Trusted News for Credit Union Leaders
Credit Union Times
JANUARY 24, 2018 | VOL. 29 | NO. 2 | CUTIMES.COM
redit union professionals predict direct loan growth,
marketing automation, Instagram, Snapchat and
topic-based marketing are expected to be some of the top prevailing
strategies and trends throughout
2018 credit unions will use to attract new members and grow
loans.
From participating in dozens
of strategic planning sessions in
2017, Scott Butterfield, principle of Your Credit Union Partner
in Sumner, Wash., said his firm
heard a recurring theme from his
credit union clients: Focus less on
indirect member and loan growth
and more on direct member and
loan growth strategies.
“We heard many leaders of
large credit unions say they intend
to pull back, but not stop, indirect
lending during the coming year,”
Butterfield said.
“Common reasons for the shift
in strategy include
avoiding high and
increasing indirect
loan-to-collateral
values, challenges of cross-selling
other products and services to
indirect members, and strong
competition for indirect loan purchases, including a growing number of out-of-market paper
STRATEGY
CU Marketers Predict New Trends
PETER STROZNIAK
pstrozniak@cutimes.com
Y17
2017’s
Record-
Breaking
Breaches
ROY URRICO
rurrico@cutimes.com
.S. breaches set records for the number of incidents and
record exposures in
2017, according to reports from
the Providence, R.I.-based Cyber-Scout (formerly IDT911) and San
Diego-based Identity Theft Resource Center.
The number of U.S. data
breaches for last year, tracked
through Dec. 27, 2017, hit an all-time high and represented a significant jump over 2016. The total
number of breaches captured in
the 2017 ITRC Breach Report totaled 1,339, an increase of 22.5%
over 2016’s then record of 1,093.
The total number of records exposed hit 174,402,528.
The ITRC defines a data breach
as an incident in which an individual name plus a Social Security
number, driver’s license number,
medical record or financial record (credit/debit cards included)
potentially puts people and their
personally identifiable information at risk of exposure.
The ITRC 2017 Breach Report
is a compilation of data breaches confirmed by various media
sources and/or notification lists
from state governmental agencies. Some breaches did
CYBERSECURITY
Y18
HUMAN RESOURCES
Employee Tax Protection
As human resources professionals continue to concentrate on
assessing the needs of their organizations, one key area to focus on is preventing the theft of
sensitive personal and business
information. In 2017, we witnessed the most data breaches
on record, with more than 15%
more security incidents reported
than in 2016. These data breaches exposed the personally identifiable information of hundreds
of millions of people, and caused
billions of dollars’ worth of damage. Beyond monetary losses,
the emotional fallout of being
hacked can be equally devastating to individuals and families.
Employees whose information
has been compromised from
a fraudster exploiting their HR
department will spend dozens
to hundreds of hours out of the
office to restore their identities.
They’ll feel a sense of betrayal
from their company, hurting
both morale and loyalty.
If the breach makes the news,
the organization will have a public relations nightmare on its
hands. Dealing with member,
employee and media inquiries
alone will become a full-time
job. Furthermore, if you or your
department is the source of the
breach, your job and reputation
will be in jeopardy.
Protecting your employees’ PII
should be a year-round initiative,
but is especially important during the first quarter of the year.
Tax season is when CEO Y16
Must Reads FOCUSREPORT:
MOBILE BANKING
& PAYMENTS
What’s next in the mobile banking
and payments world? In this Focus
Report, take a look ahead at 2018
predictions from the experts – plus a
look back at the biggest stories of
2017. Y6
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Get to know
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Butterfield