival — consumer feedback, market dynamics, and more all require a close eye to move forward with confidence.
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May 1, 2024 | 
cuinsight.com | Mark Axmacher |Scott Young |Meridith Elliott Powell |Kurt Klassen
Student loan repayment can be complicated and difficult to navigate. With higher education costs continuing to trend upward, an increasing number of parents/guardians find themselves co-signing their child’s student loans, intertwining their financial futures. Parents need to foster open communication about the responsibilities and implications of handling this significant debt with their children.
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May 1, 2024 | 
cuinsight.com | Diane Franklin |Mark Axmacher |Scott Young
If at first you don’t succeed, reevaluate your culture. Culture is a key component that separates the highest-performing organizations from the also-rans. McKinsey & Co. confirmed the connection between culture and performance in a 2018 study of over 1,000 organizations. Those with top-quartile cultures, as measured by McKinsey’s Organizational Health Index, posted financial returns that were 60% higher than median companies and 200% higher than bottom-quartile firms.
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May 1, 2024 | 
cuinsight.com | Joey Pizzolato |Mark Axmacher |Scott Young |Meridith Elliott Powell
What if banks stopped caring about crafting the perfect customer experience? What if, instead, some banks focused on delivering banking services such as checks, bank accounts or automated clearing house infrastructure through an open application programming interface (API) — and let someone else worry about customer interaction?
