Nearing 40 years of experience in the Credit Union Industry, Oak Tree is a leading provider for lending documents and forms for Credit Unions. We provide all types of forms (all types of formats), data linking services, training, compliance support, legal opinion letters, preprinted brochures and documents, as well as web-based and mobile forms. Marketing Services for credit unions also available.
When Covid hit last year we saw a lot of our favorite events end up being canceled, and as time went on we in the credit union industry found new ways to adapt to the “New Normal”. We have seen many annual events go virtual as well as many credit union conventions and conferences as well. This year the Sacramento Running Association is hosting their SacTown Virtual Run 2021 as a Virtual 5k and we are once again a proud supporter for this great cause.
They are allowing the runners to be more than just runners as they can participate in a myriad of ways. It is a great way to help raise money for the Children’s Miracle Network of Hospitals and you should really sign up today as the event is coming up very soon!
All of the money raised goes to the hospitals and our money is going to help the Children’s Hospital Orange County (CHOC), a great charity that many in our organization have long great histories with. They are busy every day helping kids of all ages with problems, such as Hudson. Hudson was only 15 months old when he was first diagnosed with kidney cancer. He then went through a surgery to remove the tumor and a kidney. The brave child then endured 6 months of chemotherapy. Today he is seven years cancer-free! It is hard enough for adults in battling cancer, but it has to be even more difficult for a child to be brave in such situations.
That is why we are so proud to help this organization and the charity. Once again, be sure to check out the run and sign up!
Keeping data secure is always a top priority for Oak Tree. It`s one of the reasons we offer data integration with our forms packets. Data integration makes credit union business more efficient and safer for the members and institution. Yet the fight for data security is ongoing. New mandates and regulations have chip card processing vendors on their toes. Most industries are required to be in compliance by the end of the year or face fines. It is time for your credit union to look at migrating to chip cards for security if it has not already done so.
The move is an effort to protect client data. Chip cards work by linking customer data to a small EMV (Europay, MasterCard, and Visa) chip on the face of the card. It offers more security than traditional magnetic stripe cards. Here are three security feature highlights.
3 Reasons Chip Cards Are Safer Than Their Magnetic Stripe Counterparts
Fraud. Chip cards prevent people from making purchases by physically swiping a fraudulent credit card. It works. Many places have seen these types of purchases all but eliminated.
Cloning. Chip cards are extremely difficult to clone. Magnetic cards are much easier. The reason is, magnetic cards make use of static data. A $20 skimmer is all a thief needs to create a clone. Chip card data is dynamic. It always changes. In order for a data hack to occur, a thief would need to access the chip`s physical circuitry.
Better Encryption. Magnetic stripe cards broadcast data through the reader as-is. Chip cards encrypt the language as soon as it “dips” into the reader. The card communicates with the merchant through secure encryption the entire time.
This is why migrating to chip cards is one of the best long-term moves for member security. Chances are, chip cards will undergo a few rounds of revision over the next few years to streamline security and data linking. Our forms will remain constant, though. Always compliant and accessible when you need them, they are the perfect companion to ensure the entire chip card application process is secure.
Welcome to this week’s CU Events Roundup for Mar. 26, 2021, where we will look at the Credit Union community and bring up some of the events we see going on. Oak Tree loves keeping tabs and participating in these credit union events.
We are hopefully on the tail end of this pandemic that has disrupted so much, including the events that we often participate in for our industry. We know that there are some “LIVE” events coming up soon, as well as at least one Virtual/Live event. Stay tuned on those and more. Let’s look at CU Events Roundup Mar 26, 2021.
This Past Week
CUNA Marketing & Business Development Council Virtual Conference
This past week was the big Marketing and Business Development Council Conference put on by CUNA. They held 13 sessions over three days to help their council members. If you were a part of it, let us know how it went!
We saw online at 10times that NACUSO Network Conference was supposed to take place at the end of March, but it looks like they rescheduled this for a live event in November. So who is ready to go to Las Vegas in November? We might have to check this event out!
