When planning for the future, CUs have to provide members with what they want, said Ivan Askwith, a producer and consultant who was head of digital for Lucasfilm. The reason the railroad industry collapsed, Askwith said, is because “they thought they were in the business of railroads instead of transportation.”
To avoid a similar fate, CUs need to offer members what they want, tell them what they want to hear, and forge stronger connections with them. Drawing parallels to the world of entertainment and brands such as “Star Wars,” Askwith said members will use your services but fans “will evangelize for you.”
“When fans love something they actually fight for it,” Askwith said.
Once the Financial Crimes Enforcement Network’s new customer due diligence rule becomes effective May 11, 2018, credit unions will be required to identify and verify the beneficial owners of business-type accounts.
Atlanta-based Arby’s restaurants has acknowledged a data breach involving approximately a number of its corporate-owned locations, reports Krebs On Security. The breach is estimated to have occurred between Oct. 25, 2016, and Jan. 19.
Federal Reserve Chair Janet Yellen testified before Congress this week, and her remarks match CUNA economists’ prediction of moderate economic growth in 2017. Perc Pineda, senior economist at CUNA, also predicted rate hikes this year.