Nicholas Hinrichsen on LinkedIn: 80% of people join Credit Unions are seeking credit products rather than… (2024)

So proud!Congratulations to the California and Nevada Credit Union Leagues on 90 years of dedication and service to the credit union movement! 🎉Your tireless efforts have not only supported Credit Unions in their mission but have also helped Credit Unions adapt and thrive in an ever-changing financial landscape.Clutch is proud and thankful for the collaboration with the California and Nevada Credit Union Leagues, aimed at bringing digital omni-channel onboarding solutions to Credit unions, enhancing the member experience, and driving growth. Given that California and Silicon Valley are at the heart of direct-to-consumer fintech innovation, the Leagues play a pivotal role in guiding Credit Unions to embrace new technologies.Here are six key insights from our latest whitepaper on digital onboarding:📈 Only 15% of consumers who begin the process of joining Credit Unions actually complete it.🌐 Digital transformation can significantly reduce loan origination and membership acquisition costs.🚀 Credit Unions that have implemented a new digital strategy have seen substantial improvements in member engagement.🔍 A consistent and frictionless application experience is crucial for attracting high-value members.🛡️ Fraud prevention should be balanced with consumer experience to avoid deterring potential members.🤝 Embracing technology is essential for Credit Unions to stay relevant and competitive.We deeply appreciate the California and Nevada Credit Union Leagues for their unwavering commitment to the Credit Union community and their support in driving digital innovation. Together, we are committed to ensuring that Credit Unions remain the first choice for their members. Thank you for partnering with us on this exciting journey!#CreditUnions #DigitalTransformation #FinTech #Clutch #California #Nevada #Partnership #Innovation

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Woah!!!!!!!!!!!!!!Half of the Credit Unions on this list are Clutch clients. How lucky are we to be working with these incredible institutions!?Congratulations Liz Messerly, Brett Christensen, Bryan Meizinger, Melvin Ramen, Joy Kafka, Andy Atkinson, MBA, Angel Arteaga, Marc Walls, Laura Worzella, Darlene Johnson, Jennifer Wade Bolivar, CSPO, CAL, PMI, CUDE, NPS, Chris H., Kathryn K., Kara VanWert, Lisa Parsons, Rob Hoyle, Jeremy M. Pinard and all the other names I missed to mention.From the bottom of our hearts, such an honor and a privilege to be serving you!

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Many compliance-driven directives can hinder Member acquisition, adding unnecessary friction to the onboarding process.𝐓𝐡𝐞 𝐞𝐥𝐞𝐩𝐡𝐚𝐧𝐭 𝐢𝐧 𝐭𝐡𝐞 𝐫𝐨𝐨𝐦: 𝐜𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞 𝐜𝐚𝐧 𝐬𝐨𝐦𝐞𝐭𝐢𝐦𝐞𝐬 𝐛𝐞 𝐚 𝐫𝐨𝐚𝐝𝐛𝐥𝐨𝐜𝐤 𝐭𝐨 𝐢𝐧𝐧𝐨𝐯𝐚𝐭𝐢𝐨𝐧 - 𝐚𝐥𝐭𝐡𝐨𝐮𝐠𝐡 𝐢𝐭 𝐝𝐨𝐞𝐬𝐧'𝐭 𝐡𝐚𝐯𝐞 𝐭𝐨 𝐛𝐞 𝐭𝐡𝐚𝐭 𝐰𝐚𝐲!Here is what we've learned: 👉 Compliance - with state-specific and national regulation - is crucial, but overly conservative interpretations can stifle growth. We have seen compliance-driven requests lead to abandonment rate increases of as high as 13%.👨🏫 Effective compliance teams advise rather than dictate. Progressive Credit Unions ask for recommendations, and the final decision lies with business leaders who can balance the advice with the implied economic impact.The good news: compliance challenges don't fundamentally vary from Credit Union to Credit Union:✅ Compliance - in fact - is a great area to collaborate amongst Credit Unions. If you push your compliance team into a corner and ask them to green-light a progressive idea, you can't expect your compliance team to immediately sign off on it. Instead, let's collaborate with other Credit Unions so the burden of thinking through and making a progressive decision is shared with a community of compliance experts instead of one single person or team alone.✅ Since we're challenging the status quo, we made it our responsibility to closely work with regulators and get their inputs as we build technology. Our clients find that we don't only build our product but always have a thoughtful explanation for the "Why" behind the "What".Credit Unions can be proud of their compliance teams for - what I bet sometimes feels like - a thankless job. Who knows a compliance team that got a shout-out for how amazingly compliant the organization became? 🤣 We love collaborating with compliance team BUT recommend a structure in which the compliance team serves as an advisor to the business folks and in which compliance teams compare notes across the industry.If you have any questions or want to learn more, ping me directly, leave a comment, or reach out to us at Clutch! Collectively we thrive and I look forward to learning from you!If you want to read more, take a peek at our Thought Leadership piece around Digital Omni Channel Onboarding here:https://lnkd.in/d7NSjr2t

