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The CU Lab with NAFCU Services

Updated 10 days ago

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Welcome to The CU Lab with NAFCU Services. In each episode, we explore breaking innovations, industry insights, and growth ideas. Catch up with credit union thought-leaders on fintech, security, fraud prevention, and more. Are you ahead of the curve on risk management, and prepared for what’s to come? Is your credit union building the best digital experience to attract and engage members? Tune in to connect with the best intel in the industry.

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Welcome to The CU Lab with NAFCU Services. In each episode, we explore breaking innovations, industry insights, and growth ideas. Catch up with credit union thought-leaders on fintech, security, fraud prevention, and more. Are you ahead of the curve on risk management, and prepared for what’s to come? Is your credit union building the best digital experience to attract and engage members? Tune in to connect with the best intel in the industry.

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2 Ratings
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Average

By mortydude15 - Jan 16 2019
Read more
The topics are great. The sound quality leaves much to be desired, especially for a professionally done program.

iTunes Ratings

2 Ratings
Average Ratings
1
0
1
0
0

Average

By mortydude15 - Jan 16 2019
Read more
The topics are great. The sound quality leaves much to be desired, especially for a professionally done program.
Cover image of The CU Lab with NAFCU Services

The CU Lab with NAFCU Services

Latest release on Oct 08, 2020

Read more

Welcome to The CU Lab with NAFCU Services. In each episode, we explore breaking innovations, industry insights, and growth ideas. Catch up with credit union thought-leaders on fintech, security, fraud prevention, and more. Are you ahead of the curve on risk management, and prepared for what’s to come? Is your credit union building the best digital experience to attract and engage members? Tune in to connect with the best intel in the industry.

Rank #1: How To Optimize Member Engagement | Allied 2018

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How could data help your credit union attract new members? Hear more about why leveraging your data is so important and what you need to be doing to compete with fintech disrupters.

Jul 10 2018

9mins

Play

Rank #2: Why Insurance Tracking Should be Part of Your Risk Arsenal | Allied Solutions 2018

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During this session, you'll hear how adding insurance tracking to your credit union's risk management strategy can bolster your business capabilities and protect from unforeseen risks. Learn from one of the foremost experts in the world of insurance, Anne Holtzman the Senior Vice President of the Claim & Recovery division at Allied Solutions. You'll walk away with answers to questions like: • How does insurance tracking benefit my credit union's members? • What does an ideal insurance tracking program look like? • What's the worst that could happen if my credit union doesn't have an insurance tracking strategy during a natural disaster? *Statements made within this podcast are general in nature. Content in this podcast is not the opinion of Allied Solutions as an entity.

Jan 31 2018

17mins

Play

Rank #3: How to Achieve Lending Growth in an Increasingly Crowded Market | Allied 2018

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Hear about how the latest lending challenges are impacting credit union’s today, and what you need to be doing to diversify your portfolio. Topics covered include: --Ways to start thinking differently when it comes to products and asset classes --How to diversify your lending portfolio --Predictions on how underwriting will change --Advice on how to mitigate risk to enable your credit union to buy more aggressively

May 21 2018

11mins

Play

Rank #4: Leverage Insurance Tracking Programs to Strengthen Risk Management Strategy (Podcast) | Allied 2018

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During this session, you'll hear how to take proactive measures to utilize the data and services from your insurance tracking program to build a stronger, consumer-focused risk management strategy. Learn from one of the foremost experts in the world of insurance, Anne Holtzman the Senior Vice President of the Claim & Recovery division at Allied Solutions. You'll walk away with answers to questions like: -What are some real-life examples of credit unions using insurance tracking to proactively prevent risks? -How can my credit unions ensure that my insurance tracking programs stay compliant? -How can I leverage the right data to protect my loan portfolio from both unplanned catastrophic events and day-to-day exposure risks? *Statements made within this podcast are general in nature. Content in this podcast is not the opinion of Allied Solutions as an entity.

Feb 27 2018

20mins

Play

Rank #5: Your Digital Experience: Will Members Love It or Leave It? | CMG 2020

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Rising consumer expectations and new technology innovations are disrupting the banking experience as we know it. To stand apart and keep your members satisfied in this increasingly competitive landscape brimming with scrappy, digital-first fintech brands, credit union leaders may want to think about new ways to approach these fundamental business challenges. Join our discussion for ideas to overcome these challenges—better yet, deliver the experiences your members will love.

Apr 07 2020

14mins

Play

Rank #6: Fighting Fraud with Data | Q2 2020

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In this episode, we're talking all things fraud--and the important tools at your disposal to prevent it. Even though institutions are being hit with fraud scams every day, we can leverage data to model behaviors and fight back. Join our discussion about the fraud events you’re likely to see, and what we can do about it. 

Mar 27 2020

40mins

Play

Rank #7: How to Deter HELOC & Loan Fraud Attacks | Allied 2020

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Credit unions continue to see an increase in fraud attacks involving HELOC and loan payments. These fraud exposures can result in losses upwards of $500,000 from a single attack. Join our discussion with Ann Davidson of Allied Solutions to hear how these attacks are occurring today and strategies to prevent these fraud losses.

Key takeaways:

  • Entry points and warning signs for these attacks
  • Types of exposures happening today
  • Ways to prevent these attacks, including wire and non-wire fraud prevention methods

May 05 2020

10mins

Play

Rank #8: Tips to Prevent Online & Mobile Payment Fraud Losses | Allied 2020

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Digital payment options add a lot of value to your credit union and members, but they can also open your credit union up new risks if not properly monitored and protected. Listen to this podcast to hear how these attacks are happening and learn what precautions your credit union can take to protect against fraud attacks through these payment channels.

Key takeaways: - Examples of these fraud crimes happening today, including COVID-19 related attacks - How the criminals are breaking thru these channels - Key risk measures to help combat these attacks

May 19 2020

12mins

Play

Rank #9: Growing Your Market Share by Targeting Millennials | Allied 2018

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What do millennials want? Hear about millennial buying trends, what you can do to attract this target market and how you can benefit from expanding your lending options.

Jun 15 2018

11mins

Play

Rank #10: Quantifiable Self and Zero User Interface (Podcast) | CUNA Mutual Group 2018

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Anne Legg, Director of Market/Client Strategies for AdvantEdge Analytics, introduces you to Quantifiable Self and Zero UI, and addresses why these concepts are becoming increasingly important to Credit Unions. Members rely on technology to help them make healthier, smarter, and more successful decisions. With your Credit Union’s vast access to data, you are in a unique position to deliver this experience to members. But to do so you must leverage the ever-expanding marketplace of technology to meet their needs. Find out: Is your Credit Union ready?

Jan 30 2018

18mins

Play

Rank #11: CEO & Board Succession Planning: Readying for Change | DDJ Myers 2019

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During this podcast, DDJ Myers will discuss the highlights of the 2018 NAFCU Leadership Study and their relevance to credit unions. Hear how CEOs, executives, board chairs, and directors are reacting to the results and taking immediate action.

Feb 11 2019

23mins

Play

Rank #12: Consumer Trends Drive Evolution of Auto & Home Insurance Business Model (Podcast) | CMG 2018

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Join us to explore how the A&H industry is shifting as consumers change how, when and where they shop for insurance. You’ll get ideas for transforming your offerings, service and online experience to meet the consumer expectations and demands of 2018 and beyond.

Mar 08 2018

11mins

Play

Rank #13: How to Better Serve Boomers and Their Money | Money Concepts 2017

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In the third installment of the podcast series with our partner Money Concepts, we discuss the challenges facing our Boomer generation and the best practices credit unions can employ to help their aging members.

Aug 31 2017

17mins

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Rank #14: Create Detailed Member Personas for Your Credit Union | Franklin Madison

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Today’s podcast is all about marketing personas. You may have heard them referred to as a “member persona,”“buyer persona,” or “content persona”—and that’s because they are meant to be personalized to YOU and your marketing strategy. In our case, we’re talking about credit union member personas. These are semi-fictional representations of your ideal member-based on market research and the real data that you already have.

Dec 04 2018

20mins

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Rank #15: Blueprint for Smarter Marketing | Franklin Madison 2018

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How do you become a smarter marketer? In this discussion, we are going to explore what it means to effectively understand and apply timely and personalized data to build a marketing blueprint that will drive results and cultivate member engagement. We will share key marketing tools that will help guide you through ever-evolving technology and industry trends and keep your credit union focused on what you need to grow your member base.

Nov 27 2018

15mins

Play

Rank #16: Exploring Artificial Intelligence | SRM 2018

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It depends on what your job is. Far from being a “machines rule the world” scenario, AI will enable the automation of an ever increasing number of low-value processes, freeing staff to devote time and effort to more critical tasks. Credit unions must remain clear-eyed about the fact that consumers are already conditioned to expect the features stemming from AI. Since no institution goes 0 – 60 when it comes to AI, the time is now to begin to get familiar with it.

