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bbm21: How Credit Unions Can Add Value Supporting Today's Entrepreneurial Ecosystems...

10/27/2021

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During Filene Research Institute's 2021 big.bright.minds. Conference, Ewing Marion Kauffman Foundation Senior Program Officer Andy Stoll and Filene Senior Director, Philanthropic Partnerships Robin Brulé joined us to discuss their keynote presentation: "Cooperative Growth, Placemaking, and Entrepreneurial Ecosystems."

Here's a quick description of their session that we reviewed, connecting entrepreneurialism (small business lending) and credit unions:

As communities increase their interest in new approaches to economic development new strategies are emerging to promote sustainability and inclusion. Lean more about cooperative growth, placemaking and entrepreneurial ecosystems, and how credit unions can apply these strategies to support economic well being.

Check it out and let us know your thoughts. And be sure to visit Filene's big.bright.minds Conference site for more event details.

bbm21: Filene's Fearing Shares big.bright.minds Day 1 Wrap Up...

10/26/2021

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During Filene Research Institute's 2021 big.bright.minds. Conference, Marketing + Communications Director for Filene Research Institute Holly Fearing joined us at the end of the day to provide a big.bright.minds day 1 wrap up.

Here are some of the items we discussed in our wrap up:

How good it is to be back in person again
Takeaways from Dr. Jeffrey Robinson, Rutgers Business School, keynote: "How Can Credit Unions Grow by Fostering an Entrepreneurial Culture?"
Takeaways from Dr. Lisa Servon, University of Pennsylvania, presentation: "How Becoming More Inclusive will Lead to Growth"
Takeaways from Samantha Paxson, CO-OP Financial Services, presentation: "Rapid Market Shifts: Three Urgent Calls to Action for Financial Institutions"
Filene Foundry: Growth through Innovation
Crashers' program and its continued evolution in guiding future leaders

We also talked about conference's three themes for each day:

Day 1 -- How Can Credit Unions Grow?
Day 2 -- How is DEI and Community the Key to Differentiation?
Day 3 -- How Do You Know When You're Ready to Transform?

Check it out and let us know your thoughts. And be sure to visit Filene's big.bright.minds Conference site for more event details.

bbm21: CO-OP's Paxson and Filene's Harper Discuss 3 Urgent Calls to Action for Credit Unions...

10/26/2021

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During Filene Research Institute's 2021 big.bright.minds. Conference, CO-OP Financial Services Chief Experience Officer Samantha Paxson and Filene Senior Director of Membership Chris Harper stopped by our virtual studio onsite to discuss Samantha's conference presentation: "Rapid Market Shifts: Three Urgent Calls to Action for Financial Institutions."

Here's a quick description of her session and some of the highlights we addressed:
Understanding what will drive success for financial institutions begins with understanding consumer motivations. CO-OP Financial Services, a payments and financial technology provider to credit unions, commissioned the research firm EY to conduct a comprehensive research study of credit union members and prospects to determine their preferred banking behaviors. The research uncovered three rapid market shifts and three urgent calls to action that not just credit unions, but all financial institutions need to be focused on.

Key Takeaways:

Learn the results of a comprehensive study conducted by the market research firm EY, which found that non-traditional sources of financial services (fintechs) are now among the industry’s most trusted brands.
The study identified three key market shifts among consumers – change in needs, expectations and interactions.
Learn three urgent calls to action that credit unions and banks can take to maintain their positions in the new market environment – and grow.

Check it out and let us know your thoughts. And be sure to visit Filene's big.bright.minds Conference site for more session details.

Mortgage Monthly: Tackling Mortgage Processing -- How to Win Big...

10/26/2021

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CU Members Mortgage Executive Sales Consultant Yvette Harrod returned for her second session of Mortgage Monthly LIVE. This time Yvette coupled her passion for NFL football and mortgage lending in our discussion entitled: "Tackling Mortgage Processing -- How to Win Big."

In this talk, she covered such topics as:

COVID-19 impact on homeowners and the driving force behind regulatory developments
Leverage technology to speed up the loan process
Utilizing mortgage automation tools to increase loan volume
Reduce data input and calculation errors
Comprehensive Analysis of the Loan File
Line up for pre-underwriting to improve efficiency
Expertise to ensure quality assurance/compliance
Continuous engagement with borrowers
Ensure closing disclosures are delivered on time
Technology alone will not provide a better borrower experience, which is why the human element is vitally important
Know your borrower and build real - trustworthy relationships
Connect on a personal level
Readily available to educate and advise
Be transparent and open with the information provided
Stay engaged with the borrower through every aspect of the process
Fast end-to-end process, quick decisions and frequent status updates

Oh, and we talked a little NFL, too -- as she is being very patient with her Washington Football Team right now.

Check it out and let us know your thoughts.

#2703: How COVID’s Impact on Consumers’ Financial Mindset Affects Credit Union Lending...

10/26/2021

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CUNA Mutual Group Senior Manager, Product Strategy Jesse Isaak joined us on the show as part of our NAFCU Lending Conference coverage to share his insights on “COVID’s Impact on Consumers’ Financial Mindset.”

In our talk, Jesse discussed how the consumer's emotional state is affecting their financial behaviors during the pandemic, as well as what the research indicates consumer attitudes and financial decisions will look like in the future -- as effects of the pandemic continue.

Lastly, we wrapped it up with what that outlook means for credit union lending efforts and how should they prepare.

Again, great discussion with. Jesse on this topic. Check it out and let us know your thoughts and/or what you all doing in this area.

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