Repsol holds 49% interest in the Pikka project. (Credit: Patrick Moore from FreeImages) Australia-based Oil Search has announced a renewed focus on its Alaska operations, with plans to make a final investment decision (FID) on the Pikka project in late 2021.In May 2020, due to the then prevailing economic conditions, the company had decided to delay taking an FID on the project until a recovery in the oil market.Oil Search is now looking to target first oil from the Alaskan oil project in 2025 with an initial investment of under $3bn. The project involves development of the Pikka field in Alaska’s North Slope Basin.The company said that it is now well positioned to proceed with the project in spite of the oil price challenges and the Covid-19 pandemic.Oil Search and its joint venture partner Repsol are preparing to move ahead with the front-end engineering design (FEED) stage of the Pikka project early next year.Phase 1 of the project will be based on a single drill site development that will have a production capacity of 80,000 barrels of oil per day (bopd).Oil Search owns 51% stake in Pikka projectThe Australian firm owns 51% stake in the Pikka project, while its Spanish partner holds 49% interest.Oil Search said that it intends to launch a formal sale process, either on its own or in cooperation with its joint venture partner, to sell 15% of its stake in Pikka and other key Alaskan assets.The company has also announced a 33% increase in its Alaskan oil resources following conclusion and analysis of technical studies on the Mitquq and Stirrup exploration wells, which were drilled during the 2019/20 winter season.The gross Alaskan North Slope 2C resources in Oil Search’s portfolio have now moved up from 728 million barrels of oil (mmbbl) to 968mmbbl, of which 494mmbbl is the company’s share.Oil Search managing director Keiran Wulff said: “The latest increase in resources within our Alaskan portfolio continues to underpin the genuine world class nature of our giant Pikka oil field in Alaska.“Since acquiring the asset from Armstrong in 2018, our programs have increased the gross 2C resource base in the Pikka field alone by 54%, while also discovering additional resources close to the existing field and facilities.“What is also very pleasing is the paradigm reduction in breakeven cost and halving of the initial capital costs that has been achieved to progress the development at lower oil prices.” First oil from the project in Alaskan North Slope is targeted for 2025 with an initial investment of under $3bn
Dear Friends,I’m happy to announce that the Army Corps of Engineers will return to Ocean City this fall to rebuild our north end beaches. The project comes at no cost to the city. The multimillion-dollar replenishment work will be completed a year ahead of schedule and will be funded entirely by the Federal Emergency Management Agency (based on damage from the nor’easter Jonas in January 2016). The project will restore beaches from Seaspray Road to 14th Street.The Army Corps is expected to approve a contract for the work by the end of August. The exact project schedule will be available once the successful bidder is determined, but the project must be finished at the latest by March 2018. Ocean City’s south end also remains on schedule for a renourishment project sometime in late 2018 or early 2019.The city recently acquired an easement for beach property near North Street that represented the last obstacle for an uninterrupted protective dune system the length of our oceanfront. I’d like to thank the Army Corps and the state Department of Environmental Protection for their continued cooperation and partnership in protecting coastal properties in Ocean City and other shore towns.The weekend forecast looks good, and the beaches, boardwalk and streets will be very busy. I ask again that all pedestrians, bicyclists and drivers be patient and follow the rules of the road. As you all know, drinking alcohol in public or on the beach is against the law in Ocean City. I want to remind you that this ordinance will be strictly enforced.Tickets are still available for the Ocean City Pops’ Broadway Salute at 8 p.m. Sunday and the Southside Johnny and the Asbury Jukes concert at 7 p.m. Monday. Both shows are on the Ocean City Music Pier, and tickets are available at the Music Pier Box Office or at oceancityvacation.com/boxoffice. Tickets for Monday’s concert are also available at ticketmaster.com .Warm regards,Jay A. GillianMayor Mayor Jay Gillian
Last month, the late Galactic co-founder and former vocalist, Theryl “The Houseman” Declouet, passed away at the age of 66. The singer had long faced medical issues, forcing him to quit the band in 2004 given Galactic’s heavy touring schedule. The Houseman met bandmates Robert Mercurio and Jeff Raines in 1990 before the duo had started Galactic. The trio’s longstanding friendship continued throughout Galactic’s early career, with DeClouet serving as the band’s primary vocalist.Galactic has released a new single featuring the late Theryln Delcouet on vocals, “Can’t You Believe”. In a statement the band released, they have decided to release the recording of the song they have been working on together this past year. The song features background vocals from Ivan Neville and Erica Falls, Shamarr Allen on trumpet, and Cory Henry on trombone.All proceeds from the song will be going directly to Houseman’s New Orleans Musicians Clinic to help his family with the medical and funeral expenses accrued during his passing. You can show your support for The Houseman and his family here.Galactic’s new single is available for download via this link, and can be previewed below.
