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.
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 Model – see 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: Project #48319 will be implemented with the 20.07 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). Status: Project is in testing and beta-testing is expected to begin late March/early April, with release to all CUs in May or June.
- 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: 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
- Open the slides from the 2019 Leadership Conference presentation (PDF)
- Open the slides from the 2018 CEO Boot Camp session (PDF)
- Open the assignments due December 14 (DOCX)
- Open the other handouts and homework
- CEO Strategic Developers Boot Camp 2018
- Building Engines for the Future of Loan Origination Systems
Chefs for this recipe: Pete Winninger and Geoff Johnson