Speaking of events moving to later in the year, we saw that the NCPCU is doing their Strategy Summit in October this year.
That will do it for CU Events Roundup Mar 26, 2021.
We hope you like this feature and we look forward to seeing how it can grow moving forward. If your credit union, credit union league, or credit union chapter has a big event coming up — drop us a comment or hit us up on social media.
We are thrilled to present to you this week’s #HumanitarianHighlight! Let’s hear it for those lending a helping hand! 🍿
Credit unions everywhere are lending a helping hand to their local communities, their members, and those in need. #Creditunions are a great example of what it means to be a part of a community, and here at Oak Tree, we are proud to be a part of the #CUCommunity. We see these posts as our contribution to lending a helping hand. 😊🤝
Twice every year, Firelands FCU offers qualified members the chance to skip one of their monthly loan payments. For every payment that members skip, Firelands FCU donates $5 to a local organization in need. With their Winter skip-a-pay offer, they were able to distribute a total in donations of $3,000 to area churches and food banks which will help provide meals and self-care items to those in need.
Cloverbelt Credit Union’s employees banned together and assembled 100 Literacy Kits for kids in their local school district on behalf of the United Way of Marathon County. Included in the Literacy Kits were classics such as Curious George, and other well-known children’s books.
California Coast CU, its members, and its local community raised $35,000 in donations during a recent initiative that was put in place to support local minority-owned businesses as well as, four local non-profits. All have been affected by the COVID-19 pandemic. The campaign members were encouraged to shop locally, and every time their Cal Coast MasterCard debit or credit card was swiped, the credit union would then donate proceeds to the Strategic Alliance – San Diego, which represents minority-owned businesses.
Alabama Credit Union has donated $100,000 to the University of Alabama in Hunstville (UAH), a part of the University of Alabama System, as a commitment to establish the Alabama Credit Union Professorship in Entrepreneurship within the College of Business. The College of Business will use the professorship to recognize one or more faculty who focus on the areas of entrepreneurship, innovation, or business strategy.
Welcome Federal Credit Union made a $2,521.70 donation to the American Cancer Society. Since August 2020 Welcome Federal Credit Union has been an American Cancer Society partner, and since then, more than $29,000 has been raised through their partnership.
Abc30, Disney, First Book, and Educational Employees Credit Union all came together and donated a total of 5,000 books to Fresno Unified School District. More than 600 students at King Elementary will receive a free book to read, and five other schools in the district will also receive free books. This is all a part of Disney’s “Magic Storytelling” Campaign, and it comes at a perfect time as most kids still do not have access to a public library.
Thank you for reading this Humanitarian Highlight! Please check out last week’s, and please do not hesitate to contact us with any questions about our products & services through our email or by phone (800) 537-9598.
On a final note, we have started a new feature, the Credit Union Roundup, and we hope you return tomorrow to see what is going on in the Credit Union community.
Have you ever wondered what it takes to be a qualified chief executive officer (CEO)? The simple answer is that it takes a lot. At the top of the list are schooling, confidence, determination, and work experience to accomplish the ultimate goal. Do you want to be the new CEO of a credit union?
Let’s first lay out what a CEO does.
A CEO’s role is regarded as one of the highest-ranking positions in a corporation. This entails making top managerial decisions. They manage the company’s success and avoid failures. They are able to take on the complex challenges a credit union faces while being on high alert about what is going on in the industry. Also having an open eye for any opportunities that will tend to change helps.
How does that sound to you?
The transition from a regular job to a higher position can be a shock factor due to the many responsibilities the role entails. It is always smart to learn and absorb as much information as possible before taking the next big step. Looking at it from another perspective, being in a high position also comes with the cost of making sure that you are taking the right steps to ensure that the credit union you are leading will be successful. The role comes with a lot of responsibilities that include travel, representation of the company (looking presentable), and being confident in speaking to many people within the company and at events.
How can I feel more confident in an upper managerial position?
