CUInsight Minute with Alyssa Angurio – May 19, 2023
Our favorites from the week in sixty seconds.
Welcome to the CUInsight Minute, sixty seconds from our Community and Marketing Coordinator Alyssa Angurio with our favorite reads from the week.
Mentioned:
How many languages do you speak?
by ANGELA PRESTIL, CU DIFFERENCE
Can you translate, “Donde está la biblioteca?” How about, “Où est la bibliothèque?” Admit it. You still remember. You most likely learned a second language in high school. Some of us were lucky enough to grow up in a bilingual household, so speaking a second language came naturally. If you didn’t, your high school French might be a bit rusty.
During the past 3 years, I’ve been fortunate to work with credit unions across the continent of Africa along with credit unions throughout the United States. One of the many things I find fascinating about the continent of Africa is that many of the people I’ve worked with speak 3 or more languages, including English as the language of business. They also speak Swahili, Chichewa, Afrikaans, or whatever the primary language of their country may be. Additionally, they speak the language or languages of their native tribe or tribes. Pretty cool!
Learning another language boosts academic performance, improves concentration and builds memorization skills. Researchers have found that studying a new language can unlock our creative abilities. In addition to improved communication skills, learning a new language can improve our ability to see things from another perspective, generating more empathy. And you know I’m all about the language of empathy! [read more]
Why digital transformation is pivotal for credit unions
by MARTINA SCHUBERT, COVIANCE
Credit unions have always been member-first financial institutions that offer exceptional customer service in the banking sector. In an era of sweeping consolidation in banking, credit unions remain community-oriented institutions that provide the high-quality, personalized services their members expect. But this history doesn’t mean credit unions should remain stuck in the past – if anything, their consistent member-first ethos means they have to provide the latest products and services consumers are demanding.
This is why credit unions have never been more focused on digital transformation. At a time when members’ financial lives have increasingly migrated online, it’s necessary to provide streamlined, accessible, and secure digital products that offer greater convenience without sacrificing outstanding customer service. Digitization doesn’t just create financial tools that give members more options for managing their money – it also generates valuable data on member preferences, pain points, and behaviors, which enables credit unions to personalize services and address problems quickly.
There are several stubborn myths surrounding digital transformation, such as the idea that it requires large IT teams and significant investments in R&D. Too many credit union leaders think they’re incapable of keeping pace with the tide of digitization in banking, but this isn’t the case – all credit unions have the ability to offer robust digital services that help them compete, retain members, and attract new customers. [read more]
Build loan approvals your way
by HAYLEY HARRISON, CU NEXTGEN
For credit unions, lending is both a vital business line and a way to connect with members, to help them reach goals and overcome life’s challenges. From financing a major purchase to tackling unexpected expenses and more, these financial needs can transform into triumphs that enrich members’ lives and connect them more deeply to their credit unions.
For this reason, loan approval processes must be efficient and accurate. From start to finish, loan processing must be fast and error-free so that members receive the right financing at the right time. With the technology and information available at everyone’s fingertips, members would expect instant approvals. However, that is not the case for many credit union members.
In today’s time, automated loans offer an obvious solution for credit unions. With automated loans, your credit union can have the freedom and power to build loan approvals your way – and your members’ way. Let’s take a look at how they work. [read more]
