How do Credit Unions Stay Relevant in the Age of Big Bank Mega-Tech Investments?

How do Credit Unions Stay Relevant in the Age of Big Bank Mega-Tech Investments?

Despite any lingering recession-era skepticism of big banks and their motivations, we are now seeing a significant shift in their favor – even among customers who were affected by the last downturn. The ten largest U.S. retail banks now manage 48% of total consumer deposits, up from 39% in 2009. This uptick is largely a result of their investments in digital technology.…

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The Four Opposing Forces of Customer Loyalty Programs

The Four Opposing Forces of Customer Loyalty Programs

Many of today’s customer loyalty programs were built for a different, pre-digital marketplace. Once-straightforward tactics such as providing coupons, discounts, or basic points systems to drive card usage are no longer enough to move the needle on inspiring true customer loyalty. In an increasingly complex and digital marketplace where “smart” consumers demand real-time, seamless experiences...

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Uncommon Sense: Necessary Conditions

Uncommon Sense: Necessary Conditions

The goal of a for-profit company should be to make a profit now and in the future. That said, there are three other necessary conditions that lead to long-term profit and drive sustainable value. Profit gains can be achieved at the expense of these other three conditions, but rest assured they will be short-lived.…

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Uncommon Sense: Begin with the End in Mind

Uncommon Sense: Begin with the End in Mind

What is the goal of your company? What should it be? How do you know if projects are contributing to the goal? In this blog, I address these questions and more. This is the first blog in a series I’m writing called Uncommon Sense: Practical Advice to Creating Value, targeted to those with a stake in creating value in companies.…

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How Mid-Sized Banks Can Compete in the Rapidly-Evolving Payments Industry

How Mid-Sized Banks Can Compete in the Rapidly-Evolving Payments Industry

As anyone who spends money knows, the way we pay for goods and services is shifting rapidly – many consumers are overwhelmed by the variety of options coming from financial institutions, merchants, fintechs, and even smartphone providers. To capture this lucrative market, the payments industry keeps sweetening the pot for consumers, and what were groundbreaking perks and features just two to...

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Biometrics – The Future (Again) of Payments

During the mid-2000’s start-up companies such as Pay by Touch and BioPay were piloting biometric payment platforms through gas station chains and grocery stores in the US.  At its height, Pay by Touch had several million users before the company crashed due to management problems.  The knock on biometrics as a payment vehicle has always been privacy concerns and the Big Brother...

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