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
Data Collection
Strategies
Gathering complete
credit data grows
wallet share. Y12
Knowing Your
Member
Improve service
while fighting
fraud. Y8
Culp