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Cubus Solutions Newsletter: August 2016


They promised better service. They promised broader credit access and easier use and cheaper loans. Well here we are, five years later, and the so-called darling start-ups of FinTech are finding themselves in a slump. The entire sector is in trouble. Growth has slowed dramatically because of deeper worries about consumer-loan defaults and shifting preferences among some investors for other kinds of debt. Some of the largest online lenders have cut jobs by more than 25 percent, and VC investments have fallen by nearly half from a year earlier according to early second quarter results.

Additionally, U.S. regulators are weighing tougher rules for FinTech firms. Uber or Airbnb fighting with a taxi commission or small town zoning department is a lot different than fighting with the Fed, OCC, FDIC or CFBP, TILA or undefined terms like safety and soundness. These FinTech start-ups didn’t understand that you can't move fast and break things without breaking some rule or a lot of them. 

Having been told that they were about to be obsolete, credit unions, banks, and other FIs felt a renewed sense of urgency and moved quickly to improve their online-loan products, processes, and loan booking turnaround time. There are still tremendous opportunities for startups to disrupt the financial services marketplace, and FIs need to continue to innovate.

The key is to collaborate with partners to create solutions that will challenge the disruptors, and conquer the hearts and minds of consumers.

~John-Ashley Paul, President/CEO

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Got Direct Mail?

Just because we’re in a digital revolution, doesn’t mean that people don’t value print material in the mail. In fact consumers revealed just how important mail is to their daily lives in a USPS study. Each day, consumers devote time to bringing in their mail and discovering what it offers. They open their mail with anticipation and give it their undivided attention. This ritual has been termed the Mail Moment. Not only is that a key moment for marketers to understand, direct mail offers many benefits.

  • Almost two times as many US adults react positively to receiving mail than negatively.* 
  • 55% look forward to getting their mail.
  • 67% feel that physical mail is more personal than electronic.
  • 78% of CMOs think that custom content is the future of marketing.*

Direct mail outperforms all digital channels by nearly 700% in terms of response rates.

USPS Study

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Cubus Quick Pay

We’ll be launching a new product this fall that lets your members pay their loan online with a credit card. Adding convenience for all members and especially those with indirect loans, Quick Pay offers members the ability to setup the payment themselves online – outside of online banking – or your credit union staff can quickly add the member’s credit card to their account for a one-time or recurring payment. Want to know more? Sign up for our upcoming webinar on August 8/17 at 11am PT to see how it works.

Webinar Sign Up

Gamification and location: Lessons from Pokémon Go Heard about the Pokémon Go craze? This article in the Financial Brand tells you how some of your peers are already taking advantage of the hot new game and people’s obsession with it.

Read the Article

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Upcoming Webinars

Wed., 8/17 Cubus Quick Pay (UD)
Wed., 8/24
Tues., 9/20
Cubus Skip-A-Pay
(UD & DNA cores)

All webinars are held at 11am Pacific Time.

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