The year-old boy had been abandoned at a rural hospital in Uganda’s poorest district. His mother, who showed up days later after a change of heart, was just 17 herself and told the Harvard students visiting there that she had been forced to abandon him by his father.Two Harvard undergraduates said their conversation with that young mother one evening in January made an indelible impression on them during a winter break trip to Uganda to work on a project to fight malnutrition. The conversation helped them to understand the challenges and struggles of those living far from Harvard’s academic halls.“I saw a child who’s helpless. He hasn’t made any decisions in life yet, and he’s put in this situation,” Harvard junior Gordon Liao said. “That’s what motivates me to do this project. There are children who have no choices.”Liao and senior Sarah Nam were just two of many Harvard undergraduates, graduate students, and faculty members who took full advantage of the first winter break since the University moved to a new, unified calendar this academic year. For undergraduates, the change meant that exams occurred in December prior to the break between Christmas and New Year’s Day for the first time. The calendar shift freed up several weeks in January that had previously been occupied with the fall reading period and final exams.The change was recommended by the 2004 Report of the Harvard University Committee on Calendar Reform, which suggested that all of Harvard’s Schools adopt the same academic calendar to facilitate cross-School collaboration. Specifically, the committee recommended beginning the school year in early September, concluding fall exams in December before the break, moving Commencement from early June to late May, and coordinating Thanksgiving and spring break across the Schools.Among the activities undertaken by students and faculty members over winter break were the service trip to Uganda, a journey to El Salvador to promote literacy by students at Harvard’s Graduate School of Education (HGSE), a water purification project in the Dominican Republic that became an exercise in earthquake relief for neighboring Haiti, and a journey to India by the women’s squash team to play demonstration matches and engage in several days of squash instruction and academic tutoring for poor children in the northern India city of Chandigarh.Learning signs of malnutritionLiao, Nam, and fellow undergraduate Katherine Lim traveled to Uganda on New Year’s Day guided by Keri Cohn, a clinical fellow in pediatrics at Harvard-affiliated Children’s Hospital Boston. The four traveled to Nyakibale Hospital in Uganda’s Rukungiri District as part of the Initiative to End Child Malnutrition, a collaboration between Nyakibale Hospital; the Harvard College Global Hunger Initiative (a student group founded by Nam and others); and Massachusetts General Hospital’s Division of Global Health and Human Rights, whose Initiative for Emergency Care in Rural Uganda already operates at Nyakibale Hospital.For several months before the trip, students worked with Cohn to translate World Health Organization malnutrition protocols into workshops for local nurses, doctors, and other health care providers and hospital administrators. During their three weeks at Nyakibale, the students presented dozens of sessions of the nine-part course to nurses there. Cohn conducted similar workshops for physicians and hospital administrators. The course was designed to improve recognition of malnutrition, as well as to suggest ways to combat it.Promoting literacy for allA group of HGSE students from the international education policy program spent a week in El Salvador in a varied project that started with literacy and moved on to the arts.The seven students were from the student group Learning Through Libraries, founded this year by Jill Carlson and Eleanor O’Donnell. Carlson and O’Donnell came up with the idea for the project and approached fellow student Debra Gittler, who had worked extensively in El Salvador to improve teacher training. Gittler embraced the project.Aided by Gittler’s contacts, the group raised money to purchase 1,500 books and then networked with several organizations, including TACA Airlines — which agreed to ship the books — the Salvadoran nonprofit organization FEPADE, the Escuela de Comunicación Monica Herrera, the national art museum Marte, the Amigos School in Cambridge, and three schools in the town of Caluco.The group wanted to do more than just ship books, so it arranged workshops on how to use and run a library and brought in local storytellers to work with children and grandparents to uncover local history and paint murals about it.“We see it as facilitating the process of transferring from the grandparents to the students,” Gittler said.HGSE student Briget Ganske also worked with students from the Escuela de Comunicación Monica Herrera in El Salvador to teach children at the three Caluco schools how to operate digital cameras. They then sent the children home to document their lives. The students’ photos will be on simultaneous display at HGSE and in El Salvador in February.Gittler said the HGSE students hope to make Learning Through Libraries a permanent organization before they graduate in May, so that future HGSE students can participate in similar experiences.Athletics, academics, and serviceThe Harvard Women’s Squash Team spent 11 days in India. The training and service trip was led by the team’s coaches, including head coach Satinder Bajwa, who grew up in India and who runs a nonprofit organization dedicated to sports and academics for underprivileged children. Bajwa said he had the idea for the trip for some time, but it wasn’t possible until the calendar change freed up time.“The idea has always been there, but the school calendar never allowed us to make it happen,” Bajwa said. “This is the first year, with the January window.”Bajwa said the trip was planned to include rewarding personal activities as well as training that can help the team during the remainder of their season, which ends in March. During their stay, the group trained and played several local teams, including club teams and the Indian National Team, according to freshman Vidya Rajan.“We lost,” Rajan said of the match with the Indian National Team. “They were very good. It was great preparation for some of our upcoming matches.”Rajan, whose family is from Chennai, India, grew up in the United States but has visited Chennai. She said she enjoyed seeing other parts of the country during the team’s four-city tour. The team spent three days at the end of the trip in Chandigarh, coaching underprivileged children in squash and providing academic tutoring.“It was just so rewarding. I’d never really seen those kinds of living conditions up close and personal,” Rajan said. “It was eye-opening, to say the least.”
The Civil Rights Heritage Center hosted community members who gathered to hear monologues from Saint Mary’s students and faculty about the struggles marginalized groups have faced in the pursuit of liberation Wednesday night. Professors Stacy Davis, Phyllis Kaminski and Jamie Wagman read their monologues, as well as sophomores Zoe Ricker and Micaela Enright, juniors Jalyn King and Savannah Jackson, and senior Jordan Lolmaugh. Wagman, a history and gender and women’s studies professor, read her monologue on violence and addressed the ever-present question hanging in the air: “What can we do at this moment?” Wagman recalled those who ask her what decade she would have otherwise liked to live in. Wagman laughed and said, “[They ask] as though there was one decade of safety and consent for all people.” Kaminski, a religious studies professor, said she was a “young, naive and privileged Sister” in 1968 during the climax of the civil rights movement. “I was learning intersectionality before I ever knew the term,” she said. The majority of those presenting focused on the civil rights movements that were present in the 1960s and 1970s while relating the issues faced then to issues faced now. During her monologue, King said reproductive justice is a multifaceted issue that extends past the scope of birth control. “When thinking of reproductive rights, most people often think of abortion or birth control, however it is more than that,” she said. “Reproductive justice is the ability for a woman to have a choice in what happens to her body and for women to become aware of all the choices that they have before they decide what they would like to do.” King said her grandmother grew up in a time without adequate sex education and reproductive justice. “My grandmother was born in 1961, a time when women did not receive adequate information about their bodies, especially not black girls,” she said. As a result, King said her grandmother never knew she had endometriosis until diagnosed at age 44. Reproductive justice is more prevalent in the public sphere now than ever before, King said, and that is due, in part, to great African American activists like Fannie Lou Hamer, a victim of sterilization who traveled to the 1964 Democratic National Convention to make sure African American voices were represented.Reproductive injustice and coerced sterilization of minority women was tragically commonplace in the 20th century, Enright said. “The Puerto Rican government ran a sterilization program by using U.S. federal funds,” she said. “By the year 1968, the program had sterilized approximately one third of all Puerto Rican women.” From this, Enright said federally-funded, coerced sterilizations are now prohibited. But, the 60s and 70s were a time rife with dubious sterilizations in the name of eugenics, Jackson, who spoke on Native American women and