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Driving Deposit Growth: Overcoming Challenges and Maximizing Opportunities

Driving Deposit Growth: Overcoming Challenges and Maximizing Opportunities

Deposit growth remains a trending topic as we transition into 2024. Our Aurora Advantage core + digital team is here to explore challenges many banks and credit unions are facing. We’ll also discuss the importance of deposit growth and how effective strategies such as account cross-sell and relationship pricing, coupled with a strong digital presence can help to overcome these hurdles.

Let’s start by identifying the importance of deposit growth. We’ll narrow our focus to 3 key areas:

• Stability and Liquidity: Deposits provide banks and credit unions with a stable source of funding, enhancing liquidity and ensuring a solid financial foundation.
• Lending Capacity: A healthy deposit base allows banks and credit union to increase their lending capacity, supporting economic growth within the communities they serve.
• Diversification of Funding Sources: Driving deposit growth enables financial institutions to diversify their funding sources, reducing dependence on external markets and enhancing financial resilience.

Next, let’s identify challenges FI’s are facing to drive deposit growth:

• Low Dividend Rate Environment: In a low-dividend-rate environment, attracting deposits becomes more challenging as customers seek higher returns elsewhere.
• Fierce Competition:  FI’s face stiff competition for deposits from traditional banks, online banks, and FinTechs.
• Changing Member Behaviors: The rise of digital banking presents increased costs along with challenges in engaging and retaining customers in traditional deposit products.

Now, on to the good stuff. What strategies can CSPI’s Aurora Advantage core + digital solutions offer to overcome some of these challenges?

• Account Cross-Sell (ACS): Leverage customer data at your fingertips. Our predefined fields help identify cross-sell opportunities to better market to your members.
• Relationship Pricing: Implement relationship-based pricing models to reward and retain loyal customers/members.  Offer tiered interest rates, discounts on additional banking services, or other perks for members with multiple accounts.
• Digital Innovation: Enhance banking convenience, consider implementing a seamless digital experience. Introduce an end-to-end online account opening application using platforms like Aurora Launch.  This will guide members through the onboarding journey, from account application, built in OFAC and credit score checks, ID verification, account funding and more, making the entire process efficient and user-friendly.

By overcoming challenges with strategic initiatives, financial institutions can not only attract deposits, but build lasting relationships with their valued customers and members.

Want to learn more?

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Aurora Advantage, Powered by CSPI, Signs 5 Credit Union Clients for Aurora Document Management Solution

Aurora Advantage, Powered by CSPI, Signs 5 Credit Union Clients for Aurora Document Management Solution

Aurora Advantage, Powered by CSPI, a leading innovator in the credit union industry specializing in core banking, digital banking, and document management, celebrates as five core clients commit to integrating the adoption of Aurora Document Imaging and Tracking module into their operations.

Brittany Mitchell, Collections Manager at Employee Resources Credit Union, shared her excitement. “We are eagerly awaiting the document imaging implementation for our back-office personnel. It eliminates the need for paper files and storage, streamlines our document workflows, removes manual tracking through spreadsheets, and also provides us automated report distribution. We are embracing a new era of operational excellence,” stated Ms. Mitchell.

“The Aurora Advantage core team is always seeking ways to enhance the user experience,” stated Brian Dougherty, Project Manager for CSPI. “A recent announcement introducing an API that would allow credit union personnel to view document images from within the core platform at both the member and account level, has definitely spurred excitement around the Aurora Document Imaging & Tracking solution.” CSPI looks forward to monitoring the efficiency gained by our credit union clients after implementing the document management platform, stay tuned.

About Employee Resources

Employee Resources Credit Union is a community-chartered credit union, currently holding $143 million in assets. As such, you are eligible to become a member if you live, work, worship, or attend school in Lawrence, Giles, Wayne, or Henderson county, TN. For residents of Adamsville, you are eligible to become a member if you work for or are a direct family member of someone who works for the following employers: McNairy County School System, City of Adamsville, Flozone Services Inc., and United Industries Inc. As a member, you will enjoy all the perks of a big bank without the hassle of extra fees and impersonal service.

About Aurora Advantage, Powered by CSPI

As a valued software and service provider leading the FinTech industry for over 36 years, CSPI continues to focus on the needs of today’s progressive credit unions to meet the growing demands of account holders by providing core solutions, digital banking, document management, item processing and managed services.

