Alkami Technology, Inc. (Nasdaq: ALKT) (“Alkami”), a leading cloud-based digital banking solutions provider for financial institutions in the U.S., has developed and launched an Engagement AI Model via its AI Predictive Modeling solution. The new model—the first of its kind in the industry—combines artificial intelligence (AI), machine learning (ML), and Alkami’s proprietary Key Lifestyle Indicators® (KLIs) empowering financial institutions to identify account holders who demonstrate behaviors most likely to lead to retention and account growth, and increase their engagement with products, service offerings and digital channels. Financial institutions can use an attrition model to identify account holders that have a high risk of leaving, allowing the institution a chance to develop win-back strategies. According to Alkami’s internal research, account holders who score the highest risk for attrition are, on average, 15x more likely to leave a financial institution than account holders who score as highly engaged. Alkami’s Engagement AI Model inverts their attrition model so financial institutions can focus their time and budget where it matters most—in retaining and growing their engaged account holders. “When we looked at the full spectrum of attrition scoring, our research showed that attrition is significantly lower among highly engaged account holders, so we developed a model that not only identifies these highly engaged account holders but also layers in Alkami’s KLIs—labels describing the type of transaction or behavior a customer or member engages in—to best predict which behaviors drive incremental engagement,” said Mark Leher, director, product management at Alkami. “The model assesses the entire universe of a financial institution’s account holders on a daily basis to identify those account holders exhibiting behaviors that have historically led to deeper engagement,” Leher continued. “This allows the financial institution to auto-surface highly relevant campaigns that are more effective at driving growth. Not only does this save on account acquisition costs, but it also empowers the financial institution to engage with those who are more likely to take action on a targeted campaign.” For more information on Alkami’s Data & Marketing Solutions, visit Alkami’s website.
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Ocean Financial Federal Credit Union (OFFCU) has announced its partnership in support of Hispanic Brotherhood's empowerment and advancement of the Latino community through education, health, immigration, civic engagement, housing and economic assistance. Hispanic Brotherhood was established in 1984 by a small group of Hispanic residents to assist the fast-growing population of immigrants from different Spanish language cultures. The non-for-profit organization provides a wide range of resettlement services, such as housing and employment counseling, translation, immigration, and legal assistance, naturalization, citizenship counseling, and emergency food. Hispanic Brotherhood also offers an After-School Child Care and Tutorial Program for youth ages 5 through 17, and the Hispanic Brotherhood Senior Citizen Club. “We are so grateful to Ocean Financial for their support and generosity with this organization,” said Margarita Grasing, Director of Hispanic Brotherhood of Rockville Centre. “After being a part of Hispanic Brotherhood for more than 46 years, it is so wonderful to see people that care and really mean that care about the situations of many families across Nassau County.” “We’re honored to support such an amazing organization,” said Joe Tedesco, President and CEO of Ocean Financial Federal Credit Union. “Hispanic Brotherhood is incredibly inclusive and is deeply rooted in our shared Catholic values. We are proud to assist them in their mission of supporting the community and teaching children the values of team sports that will stick with them throughout their lives.” Video attached, credit Ocean Financial Federal Credit Union and Hispanic Brotherhood. https://vimeo.com/854368339?share=copy Callahan & Associates, the leading provider of strategic resources for credit unions, is ready to help its clients thrive as they prepare for 2024. With strategic planning season in full swing, many credit union leaders are looking for new ways to help their institution and community thrive for years to come. Callahan’s aware of the big goals ahead of credit unions, and ready to help its leaders balance their purpose with revenue. Callahan consultants can help leadership teams sift through the data and interpret the numbers, so they can come up with an actionable plan. They’ll work to understand the credit union’s needs and offer a fresh perspective to help reach its goals to create a clear path toward long-term relevance and growth. Whether you're looking to add value to your next executive/board meeting or prefer a customized 1 or 2-day