Welcome to the CUInsight Minute, sixty seconds from our Community and Marketing Coordinator Alyssa Angurio with our favorite reads from the week.
Today’s credit unions are inundated with new technology and digital tools, all of which typically offer a myriad of benefits and use cases. But how do financial institutions adapt and incorporate these types of tools into the legacy programs and services members have come to know and expect from their trusted financial partner?
The use of speech analytics in contact centers is a good example. Through artificial intelligence (AI), speech analytics technology analyzes and extracts insights from recorded conversations. This newer offering can be applied to fit the needs of a tried-and-true member touchpoint: the contact center. [read more]
While American business has encountered many economic and technological changes, small business remains at the heart of the American economy. According to Forbes Advisor, more than 46% of employed Americans work for our nation’s 33.2 million small businesses. Focusing on providing services that support small business success is an important way your credit union can serve the community while building its own financial strength. A thriving small business needs two things – financial services that help them achieve their business goals, and – opportunities to develop their potential for growth. [read more]
In today’s fast-paced digital world, credit unions face a constant challenge – how to balance digital convenience and new technologies with the traditional aspect of banking on which members have come to rely. Things like branches, in-person financial assistance, and cash.
Cash usage rises in 2023
By now we’ve all heard about the steadily growing trend amongst Gen Z to use cash as a budgeting tool. In the US, around 69 percent of the younger generation is using more cash than they were at this time last year. Nearly a quarter admit they are using cash for most of their purchases.
But, with prices rising and everyone feeling the economic volatility, Gen Z is no longer the only group reaching for physical currency as a safe haven. Over half (53%) of US consumers admit they are currently relying on cash more now than they did in 2022. However, they also note that, despite the rise in cash needs, access to currency is growing increasingly more difficult. [read more]