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.

NEW!  View the Boot Camp Update presentation from the November CEO Strategies event

Projects in the Works

  • Enhancements to Loan Origination Systems (LOS)see the separate Kitchen page
  • CLR Path (Consumer Lending on Reputation) Decision Modelsee the separate Kitchen page
  • Early ACH Deposits for a Fee – The second part of a project that was implemented in the 19.05 release, this project will allow members to request a pending ACH deposit to be posted to their accounts early, for a fee.  Fees are pulled from an existing sub-account, selected by the member at the time the request is made (cannot be taken from the incoming deposit).  Status update as of November 18, 2019:  Project #48319 is in development and tentatively targeted for the 20.05 release.
  • New e-Signing Experience – A new e-closing experience that automates the presentation of forms and collects signatures, allowing for instant disbursement of funds.  A prototype will be introduced as part of the CD-secured loans project (#50926) already described.  View the screen mockups (from the November 2018 CEO Strategies event).
  • Change how leads from online apps are captured and followed up – Add a pop-up so members can indicate when they want the loan (ASAP, near future, just researching), then sort apps in the queue based on this selection and add new procedures to streamline the process, as well as Member Reach-type responses to respond to leads and clear the queue more effectively.  Status as of November 18, 2019: Still in the early design stages.  
  • Forms and Request Center – Helping CUs increase their online request and fulfillment offers to members by a hundredfold.  Learn more and get started now in the store:  https://irsc.cuanswers.com/product/request-a-custom-online-form/

Recap of Previous Posts

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.

Additional Resources

Chefs for this recipe:  Pete Winninger and Geoff Johnson

Updated
November 19, 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>

Check Out the New Recipes We’re Cooking in the Kitchen!

Check Out the New Recipes We’re Cooking in the Kitchen!

Have you visited the Kitchen lately? If not, take a look at our newest projects: Authentication Enhancements for Online/Mobile Banking Enhancements to the Credit Card Cash Back (CCCB) Feature Tracking Recoveries on Written-off Loans Each of these recipes includes a place to provide comments, suggestions, and additional feedback. Visit the Kitchen today – we’d love… Read more »

Aug 16, 2019

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