Aurora Advantage Announces 3 Core Renewal Agreements Signed to Close Out 2023

Aurora Advantage Announces 3 Core Renewal Agreements Signed to Close Out 2023

Aurora Advantage, Powered by CSPI, a leading innovator in the credit union industry specializing in core banking, digital banking, and document management, proudly announces the signing of three core banking credit union renewal agreements in December, marking a successful conclusion to 2023.

Mike Bass, Director of Sales and Partner Relations, expressed gratitude for the ongoing support and trust of their credit union partners. “We are honored to continue our journey alongside these valued clients into the new year,” said Bass. “These renewals strengthen our passion to provide industry leading technology solutions and unparalleled support that contribute to the growth and success of our credit union partners.”

Aurora Advantage looks forward to continuing our mission of ‘exceeding expectations’ in 2024 and beyond.

About Aurora Advantage, Powered by CSPI

As a valued software and service provider leading the FinTech industry for over 36 years, CSPI continues to focus on the needs of today’s progressive credit unions to meet the growing demands of account holders by providing core solutions, digital banking, document management, item processing and managed services.

We support API-first technology to create real-time integration for our Aurora Advantage Digital Banking product suite. Our dedicated team strives to enhance the user experience, deliver innovative solutions, significantly increase productivity, and provide exceptional service that exceeds your expectations. We believe if our customer succeeds, we succeed. https://auroradigitalbanking.com

Strategic Initiatives for 2024: Banks and Credit Unions

Strategic Initiatives for 2024: Banks and Credit Unions

As we enter 2024, community banks and credit unions are strategically positioning themselves as leaders in the technological frontier, where tradition converges with cutting-edge innovation. This exploration highlights their commitment to integrating advanced technologies to enhance operational efficiency and better serve local communities.

1. Strategic Cybersecurity Measures: Banks and credit unions are stepping up their game in 2024 to tackle the growing threat of cyber attacks.  The implementation of cutting-edge cybersecurity protocols, including multi-factor authentication, strong encryption methods, and regular security audits, seeks to protect the integrity of sensitive client data and safeguard institutional assets.
2. Collaboration with Fintechs: Community banks and credit unions are strategically aligning with fintech enterprises, acknowledging the potential for groundbreaking innovations. These collaborations are expected to unfold progressive payment systems, blockchain applications, and artificial intelligence solutions, optimizing operational efficiency while concurrently reducing costs.
3. Data Analytics for Informed Decision-Making: Institutions are committing to deploying data analytics comprehensively. This strategic move aims to extract actionable insights into customer behavior, market dynamics, and risk assessment. By leveraging big data analytics, these institutions seek to make informed decisions, tailor marketing strategies, and optimize overall operational effectiveness.
4. Sustainable Banking Practices: Corporate social responsibility takes precedence as institutions commit to adopting eco-friendly banking initiatives. This includes a reduction in paper usage, promotion of electronic statements, electronic document management, and incorporation of sustainable practices, collectively contributing to a reduced environmental footprint.
5. Digitization in Operations: Community banks and credit unions are continuously evaluating and enhancing digital channels. The ultimate goal is to create seamless connections across all platforms. FI’s can attain their goals by utilizing chatbots to simplify communication channels, taking advantage of API connectivity to streamline the flow of data while reducing manual and double entry of data, creating robust workflows, and moving account opening online to provide convenience to customers and alleviate workload for back office staff. The strategic initiative aims to elevate operational efficiency, offering customer and members a unified, personalized, and sophisticated banking experience.

Our goal is to grow with your financial institution, every step of your journey. We would love to hear what’s on your 2024 strategic road map.

12 Tips to Safeguard Your Data

12 Tips to Safeguard Your Data

Let’s combine the festive spirit of the “12 Days of Christmas” with 12 tips to safeguard your data:

🎵 On the first day of Christmas, my tech team sent to me:
1. Strong Passwords: Use complex, unique passwords for accounts.

🎵 On the second day of Christmas, my IT guru shared with me:
2. Two-Factor Authentication: Add an extra layer of security by implementing two-factor authentication for user logins.

🎵 On the third day of Christmas, my cyber guide advised me:
3. Schedule Regular Backups: Back up your data consistently to ensure you can recover quickly in case of data loss or a security incident.

