Origence, the leading lending technology solutions provider for credit unions, is hosting a free webinar entitled “Economic Outlook: Assessing Opportunities & Strategic Planning” featuring guest speaker Economist Lauren Henderson, VP at Stifel Financial Corporation, on May 9, 2024 at 11 a.m. PT. In this session, Henderson will provide a comprehensive analysis of the current economic landscape, focusing on growth prospects, interest rates, and the potential impact of monetary policy in 2024. She will focus on the changing global policy and political environment and how they will shape economic conditions moving forward. Discussion topics include:
This webinar promises to be a valuable resource for credit unions seeking to make informed decisions in an ever-evolving economic climate. Origence invites credit union professionals, executives, and stakeholders to register for this free webinar here. About Lauren Henderson Lauren Henderson is an economist for Stifel Financial Corporation, focusing on the research and analysis of economic trends and activity, world economies, financial markets, and monetary and fiscal policies.
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Advertising and financial technology company Prizeout has announced the newest addition to the Prizeout Partners CUSO, Alloya Corporate Federal Credit Union. Alloya provides financial services to nearly 30% of all credit unions and credit union entities in the US, including comprehensive products and services that help them stay competitive. Through Alloya's partnership with the CUSO, credit unions within Alloya's network will now have the ability to access Prizeout's new CashBack+ suite of products. “We’re honored to not only have Alloya as a technology partner, but to have them involved in future products,” said Prizeout Founder and CEO David Metz. “As the largest corporate credit union in the country, Alloya’s insight into the innovation that their credit unions and members need is invaluable, and their mission to support credit unions’ success aligns perfectly with our ability to help them put money back into members’ pockets.” In February 2022, Prizeout created the Prizeout Partners CUSO in collaboration with Callahan and Associates. The CUSO served as a vehicle for credit unions to license Prizeout's proprietary technology and to enable collaboration across new product development that would benefit the collective. At inception, the CUSO included 9 credit unions. Now over a year later, the CUSO has grown to 20 credit unions and credit union organizations. Prizeout's new CashBack+ suite of products will provide credit unions within the Alloya network the tools to compete with big banks, to earn more non-interest income, and to put money back into their members’ pockets. “We’re excited to be joining forces with the team at Prizeout to offer their new suite of cashback products to credit unions,” remarked Kurt Stevenson, Alloya’s Senior Vice President of Payments. “Our mission is to support credit union success. With the introduction of CashBack+ to our product and service offerings, we believe Alloya will not only further the success of our member credit unions, but also strengthen the financial well-being of their members.” How CashBack+ works:
The platform will soon include a full suite of products that can earn members additional cashback. PSCU/Co-op Solutions, the nation’s premier payments credit union service organization (CUSO) and an integrated financial technology solutions provider, today announced its partnership with Aloha Pacific Federal Credit Union (APFCU) to provide credit and debit card processing services and support. Founded in 1936 and headquartered in Honolulu, Hawaii, the credit union was established by a united group of city and county employees. Today, APFCU maintains a strong commitment to serving its more than 65,000 members and advancing its mission of building relationships for future generations. With 10 branches across the islands and Las Vegas and more than $1.2 billion in assets, Aloha Pacific FCU is Hawaii’s third largest credit union. APFCU conducted an extensive evaluation to identify the right credit and debit card processing partner to provide exceptional service, technological innovations and comprehensive support in navigating the future payments landscape. Seeking a provider with a proven track record in the credit union industry, APFCU selected PSCU/Co-op as the ideal collaborator for continued growth. "We’ve seen an increasing number of fellow credit unions in Hawaii teaming up with PSCU/Co-op and asked for their feedback during our search for a card processing services provider," said Aloha Pacific Federal Credit Union President and CEO Vince Otsuka. "The credit unions’ responses were overwhelmingly positive and, after assessing PSCU/Co-op’s services and platform, we’re confident we’ve found an exceptional partner. Their payments expertise, financial strength and supportive team have given us even more confidence in our decision. This collaboration will enhance our card processing capabilities, ensuring that our members have access to cutting-edge financial solutions." PSCU/Co-op will begin providing comprehensive credit and debit card services and support to APFCU members in May 2024. "We are pleased to partner with APFCU, a credit union that has embodied a commitment to the 'people helping people' philosophy for more than 85 years," said PSCU/Co-op Solutions EVP, Chief Growth Officer Brian Scott. "PSCU/Co-op is honored to be acknowledged as a leading provider in Hawaii’s credit union space by APFCU, whose team shares our dedication to unparalleled service and community involvement. We are excited to welcome APFCU into our cooperative Ohana and leverage our technology and solutions to support them in offering their members innovative card processing capabilities.” Nearly 200 financial education practitioners from