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|The Pulse | 02-06-2018|
Volume 7, Issue 6
Recently, the Credit Union National Association (CUNA) Marketing & Business Development Council announced recipients of the 2018 Diamond Awards. Recipients included eight credit unions serving Minnesota. Winners will be recognized at the 25th Annual CUNA Marketing & Business Development Council Conference Awards dinner on Tuesday evening, March 13 at the Hilton San Francisco Union Square.
Congratulations to the following Minnesota Credit Union Network members:
The complete list of CUNA Diamond Award winners is available online.
The CUNA Marketing and Business Development Council is a member-led community of marketing and business development professionals dedicated to providing relevant resources and tools essential for success to its members. The CUNA Marketing and Business Development Council is one of seven CUNA Councils, a network of more than 7,000 credit union professionals.
More than 5,000 credit union professionals will gather in Washington, D.C., in 2018 for the foremost credit union event of the year: the 2018 CUNA Governmental Affairs Conference, set for February 25 through March 1.
As the largest credit union event in the industry, CUNA GAC unites thousands of credit union advocates in Washington to fight for credit union priorities, including regulatory relief, expanded credit union powers, the credit union tax status and data security.
During the GAC MnCUN will coordinate Hill Hikes to connect attendees with their lawmakers and federal regulators during the conference. Attendance allows credit union professionals to meet face-to-face with their members of Congress to tell their stories and compel them to support credit unions as they work to serve 110 million Americans. Attendees should be sure to also Register for Minnesota-specific events, including our Network Issues Briefing & Luncheon.
Additional information and registration available on the GAC page of the MnCUN website.
Brian Kaas, Managing Director, CMFG Ventures
Over the last several years, credit unions have shown tremendous growth, even alongside the uprising of many “fintech” companies. In the last number of years, credit union membership has experienced robust growth, with this year exhibiting the fastest member growth in more than 25 years, as measured from October of 2016 to that point in 2017; meanwhile, fintech companies have seen a 778% increase in funding in the last 5 years. As the buzz around fintech continues, much attention is given to the market share these early-stage companies were actively seeking within the credit union space. However, at an age of nearly infinite resources and technology right at our fingertips, consumers aren’t specifically looking to do business with a “fintech”; but rather, consumers are simply looking for businesses to meet their needs in a convenient and trustworthy manner. Credit unions continue to meet this need, but as the industry changes, credit unions will need to embrace technology and innovation to build for the future.
Financial Institutions are facing a choice: spend a significant amount of time and money developing their own capabilities to meet the changing market, or pursue partnerships with fintech companies that are disrupting this space. Even the major financial institutions are facing this dilemma, and many are choosing to partner with fintech companies to bring in new technology, products, and channels. Since 2012, the top 10 major financial institutions have invested approximately $3.6B in fintech companies.
According to a recent study done by Accenture, more than 40% of consumers would be more loyal to their credit union or bank if they simplified the car or home buying process, and 39% would like their financial institution to proactively provide real-time, actionable financial advice. For each credit union, partnering with fintech companies can look drastically different, however there are some commonalities that a credit union can explore now. Here are a few examples of ways fintech companies can bring added innovation and value to credit unions:
Partnering with fintech companies can have the potential to combine cost efficiency with more comprehensive services for credit union members. In a recent study done by global law firm Mayer Brown, 87% of Financial Institution-Fintech partnerships cut costs, and 54% of these partnerships boost revenue.
So how should credit unions respond?
CUNA Mutual Group is a strategic partner of the Minnesota Credit Union Network. For more information about CUNA Mutual Group, contact Chief Operations Officer - Network Service Corporation and TruLync John Ferstl by email or at 651-288-5505.
 Credit Union Trends Report (Pg 5); CUNA Mutual Group – Economics; December 2017 (October 2017 Data)
 Fintech’s Golden Age (Pg 1); Accenture; 2016
 Visualizing Where Major US Banks have Invested in Fintech (Pg 1); CB Insights; June 2017
 Banking on Value (Pg 5); Accenture; 2016
 The ABC of Fintech: Acquisitions, Brexit and Collaboration (Pg 12); Mayer Brown; November 2016