Advice that we can give to anyone in the stage of wanting to change their position, is to learn as much as they can from the CEO. Ask to attend events, meetings, and interviews to see what kind of language is used and how to interact with different people.
You got this! Don’t let anyone stop you from achieving this goal! Work hard and know that hard work pays off.
A note from Richard Gallagher, CEO of Oak Tree Business Systems.
“From the beginning of my career, I have worked my way up to the CEO position by working hard and learning as much as I could about the credit union industry. I have made my way up and have always had set goals of where I wanted to end up and wanted to accomplish. Coming in as the new CEO of Oak Tree Business Systems, I had a fresh mind and a new set of ideas to get the ball rolling. With my extensive background, I am thankful for all of the past work experiences I had to help me achieve a successful career. From where I am today, I look back at myself and would give myself a hand on the back for never giving up and always striving for greatness. There was a time in my position where I had an itch to travel all over the U.S. to talk to our clients and potential prospects for a way to introduce myself but to also get my name out there. I strive to always think of solutions and talk to fellow credit union families about what forms and disclosures they are lacking in their establishment.
Advice that I can give to future CEOs is to always want to learn. Be the first one at the meeting and the last one to leave. Get your name out there. Learn about every nook and cranny of the credit union industry. LEARN EVERYONE’S NAME! Be friendly and be present.”
Time to ask yourself if you want to be the new CEO of a credit union and if you are ready to do what needs to be done in this pursuit.
On another note, Oak Tree continually refines its loan forms system to provide the best combination of compliance, practicality, and contemporary design. Oak Tree is committed to each individual credit union to work on your behalf in designing, producing, and supporting an effective lending system. We are fast, efficient, knowledgeable, mindful of costs, and dedicated to the credit union industry. Of specific interest is the continuing training and support we provide. You will have unlimited, free telephonic support in addition to our on-site activities. When you call Oak Tree, you always get real, live, knowledgeable people who will help solve your problems. Just like a CEO advocating for their institution, we got you covered!
Welcome to this week’s CU Events Roundup for Mar. 19, 2021, where we will look at the Credit Union community and bring up some of the events we see going on. We love keeping tabs and participating in these credit union events. CU Events Roundup Mar 19, 2021.
We are hopefully on the tail end of this pandemic that has disrupted so much, including the events that we often participate in for our industry.
Louisiana’s Credit Union Connect
An annual event we like to keep up on and try to help out is the Credit Union Connect put on by the Louisiana Credit Union League and it is often around this time. Turns out it has been canceled for 2021, but we look forward to its return in 2022!
Check out their site for other upcoming events, though — including their 2021 Louisiana GAC.
This Past Week’s Events
There were a lot of roundtable discussions and annual meetings, so we can’t keep track of them all — but feel free to let us know how your Credit Union’s Annual Meeting or event went in the comments or our social media. We love engaging with credit unions!
That does it for CU Events Roundup on Mar 19, 2021. We hope you like this feature and we look forward to seeing how it can grow moving forward. If your credit union, credit union league, or credit union chapter has a big event coming up — drop us a comment or hit us up on social media.
Happy Thursday #CUfamily! We are back with another #HumanitarianHighlight! This week, we have brought you credit unions from all over who are constantly March For A Cause and do what they can to help their communities year-round. 🏃
Here at Oak Tree, we like to take this day weekly, to say thank you to all the #creditunions out there making a #CUdifference in their communities! 😊
Peach State FCU hosts a quarterly food bank donation drive, members and staff are encouraged to donate non-perishable food items. These donations are given to a food bank or pantry in the credit union’s local area. This quarter, Peach State FCU made a contribution to Area Churches Together Serving in Bogart, Georgia.
With the help and rallying of the community and Neighborhood Credit Union’s members, they were able to donate $33,365 to the North Texas Food Bank. These donations will be used to serve those who face food insecurity due to the pandemic. Matching dollar for dollar, up to $25,000, and over 100 donors, the credit union’s donation supplied over 100,000 meals to those in need.
Mountain America Federal Credit Union committed to donating $50 to a local charity for every successful 3-point shot made by Idaho State University, Boise State University, and Brigham Young University during the 2020-2021 men’s college basketball season. During this season, a total of $29,500 was donated to Operation Warm, St. Luke’s Health Foundation, and the American Red Cross.
Wanting to continue supporting their community, Canopy CU worked with Northeast Community Center to help a local non-profit, The ZoNE. They came together and delivered boxes of food to families who are struggling due to lack of transportation, lack of funds, disabled, having to quarantine due to COVID, and so on.
The RTN Federal Credit Union Employees Community Outreach Committee supplied dinned for the men and women at the Bristol Lodge Soup Kitchen located in WALTHAM. Following COVID guidelines and restrictions, RTN employees delivered 3-foot-long submarine sandwiches, Delmonico potatoes, as well as, a sweet treat for dessert. These donations were then packaged to go by Bristol Lodge staff for individuals in need to pick up.
In celebration of Penn States Children’s Hospital, PSECU, Pennsylvania’s anytime, anywhere digital credit union, has committed $10,000 to Children’s Miracle Network. This donation will be used to purchase equipment that brings comfort to babies in the hospital’s Neonatal Intensive Care Unit. This gift provided 40 mamaRoo baby swings for the highest-level NICU in Central Pennsylvania. These baby seats stimulate a natural rocking motion to help soothe babies and promote development.
For the sixth year in a row, Firefights & Company Credit Union is donating carbon monoxide detectors to local fire departments. A total of 550 detectors will be donated to departments in Montgomery, Miami, and Greene counties. The credit union has been able to donate over 2,600 detectors since they started this initiative years ago.
Thank you for reading this Humanitarian Highlight! Please check out last week’s, and please do not hesitate to contact us with any questions about our products & services through our email or by phone (800) 537-9598.
On a final note, we have started a new feature, the Credit Union Roundup, and we hope you return tomorrow to see what is going on in the Credit Union community. Are you ready to March For A Cause?
Your members may be wondering, along with thousands of others, if their credit score really matters. And if so, how much does it matter? A credit score will dictate a lot of their future when it comes to major purchases. Such as applying to get a home loan, an auto loan, or even a credit card for large purchases. An individual actually has multiple scores reported by different credit bureaus, and those scores change all the time. It is important for you to know how the credit scores matter to your members at your credit union.
How Credit Scores Work
There are five main factors that make up a person’s credit score. Some of these factors prove more valuable than others. They include amounts owed, new credit, length of credit history, payment history, and credit mix. Lenders, like your credit union, rely on credit scores to help them determine who is considered a “high-risk” borrower and who may be considered a “low-risk” borrower. Credit scores range between 300 and 850. As mentioned, your members may have multiple credit scores, and each score is based on similar factors, but usually will not be identical. Scores also tend to fall within different ranges, as well as numbers (fair, good, or excellent).
Why Your Members Credit Score Matters
Having a “good” credit score will benefit them when making larger purchases as they move forward in life. When they have a higher score it will usually ensure they receive better deals, and rates when it comes to loans, apartments, credit cards, and even cell phone plans. Having a lower score will result in paying higher interest rates, or having your application ultimately rejected. Credit scores have proven to be an integral part of our financial lives, so making sure they are checked regularly, and understanding what affects their score will be an important part of their financial journey.
Growing Your Credit Score
As your members understand a little more about the importance of maintaining a healthy credit score, we want to provide some guidance for your members to continue to grow credit and remain on track.
Try to avoid closing any accounts, even if paid off.
Pay balances in full and if you must keep a higher balance, try to pay it down as quickly as possible.
Setting up auto-pay to ensure no payment is ever missed.
Now, TAKE ADVANTAGE OF YOUR DEMOGRAPHICS AND SUPPORT THEIR GOOD CREDIT WITH GREAT LOAN RATES!
