Share this article View post tag: Navy EU Task Force Commander Boards FGS Bayern February 24, 2015 Authorities View post tag: FGS Bayern View post tag: Boards View post tag: News by topic EU Task Force Commander, Rear Admiral Jonas Haggren, visited German Navy frigate, FGS Bayern, during one of her patrols in the Gulf of Aden.Rear Admiral Haggren, is currently based on board EU Naval Force flagship, HNLMS Johan de Witt, was welcomed on board by FGS Bayern’s Commanding Officer, Commander Frank Fahnrich. He was given a guided tour of the ship, including the Medical Centre, Operations Room and the Bridge.He also met the Boarding Team from the Netherlands.[mappress mapid=”15221″]Image: EUNAVFOR View post tag: EU Task Force View post tag: Gulf of Aden View post tag: Commander View post tag: Naval View post tag: africa Back to overview,Home naval-today EU Task Force Commander Boards FGS Bayern
14SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,James Hawk Jim Hawk is President and CEO of IWS, a national provider of vehicle protection products to credit unions, headquartered in Boca Raton, FL. For more information, visit www.iwsgroup.com Web: www.iwsgroup.com Details Good credit union executives are hyper-focused on member value and providing better options and choices for members than the competition. Good lending officers are hyper-focused on facilitating the right loan for members … and, as a result, keeping the competition at bay.To balance member value, to keep the right loan equation for interest income, and to stay competitive in today’s high-tech world, credit unions strive to ensure that their product offerings are both convenient and simple for members to access and use. As such, providing easy-to-use, “sticky” Internet tools like online quote engines may seem like a strategic way to keep members satisfied and engaged with your credit union (and thereby, hopefully, keeping the competition at bay).But this is not as simple as it sounds, and credit unions should remain wary of commoditizing your member relationship.“I just want a quick quote-I don’t want to have to be on the phone for an hour.”How many times have your loan officers heard that comment? In this instance, the operative word is “quick.” And while every service organization strives to provide the quickest service possible, fast doesn’t necessarily mean “good” or “cheap.”Credit unions pride themselves on a commitment to the mission, as evidenced by deep, personalized relationships with members. Other financial institutions? Perhaps not so much. So, while some programs are clearly made to order for online applications – think seven-minute auto insurance e-quotes or three-question, no-underwriting life insurance e-quotes – such products have become commodities.And in the world of commodity sales, it can be suggested that quick-quote engine tools are designed to hook and upsell at a higher price. In our world, however, it’s a proven fact that credit unions’ deep commitment to products which provide personalized, consultative member service is something that can help to optimize both interest and non-interest income, while still providing a better value than options from external sources.What can go wrong?For members’ largest investments, many credit unions provide mortgage teaser rates and/or basic e-calculators. As the mortgage product is not a commodity, rarely do credit unions deliver a full online application-to-quote-to-funded loan online engine. This should also be the case for auto loans and the associated non-interest income products like Vehicle Service Agreements/Mechanical Breakdown Insurance (VSA/MBI).Some of the inputs necessary to provide a proper quote include:– Auto. Truck. Motorcycle. RV. Snowmobile.– Year. Make. Model.– Manufacturer’s warranty (years and miles remaining). Powertrain warranty (years and miles remaining).– Total odometer miles. Annual miles. How many years the member expects to keep the vehicle.– Modifications. After-market parts.– Platinum coverage. Gold coverage. Bronze coverage. Powertrain-only coverage.– Loan term. Member’s budget. Member’s appetite for risk.The online quote parameters can be endless, and, with the time taken to understand the specific situation for each member, the quote generated would ultimately provide an arbitrary or average price, which fails to communicate the true value of the product and service. Further, some product distinctions are subtle, yet critical; and many times it’s hard to differentiate one provider’s – or dealer’s – coverage from another.Instead of providing an online quote engine, for practically the same amount of member time investment, credit unions and loan officers are better served by facilitating a five-minute, consultative and highly-personalized conversation with members. This can put price into context for members’ specific needs as to the value and benefits of a VSA/MBI. In addition, it can address the specific type of coverage each member may need in their unique situation, to prevent unexpected and costly repairs caused by a mechanical breakdown.Don’t commoditize the member relationshipCredit union websites are intended to offer quick, easy-to-access answers. Ideally, they also facilitate decision-making. In lieu of impersonal online quote engines, ensure information on your website is clear and concise regarding the process and value of more complex products, like VSA/MBI. Doing so can save members time, effort and sometimes a very bad experience. For credit unions, it can make the difference between word-of-mouth member endorsements and those that damage reputations.
NAFCU In late 2017/early 2018, NAFCU began hearing from multiple credit unions that had received letters from a firm called Epicenter Law which alleged the credit union’s remote deposit capture (RDC) technology infringed on patents owned by USAA. Through these letters, USAA sought voluntary licensing fees from other financial institutions. Rather than making specific demands, these letters invited credit unions to call the firm to discuss licensing USAA patents.USAA’s efforts to recoup money it spent developing RDC technology also included filing two lawsuits against Wells Fargo last year. USAA, during litigation, went into great detail explaining how Wells Fargo used USAA’s technologies. For example, a few of the patents at issue describe methods and systems for image and criterion monitoring during the RDC process. USAA asserted that these patents solve discrete, technological problems associated with computer systems when capturing images. Ultimately, the district court agreed with USAA’s analysis pertaining to some, but not all, of the patents at issues.On November 6, 2019, in one of these two lawsuits, a jury in a Texas federal court found that Wells Fargo did infringe on USAA’s patents and awarded USAA $200 million. Wells Fargo stated it “strongly disagrees with this jury verdict and does not believe it has infringed on USAA’s patent rights,” but has yet to publicly state whether it will appeal. So what does this potentially mean for credit unions?As background, USAA started developing RDC technology in 2005 and holds numerous patents in this area. As part of its efforts, at one point USAA worked with a company called Mitek, and ultimately the two litigated and settled a dispute relating to one another’s RDC patents. The settlement apparently left both parties with their patents but also left legal questions presented in the case unresolved. continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr