Innovations in Online Banking for Credit Unions

On a special Tuesday edition of CU Chat Up, I had the opportunity to speak with Bryan Clagett, Peter Glyman and Shawn Ward from Geezeo. They discussed their comprehensive online banking offering for credit unions, including Personal Financial Management (PFM), online banking, mobile banking and an online community system. 

As I mentioned on the radio show, I am a little old school and each month I have been using an excel spreadsheet to keep track of my money. I have checking accounts, savings accounts, a mortgage, a home equity line of credit, several credit cards, 401k accounts and an IRA. Pretty much all over the place. I, as a consumer, would love to have account aggregation where all of my financial information is automatically tracked for me. As a credit union executive, I would want that to be with my credit union.

Imagine the possibilities. Your credit union could be established as the primary financial institution because you hold all their information. They use your online banking PFM to budget, track their spending, track their savings, track ALL their finances whether with you or not. And, as an added bonus....you know all this information, so you can better target market to your members. It is a win-win for the members and the credit union! I get so excited about the possibilities for a uniquely branded PFM for a credit union. Especially when the PFM can be integrated in with your online banking. What more could you want?

How about mobile banking? Having all of those features available at the tip of your finger tips? A member is at the mall and they really want to buy a new video game or a new pair of shoes, but do they have the money? Easy, they can pull up their PFM right on their mobile phone!

How about an online community for your members to discuss their financial goals? To seek help for their financial questions? And opportunity for the credit union-your credit union to be the first place your members come to for financial help. That is a reality now also.

Online banking-the place to check your balance, transfer funds and make a loan payment will soon be a thing of the past. It will be archaic in the world of virtual banking.

Stanford FCU is rolling out PFM and mobile access for their members. Take a look at MyMo.

Have you included updating your online or mobile presence in your strategic plans for 2010? How about in your 5 year plans?

I would love to hear what your credit union is doing to innovate online banking and provide members will a better virtual banking environment!

Debut of a Credit Union Radio Show

Over the past year, I have become more involved in different online communities, resources and formats. It seems every week there is a new communication tool online. Or, at least that is new to me. There are quite a few blogs out there that discuss credit union issues and innovations, as well as, a few podcasts. I will be listing some of them on my page over the next few weeks.

I wanted to try something different, so I decided to host an internet radio show for credit union professionals.  The topics will be geared towards those who work for a credit union and for those who work with credit unions. During my first show, I will explain how this idea came about and give credit where credit is due!

If you have suggestions for topics or would like to be a guest on a show, please leave a comment or contact me.

The first show will be Wednesday, November 4th at 2 pm CT. I will be introducing the show and Morriss Partee from EverythingCU.com will be the guest.  Also, Stacy Dugan from the Michigan Credit Union League will be joining me to discuss the upcoming BarCampBank Chicago event on December 11th in Naperville.

During the live broadcast, there will also be an online chat room where you can discuss the show, post questions, or chat about anything. Also, if you prefer, you can call in to ask questions.

I am very excited about the opportunity to give credit union professionals another format to share ideas.

The radio show website page is www.blogtalkradio.com/CarlaDay.

You can listen live at 2 pm CT, or listen to the broadcast afterwards at the same website. Also, as you can see I have the radio player embedded on the right side of the blog page. I hope to see you there!