credit unions and partner organizations came together this week for three days during CU FinHealth24 in Aurora, CO to learn, engage, and deep-dive into what it means to holistically serve members with financial health-and-wellbeing solutions that transform lives. You can view conference photos here! Additionally, view daily event posts at #CUFinHealth24 (LinkedIn). Co-hosted by the California and Nevada Credit Union Leagues, National Credit Union Foundation (NCUF), and Cornerstone Foundation at the Gaylord Rockies Resort and Convention Center from April 29 – May 1, this year’s eighth annual CU FinHealth24 delved into the credit union movement’s evolving philosophy and strategy when it comes to financial health and wellbeing at the organic, individual-member level. Coming from credit unions and industry affiliates spanning the West Coast to East Coast, attendees absorbed insights as they immersed themselves in an enriching experience and exploration that brought together today’s “who’s who” in credit union financial literacy and education. This year, measurable data and comprehensive studies on the financial pulse of credit union members from all walks of life — representing different communities — were in focus as financial education practitioners increasingly take an integrative and inclusionary approach to solving financial insecurity in society. Leveling-Up Service, Technology, and CUs’ Measurable Impacts Credit unions have been committing to financial health goals for the past several years, assessing what’s working and what’s not, addressing specific financial wellbeing issues, and taking measurable actions to move the needle on community financial health. “What began eight years ago as a small annual gathering has developed into one of the most highly educational and cooperative credit union industry conferences around the nation that focuses exclusively on the financial health and wellbeing of credit union members,” said Larry Palochik, executive vice president for the Leagues. This year’s event spotlighted the fruits of that progress as credit unions and their partners in the educational and digital-service realms continue cultivating an ongoing, shared responsibility for the financial consumer at a micro level. Recurring attendees and newcomers alike shared how their eyes have been opened. They realize how financial wellbeing is part of a broader tapestry incorporating economic, lifestyle, and health problems that are highly intertwined. Conference attendees have continued to level-up their service and technology outreach in financial education, as well as incorporate a more holistic understanding of their members’ lives. The conference hosts were proud to see credit unions growing in this important and sometimes under-looked space in financial services that receives increasing attention each year as credit union members are taught what it means to live financially healthier lives. National Credit Union Foundation Executive Director Gigi Hyland said she was thrilled about the success of this year’s CU FinHealth conference. “Bringing together top industry leaders to delve into the crucial role of credit unions in enhancing financial-wellbeing-for-all shows our collective commitment to driving positive change,” Hyland said. “The insightful discussions, innovative strategies, and collaborative spirit showcased during this event reaffirm our dedication to empowering individuals through strengthened financial health.” Cornerstone Foundation Executive Director Courtney Moran said it was “incredibly inspiring” to be surrounded by credit union professionals and practitioners who all share the same vision of achieving financial wellbeing for all. “From understanding how to successfully mine your data to sharing meaningful financial coaching tips and techniques, the event offered crucial takeaways for credit unions in various stages of their financial wellness journeys,” Moran said. “I am honored to be part of an event that ignites such passion.” Full Recap of All Three Days and Sponsors To view a recap of all three days — including Committing, Assessing and Learning, Planning, and Acting, “Financial Wellbeing for All,” and Ideation Into Action — click here. Presentations, breakout sessions, and spotlighted discussions include (but were not limited to) the following speakers:
The hosts of this year’s conference would like to thank all CU FinHealth24 sponsors! They include:
Photo: (L-R) California and Nevada Credit Union Leagues Executive Vice President Larry Palochik; National Credit Union Foundation Executive Director Gigi Hyland; and Cornerstone Foundation Executive Director Courtney Moran. "The Bureau of Labor Statistics April jobs report was generally favorable: job gains softened with 175,000 jobs added in the month. The U.S. unemployment rate rose modestly – from 3.8% in March to 3.9% at the end of April – remaining in the narrow range of 3.7% to 3.9% reported over the past nine months. "The average workweek for all employees on private nonfarm payrolls edged down by 0.1 hour to 34.3 hours in April – exactly equal to the year-ago reading. Historically, flat or declining year-over-year changes in the average workweek have been a reliable leading indicator of recession. "The Federal Reserve on Wednesday emphasized that market interest rates won’t be cut until policymakers have ‘greater confidence’ that inflation is slowing sustainably to its desired 2% target. Today’s employment report suggests job market fundamentals could be headed in a direction that is broadly supportive of achieving that goal." -- America's Credit Unions Chief Economist Mike Schenk Leading digital banking provider, Bankjoy hosted its client conference at Elevate 2024, which was held April 17-19 in Napa, California at the Silverado Resort. Executives from financial institutions across the U.S., including banks and credit unions of various sizes, as well