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The Hidden Costs of Financial Illiteracy: Implications for Banks and Economies

Investing in financial education is not just about being socially responsible — it’s also a smart business decision. Educated customers make better financial decisions, resulting in better credit scores, higher savings rates, and bigger investments. These behaviors help banks by reducing loan defaults, increasing deposits, and fostering customer loyalty.

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Harnessing Member Centricity to Build Lasting Relationships

Harnessing Member Centricity to Build Lasting Relationships

Insights from Velera’s (formerly PSCU/Co-op Solutions) “Approaching Member Centricity from the Inside Out” report – combined with key takeaways from the recent Velera THINK conference – underscore a pivotal theme: consumers’ desire to control their personal economy and pursue financial happiness. People want more control over their financial lives, a sentiment echoed by Kasey Stinson from Velera, who stated, “Credit unions are in the pursuit of happiness business.” This desire for control and happiness is deeply intertwined with financial wellbeing.

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3 Ways to Attract and Nurture Sticky Deposits

It’s been said so often that it’s now a refrain: We need more deposits! For bankers and credit union executives across the country, it’s on repeat. And financial institution leaders are trying everything from the traditional (high-interest CDs) to the disruptive (digital-only offerings).

However, balancing how much you gain in deposits with what you spend to capture them is an important part of the equation. And “sticky” deposits – those that are retained longer and provide cross-sell opportunities – generate lower cost of funds (COF) and greater return on marketing investment (ROMI). What makes deposits sticky, what are the benefits of sticky deposits, and how can you attract sticky deposits? That’s what we’re here to explore together. Read on.

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8 Benefits of Relationship-Based Deposits

For banks and credit unions that care about competing on experience rather than price alone, you don’t just want to attract deposits, you want to gain engaged customers. Traditionally, offering exceptional customer service in person at branches was the best strategy...

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Plinqit Appoints Jason Seale as VP of Sales

Plinqit expands its team and names financial industry veteran Jason Seale as VP of Sales to support company’s continued growth ANN ARBOR, MICHIGAN, USA, January 29, 2024 /EINPresswire.com/ -- Plinqit, the first platform that brings together automated savings,...

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Tyler Meany Joins Plinqit as VP of Sales

Plinqit expands its sales team, adding core and digital banking expert Tyler Meany as its newest VP of Sales to support company’s continued growth ANN ARBOR, MICHIGAN, USA, January 25, 2024 /EINPresswire.com/ -- Plinqit, the first platform that brings together...

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What Does the Future of PFM Look Like?

Even though Mint has been around for more than 25 years, its active users fell to 3.6 million from a high of 20 million users in 2016. Intuit's announcement suggested that the shutdown was part of a larger strategy to integrate some of Mint's features into Credit...

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