🎵 On the fourth day of Christmas, my security elf told me:
4. Encryption Everywhere: Use robust encryption for both data at rest and in transit to protect sensitive information.

🎵 On the fifth day of Christmas, my privacy advocate showed to me:
5. Limited Access Controls: Restrict access to data based on job roles and responsibilities to minimize the risk of unauthorized access.

🎵 On the sixth day of Christmas, my firewall guardian spoke to me:
6. Updated Software Packages: Keep all software and systems updated with the latest security patches to close vulnerabilities.

🎵 On the seventh day of Christmas, my compliance companion reminded me:
7. Regulatory Compliance: Stay informed and comply with data protection regulations.

🎵 On the eighth day of Christmas, my audit adviser shared insight on:
8. Regular Security Audits: Conduct routine security audits to identify vulnerabilities and weaknesses in your systems.

🎵 On the ninth day of Christmas, my education enthusiast taught me:
9. Employee Training Programs: Educate your team on security best practices to prevent social engineering attacks and enhance awareness.

🎵 On the tenth day of Christmas, my incident responder said to me:
10. Incident Response Plan: Develop a comprehensive plan to respond to security incidents effectively and minimize damage.

🎵 On the eleventh day of Christmas, my cloud companion whispered to me:
11. Cloud Security Measures: Implement robust security measures if you use cloud services to store or process data.

🎵 On the twelfth day of Christmas, my cyber-santa gifted me:
12. Continuous Monitoring: Implement continuous monitoring systems to detect and respond to potential security threats in real-time.

May your data be secure, your holidays be merry, and your partnership with Aurora Advantage bring you peace of mind! 🎄🔒

Aurora Advantage and Invo Solutions Join Forces to Elevate Account Holder Engagement

Aurora Advantage and Invo Solutions Join Forces to Elevate Account Holder Engagement

A Powerful Partnership for a Seamless Banking Experience

In an era where technology is reshaping the way we interact with financial services, the collaboration between Aurora Advantage, Powered by CSPI, a leading core and digital banking platform provider, and Invo Solutions, a pioneer in chat, video, co-browsing, text, digital branch and scheduling assistant technologies, marks a significant leap forward in enhancing the user experience.

Breaking Down Communication Barriers: A Unified Digital Strategy for Real-time Communications

At CSPI, our mantra is to Simplify, Unify, Quantify, and Multiply. Aurora Advantage delivers a comprehensive core banking platform, and features the robust Aurora Digital Banking Product Suite, offering integrated online and mobile, document management, and online account opening. “We look forward to transforming account holder engagement, offering our community bank and credit union clients multiple avenues to connect real-time with their customers and members across all digital platforms, ensuring they receive the support they need. Partnering with the team at Invo Solutions and embedding their chat and video across all customer-facing Aurora digital platforms breaks down traditional communication barriers, providing unified and seamless user engagement solutions for a more instantaneous response,” stated Kurt Luebbering, Chief of Operations at CSPI.

Jake Martin, President of Invo Solutions, shared, “The synergy between a powerful core integrated with solid digital banking platforms and intelligent communication tools empowers institutions to stay ahead in a competitive market by offering an unparalleled member-centric experience, while solving for staffing shortages, and decreasing lobby wait times.”

About Invo Solutions

Invo Solutions was founded in 2012 to develop the industry’s first in-branch video banking experience. Their staff combined more than 75 years of experience to solve a unique problem in the industry. Since, Invo has added features such as SMS texting, co-browsing, appointment scheduling, and chatbot, as well as web and mobile video banking. Invo’s customer engagement platform continues to bridge the gap between physical and digital channels, creating even more ways for customers to reach their financial institutions, solving for staffing shortages, and decreasing lobby wait times.  https://www.invosolutions.com/

About Aurora Advantage, Powered by CSPI

As a valued software and service provider leading the FinTech industry for over 35 years, CSPI continues to focus on the needs of today’s progressive community banks and credit unions to meet the growing demands of account holders by providing core solutions, digital banking, document management, item processing and managed services.

We are core-agnostic and support API-first technology to create real-time integration for our Aurora Advantage Digital Banking product suite. Our dedicated team strives to enhance the user experience, deliver innovative solutions, significantly increase productivity, and provide exceptional service that exceeds your expectations. We believe if our customer succeeds, we succeed. https://auroradigitalbanking.com

 

Aurora Advantage Powered by CSPI Celebrates 35 Years

Aurora Advantage Powered by CSPI Celebrates 35 Years in the Banking Industry

Computer Service Professionals, Inc. (CSPI), a fintech provider of core solutions, digital banking, online account opening and lending, and document management for community banks and credit unions, is proud to celebrate another milestone as they enter their 35^th year of business.

In October of 2020, CEO & President, Brad Epple, acquired CruiseNet® core solution and the core-related business operations from Jack Henry & Associates, Inc.® Since the fall of 2020, our team has rebranded to Aurora Advantage and has the option to be hosted in the Microsoft Azure Cloud.

“At CSPI, we are invested in innovation ~ with people, solutions, and processes. We believe in the power of collaboration and partnerships. We are passionate about building long term relationships with every client, by staying connected and engaged through each step of their digital transformation journey,” stated Epple.

In our 35 years of doing business, we have remained steadfast in our mission of exceeding client expectations. The team has created seamless integrations across our digital banking solutions suite to improve efficiency. Our team was also recognized as a top 4 finalist in the 2023 Callahan’s Digital Innovation Series with Aurora Launch, a new online account opening and lending solution.

“CSPI looks forward to being a strategic partner to community banks and credit unions,” stated Mike Bass, Sales Manager for CSPI.  “We firmly believe our cloud-based Aurora Advantage solutions will allow community banks credit unions to be more nimble and quick-to-market as new technologies are introduced.”

About CSPI

As a valued software and service provider leading the FinTech industry for 35 years, CSPI continues to focus on the needs of today’s progressive community banks and credit unions to meet the growing demands of account holders by providing core solutions, online account opening and lending, digital and mobile banking, and document management.

We support API-first technology to create real-time integration for our Aurora Advantage digital banking solutions suite. Our dedicated team strives to enhance the user experience, deliver innovative solutions, significantly increase productivity, and provide exceptional service that exceeds your expectations. We believe if our customer succeeds, we succeed.  https://auroradigitalbanking.com

 

CSPI Aurora Advantage Qualifies as Top 4 Finalist in Callahan & Associates, Inc. 2023 Digital Innovation Series

CSPI Aurora Advantage Qualifies as Top 4 Finalist in Callahan & Associates, Inc. 2023 Digital Innovation Series

Think of it as Shark Tank with a credit union spin, and it’s just been renewed for another season. The 2023 Digital Innovation Series from CreditUnions.com and Callahan & Associates is underway. Every year since 2018, this series has offered a select group of suppliers 10 minutes each to impress an audience of credit union decision-makers. It’s simple: Each vendor pitches its offerings and attendees vote on their favorites. Our team at CSPI is proud to announce that our Aurora Launch, digital account opening and lending platform, qualified Aurora Advantage as a TOP 4 FINALIST!

Learn more about Aurora Launch in a brief interview with Emily Twillman, our Director of Branding and Sales Engineer at CSPI.

Describe your digital innovation.

Emily Twillman: CSPI’s Aurora Launch online account opening and lending platform creates a frictionless member experience and improves operational efficiencies by simplifying your team’s engagement. We use core data and soft-inquiry credit pulls to pre-qualify your members. Then, we present instant offers and cross-sell opportunities based on your credit union’s credit policy. With built-in OFAC, KYM, in-session e-signatures, and instant account funding, members can apply and open an account in a matter of minutes.

What opportunity or challenge does it address?

ET: With the threat of fintech’s trying to gain traction on wallet share and low staffing numbers, it’s important for credit unions  to continue focusing on a digital-first strategy beyond their digital banking platform that will also allow efficiencies to offset growing workload demands.

Many credit unions today offer a digital form for the initial application but then require members to visit the branch to complete verification processes. We understand members’ lives are busy and time is valuable. Aurora Launch provides a complete end-to-end digital solution with 365/24/7 enrollment capabilities, built-in KYM, and verification with automated workflows designed to accelerate loan volume while allowing your credit union team to remain focused on building relations and identifying opportunities.

How does it increase member value?