sterilization, said. “Many Native American women were denied their reproductive rights,” she said. “The Indian Health Service, functioning under the control of the Board of Health, Education and Welfare, and the U.S. Public Health Service, began providing family planning services to Native American families in 1965 to control the population of Native Americans. From 1968 to the late 70s, around 25 percent of Native American women, between 15 and 44 years old, were sterilized.”Jackson said many these women were sterilized without their consent. “Some women were even threatened by social services to lose custody of their children,” she said. But from this, many women have persisted; Ricker said that some women, like artist Barbara Chase-Riboud, chose to become activists through their art. “Art is one of those intense and deep ways we express ourselves,” she said. “Art makes us think, cry, laugh and remember.” Ricker said Chase-Riboud has created several works of art inspired by Malcolm X, some of which were recently featured in an exhibit at the MoMA. As well as art, Davis, professor of religious studies, said music has been a vehicle for activists to express themselves, particularly for black women during the civil rights era. “Women articulated the realities of suffering in the hope that one day, life would be better for everyone,” she said. Davis spoke about Billie Holiday, Nina Simone, Aretha Franklin and The Staple Singers, whose music, rooted in Gospel, was inspired by that current moment and the civil rights movement. Davis said the women sang of the frustrations in wanting civil rights to “speed up.” Marginalized women in the LGBT community have also found ways to express themselves through activism and the creation of safe spaces, Lolmaugh said. “Nightclubs and bars have been historically significant to the LGBT community,” she said. “There were very few safe spaces for those in the community, but bars and clubs helped to fill this gap, especially from the 60s and onward.” One of the first gay bars in South Bend, The Seahorse Cabaret, was opened in 1971 by Gloria Frankel, Lolmaugh said. “I first learned about Frankel and the cabaret about a year ago,” she said. “I was visiting the South Bend Civil Rights Heritage Center’s archives and found a folder that contained napkins, flyers and photographs from The Seahorse. I grew up in South Bend and had never heard of The Seahorse or Gloria Frankel.”While the plight of marginalized groups is still pervasive, and there is still much more work to be done in terms of equality, Lolmaugh said we must not forget those activists who fought for the rights we have today. “The resilience, survival and liberation are what is most important to remember,” she said.Tags: Civil Rights, Gender and Women’s Studies, LGBT, marginalized communities, minorities
Photo: Derek Seifert / U.S. Air ForceALBANY – In a sweeping change to a section of New York’s Civil Rights Law, state lawmakers voted Tuesday to repeal 50-A making police personnel records public.Both New York State Senator George Borrello and Assemblyman Andy Goodell voted against the repeal.Under 50-A, home addresses, personal phone numbers, and emails of officers and their families were protected. Senator Borrello says the repeal does not provide police “due process.”“It takes away their due process,” said Borrello. “When a false allegation is made against a member of law enforcement that stays on their record forever.” Borrello says unlike other professions, the repeal of 50-A prevents unsubstantiated claims from first responders’ records. The Senator says that misstep in the repeal was discussed prior to the vote.“During the floor debate the sponsor of the legislation was asked: why did you not change the public officers’ law so that unsubstantiated claims would be removed from those records,” explained Borrello. “The response was just because it was unsubstantiated doesn’t mean it didn’t happen.”Eliminating the law makes complaints against officers, as well as transcripts and final dispositions of disciplinary proceedings, public for the first time in decades.Assemblyman Andy Goodell says he was for some modifications of 50-A, just not the full repeal.“You want a balanced approach, not a knee jerk reaction,” said Assemblyman Goodell. “I would support legislation that made it clear that founded complaints should be public and available for inspection.”Gov. Andrew Cuomo, who has recently supported reforming the law, has said in the wake of the protests that he will sign the repeal. Only Delaware has a similar law.Many other states, like Minnesota where George Floyd was killed, do not have a law like 50-A.The legislature on Monday passed other police accountability measures, banning police from using chokeholds, guaranteeing the right to record police activity and making it easier to file lawsuits against people making race-based 911 calls.The measure to make officers’ records and misconduct complaints public is among several police accountability bills racing through the state legislature. Lawmakers passed other bills that would provide all state troopers with body cameras and ensure that police officers provide medical and mental health attention to people in custody. Share:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to email this to a friend (Opens in new window)