Dec 13 2018

14mins

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Rank #17: Will Consumer Experience Impact How Auto & Home Insurance is Purchased? (Podcast)| CMG 2018

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The number one reason consumers shop and switch insurance companies is price. In this session, we’ll examine what matters to consumers when shopping for auto and home insurance and look at ways your credit union can optimize their experience now and in the future. We’ll share trends that could impact premiums and the overall buying experience.

Mar 08 2018

11mins

Play

Rank #18: Driving Insights: How to Get the Most Mileage Out of Your Data | CMG AdvantEdge 2018

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In this special “Ask the Expert” podcast, Anne Legg of AdvantEdge Analytics interviews Kia Javanmardian of McKinsey and Company about how to transform your data into real and positive change. They discuss how to get your decision-makers to embrace that change and implement it all the way through to the front lines of your credit union. Kia delves into the behavioral aspect of data use: why it isn’t just the data, but how you use it that makes you more effective.

Nov 19 2018

27mins

Play

Rank #19: Increase Your Share Of The Auto Market And Combat Member Negative Equity Trends | Allied 2018

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According to Experian Automotive, in Q1 2018 consumers chose residual-based financing for nearly 30% of all new vehicles financed. In 2019, as car prices and interest rates continue to rise, consumers will continue to seek flexible financing programs to make their monthly payments affordable. The used car opportunity is huge. Knowing your options and understanding how to keep your business safe, while making your members happy, is vital. In this podcast, we answer questions such as: -- How can I safeguard my credit union while expanding auto lending options? -- How can my credit union provide borrowers with lower monthly payments on their auto lease and still give them the cars they really want? -- How can my credit union avoid the build of borrower negative equity?

Aug 01 2018

10mins

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Rank #20: Building Blocks for Stronger Data Protection | Mastercard 2019

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In this podcast, we’re talking about something that’s top-of-mind for credit unions across the nation: data protection. Nick Curcuru, VP of the Global Big Data & CyberSecurity Practice at Mastercard, provides expertise.

Apr 01 2019

27mins

Play

Automating Vendor Invoice Auditing to Improve the Bottom Line l SRM 2020

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Today we are discussing how to automate vendor invoice auditing to improve your bottom line. The impact of unchecked vendor management is estimated to cost organizations and an average of 9.2% of their bottom lines.  A big part of the problem is the lack of time allocated for auditing high-value vendor invoices.  

I am talking with Michael Carter today. Michael is the Executive Vice President of SRM. He is going to share some insight on using automation to track and audit major contracts and invoices to reduce overhead, increase productivity, uncover cost savings, and improve quality. 

In This Episode:

[00:49] I am joined by Michael Carter, Executive Vice President at SRM.

[02:04] Now is the most important time to be looking at back-office operations and trying to determine if there are ways to access low hanging fruit and turn that into some costs savings at a time when that asset is precious. 

[02:48] Michael’s firm has audited invoices for credit unions for 28 years and they found about 1 in 10 invoices have significant errors in them.  

[04:32] Financial institutions are not auditing their vendor invoices in the way they should be audited.  

[04:39] The common way to audit is that the payables department will take the last month’s invoice and compare it to this month’s invoice. If the totals are within margin then they will be paid.  

[05:35] Auditing invoices is a perfect area for applying automation.  There are inexpensive bundles of automation that credit unions can use on their own or services they can get to compare the invoice to all prior invoices and the fee schedule. 

[07:35] There are variables in the contracts that move constantly. 

[08:43] Automating is almost like a type of insurance going forward because our contracts are living, breathing things and they change, and therefore the invoice changes.   It is also a more professional way to handle vendors. 

[09:39] The first step for Michael’s firm is to always sit down and talk with them about what their major high-value critical vendors are and then they take their bundle of invoices. 

[10:09] Every vendor invoice is different by category and also within a category. 

[11:39] He suggests starting with a simple first step and three critical vendors.  

[13:06] You release human capital to be used in other places in your back office. If the machine finds an error you also save the money before you pay the invoice.  

[14:53] They typically take 1% of the total value of the invoice with a bottom number. The more invoices you get audited the less the percent.  

[15:43] Often one big find can pay for years and years of service.  