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Did I mention it ... implementations can be hard! 🤖 A huge thank you to team Jovia Financial Credit Union, Evan Get, Dennis Klemenz, Robin Block, Casey Mauldin and the rest of the wonderful Jovia family!From the initial strategy sessions in person in Long Island, where we planned out the project goals, to a brief but unforgettable pause to enjoy Jovia Financial Credit Union's incredible Super Bowl ad earlier this year – the teamwork was phenomenal. Honestly, I feel so lucky to be working with y'all!We navigated every challenge -- yes, no implementation is challenge-free -- with precision and dedication, culminating in a successful launch. I wanted to express how grateful were are for the hour-long conversations around change, Processes and People. (Change)-managing Processes and People is equally as important as the technology solution itself.As Evan Get flatteringly stated, "I want to thank the Clutch team for working hard to make this launch error-free, a great technical achievement in my book!"Here's to more successful partnerships and celebrating every milestone along the way! 🚀 #Partnership #Teamwork #DigitalTransformation #CreditUnions

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$17 billlion 🤯 💰 🤕 In a world where technology drives everything, it's essential to keep up with the pace of innovation. If you're reflecting on who sets the pace for innovation in the Credit Union industry, does Chase ever cross your mind? If so, ... read on:Did you know that Chase has a staggering $17 billion technology budget? That's a colossal investment in technology, underscoring the critical role it plays in their operations and growth.Now, let's contrast that with some Credit Unions, which still believe they can remain competitive by building their own software in-house. The disparity is glaring. With a limited budget and resources, how can Credit Unions hope to keep up with giants like Chase?It's not just about the money, though. It's about expertise, innovation, and commitment. I hate to be the bearer of bad news: Credit Unions are massively disadvantaged compared to technology companies and for-profits when it comes to software engineering compensation packages:✅ Silicon Valley caliber software engineers have gotten used to receiving equity packages and participate in the success of the technology company they are part of.👉 If you're an actor, where do you live? ... yes, Hollywood! 👉 If you're in finance, where do you live? ... yes, NYC!👉 If you're a software developer who wants to work on cutting edge technology, where do you live? ... yes, Silicon Valley!✅ Credit Unions need to leverage partners who are technologists at heart, who are structured in a way that allows them to attract the scarcest resource in the labor market - aka software developers - and who are dedicated to the Credit Union movement. These partners bring the latest advancements and best practices, allowing Credit Unions to offer superior services to their members without the hefty price tag of in-house development.In today's fast-paced financial landscape, collaboration is key. By leaning on technology partners, Credit Unions can focus on what they do best – serving their members and communities. PLEASE let me know if you disagree, I'm all ears to be convinced I'm wrong. In fact, I wish I was!Team Clutch is here for you whenever and wherever you need us!#CreditUnions #Technology #Innovation #FinancialServices #Partnerships #DigitalTransformation