Here at Oak Tree, we understand the importance of making sure your CU members are getting the best rates, and that you are getting the best forms to conduct business. With 37+ years of experience in the Credit Union Industry, you can count on us to make sure your forms are compliant and held to the highest standards. Contact us today to learn how we can help!
Welcome to a new feature, where we will look at the Credit Union community and bring up some of the events we see going on. We love keeping tabs and participating in these credit union events. This is the CU Events Roundup Mar 12, 2021.
We are hopefully on the tail end of this pandemic that has disrupted so much, including the events that we often participate in for our industry.
GAC 2021
Oak Tree is currently putting together our prize packages for those who participated in our CUNA GAC prize drawing as we had sponsored a “Virtual Booth” at the 2021 GAC which took place online instead of the traditional Washington D.C. venue.
Thank you to everyone who stopped by, left a message, or submitted a raffle entry! We had so many who scanned their badge or reached out and so we are very pleased with how it came together. We do miss the traditional setting, but you don’t have to wait until next year if your credit union is seeking better lending documents or credit union membership forms that come as printed forms or web-based forms then just stop by our contact page or request a free sample so we can get you the best forms for your credit union!
At the GAC was the return of the annual Crash the GAC and a virtual Hike-the-Hill where credit union leaders had online video discussions with their elected representatives to help ensure that they are on board with the credit union movement in the United States.
This Past Week’s Events
Usually, we would have seen a luncheon from our friends at the King County Chapter of Credit Unions, but due to the current pandemic, it seems we didn’t have a March luncheon. We look forward to when these return! They do have their 2021 Golf Tournament coming up in June though, so we hope to hear more as we get closer to the event.
Next week it looks like there will be some great webinars from the Cooperative Credit Union Association, are you taking part or helping put these on? Let us know!
That does it for CU Events Roundup Mar 12, 2021. We hope you like this feature and we look forward to seeing how it can grow moving forward. If your credit union, credit union league, or credit union chapter has a big event coming up — drop us a comment!
Credit unions are the heart of our #HumanitarianHighlights because making a difference in their communities is what #CUs are built on. 🏘️ Here’s to making a difference, the credit union way.
Oak Tree loves showcasing all the amazing work done by the #CUindustry and recognizing all of the credit unions that go above and beyond to make a #CUdifference. 🤗
First Community CU hosted a blood drive in support of the Gulf Coast Regional Blood Center. Their employees and members of the local community banded together and donated much-needed blood. With the recent storms striking their area, many units of blood were lost, so the credit union knew they had to act fast and give back in any way they could.
GECU teamed up with the Official El Paso Independent School District and are helping individuals file their taxes, free of charge. You can drop off your tax files with one of their certified, bilingual volunteers at any of their available locations. With all the uncertainty in the world right now, there is one thing we know to be true: taxes have to get done!
Honoring Random Acts of Kindness Day, Linn Area CU’s Blairs Ferry Road team collected new hats, socks, and gloves, along with gently used coats. The team then donated these items to three different non-profits in need, located in their community.
Southland CU has gifted more than $100,000 in computer workstations to the City of Long Beach Department of Parks, Recreation and Marine. This gift will be used in support of its youth and senior recreation programs. These workstations include more than 200 monitors, keyboards, hard drives, and Window 10 software licenses. The stations will be available to registered youth and seniors of the City after school teen and senior programs.
Recognizing that the arts create and add dimension to individuals’ lives and provide creative outlets for many, the Suncoast Credit Union Foundation has made a $5,000 contribution to the Van Wezel Foundation in support of their Artworks Anywhere Program. This program launched in the middle of the pandemic, to ensure arts education remained accessible to the Sarasota community and beyond.
Wanting to honor the credit union philosophy “people helping people,” TTCU FCU provided meals to city employees who continue to work tirelessly through the winter storms that have aggressively affected certain areas. TTCU FCU also went around to local grocery stores and surprised unsuspecting shoppers with gift cards, to help purchase their groceries.