Links and Resources:

NAFCU

SRM

Michael on LinkedIn

Tweetables:

“Now is the most important time to be looking at back-office operations and trying to determine if there are ways to access low hanging fruit and turn that into some cost savings at a time when that asset is precious.” - Michael Carter

“Every vendor invoice is different by category and also within a category.” - Michael Carter

“Financial institutions are not auditing their vendor invoices in the way they should be audited.” -Michael Carter

Oct 08 2020

18mins

Play

Credit Union Growth Series [Part 2]: What Matters Most with Digital & Your Data l Allied

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Mobile banking usage has grown exponentially with the pandemic. Hear how to leverage the increased usage and demand for on-demand channels to enhance member service, marketing, growth, and risk strategies. 

Oct 02 2020

25mins

Play

Credit Union Growth Series [Part 1]: How to Propel Your Lending Programs Through Challenging Times l Allied

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Learn what other credit unions have done to keep their loan, deposit, and member growth thriving throughout the COVID-19 crisis. Also in this episode, hear about strategies you should consider to future-proof against risks yet-to-come, such as a resurgence of the pandemic. 

Sep 29 2020

20mins

Play

Elevate Your Portfolio with Education Lending Participations l LendKey

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Join us for a discussion on why student loan refinancing and private student loan participations may be right for your institution to stay competitive and attract younger members. Learn how to expand your portfolio, diversify your assets, and grow yield through student lending loan participations. 

Sep 25 2020

14mins

Play

Fostering Financial Wellness for Your Members Now and Post-Pandemic l KOFE 2020

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We're talking about how to provide the best financial education possible to support your members through the COVID-19 crisis, and foster lasting financial wellness for them into the future. This pandemic is having a profound effect on every American's financial health, and credit unions can position themselves to be the guiding hand that members need right now. We’re going to dive in and explore some of the strategies and opportunities that exist to help your members thrive through the crisis and beyond. 

Sep 08 2020

15mins

Play

Keys to Increasing your Marketing Results for Auto, Home, and Life Insurance l TruStage 2020

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Tune in to learn about some of the impressive research behind the effectiveness of direct mail, and how it’s likely to be the unsung hero of credit union marketing. When done right, direct mail can improve members’ overall experience and make it easier to engage them at the right time with the right product. We’re talking with experts who work with credit unions across the country, helping them develop targeted marketing strategies that allow them to protect more members. 

Aug 31 2020

20mins

Play

Using Analytics to Help Members in Times of Crisis l AdvantEdge 2020

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Join our conversation about how to create an adaptable data analytics strategy to guide your credit union through times of crisis. The financial impact across member segments can vary widely as we’ve seen from this pandemic. Where some Americans have suffered deep and immediate income losses, others haven’t been hit nearly as hard. So how does your credit union best respond and live out the people-helping-people philosophy in times like these? Many answers can be found within your data, so we’re going to explore how to use the data you already have, plan member relief strategies for the future, maintain members’ accelerated digital behaviors, and more. 

Aug 27 2020

27mins

Play

Ensuring Alignment at Your CU Right Now | DDJ Myers 2020

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Join us for an exciting, in-depth conversation on the topic of Organization Alignment. We'll address some of the challenges credit unions are facing today, the researched strategies for achieving an empowered and aligned organization, and the important improvements needed in the financial services industry.

Aug 14 2020

25mins

Play

3 Reasons CUs are Entering Student Loan Refinancing | LendKey 2020

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Join our conversation to hear how student lending has become a staple asset for credit unions nationwide, and how student loan refinancing is such a big piece of this. Learn about some of the most important reasons credit unions are entering this valuable asset class.

Jul 21 2020

14mins

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Simple, Innovative Steps for Aligning Your Board | DDJ Myers 2020

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Take a deep dive into the common challenges that credit union boards face, and the cutting edge methods available to overcome them. We're sharing the easy steps boards can take to get more aligned, stay aligned, and realign if needed. We're also talking about ways boards can handle the tougher topics that often go unaddressed. 

Jun 26 2020

48mins

Play

Redefining Your Digital Experience to Adapt and Thrive | CMG 2020

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COVID-19 has forced many companies to accelerate their digital transformation efforts. Now more than ever, credit unions need to invest in and implement emerging technologies. When done right, these innovations can improve the overall member experience and help your credit union not just survive, but thrive, even during times of uncertainty.

Tune in for our conversation on how to propel your credit union forward and transform your members’ financial lives.