By Dialogo December 01, 2009 The Colombian government’s musical project “Sing with Me for Reintegration,” in which eight former rebels from that country participate, will tour London, Brussels, and Madrid in December, according to diplomatic sources. The twelve members of the group, who perform their musical compositions vocally and with instruments, will appear in Madrid on 10 December at America House, following a prior rehearsal in the Spanish capital on 5 December and the concerts scheduled in the United Kingdom and Belgium. The High Commissioner for Peace in Colombia, Frank Pearl, is expected to attend the Madrid concert, according to the same diplomatic sources. The program, which has issued a CD with thirteen songs with messages in favor of reintegration and social reconciliation, was developed by the Colombian government’s Office of the High Presidential Counselor for Reintegration and has the support of Colombian singer-songwriter Fonseca, the winner of a Latin Grammy in 2006. The nine men and three women who make up the group went through a two-and-a-half-month process of musical training, after being selected from among 153 hopefuls in auditions held in eleven Colombian cities. As a result of the Justice and Peace Act, in seven years more than 51,000 individuals have been demobilized, around 32,000 of them belonging to right-wing paramilitary groups and more than 15,000 of them members of the FARC.
September 1, 2003 Letters Judge Ferguson Please note that in June the News published a short article, in connection with my reapplication, containing an allegation that four years ago I had charged two clients for legal services, without the clients’ consent or approval. Several attorneys suggested I should respond to clear the air:1.) Both of the clients involved had signed written, itemized statements approving of all past legal services and charges. After I heard of the allegation, the client who had authorized and paid for a future legal service was offered a refund or the service, and did not accept the refund, instead accepted the service. Their files contain this documentation and have been retained for any properly interested person or party which might request the documents.2.) There were no findings of fact of any wrongdoing.3.) My practice had been for sale for a year and a half prior to the allegation, for seven or eight unrelated reasons, and it was my decision to quit practicing after the sale of my practice.4.) I have no ill will toward anyone involved, but would like to provide additional facts since someone might conclude that silence could be an admission or think less of me upon reading the short article.I don’t believe there are any other remarks for general public comment or private conversation, so thanks.Neil George Paulson, Sr. OrlandoChesterfield Smith Congratulations should go to E.C. Deeno Kitchen for his excellent column on the proper role of lawyers in the system. Mr. Kitchen observes that the public is not totally wrong about its perception of lawyers.This stems from the fact that we can anticipate no respect from the public until such time as we begin to respect each other.The poor behavior of many lawyers as referenced in Mr. Kitchen’s column is, unfortunately, a fact of life in much of the litigation that takes place today. As a result, lawyers, in general, lack a good public perception because some also lack in substance. It has never been particularly helpful, however, to worry about our perception unless we are willing also to change the substantive manner in which we treat each other.In order to make progress in civility, we must begin to reduce the personalizing of the litigation process. For some lawyers, this may never happen because their calling card is strictly to accuse and abuse their opposing counsel. The difficult question is how do we properly react to this kind of behavior while maintaining our own dignity.Finally, Mr. Kitchen is absolutely correct when he notes that distasteful behavior rarely benefits the client. I have yet to see a judge who is impressed by obnoxious lawyers, and I do not expect to see any in the future. As such, it is neither productive nor ethical to engage in behavior that misapprehends and scorns the lifeblood of our profession.Howard J. Hollander MiamiReapplication for Admission I am deeply disturbed by the attacks on John Ashcroft that routinely appear in the News’ letters section. The most recent letter suggests that we are sitting idly by while our government is destroying individual rights much like Germans sat idly by in the 1920s. Such accusations against our attorney general are both hysterical and specious in nature and must be refuted.First, by historical standards, John Ashcroft is taking a rather liberal approach to this war on terror. The fact of the matter is that Attorney General Ashcroft has been eminently reasonable in his denial of certain constitutional rights to enemy combatants who are not from this country and who pose a grave threat to our national security. Compare Ashcroft’s actions with President Lincoln’s decision to suspend habeas corpus and to arrest and to hold without any due process over 10,000 Americans who sympathized with the South. These Americans, which included legislators and judges, were hauled away and were held without any due process rights whatsoever for disagreeing with the United States government. And then there was FDR who went to the extreme of putting over 100,000 Japanese Americans into work camps merely for being of Japanese descent.Remember, close to 3,000 innocent Americans were murdered when Al-Qaida declared war on the United States on 9/11. And remember, Al Qaeda poses a threat to our water supply, to our bridges, to our nuclear power plants, to our ships and planes, to our buildings, and to the health and safety of our entire citizenry. The foremost responsibility of the Bush Administration is to protect our shores from enemy aggression, and the Patriot Act is a rational and reasonable response to the imminent danger that exists. I am afraid that many of the critics of our president and attorney general are more concerned about politics than they are about the national security of our country. This is an unfortunate state of affairs.Edward J. Kone Boca RatonProfessionalism With sadness at his passing rekindled, I read of the posthumous, well-deserved honor given Judge Wilke D. Ferguson, Jr. by the (now-named) Wilke D. Ferguson, Jr., Bar Association.However, one of the late judge’s most important offices and accomplishments (from my prospective) was absent from the brief recounting of his judicial career. Regardless of whether he was “first” this or “third” that, my memory of Judge Ferguson is of a personally powerful and inspiring young judge on the workers’ compensation bench in Miami during the time I started practicing in the mid-1970s. It is from this bench his genuinely illustrious career as a jurist was launched.As I look back on my earlier days in the field and occasional misgivings over committing to it fully—Judge Ferguson, an emblem to me of excellence, made a true impression. Though I greeted him warmly in our all-too-infrequent encounters at bar functions in later years, I don’t think I ever told him that. I wish I had. Moreso would that I could now.H. George Kagan Palm BeachAshcroft, a Liberal? September 1, 2003 Regular News The death of my friend and classmate, Chesterfield Smith, who was generally known as “Harvey” by his family and early acquaintances, to distinguish him from his uncle who served many years in the Florida Legislature, brings back many memories. Chesterfield had the most engaging and likeable personality of any of the people I have known in my fairly long life. I told Chesterfield while we were students that if he ever ran for governor of Florida, I would be sure that he would be elected. He never thanked me for that idea, since, even in law college, he had set his mind on achieving his honors in the legal profession.Although Chesterfield numbered some of the richest and most powerful people in Florida among his clients, he never forgot what he firmly believed to be the duty of every lawyer, which is to serve all the people with the very best legal service any lawyer has to offer. This was not an assumed notion, as I am sure everyone who came in contact with Chesterfield will vouch for it. He lived it.Chesterfield was unique, and they threw away the mold when he was born, but wouldn’t it be wonderful if a majority of lawyers took Chesterfield’s ideas to heart and served all their clients with equal diligence?David B. Higginbottom Frostproof
4SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Suchit Shah Suchit Shah is the COO of CU Rise Analytics, a Virginia-based CUSO. CU Rise helps credit unions that want to focus their time and resources on the most advantageous strategies … Web: www.cu-rise.com Details Faced with the reality that 40% of Americans aren’t visiting bank and credit union branches in favor of online and mobile banking, financial institutions today understand that they must be “digitally ready,” with an online presence that meets the expectations of today’s consumers. Like other FIs, credit unions are expanding their digital presence by moving traditional banking services online. But, the competitive landscape is also changing. Technology companies are making their way into financial services, and it’s predicted that in 10 years, a technology firm could be world’s largest bank. In a survey by Bain & Company, 73% of millennials said they would consider banking with a tech firm. Changing member expectations and growing competition means credit unions that want to grow must think about digital strategy as much more than their website. But when it comes to digital readiness in 2019, the data shows credit unions still have work to do. Credit Unions Are Falling Behind in Digital AdoptionUsing NCUA data, CU Rise mapped the changes in adoption of 23 electronic services by credit unions from 2014-2018. Based on the presence or absence of the 23 electronic services, a digital adoption score (DAS) was calculated for each credit union. A credit union offering all 23 electronic services has a DAS score of 100. The growth in DAS scores between 2014 and 2018 was calculated for all 5,397 credit unions with NCUA data. Alarmingly, 3,000 credit unions – more than half – had no or negative growth in their DAS score. Only about 5% of credit unions made substantial progress in their digitization efforts, with DAS score growth of more than 15%. For credit unions lagging in their digital adoption, the opportunity to reap the benefits is huge. All credit unions with positive growth in their digital adoption score also had higher increases in both assets and members in 2018 vs. 2014.It’s What Comes After Online Banking That Matters NowOffering online banking services is just scratching the surface of how credit unions can embrace digital strategy for growth. What a credit union does after implementing digital banking service truly makes the difference today. Your members’ online actions form a digital footprint – and it’s a treasure trove of information previously unavailable. Advanced algorithms can build a member’s digital profile by synthesizing data from mobile phone apps, online shopping, social media, and search engine visits to assess characteristics such as the likelihood to make timely payments, or default on a loan. Analyzing the digital footprint has so many interesting and strategic applications. A study by the National Bureau of Economic Research found that iPhone users are more likely to pay their bills than Android users. They also found that people who use their actual name in their email address are more likely to make timely payments than someone using a mix of nouns and numbers.These new windows give credit unions important insights into members’ needs, preferences, and likely future behaviors. Data analytics is the key to forming a more accurate picture of your members, and developing more effective strategies to spur growth. Here’s a simple, but effective application from a mid-size credit union using predictive data analytics. Advanced predictive models are able to synthesize a multitude of variables and predict the propensity for future behavior, allowing this credit union to identify who would be more likely to respond to a new checking account incentive. When a member on this targeted list logged into their online account, it automatically triggered a pop-up message with the checking account offer. Not only did the credit union have better response rates, but the digital delivery was much more cost-effective than their traditional mailers. This is just one small tip of the analytics iceberg. For credit unions wondering the best strategies to compete and grow in the rapidly changing financial services landscape, here is the answer: Digitize, analyze, and let your data show you the way.
ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr continue reading » Employee benefits pre-funding programs can do more for your credit union than simply offset future benefits expenses. The credit unions that get the most value from pre-funding programs use the expanded array of allowable investments to balance their overall investment portfolio—and, at the same time, they actively manage the program as they would any other potential income stream.Pre-funding programs make use of expanded investment options allowed by the National Credit Union Administration and by many states. Investments that credit unions otherwise aren’t allowed to make under the Code of Federal Regulations, Part 703 (and Part 704 in some circumstances)—such as certain corporate bonds, securities and insurance products—are allowable to offset expenses for, among other things:health insurance plans;supplemental executive compensation; andgroup life and disability insurance.When I work with credit unions that are considering employee benefits pre-funding programs, I often come across some misconceptions that are holding executives and boards back from using this strategy.