{"id":2663,"date":"2019-08-16T08:42:48","date_gmt":"2019-08-16T13:42:48","guid":{"rendered":"http:\/\/www.ncultheaffiliate.com\/?p=2663"},"modified":"2020-11-19T14:48:46","modified_gmt":"2020-11-19T19:48:46","slug":"has-your-overdraft-program-evolved-to-stay-relevant","status":"publish","type":"post","link":"https:\/\/www.ncultheaffiliate.com\/?p=2663","title":{"rendered":"Has Your Overdraft Program Evolved to Stay Relevant?"},"content":{"rendered":"

As technology, regulations and consumer preferences continue to morph at a rapid speed, it\u2019s essential for your service offerings to keep pace. Does your overdraft program have what it takes to continually meet these ever-changing demands?<\/p>\n

Amazon did it when they went from shipping books and CDs to offering digital devices, downloads and home automation. Netflix did it when they branched out from renting DVDs by mail to streaming entertainment of all types and developing original content. And Apple was doing it long before the first iPhone ever hit the market.\u00a0 They\u2019ve all continued to evolve with the times to stay at the forefront of tech innovations and consumer demands.\u00a0 All businesses should follow their lead and pivot, adjust or realign to stay relevant in today\u2019s competitive marketplace.<\/p>\n

For credit unions, one way to do so is to examine the overdraft solution they\u2019re offering by asking:<\/p>\n

-Is it meeting consumer needs and preferences today and will it continue to in the near term?<\/p>\n

-Is it offering greater efficiencies, data analysis and automation as technology grows?<\/p>\n

-Is it adhering to the latest government regulations and industry best practices?<\/p>\n

If you aren\u2019t regularly evaluating your overdraft program, it\u2019s likely outdated. In contrast, an overdraft solution that continually evolves can be a boon for both your account holders and your bottom line.<\/p>\n

Not all overdraft programs evolve
\n<\/em><\/strong>Are you getting a modernized program that continues to evolve with the times so you can deliver the same level of advancement to your account holders?<\/p>\n

Many banks and credit unions have discovered the difference a modern, continually evolving overdraft service can make:<\/p>\n

-When one Michigan credit union was asked by its core provider why they were switching to another overdraft program, when the core provider already offered tools to manage an in-house program, the credit union CEO explained that the core couldn\u2019t match the intuitiveness, efficiency and reporting capabilities of more updated overdraft tools.<\/p>\n

-A Northeastern credit union had previously used an ad hoc system for its overdrafts, which resulted in time-consuming manual processes, inconsistencies and limited revenue. Once they decided to work with an established, reliable overdraft program provider, their results soared, generating positive feedback from members and non-interest income that\u2019s trending at $500,000.<\/p>\n

\u00a0<\/em>The next generation in overdraft
\n<\/em><\/strong>Just like many other consumer products, the overdraft service experience has evolved. You can provide superior financial peace of mind for your account holders and growth opportunities.\u00a0 Here are a few important aspects to keep in mind:<\/p>\n

-More automation<\/strong>, to increase efficiency among your staff and better serve your account holders.<\/p>\n

-More continuing education and training opportunities<\/strong>, from on-site training to webinars and classroom experiences, to help you maximize your overdraft program\u2019s potential.<\/p>\n

-More in-depth analysis & reporting<\/strong>, including tools to identify greater opportunities to enhance revenue.<\/p>\n

-Greater compliance proficiency<\/strong>, with ongoing support from experts, backed by a 100% compliance guarantee.<\/p>\n

\u00a0<\/strong>A fresh look never hurts
\n<\/em><\/strong>The moral of the story? If your overdraft program isn\u2019t intuitive for you or your account holders, if it doesn\u2019t produce consistent and measurable results, and\/or if you\u2019re constantly worried about compliance violations related to its use, it probably hasn\u2019t kept pace with the times. Taking a fresh look isn\u2019t just a good idea\u2014it could end up completely revitalizing your financial institution.<\/p>\n

 <\/p>\n

By Ron Jennings, Executive Vice President<\/p>\n

JOHN M. FLOYD & ASSOCIATES (JMFA)<\/em><\/strong>
\n<\/em>JMFA is one of the most trusted names in the industry. Whether it\u2019s recovering lost revenue, uncovering new savings with vendor contract negotiations, creating more value, serving account holders better or delivering a 100% compliant overdraft service\u2014JMFA can help you deliver measurable results with proven solutions.<\/strong> We are proud to be a preferred provider among many industry groups. To learn more, please\u00a0contact Dan Collins @ dcollins@nebrcul.org<\/p>\n

 <\/p>\n

\"CUA<\/p>\n ","protected":false},"excerpt":{"rendered":"

As technology, regulations and consumer preferences continue to morph at a rapid speed, it\u2019s essential for your service offerings to keep pace.<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=\/wp\/v2\/posts\/2663"}],"collection":[{"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2663"}],"version-history":[{"count":0,"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=\/wp\/v2\/posts\/2663\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2663"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2663"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2663"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}