ET: CSPI’s Aurora Launch digital account opening and lending solution increases member loyalty and helps attract new members by streamlining the onboarding process while providing members personalized insight to their purchasing power with instant offers and quick loan approvals. We believe members will benefit from the convenience of applying for a new account from any location, on any device, at a time that best suits their schedule. The simplistic application and onboarding process can be completed in a matter of minutes verses a matter of days.

With retail prices continuing to scale upward and members tightening their budgets, it’s likely many will seek personal loans to make ends meet or consider refinancing in effort to lower their monthly expenditures. Both of these options support the prime opportunity for credit unions to better engage with members by anticipating their needs and conveniently presenting pre-approved account cross-sell offers throughout the application process, enhancing the borrowers engagement.

What differentiates this innovation from competitors?

ET: The key to revenue growth in this digital day and age is capturing the attention of your client or prospect and making it easy and lucrative for them to engage and grow relationships. When you have an intuitive workflow and it is delivered in simple digital steps, the credit union’s brand is seen as effective, smart, and easy to do business with.

Aurora Launch doesn’t ask the applicant for the loan amount they are seeking. Instead, we run a soft credit inquiry and then provide the member with the amount they are pre-approved for, avoiding a denial or negative experience. Users can then select the loan amount they have been pre-approved for and the term of the loan based on lowest interest rate or lowest payment amount to best fit their financial wellness needs.

Similar to an Amazon experience, we provide account cross-sell and upsell opportunities for additional account types and loans, refinancing, and products such as GAP insurance or mechanical repair based on the credit union’s customizations. With Aurora Launch, the credit union finds peace of mind knowing all new accounts and offers are presented based on the credit union’s credit policy.

Aurora Launch makes this simple on the front end, and we deliver it to the credit union with intelligent workflows and processes meeting regulatory requirements on the back-end. It encompasses a seamless full-circle digital solution (opening to funding to document storage) that is built for adaptation as your credit union’s strategy changes, yet also delivers on account growth and retention of engaged digital members.

 

For Members Only FCU, founded by Alpha Kappa Alpha Sorority, Inc.® partners with Aurora Advantage, Powered by CSPI

For Members Only^TM FCU, founded by Alpha Kappa Alpha Sorority, Incorporated ® partners with Aurora Advantage, Powered by CSPI, to launch its own niche, fully digital Credit Union

Jefferson City, MO: The name “For Members Only” speaks to niche banking and its ongoing service to 355,000 members of Alpha Kappa Alpha Sorority. Steeped in tradition, service, and distinguished professionals, the women of Alpha Kappa Alpha are entering the financial-services space to help build generational wealth. Backed by their sorority mission since 1908 to be of “service to all mankind” and introducing a new theme of “Soaring to Greater Heights of Service and Sisterhood,” these women are placing key strategies into action to build personal, organizational, and community economic wealth.

Alpha Kappa Alpha, the oldest Greek-letter organization established by African American college-educated women, will launch For Members OnlyTM Federal Credit Union based in Chicago, IL. FMOFCU was announced as the first federal credit union to be chartered in 2023 by the NCUA and plans to be operational in late March of 2023.

“As the first Black-owned, woman-led, sorority-based (and) 100% digital financial institution, we are poised to deliver innovative financial solutions that drive economic growth for our members, chapters, families, and employees of Alpha Kappa Alpha Sorority,” stated AKA International President Danette Anthony Reed.

The credit union plans to digitally offer safe, fair, and affordable financial products and services. It will serve members, future members, and their communities. It plans to provide members with various savings and loan services in its first year, including checking accounts, online account opening, online banking, debit cards, and more.

For Members Only ^TM Federal Credit Union partnered with Aurora Advantage, Powered by CSPI, to advance their digital goals and service delivery.

“We want to extend a warm welcome to FMOFCU and its members. At CSPI, our Aurora Advantage team looks forward to exceeding our client’s expectations by providing a first-class digital banking experience,” said Brad Epple, CEO and President at CSPI. “It’s been evident as we’ve navigated the implementation process the past six months that FMOFCU has a strong and purpose-driven leadership team committed to ensuring a successful launch. We believe in their mission and are fully committed to growing this vision with their team by staying connected and engaged through each step of their digital journey.”

