Trusted News for Credit Union Leaders

Credit Union Times

AUGUST 9, 2017 | VOL. 28 | NO. 27 | CUTIMES.COM

ACH
Operational
Changes
TINA OREM

torem@cutimes.com

hey say money changes everything, but so does timing. Just look at the multiyear rollout of the new rules adding two same-day settlement windows to the ACH network — it isn’t just increasing the speed at which money moves through the entire financial system — it’s changing how credit unions operate.

Refresher: The Deadlines

On May 19, 2015, NACHA, the Electronic Payments Association, announced that it gave the green light to a three-phase implementation plan for same-day ACH. Phase I, which took effect on Sept. 23, 2016, increased the movement of funds between financial institutions to three times per day. The rules also require all receiving depository financial institutions to accept same-day transactions and establish a fee to recover some of their costs. ( International ACH transactions and single transactions of more than

$25,000 are excluded.)

In just a few weeks — on Sept. 15, 2017 — Phase II of the transition kicks in. It requires credit unions to provide same-day ACH debit capabilities.

That’s an important event because it makes same-day processing possible for practically

PAYMENTS

Y18

TECHNOLOGY

High-Touch Marketing Establishing a digital presence and being available on-line means you must fully embrace technology. Fortunately, there are many new ways to accomplish this, thanks to an array of resources offered by financial experts and third parties.

Plus, by employing digital technology, you can track and measure in real time which marketing strategies are producing the results you want and where you need to make adjustments.

“People are expecting to interact with technology in all aspects of their lives. The best advisors have incorporated it into their offerings — and marketing is no different,” Jessica Liberi, vice president of product development for financial software maker eMoney Advisor, said.

The move to digital marketing by FAs has been evolutionary and continues at a steady but relatively slow pace. “Financial advisors have been looking into online marketing, including social media, to target younger prospects, and we’ve seen a lot of advisors adopting tools like video,” Isabella Fonseca, a senior research analyst at Aite Group, an industry research firm, said. “More and more have been made available. But the adoption [of them] isn’t as mature” as the technology itself.

In fact, “If advisors don’t have a strong digital presence and automation that people have come to expect, [their] firm may Y16 Must Reads

hen Lauren Culp became a credit union employee in 2012 when she was 19, it was just a job to pay the bills until she would decide which career path to take.

Then in 2016, she became one
of those crashers, a group of young
credit union professionals clad in
T-shirts and jeans who deliberate-
ly disrupt coopera-
tive events in posi-
tive and fun ways
across the country
to learn about the
movement.
While learning is
a constant process
for any profession-
al, Culp, who is the new manager
of The Cooperative Trust, which
boasts more than 1,200 crashers
as its members, plans to substan-
tially expand the influence and
engagement of millennial crash-
ers as the next generation of lead-
ers to grow the credit union move-
ment well into the future. This
goal simply reflects the unofficial
mantra of The Cooperative Trust:
“We can’t predict the future, but
we can build it together.”
“Crashing was kind of that
spark for me that opened my eyes
to the fact that there’s so much
more to the credit union industry,
and that made me want to get in-
volved even more,” said the
MILLENNIALS

Crashers Land a New Leader

PETER STROZNIAK pstrozniak@cutimes.com

Y17
FOCUSREPORT:

All credit unions want to reduce the number of card compromises, and one solution can help improve the member experience and boost cross-sell opportunities at the same time. Learn more in this Focus Report. Y6 FRAUD