Designing the Future of Internet Retailing

Internet Retail boot camp banner

A CEO Strategic Boot Camp Initiative

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 2019 initiatives that serve as templates for tactical approaches for internet retailing:  Selling loans via internet channels, and our internet stores.

Open the slides from the 2018 CEO Boot Camp session (PDF)

Open the assignments due December 14 (DOCX)

Open the other handouts and homework

The Task Force

The Designing the Future of Internet Retailing Task Force met on Tuesday and Wednesday, April 23 & 24, 2019.  The Task Force consists of 6 participants from 6 credit unions.  Their role is to help our teams determine a vision for internet retailing, imagine new ways for credit unions to sell loans via internet channels, and figure out how to stock the shelves of a credit union internet store.  Most importantly, this group is helping us to write a new rulebook for the way credit unions interact with members in the spirit of true internet retailers.

Projects in the Works

Here is a short list of the specific projects the Task Force is working on with our teams:

  • Proof-of-concept projects for 1Click Offers and Instant Loans – Moving from expecting members to apply for a loan to a game plan where you offer them a guaranteed loan.
  • Forms and Request Center – Helping CUs increase their online request and fulfillment offers to members by a hundredfold.
  • Skip Pay and Other Ways to Earn via the ‘Net – Starting with online Loan Modification requests and early ACH deposits for a fee, and looking for the next 10 tactics we can use to increase online revenue for everyone.
  • We also continue to work on building online stores, helping credit unions focus on the required tactics to be an internet retailer extraordinaire.

Additional Resources

 

Chefs for this recipe:  Pete Winninger and Geoff Johnson

Updated
May 24, 2019

Leave a Comment

* denotes required fields
  • (will not be published)

XHTML: You can use these tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

Visit the Kitchen Today for New Information on ACH Exception Processing Enhancements

Visit the Kitchen Today for New Information on ACH Exception Processing Enhancements

On May 9, 2019, a CU*Answers design team met to brainstorm ideas for changes to CU*BASE tools and processing routines.  Our main goal is to make it clearer to end-users how the tools work, including warnings about what to watch out for and tips for avoiding potential pitfalls. As a result of these preliminary conversations,… Read more »

May 14, 2019

Have you checked out the NCUA’s proposed 5300 Call Report changes?

Have you checked out the NCUA’s proposed 5300 Call Report changes?

Have you checked out the NCUA’s proposed 5300 Call Report changes yet?  The changes are targeted for March 2019, and the NCUA wants your feedback! The overall theme is modernization and simplification in order to reduce the reporting burden for credit unions.  Check out the 5300 Call Report Tools kitchen page for a highlight of… Read more »

Feb 15, 2018