A CEO Strategic Boot Camp Initiative

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During the CEO Strategic Developers Boot Camp in November 2018, CEOs brainstormed on the future of internet banking from a big-picture, strategic point of view. In addition to exploring how credit unions envision their internet retailing strategies in the coming decade, CU*Answers reviewed two key initiatives that serve as templates for tactical approaches for internet retailing:  Selling loans via internet channels, and our internet stores.

Since that time we’ve been busy!  And we’re also setting our sights on some exciting enhancements to our online LOS (see the separate Kitchen recipe for more about that).

Projects Recently Completed

• 1Click Credit Card Offers via Online and Mobile Banking – implemented in the 20.07 release
• CD-secured Loans via Online and Mobile Banking – implemented in the 20.11 release
• CLR Path Non-Credit Bureau Decision Model – implemented in the 20.11 release
• Collateral Valuation via Kelley Blue Book (KBB) – implemented in the 19.10 release. 
• CU*BASE Integrations for Ready-to-Look (R2L) LOS Solutions, Ready-to-Book (R2B) LOS Solutions, and Misc. Coverage Solutions – all ongoing, new integrations in process all the time
• Flex Loans (loan modification requests) via Online and Mobile Banking – implemented in the 20.07 release
• New optional screen sizes for the Lending Queue and Activity Tracking dashboard  – implemented in the 20.11 release
• Save Your Filters in the Lending Queue – implemented in the 20.11 release
• Sync1 Credit Report Interface  – implemented in the 20.07 and 20.11 releases
• VantageScore via Online Credit Bureau – implemented in the 20.07 release
• New e-Signing Experience – Implemented in the Imaging Solutions 20.06 release 
• Different stop pay fee for online self service – coming in the 21.05 release

Projects in the Works

• Enhancements to our Online LOS – see the separate Kitchen page
• Update to OLB Interface for 1Click Loan Offers – Per recent compliance concerns, the online banking interface is updated to force member to view/agree to the Terms and Conditions of the loan before accepting the offer.  The new user interface will be optional.  Credit unions can continue to use the existing UI if desired.  Status as of 6/3/21: Specifications have been submitted for PS#56540. 
• Member-elected Skip Pays for Online Credit Cards – Expands the existing consumer loan skip-a-pay feature so that it can be offered for online credit card loans as well.  Today, credit card loan skip payments are only available via an automated batch process using Tool #317 Credit Card Skip-a-Payment Configuration.   With this project, the credit union will be able to configure credit card loan categories for a skip payment program via Tool #820 Skip-a-Payment Program Configuration.  This allows the credit union to charge a fee for credit card skip-pays.  In addition, these payment skips will be tracked the same as regular consumer loan skip pays (incrementing skips per year and skips per life of loan) and will appear on the Skip Payment History Dashboard (Tool #817) and Skip Pay History Report (Tool #818) along with other consumer loans.   Status as of April 2021: Project #53492 is in QC testing, being targeted for the 21.10 release.
• Differentiating Product Rate Boards – This project adds a new flag to the configurations that display savings, certificate, and loan products on the online rate board used by BizLink 247, It’s Me 247, and MyBIZ, to allow credit unions to choose the online banking product(s) in which that particular product should be displayed. This will act as a simple filter only, and the same product can be set up to appear in one or any combination of the CU’s supported online banking products. This would allow CUs to have a few general products that are offered across the board, as well as to designate specific products that only get displayed to businesses via BizLink 247 and/or MyBIZ, or for individuals that only get displayed via It’s Me 247, with unique sales text and offer terms directed to that audience.  Status as of July 2021: Project #56802 specs have been submitted for approval.

Chefs for this recipe:  Pete Winninger and Geoff Johnson