 About Aurora Advantage, Powered by CSPI

Aurora Advantage focuses on the needs of today’s progressive credit unions to meet growing demands of account holders by providing Next Gen core solutions hosted in the cloud, digital banking suite, online lending & account opening, and document management. We support an open banking architecture for small and mid-sized credit unions.

Core Solutions

About FMOFCU

For Members Only Federal Credit Union is the FIRST, Black-owned, woman-led, sorority-based, digital banking financial institution in the history of the United States.

https://aka1908.com/programs/new-foundation/

Strategizing a New Year, New Goals, & Better Banking Solutions

Strategizing a New Year, New Goals, & Better Banking Transformation

While it would be easy to remain complacent, community financial institutions need to do what they do best: prioritize their account holders’ needs, grow customer/member relations, analyze risks and potential growth opportunities, and take action. As digital banking remains on the forefront, financial institutions (FI’s) need to continually evaluate and evolve this channel.

Most financial institutions are continuously evaluating processes and setting goals to improve the digital banking user experience to remain competitive. As financial institutions prepare for transformation, below are a few suggested areas to incorporate into your digital banking strategy:

• Identify Key Goals & Initiatives
  Brainstorm goals and write them down. Are you seeking to improve your operational efficiencies, improve account holder engagement, transform your account holder’s experience, identify competitive advantages, or simply grow your bottom line with a new business strategy? Although it’s crucial to be mindful of the user experience and evaluating new trends, don’t overlook opportunities to create internal efficiencies as you’re building your roadmap.  Identifying your objectives will help achieve your mission.

• Assemble Key Employees, Define Responsibilities, & Evaluate Success
  It’s important to select the right employees to provide input and share their vision. Include personnel from all levels that will be involved in implementing the new process or service. Identify roles, assign responsibilities and evaluate progress. Giving employees a voice will help them invest in the FI’s vision and strategy.

• Identify & Assess Potential New Processes, Software Applications or Vendors
  Evaluate how new technology, software applications or processes will impact your customer/member and your bottom line. Ensure implementing a new software application is within your budget and has no hidden fees that could skew your investment costs. Revisit your requirements checklist to ensure the application will fulfill your current needs and progress your vision for future capabilities. Take your time on vendor due diligence. Confirm the vendor understands your goals and timeline, has a similar mission and values that align with your FI, and offers excellent customer service. We also recommend requesting a demo, asking for current client references, and inquiring on the implementation and training process so you know the expectations set forth for your team. Data security should also be top of mind; ensure your account holder’s data will be protected. And finally, ask about their roadmap and what enhancements they’re planning to implement. Ensure they are forward looking and will meet future demands.

• Strategize Implementation & Customer Communication
  Devising an implementation strategy is integral to the success of launching your new vision. Identify key players and delegate their roles accordingly. Assess the project scope to ensure daily duties are met and time is allocated to meet deadlines while simultaneously executing your new strategy. If your new solution is customer/member facing, ensure account holders are notified in advance and are aware of the upcoming changes. Communication is key to a seamless transition. This will help account holders prepare for the transition and more willingly embrace change. During go live, make certain account holders have access to easy to understand guides for quick reference via print or video.

• Evaluate Your Process, Software Application or Vendor
  Measure your success by identifying vital areas of improvement (or decline). Survey or personally reach out to your team members and customers for feedback. Evaluate your results and identify next steps. Always be forward thinking on how to further enhance the customer experience or identify problematic areas seeking a more EFFECTIVE process. There’s always room for improvement; stay ahead of the competition.

While the banking landscape continues to transform to keep up with industry demands, community banks and credit unions have upheld their mission and remained focused on building personal relationships and anticipating their account holder’s needs.  Enhancing the user experience, offering new products, and drawing the account holder closer will help grow the bottom line and accelerate growth.

About CSPI:
As a valued software and service provider leading the FinTech industry for 33 years, CSPI continues to focus on the needs of today’s progressive community banks and credit unions to meet the growing demands of account holders by providing core solutions, digital banking, document management and item processing.

We are core-agnostic (and also offer a core cloud solution) and support API-first technology to create real-time integration for our Aurora Advantage Digital Banking product suite. Our dedicated team strives to enhance the user experience, deliver innovative solutions, significantly increase productivity, and provide exceptional service that exceeds your expectations. We believe if our customer succeeds, we succeed. https://auroradigitalbanking.com/

 

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