as neobanks and several of Bankjoy’s fintech partners, participated in the event to network, collaborate and learn about the latest trends shaping financial services. Elevate 2024 provided bank and credit union leaders an exclusive opportunity to network with fellow Bankjoy clients and peers, get a first-hand look at the company’s newest product innovations, and more. With a highly-curated agenda that featured renowned speakers and industry experts, Elevate attendees exchanged insights on the most pressing topics and trends impacting financial institutions today. This year’s event featured Mark Weber, CEO of Strum as the opening keynote speaker, where he revealed proven best practices for driving deposit growth in the current economic environment and the increasingly important role that personalization plays in growing wallet share with customers and members. Elevate also featured a variety of engaging breakout sessions and interactive client panel discussions, including:
Attendees also got a first-hand look at Bankjoy’s latest product innovations and enhancements, including:
“From the beginning, Bankjoy’s mission has been to empower community financial institutions to help their customers and members thrive financially in today’s digital-first world. These institutions play an essential role in our economy and in the lives of everyday consumers,” said Michael Duncan, CEO of Bankjoy. “Elevate gave us an opportunity to connect in-person with our valued clients and exchange perspectives on top-of-mind trends, industry challenges, as well as best practices for spurring deposit and relationship growth. We’ve already received positive feedback from attendees about the sessions and topics covered. Given the success, our team anticipates another successful client conference in 2025.” “Elevate was a worthwhile experience. The agenda sessions were especially relevant for financial institution executives and attendees walked away with actionable insights and strategies that could be applied within their own organization,” said Casey Bacon, CEO of Statewide Credit Union. “Between the energizing opening keynote from Mark Weber, the breakout sessions, and the networking activities in Napa, Elevate was an excellent event and I’m looking forward to future Bankjoy user conferences.” In honor of National Foster Care Awareness Month, SCE Credit Union (SCE FCU) announced today they will donate a Comfort Case® backpack and Barely Canadian hoodie to youth in foster care for every new account opened in May. Donations will be made through nonprofits helping and supporting children in foster care, including Echoes of Hope, Kidsave and Foster Nation, among others. This announcement expands SCE FCU’s investment in the community following a $1 million, five-year partnership with the YMCA-LA and a recent partnership with Los Angeles County, unveiling their Youth Access Banking program, specifically for youth in foster care. “We are incredibly proud to partner with Barely Canadian and Comfort Cases on this initiative during National Foster Care Awareness Month,” said Jennifer Oliver, president and chief executive officer of SCE Credit Union. “Everyone deserves to be treated with dignity and respect. Both Barely Canadian and Comfort Cases share our values and deep sense of responsibility to serve the greater good.” There are approximately 437,500 youth in foster care in the United States. They are typically given a trash bag to pack up their belongings when they’re removed from their homes. Comfort Cases works to eliminate trash bags from the system and show children in foster care that they matter and there are people who love them. Comfort Cases backpacks are filled with new, essential comfort and personal care items for youth entering and exiting the foster care system, including pajamas, blankets, towels, hygiene kits, books, journals, coloring books, crayons or pencils, and stuffed animals. Barely Canadian is a family business that creates incredibly soft apparel and supports youth in foster care through donating a percentage of sales to foster care nonprofits. Each donated Comfort Case and Barely Canadian hoodie has a combined value of over $400. Similarly, SCE FCU’s partnership with Los Angeles County on their Youth Access Banking program allows youth in foster care as young as 13 to open their own checking and savings accounts without an adult co-owner, with SCE FCU providing an initial $5 deposit to establish the savings account. “As someone who has fostered and adopted foster children, we wanted a way to continue serving youth in foster care while creating a quality product that showcased our vision,” said Kelly Slattery, founder and chief executive officer of Barely Canadian. “By partnering with SCE Credit Union, we’re working together to support countless kids while giving them items to bring them comfort and warmth when they enter the foster care system.” “At the age of 12, I entered the foster care system carrying my belongings in a black trash bag and when I ‘aged out’ of the system at 18, I was handed that same black trash bag and was homeless as a senior in high school,” states Rob Scheer, founder and chief executive officer of Comfort Cases. “When our first children came to us through foster care many years later, I was shocked that they were carrying those same trash bags. It had to stop. Comfort Cases appreciates like-minded organizations such as SCE Credit Union and Barely Canadian who step up with programs like this with the potential to help hundreds, if not thousands, of youth in foster care. We’re especially proud to support this initiative during National Foster Care Awareness Month.” The initiative will run for the entire month of May. Comfort Cases with Barely Canadian hoodies will be supplied to youth in foster care for every new account opened with SCE Credit Union to support as many youth as possible. To learn more about SCE