Jun 22 2020

20mins

Play

Tips to Prevent Online & Mobile Payment Fraud Losses | Allied 2020

Podcast cover
Read more

Digital payment options add a lot of value to your credit union and members, but they can also open your credit union up new risks if not properly monitored and protected. Listen to this podcast to hear how these attacks are happening and learn what precautions your credit union can take to protect against fraud attacks through these payment channels.

Key takeaways: - Examples of these fraud crimes happening today, including COVID-19 related attacks - How the criminals are breaking thru these channels - Key risk measures to help combat these attacks

May 19 2020

12mins

Play

How to Deter HELOC & Loan Fraud Attacks | Allied 2020

Podcast cover
Read more

Credit unions continue to see an increase in fraud attacks involving HELOC and loan payments. These fraud exposures can result in losses upwards of $500,000 from a single attack. Join our discussion with Ann Davidson of Allied Solutions to hear how these attacks are occurring today and strategies to prevent these fraud losses.

Key takeaways:

  • Entry points and warning signs for these attacks
  • Types of exposures happening today
  • Ways to prevent these attacks, including wire and non-wire fraud prevention methods

May 05 2020

10mins

Play

Your Digital Experience: Will Members Love It or Leave It? | CMG 2020

Podcast cover
Read more

Rising consumer expectations and new technology innovations are disrupting the banking experience as we know it. To stand apart and keep your members satisfied in this increasingly competitive landscape brimming with scrappy, digital-first fintech brands, credit union leaders may want to think about new ways to approach these fundamental business challenges. Join our discussion for ideas to overcome these challenges—better yet, deliver the experiences your members will love.

Apr 07 2020

14mins

Play

Fighting Fraud with Data | Q2 2020

Podcast cover
Read more

In this episode, we're talking all things fraud--and the important tools at your disposal to prevent it. Even though institutions are being hit with fraud scams every day, we can leverage data to model behaviors and fight back. Join our discussion about the fraud events you’re likely to see, and what we can do about it. 

Mar 27 2020

40mins

Play

The CU Guide to Navigating Chargebacks | Mastercard 2020

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Oftentimes, credit unions and community financial institutions rely heavily on processors to handle claims and perform chargebacks. While this isn’t a problem in and of itself, it can result in a limited line-of-sight to chargeback performance. Join our discussion to find out our recommended methods to remedy this, and how best to implement them at your institution.

Mar 13 2020

18mins

Play

Evolving Director Duties For Leading CUs – A Conversation For 2020 Growth | DDJ Myers 2020

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In this discussion, we’re talking all about the competitive landscape that requires boards to operate in a strategic capacity. We’re taking a look at the critical steps on the path to reaching new levels of strategic insight, capacity, and impact as a contributing board.

Jan 27 2020

15mins

Play

Shifting Your Career from Management to Leadership | DDJ Myers 2020

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We’re discussing the central characteristics in executives that have transitioned from being tactically effective to strategically impactful, and shedding light on what it takes to enact a strategic perspective to create meaningful and long-lasting change.

Jan 27 2020

24mins

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The Auto Lending Paradox | Wolters Kluwer 2020

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The economy is strong, more money is being loaned for vehicles than ever before, and higher-priced cars and trucks are being financed. 

Conversely, loan terms are becoming longer and are being extended to more non-prime borrowers. Delinquency rates are on the rise: 2.7 million are 30-60 days delinquent with payments. And, repossessions are on the rise as well.

This strange confluence of factors can negatively affect lenders as they try to secure vehicle liens. Join our conversation about the the current paradoxical financial landscape in motor vehicle lending, how an increase in repossessions can add unforeseen burdens to a lending department, what the next 18 months hold with regard to vehicle repossessions and how lenders can weather the storm.

Jan 02 2020

14mins

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Fintech Partnership Success: How to Properly Leverage Fintech Providers| LendKey 2020

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A fintech partnership allows credit unions to expand into new markets, reach new members, and provide new products/services to the existing member base with greater efficiency and at a lower cost. These partnerships can be leveraged for success while staying compliant if the right processes are in place. In this conversation, we cover the benefits and potential pitfalls of partnering with a technology company, including how to properly vet a potential fintech partner. 

Jan 02 2020

24mins

Play

iTunes Ratings

2 Ratings
Average Ratings
1
0
1
0
0

Average

By mortydude15 - Jan 16 2019
Read more
The topics are great. The sound quality leaves much to be desired, especially for a professionally done program.