MSU FCU hosted their Annual Gala virtually this year, but that didn’t stop the CU from making an amazing contribution to their community. During the Gala, employees could make a donation to the Lansing Food Bank with MSUFCU matching donations up to $5,000. At the start of the Gala, close to $2,500 had already been donated, and the goal of $10,000 was surpassed in less than one hour. A total of $11,065 was donated to the Lansing Food Bank, which will provide 36,735 meals to those in need.
Thank you for reading this Humanitarian Highlight! Please check out last week’s, and please do not hesitate to contact us with any questions about our products & services through our email or by phone (800) 537-9598.
Why Would People Throw Money Away with Banks Instead of Investing in a Credit Union?
Credit Unions vs. Banks
It can be in search of a checking account, a savings account, or a loan (such as that first mortgage) that drives a person to sign up for their first account at a financial institution, and oftentimes they go straight to the big banks, not knowing the cost of admission beyond the extremely effective advertising campaigns. Big banks are successful because they make so much revenue off of their customers. Oftentimes, friends and family members will be seen and heard complaining or struggling with high fees and monthly service charges, and more and more with no known recourse, and having to accept that this is part of the financial journey! Let’s look more into the differences between credit unions vs. banks.
Credit Unions and Loans
One of the first loans that most people tend to go for is the auto loan, and as a credit union, you can be that first direct or private party loan for a member. It would seem that a person seeking a loan for a car is more inclined to accept whatever loan they get from the dealer, but oftentimes, that is just as wasteful as getting a loan from a bank. A member of a credit union is often more likely to find better rates and acceptance for loans from their credit union, and that can save a lot of money on interest, fees, and other charges. Since members are not only customers but owners vested in the growing concern of the credit union, it means they are investing in their own “business.”
Credit unions are more likely to take a risk for a loan with a member than a bank would be with a customer. This is why many would be willing to say that it is easier to get approved for a loan with a credit union than a bank. For auto loans, we have seen a rise in auto lenders undercutting the banks and credit unions, but an auto loan with a credit union comes with other benefits that are more than just purchasing a car for an impossibly low rate. It builds a relationship with that credit union, and when members are ready for their next credit card, mortgage, or business loan this can be all the difference in getting the loan.
A major focus of a credit union is to provide essential services and lending opportunities when your members need it most. As great as credit unions are with benefits and consistently low rates, it is almost impossible to operate without any revenue when providing unbeatable rates 24/7/365. This means that strategizing lending rate drops and promotional loans, home equity lines, and other services are essential to provide members with outstanding opportunities, keep up the revenue stream, and propel the credit union into the future! Strategy for promotional efforts can depend heavily on your field of membership, and when you analyze lending spikes! For example, some credit unions might see higher auto lending applications around Memorial Day in their communities. Or you can provide great consumer lending rates during the holidays!
Credit Union Members
Finding opportunities to connect with your members and provide the best services at the best rates at the best times is what makes the credit union difference, and drives trust and loyalty! Especially since most, if not all credit unions, tend to work off of the “3 Stakeholder Rule.” They are the members, the employees, and the credit union that they are concerned with, and many have learned that the more they look to the needs and wants of the employees and members, then the credit union’s growing concern will be met. Banks tend to focus on the bottom line, and not so much on the people they employ or service.
Oak Tree keeps credit unions compliant and connected to their community growth through compliant forms and documents and many other services! Browse our products today and start expanding your services and membership. When we originally posted the credit unions vs. banks infographic it was well-received, we only ask that you credit us when sharing, and please don’t crop out our logo.
Welcome to this week’s #HumanitarianHighlight where you’ll get a first-hand look at #creditunions from all over making it their mission to make a difference in their communities. 🧡 Here at Oak Tree, we are so grateful to be apart of this #CUfamily, and we will continue doing our part to give back, and showcase others who embody what it means to truly make a #CUdifference!