Credit Union or to open an account, visit their website at scefcu.org/makeadifference. To learn more about Echoes of Hope, Kidsave and Foster Nation visit their websites at: echoesofhope.org, kidsave.org and fosternation.org. Alloya Corporate FCU announced today that Tracy Lafferty has been named the Chief Executive Officer of QCash Financial, LLC, a wholly owned credit union service organization (CUSO) of Alloya. Effective immediately, Lafferty replaces Seth Brickman. “All businesses go through a life cycle, which can require a different leadership style at each phase,” said Todd Adams, CEO of Alloya. “Over the past three years, Seth and his team have led QCash through a period of significant growth and have greatly raised awareness within the credit union community about the value of equitable and inclusive lending delivered through an innovative mobile technology experience. QCash now enters the next phase with a continued focus on growth while maturing its back-office operations. We wish Seth the best in all future endeavors.” Lafferty also serves as the corporate’s Chief Financial Officer, a role she has held since 2020. She will continue to serve as CFO as she steps into a leadership role at QCash. “Credit unions’ interest in QCash has never been greater and we look forward to continuing to identify opportunities to enhance the platform while maintaining the high level of service our members currently enjoy. I am honored to be taking on this role and look forward to supporting this high-performing team,” said Lafferty. Mahalo Banking, a premier online and mobile banking solution provider specifically designed for credit unions, has partnered with Des Moines, Iowa-based Affinity Credit Union (‘Affinity CU’ – $147M in assets). Collaborating with Mahalo enables Affinity CU to deliver new digital banking tools and services that elevate its members’ experience while gaining a competitive market edge. After assessing various digital banking partners, Mahalo’s ability to deliver an exceptional member experience, enhanced functionality and user-friendly platform features made the provider an ideal partner for Affinity CU. The credit union is also approaching a core system conversion to Corelation Keystone, and launching Mahalo’s core-centric platform allows Affinity CU to achieve a robust integration following its completion. The Mahalo platform’s deep integration to the core will ensure that the credit union can adopt new features and functionalities, adapt to member needs, remain competitive and attract new members. “Offering best-in-class digital banking tools is not only a necessity, but often a significant differentiator in acquiring and retaining members,” said Kris Laufer, CMO of Affinity CU. “Mahalo delivers everything we wanted in a digital banking partner, excelling in both member experience and internal functionality. Our goal is to create the best possible digital banking experience for our members, and the Mahalo platform sets Affinity Credit Union apart from our banking counterparts.” Having a team comprised of credit union veterans differentiates Mahalo from other providers; they are 100% dedicated to the credit union industry. Mahalo’s Credential Assurance Technology (CAT) offers a secure architecture to prevent fraud attacks. Additionally, the platform includes neurodiverse functionality that ensures an optimized member-centric experience for individuals with cognitive distinctions. “Partnering with Affinity CU to enhance its digital banking offerings and elevate the member experience ensures the credit union will stand out in the competitive landscape,” said Denny Howell, COO of Mahalo. “Today’s members seek credit unions prepared to deliver upon requested features and services, making forward-looking digital tools essential for offering an unparalleled banking experience. We are passionate about crafting these solutions that empower credit unions to expand their capabilities and deliver digital functionality designed to meet evolving member needs and expectations.” Shelley Mitchell, CPA, Chief Strategy Officer of Abound Credit Union, recently served as a panelist at the 2024 Future Digital Finance conference in New Orleans, Louisiana. Her panel focused on the art of balancing efficiency and convenience with high-touch and relationship-building digital solutions. Specifically, the panelists shared how they are rethinking the nature and delivery of financial services in a digital landscape, investigating what member desires are for high-touch banking in their digital touchpoints along the banking journey, expanding avenues for member engagement, and maximizing the potential of self-service technologies. Mitchell shared her insights about the evolving landscape of Member interactions and the challenges faced in translating digital personalization to branch interactions. “At Abound, we want to ensure a seamless Member experience across digital and branch channels,” says Mitchell. “Participating in future-focused industry events like this one help us share what we’ve learned, broaden our perspective and gain from networking with other leaders.” In addition to ensuring Members have access to easy-to-understand resources and equipping branch staff with personalized data to better serve Members in person, on the phone or digitally, she also shared key learnings from Abound’s continuing journey toward embracing emerging technology and emerging ideas while also listening to the voice of the Member. “Leaders must understand when something is not working, when team members or Members are not embracing it the way you thought they would, and where to go from there,” she says. |
Author: Mike LawsonMarried to a most gorgeous and wonderful wife, raising 5 kiddos (including twins!), enjoy helping others tell their stories, and love surfing SoCal waves. Keep it simple. Archives
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