In the latest Credit Union Tracker, PYMNTS looks at how COVID-19 is affecting CUs, their implementations of new technologies or tools, and what these changes might mean for future developments in the industry and for their customers.
Around The Credit Union World
Consumers can conduct most of their everyday transactions they make with their CUs or FIs
Other CU organizations are also making moves to help ease the impact the virus has on their customers. The Alaska Credit Union League is suggesting that Alaskan residents head to their CUs and FIs to draft plans to pay off outstanding loans, for example. CUs in the state have responded by allowing their customers to stop payments for car or mortgage payments, and many are also waiving fees for late or missed payments. This will hopefully help state residents with some of their financial worries during the virus’s continued spread.
For more on these and other stories, visit the Tracker’s News & Trends.
How Data-Driven Processes Can Improve Members’ Experiences During The COVID-19 Pandemic
Closing brick-and-mortar locations may be safe, but that still means many businesses, CUs included, need to pay even closer attention to the way they serve their customers. This is more difficult to do for some CUs than others, as they may not have the digital infrastructure needed to make sure consumers are fully satisfied with online-only experiences. Arizona Federal Credit Union, for one, is taking data-driven approach to understanding members’ pain points by proactively solving problems via journey mapping and service blueprinting techniques, said Dana Vas Nunes, senior vice president of member services for the CU in a recent interview with PYMNTS. To learn more about how Arizona Federal Credit Union is approaching new technologies and the impact of the COVID-19 virus upon these decisions, visit the Tracker’s Feature Story.
Deep Dive: Emerging CU Fraud Threats And How Data Analytics Can Help
CUs, like the rest of the financial industry, are adapting to a business model where most interactions are taking place remotely. That can be frustrating to consumers that are used to conducting more complex financial needs at branches, but moreover, this increase in online activity means an increased risk for fraud. CUs have been looking to implement sophisticated technologies to keep fraudsters at bay for years, but cybercriminals have made their own moves to bypass them. These bad actors are using innovative phishing schemes to take advantage of systems overwhelmed by the pandemic, and CUs need to find ways to shore up their defenses. Using data analytics to make sure consumers can be verified, and data can be kept safe, may be one way to do so. To learn more about how the use of data analytics could be critical to protecting against bad actors, visit the Tracker’s Deep Dive.
About The Tracker
The Credit Union Tracker®, done in collaboration with PSCU, is the go-to monthly resource for updates on trends and changes in the credit union industry.
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