Insights from Catalyst

The word “tariffs” has been in the media a lot lately. What, exactly, are tariffs? And what do they have to do with consumers and credit unions?

In 2005, interest rate derivative and bond traders wanted more volatility in the rates markets. Interest rate volatility markets were all but dead, and traders complained about being bored. They had a point, and to be fair, traders need some volatility to make money.

For those working in the payments realm, the term “ISO 20022” probably sounds vaguely familiar. As this International Organization of Standardization guideline has not been widely implemented in the U.S. – the Federal Reserve will implement the standard for its Fedwire Funds Service in three phases, beginning in November 2020 and ending in late 2023 – learning about ISO 20022 doesn’t rank very high on our to-do lists. Yet.

What’s the key to a credit union’s success? That’s an easy one. It’s the members. And these days, membership can be more diverse than ever. But how well do we understand the evolving member base? As our credit unions grow and gain more members, it gets harder to know them. What can we do to gain more insights into our members? Two words: BIG DATA.

Each October, the U.S. Department of Homeland Security and the National Cyber Security Alliance join forces to educate businesses, consumers and students on how to stay safe and secure online. This year, as National Cyber Security Month turns 15, the campaign goal is to increase awareness of the shared responsibility we have in securing digital assets. Credit union employees often remind members how to protect their accounts. But, who reminds the employees to be just as careful with their online activities and digital duties?