August 24, 2014

Kapur talks member engagement, reduced costs

July 28, 2014 – Sundeep Kapur, digital strategist with Allied Solutions, gave credit unions ideas on how to manage regulation and compliance, retain members and drive loan growth all while reducing costs, improving engagement and increasing income during his session Friday at NAFCU's Annual Conference.

Kapur discussed examples "outside the box" by reviewing the technologies offered by Delta Air Lines, Starbucks and Amazon and what credit unions can glean from these companies. He described the perfect financial institution as one with:

  • brand recognition and multi-channel reach;
  • on-boarding delight;
  • low-cost footprint and digital instruments;
  • outstanding 24x7 member service; and
  • extreme analytics.

One point he stressed was if credit unions aren't using mobile technology, their "members will go farther and farther away" and find another financial institution that does.

Encouraging credit unions to look ahead to their institution in 2020, he asked, "How would you seek and serve the member of the future? Do you have a business blueprint for success?"

In other sessions Friday:

  • Styskal, Wiese & Melchione, LLP Senior Partner Bill Adler led a discussion of the top 10 risks of insider abuse and embezzlement for conference attendees. Risks included: bond coverage concerns, selection of investigators, SAR issues, regulatory concerns and attorney client and attorney work product privileges.
  • Vantiv LLC Senior Vice President of Financial Institution Services Bob Long led a discussion on how an effective card program can help grow a credit union's membership.
  • Guy Messick, partner with Messick & Lauer PC and general counsel to the National Association of Credit Union Service Organizations, led a discussion on the impact of NCUA's new credit union service organization rule and the proposed risk rating of CUSO investments in the risk-based capital proposal. He discussed how credit unions are responding to the challenges.