The charitable arm of American First CU is giving away 10 scholarships, each worth $1,000. The credit union is looking for candidates who embody the people-helping-people motto, and who play an active role in their local communities. To be eligible, members must be graduating high school seniors or undergrad students currently enrolled in a two-year, four-year, or technical college, and who most importantly, have a passion for serving others.
Connexus CU has generously pledged $1,000,000 to Habitat for Humanity Saskatchewan, which will help support the building of 80 homes across the province and will help families achieve their basic human needs. Connexus CU is also taking the initiative and working with Habitat for Humanity to create a provincial youth work experience program. This program will give 220 students each year the chance to gain trade skills, and Connexus CU will provide them with financial literary sessions.
During a month-long fundraiser, Mission Fed CU raised a grand total of $215,000. These proceeds will be used to benefit three of the credit union’s community partners: The Jacobs & Cushman San Diego Food Bank, San Diego Rescue Mission, and The Salvation Army of San Diego County.
TLC Community CU gifted $25,000 to the Lenawee Community Foundation and Kiwanis Regional Trail Authority. This donation will go toward assisting in the Kiwanis Trail connection and expansion between Adrian and Tecumseh. The extension of the Kiwanis Trail will bring the trail into the city of Tecumseh and is planned for later this summer.
Together Foundation has donated essential technology and educational supplies to two St. Louis metro area schools. This donation will aid teachers and students as they try to navigate the challenges of virtual learning during the pandemic. Ensuring students continue on a bright path and easing the burden placed on teachers to quickly adapt is the main goal for this credit union.
Tower FCU just announced their new philanthropic endeavor, Pennies for Change. Over the course of the year 2021, Tower will donate up to $250,000 to the TowerCares Foundation through the Pennies for Change program. The newly implemented Pennies for Change program will work by members simply swiping their debit or credit card, in-store and online. For every use, Tower will donate one cent to the foundation, and they fully expect to hit their goal.
Truliant FCU held its annual Financial Education Grants for public schools, and this year 11 of the 38 applicants in Truliant’s member-owned communities were selected. They are receiving grants for individual programs aimed at improving financial literacy. The credit union is gifting more than $40,000 to this year’s winners. The fund is intended to strengthen financial literacy in grades k-6 by gifting funds in financial-education grants to public school teachers, so they can implement financial education into their curriculum.
Thank you for reading this Humanitarian Highlight! Please check out last week’s, and please do not hesitate to contact us with any questions about our products & services through our email or by phone (800) 537-9598.
How does your credit union stack up against the current mobile banking landscape?
Oak Tree had an article featured in the CU Times magazine. The article highlights the current landscape of mobile banking and the concerns that credit unions may have regarding it. Check out a snippet of the article:
It is moving at lightning speed, driven by consumer demand. Oftentimes financial institutions are slower to adapt, using cloaked terms like “safety” or “security” as a reason for concern. They are nothing more than excuses, really. The recent Equifax breach has shown us that if anything, security must always be paramount. Assuming you are diligent in this regard, there is no reason to be slow concerning mobile banking. It will not work.
Consumers demand banking experiences that can keep pace with their lifestyles. That’s why there are so many different payment gateways. Consider the following list of giants. Entities like Apple Pay, Google Wallet, Facebook Messenger, PayPal, and Venmo all exist to enhance peer-to-peer payment processing. They try to make the payment experience easy and seamless. The fewer steps required for a consumer to perform in order to send money, the better. The less that is required of them to interface with the application, the better. It has become the new marketplace standard.
These are points to consider when fine-tuning your mobile banking application. Your members want three things … speed, ease, and security. It’s why bill payer services were so popular for a while. And while you might not think things have changed much, they have. New payment apps have substantially decreased the fees associated with credit union bill pay services. In many instances, it costs nothing for a member to make a payment. Plus, they are less bulky and easier to use. It’s a true win-win for them.
By Richard Gallagher
To read the full article on the CU Times website, click here.
At Oak Tree Business Systems, Inc. we provide compliant forms and disclosures to credit unions, as well as other products and services.
(note: this is an older blog entry and has been edited since originally posted.)
