Industry News

In a recent Credit Union Times opinion article, The Credit Union Route by Richard Gallagher, CEO of Oak Tree Business Systems, Inc., demonstrates how to get potential members to take the credit union route. Here is an excerpt from the article: "Just mention Route 66 and you instantly hear the iconic song playing its melody in your head. It was one of the most popular roadways in the US. It was one of our major highways for a while until the interstate came along and changed everything. Being part of a credit union is like that, too. It is a once-in-a-lifetime experience. In fact, there…

In a recent Credit Union Journal opinion article, Don't Wait Until Next Year to Revisit Your Marketing Strategies, by Richard Gallagher, CEO of Oak Tree Business Systems, Inc., Richard discusses how having a good plan and engagement through many platforms in social media will help draw in audience attention. He also dives into how to add a personal touch to automated marketing. Here is an excerpt from the article: "In short, you cannot ignore automated marketing in today’s digital world. It is a vital part of daily operations and crucial to continued success. In all honesty, it is an expectation. We live in a…

There are many reasons to celebrate in the credit union industry, and credit unions know how to party. Year-round, events are put on to spread the benefits of membership, engage, and give back to communities. If your credit union is setting up a plan to party for a purpose we invite you to check out these steps that you won’t want to miss: Step 1: Decide to host an event or sponsor one and know the difference between what responsibilities you’ll have. While both options require a good deal of planning for presentation, hosting requires more community outreach and event…

In a recent Credit Union Journal opinion article, Ride-hailing stalled taxi loans – could it jump start CU lending?, Richard Gallagher, CEO of Oak Tree Business Systems, Inc., discusses the distruption that ride-hailling companies have caused to the taxi industry and to medallion loans. Here is an excerpt from the article: "Ride-hailing companies were a disruption. The taxi industry, in particular, was hit hard. Lawsuits were filed, but most of them were unsuccessful. It’s not because taxi companies had a weak case, though. The concerns were legitimate. Obtaining a taxi medallion was a lifeline for owners. Many would purchase one in…

The fall season is upon us, which means excitement for the upcoming holiday season, pumpkin spice everything, and colder weather. It is also a time when many people may be looking to escape to some place warmer. Credit union employees throughout the country are no exception to this, especially those who were able to attend this year’s NCUMA Annual Hawaii Conference in Kauai, Hawaii. We wish we could have joined them J. The 5-day event was centered around credit union management, and covered topics relevant to today’s credit union landscape. Attendees got to participate in roundtable discussions, receive valuable industry…

Oak Tree Business Systems recently was published in Credit Union Times. The article covered issues such as discriminatory lending and fair lending pitfalls. Check out these short excerpts from the Loan For All: Putting an End to Discriminatory Lending: "The challenges of fair lending impact many people from all walks of life. Lending discrimination can happen inadvertently, such as some members unintentionally receiving better rates on loans over other members associated with a minority group. In these instances, it is tricky. There may have been no intention to practice unfair lending or discrimination, but that does not clear you from…

As a credit union, your time is precious as you deal with things like changing regulations, member experience, and maintaining a positive presence in the community. If you add forms to that list, things can start to get tricky. At Oak Tree, we totally understand. As a forms provider working exclusively with credit unions, we take this into account and know that your time and resources are valuable. With that being said, when credit unions need forms it is our call to action and we have a list of reasons to prove it. Check out our 5 benefits to outsourcing…

CU Marketing Corner - Creating Personas for Targeting Your Demographics Every financial institution can improve on the success of some aspect of its services, whether that aspect be consumer lending, home equity lending, or savings and checking accounts. Sometimes every service can use a little attention. To get the results you want with marketing, you’ll have to think of your services as individually unique as the people who need them most. No two services are the same. Seeing as they serve different needs, it’s only fair to direct their benefits to a different targeted group. This is where creating personas for…

Consumers are not the only ones who have to watch out for phishing scams, businesses including credit unions are now being targeted.  Business Email Compromise (BEC) phishing has increased over 2,370% in the past two years, according to the Federal Bureau of Investigation.  Between October 2013 and December 2016 there has been more than $5.3 billion in losses in the U.S. from over 40,000 incidents that have occurred.  It comes down to the users in your credit union, you can have the best security software your budget will allow but one or two clicks from an employee and the workstation…

So how do you keep members engaged so they keep coming back for your products and services first every time? The answers may surprise you, but they shouldn’t. In order to keep credit union members happy, we offer four things.  Yet, we need to make a point before we launch into the list. There is a universal appeal aspect to each of the points you are about to read. Keep this in mind, as certain points may speak to a particular methodology. Remember the basis above all. You can always change methodologies to suit different demographics.  How to Keep Credit…