Nicholas Ostler’s Post

“Since starting to use ClearBank, our self-serve offer to members has been transformed. Being able to offer members access to their savings 24/7 has been transformational for how we serve our customers. Everything just works,” Mandy Wilcock, Chief Operating Officer, Manchester Credit Union. Read our latest case study to discover how Manchester Credit Union has seen a 30% growth in members, improved operational efficiency and enhanced its services with ClearBank. 📈 https://lnkd.in/e_KusMjm

In a recent study, 32% of #creditunion members said they would switch financial institutions for better loan rates and terms. This signals an opportunity for CUs to compete with #fintechs and banks by offering longer loan terms, larger credit limits and faster credit approval, according to PYMNTS. See more of the study’s findings: https://lnkd.in/d76HrmGg

A recent article in McKinsey & Company highlights that only 48% of millennials now view credit unions as valuable, a drop from 51% a decade ago. In comparison, during that same time period, banks have increased their value perception by 15%. Credit Unions partner with Marstone to address some of the most significant issues and can increase their value through: - Providing a user-friendly digital platform to increase engagement. - Tailoring financial advice to meet the needs of individual members - Access around the clock so that members can manage their finances at any time Learn more about the Marstone platform and how we work with credit unions on our website today. https://lnkd.in/em-6QDcY #FinTech #FinancialTechnology #WealthManagement #CreditUnions

There is more to this story that's not in print... Regardless, this is a win for community banks and credit unions that have a wealth management offering. However, EJ will continue looking for a bank partner. For you banks and CUs over $1B with no wealth platform - you need to put that on top of your to-do list! If only there was a company that helped banks and CUs start a wealth management platform! #compassconsulting #compassinsights #wealthmanagement #communitybanking #creditunions #responsibleinvesting #wealthmanagementstartup

DCC member organization Susser Bank recently closed a $40.3 million round of equity fundraising, surpassing its initial target of $20 million. The successful capital raise marks Susser’s continued success following an otherwise turbulent year for competitors in the banking industry. Susser currently operates nine branches, including six in #DallasFortWorth, and looks ahead to bringing in new capital. Amid this new growth, Sam L. Susser, DCC member and Susser Bank CEO, remains optimistic about the company’s future: "This capital, along with our internally generated profits, will hopefully allow us to grow the bank another $300 [million] or $400 million [in assets] over the next couple of years.” Read more here: https://bit.ly/47D1VAn

Great insight from Darren L. and Ryan Johnson regarding the 'credit crunch' traditional lenders are experiencing, predominantly through higher funding costs, and the ongoing trend of customers favouring brokers over direct channels - in addition, CBA have recently indicated more focus on direct customers and greater discipline toward managing margins, it will be interesting to see how this plays out for the broker channel.   What does this mean for the next 12-18 months? Huge window for non-bank and private lenders who aren't exposed to the same pressures traditional lenders are currently facing, and for the broker channel to be reminded of the significant role they play in finding the best possible solutions for their customers!   Been having trouble finding a finance solution for yourself or your customers? 👉 credit@finstreet.au Patrick Yang Alexa Tran Vicky Wang Alissa Zhang Richard Cai #FINSTREET #FINSTAR #DynamicLending #NonBankLending https://lnkd.in/e-hig5-6

Credit Union & Community Banking virtual event - 12 December 2023 #creditunions #communitybanking DEMSA is pleased to be supporting the follow-on events to ones run in September 2022 and February 2023 around the impact of the #costoflivingcrisis, #consumerduty and #borrowersinfinancialdifficulty, subject to Financial Conduct Authority "Dear CEO" letters in February 2023 and new policy rules in early 2024. The Duty 'bedding in' period is underway and regulator surveys indicated that there is work to be done in smaller firms engaged with higher risk customer segments. Chris Warburton is refreshing his sector survey and will chair the virtual event on the day. We are pleased to be supported by Deborah Smith-Hands from Association of British Credit Unions (ABCUL) and Matt Bland of the Co-operative Credit Union. Matt featured at the first event and it was good to catchup with him again at the StepChange Debt Charity Connected event last week. Sheldon Mills covered in his keynote the challenges the industry is facing, especially those at risk of financial exclusion. Technology has a role to play. Manu Peleteiro from Inbestai is amongst the sponsors and we will feature progress around #incomeoptimisation and some great collaborations. As in previous events, we can provide updates on the impact of the Vulnerability Registration Service (VRS) and the great work that the Stop Loan Sharks England have been doing to build on some of the FCA warnings in February 2023. We are hoping to feature other collaborations and data sharing initiatives with previous sponsors like IE Hub. We will discuss the potential impact of the Borrowers in Financial Difficulty (BiFD) rules for lenders, debt collectors and debt advisers. #Affordability, #sustainability and #vulnerabilitymanagement are 'hot topics', along with #responsiblefinance. #Inclusivedesign builds on this with kitemarks like BSI ISO 22458 and Julie Walker supported our 'loan shark' awareness event in April 2023. This event is free. We are looking for more sponsors and up-to-date sector research to support the survey results that will be covered on the day. Please add your thoughts to this post. Chris can be contacted by LinkedIn or at chris.warburton@rostrategy.com. Cath Wohlers Patricia Cassidy Dylan Jones Gareth Llewelyn Mark McElvanney Mehmet Akseki Adam Thornber Rachael Hardman Jones Jo Howcroft Rob Hine Natasha Bambridge Chris Parry Samuel Manning Helen Lord Simon Towers Lou Yates Lee Usher Peter Wallwork FCICM Craig Simmons Peter Wordsworth Melanie Giles https://lnkd.in/epuudVBv

As I reflect on my nearly 5 years in the Credit Union/Financial Services sector, it's evident that many individuals my age are grappling with financial management and saving strategies. Drawing from my experiences, I'd like to share some key insights that have proven invaluable: Prioritise Savings: Allocate 10% of your monthly post-tax salary to savings. Opting for a credit union ensures a disciplined approach, as the funds aren't readily accessible, fostering a culture of saving. Strategic Use of Small Loans: Building a credit score is vital, and small loans provide a low-pressure avenue for achieving this. Credit unions offer secure loans at favorable interest rates, making them an ideal choice. Early Mortgage Consideration: Despite the complexities, initiating conversations with mortgage experts can demystify the process. I personally benefited from advice by Keith Flood QFA during my previous role, shedding light on the intricacies of mortgages. Respect Your Rainy Day Fund: While a financial safety net is essential, treat your rainy day fund like a fixed deposit. Avoid using it as a current account; instead, view it as reserved funds for unexpected needs. Open Dialogue on Financial Challenges: Credit union professionals possess expertise in addressing financial difficulties. Don't hesitate to engage with them; a Qualified Financial Advisor (QFA) is often better equipped to provide solutions than informal sources. Maintaining a financial balance is crucial. Life is meant to be enjoyed, but a strategic approach to saving and spending ensures that you can savor life's pleasures while securing your financial future. Let's continue the conversation on responsible financial management! If you have questions or insights to share, feel free to connect. #creditunions #foryounotprofit #financialplanning

Remutualisation and repatriating market share to the mutual economy should be a new trend if we are seeking corporate diversity to strengthen competition and choice in markets.

Great article on the strength of the NJ banking industry from our VP of Government Affairs.