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In the past five years, nearly 800 Credit Unions have merged amongst others due to an unwillingness or inertia to adopt a digital agenda. 𝐓𝐡𝐢𝐬 𝐭𝐫𝐞𝐧𝐝 𝐢𝐬 𝐚𝐥𝐚𝐫𝐦𝐢𝐧𝐠 𝐚𝐧𝐝 𝐦𝐮𝐬𝐭 𝐛𝐞 𝐚𝐝𝐝𝐫𝐞𝐬𝐬𝐞𝐝 𝐮𝐫𝐠𝐞𝐧𝐭𝐥𝐲.Where am I coming from?👉 I was reading the news on Twitter when I saw the announcement: starting the day after tomorrow, lockdowns will be in place, and people will not be allowed to leave their homes. These measures were intended to limit the spread of the coronavirus. 👉 Together with my roommates, Agustina Sartori and Sarah Selim, we found ourselves confined to our apartment in San Francisco. Thankfully, living in the heart of Silicon Valley, known for its progressive stance on technology, our lives didn't feel constrained at all. Quite the contrary! 👉 With just a click of a button, we could order pizza, Thai food, Mediterranean cuisine, or whatever we were craving. 👉 Another click, and puzzles would arrive within 24 hours to entertain us. For those still living in San Francisco, the future is here: autonomous, driverless cars are already transporting passengers around. 𝐈𝐟 𝐚𝐥𝐥 𝐨𝐟 𝐭𝐡𝐢𝐬 𝐢𝐬 𝐩𝐨𝐬𝐬𝐢𝐛𝐥𝐞, 𝐢𝐬𝐧'𝐭 𝐢𝐭 𝐬𝐭𝐫𝐚𝐧𝐠𝐞 𝐭𝐡𝐚𝐭 𝐚𝐩𝐩𝐥𝐲𝐢𝐧𝐠 𝐟𝐨𝐫 𝐚 𝐥𝐨𝐚𝐧 𝐟𝐫𝐨𝐦 𝐚 𝐜𝐫𝐞𝐝𝐢𝐭 𝐮𝐧𝐢𝐨𝐧 𝐨𝐫 𝐨𝐩𝐞𝐧𝐢𝐧𝐠 𝐚 𝐝𝐞𝐩𝐨𝐬𝐢𝐭 𝐚𝐜𝐜𝐨𝐮𝐧𝐭 𝐬𝐭𝐢𝐥𝐥 𝐭𝐚𝐤𝐞𝐬 𝐚 𝐰𝐞𝐞𝐤 𝐚𝐧𝐝 𝐨𝐟𝐭𝐞𝐧 𝐫𝐞𝐪𝐮𝐢𝐫𝐞𝐬 𝐬𝐞𝐯𝐞𝐫𝐚𝐥 𝐩𝐡𝐨𝐧𝐞 𝐜𝐚𝐥𝐥𝐬?🙋♂️ If you also feel that Credit Unions - while near and dear to my heart - are behind the digital age, raise your hand! Or even better … share with us what you’re doing to prepare your institution for the digital age! 😱 The number of Credit Unions has dropped from 7,000 a decade ago to around 4,500 today. Waves of mergers have hit the industry, with many unable or unwilling to drive digital transformation.✅ Digital innovation is not a luxury; it's a necessity. Members now expect the ease of going online and using apps to get the financial products they need.❌ Failure to adapt means risking relevance and survival. The pandemic underscored this need, with branches closed and Members demanding online services.💪 All that said, digital transformation is about more than technology. It requires a cultural shift, championed by leadership and embraced by all stakeholders.For Credit Unions to thrive, we encourage to prioritize digital adoption and innovation. Let's ensure we are not just surviving but thriving in this new digital era.If you have any questions or want to learn more, ping me directly, leave a comment, or reach out to us at Clutch! Collectively we thrive and I look forward to learning from you!You can find our Thought Leadership piece around Digital Omni Channel Onboarding at the link below:https://lnkd.in/d7NSjr2t

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