Artificial intelligence (AI) has been trending for some time and not slowing down in its speed, ability, or usefulness. Many financial institutions have implemented at least a basic form of AI to enhance their consumer [...]
What is product refund liability? Product refund liability is the responsibility of issuing a refund to a borrower for any unused portion of a vehicle protection product (VPP) attached to a loan. Examples of a [...]
The youth of today are the consumers and investors of tomorrow. Yet, statistics continue to show far fewer numbers of youth members in the credit union and banking space. The average credit union membership age [...]
Reported fraud continues to increase in frequency, complexity, and severity. According to the Federal Trade Commission (FTC) the top 5 types of scams include: Imposter scams, fake internet services, false prizes/sweepstakes, lotteries, and fraudulent [...]
Staying one step ahead just isn’t enough. Although data security is ever increasing, the truth is, fraud and fraudsters are not going away. Based on poll responses received from credit unions participating in Let’[...]
Monitoring borrowers’ auto insurance helps the financial institution understand their risk of uninsured losses, and enables them to make informed decisions for mitigating that risk and improving their bottom line. Having a strategy in place [...]
Interesting times continue for auto lenders and service providers. There’s been a lot of volatility so far this year with supply shortages and increased auto values, including the appreciation of used cars values. Our [...]
A sound risk management strategy for lenders should include a comprehensive insurance tracking program to remain protected from loss. This whitepaper discuses regulations and compliance issues related to tracking insurance for auto and mortgage. Complete [...]
Digital banking trends are not just growing more popular, digital options and functionality for members are enhancing their member experience and quickly becoming a service expectation. Taking a thoughtful approach to making your member experience [...]
Fraud and data security concerns continue to rise at alarming rates across the United States. In 2020, the Federal Trade Commission reported receiving over 2.1 million consumer fraud reports and more than $3.3 [...]
125 million US adults live paycheck to paycheck, 33% of consumers have less than $1,000 saved up for an emergency and most Americans wouldn’t consider their financial status healthy. Combine those factors with [...]
According to PWC’s 2020 Retail Banking Survey, 61% of bankers say a customer-centric business model is ‘very important,’ but only 17% are ‘very prepared’ for it. Digital transformation is one key component in facilitating [...]
We are saturated daily with information from all kinds of different sources. Whether we see, hear, read, open, or click, consumers face an overload of information and demands. Cutting through the noise is a huge [...]
As the pandemic moves further away in the rearview mirror, financial institutions are juggling a myriad of priorities and concerns, such as consumer satisfaction, consumer retention, revenue generation, and loan volume. The pandemic also shifted [...]
How we work is changing. With more digital tools, video technology, and virtual environments, credit unions are experiencing change at a faster and faster pace. This is impacting how business is conducted as well as [...]