planning session, they can help lend a hand. Callahan consultants have encouraged credit union leaders to think differently about strategies to address important issues such as digital transformation, long-term relevance, purpose alignment and many more. Right now, Callahan is offering potential clients a unique opportunity. Schedule a 15-minute conversation with a Callahan consultant who can help identify your credit union’s current goals. After that, consultants can recommend next steps and a path forward. This is an important prerequisite to make sure you are set up for success when it comes to addressing strategic goals. If interested, please schedule your initial conversation here. Consultants’ calendars book up quickly, make sure to get on Callahan’s schedule early. To learn more about these and other consulting services, visit Callahan.com/consulting. Charlotte Nemec, president & CEO of Canopy Credit Union, was selected as CEO of the Year by the National Association of Federally-Insured Credit Unions (NAFCU). The award honors leaders who go above and beyond to contribute to the success and strength of the industry and leave a remarkable impact on their communities. “Charlotte is an amazing leader who is extremely dedicated to the credit union, its members, board and her staff,” said Mark Nelson, chairman of Canopy’s board of directors. “We are thrilled, but not surprised, that experts in the industry recognize Charlotte’s impactful leadership. This award honors her, Canopy and Spokane.” Since Nemec became president & CEO in 2018, Canopy added two branches, grew nearly 50% in assets and received designation as a Community Development Financial Institution for its exemplary work serving low-income populations. Nemec’s leadership is instrumental in creating a thriving culture where employees and members feel valued, which was recognized when Canopy was honored as the 7th Best Credit Union to Work for in the Nation in 2022 by American Banker. “The 2023 award winners are dedicated stewards of the credit union mission and NAFCU is honored to recognize them for their exceptional representation of the industry,” said NAFCU Awards Committee Chair Eli Vazquez. In a year where NAFCU received more award nominations than in the last three years combined, Nemec won in the category of credit unions with assets of $500 million or less. “It is such an honor to receive this award,” Nemec said. “The community and team have embraced Canopy’s vision of building a happier and healthier community through financial inclusion. This award means we’ve walked our talk, and we will continue to do so.” Nemec and other winners of NAFCU’s 2023 Annual Awards Competition will be honored during NAFCU’s Congressional Caucus in Washington, D.C., Sept. 10-13. Log on to NAFCU’s website to learn more. Financial Plus Credit Union is thrilled to celebrate the achievement of Matt Schroeder, Business Relationship Manger, who has been named Michigan Certified Development Corporation (MCDC) 2022 Credit Union Lender of the Year. This recognition highlights Matt's dedication, expertise, and outstanding contributions to the financial services industry. "We extend our congratulations to Matt Schroeder on being named the MCDC Credit Union Lender of the Year," said Nathan Adams, Director of Business Services at Financial Plus Credit Union. ‘His dedication and exceptional contributions have not only earned him this prestigious award but have also made a lasting impression on our members and peers in the industry. His commitment to tailoring innovative and flexible financing options has enabled business members from various sectors to reach their goals." The MCDC Credit Union Lender of the Year Award holds immense significance in the financial community. The award honors professionals who have demonstrated exemplary leadership and commitment to supporting local businesses growth and prosperity. Larky, the market leader in account holder engagement technology, and Mahalo Banking, a CUSO that provides online and mobile banking solutions for credit unions, today announce an expanded partnership that enables all Mahalo clients to benefit from Larky’s nudge® platform and embeds the power of Larky’s innovative engagement technology in Mahalo’s comprehensive digital banking suite. In response to the escalating demand for seamless digital interfaces, Larky and Mahalo Banking are harnessing their shared expertise in account holder engagement and state-of-the-art banking technology. Larky's nudge® platform will now be integrated into Mahalo’s online banking platform and will also be featured in all new client engagements and renewals. Larky's platform complements Mahalo’s digital banking suite by prompting account holders to engage with the services that fit their unique financial needs, directly from their mobile devices. ”The continued demand for mobile banking has underscored the necessity for targeted engagement campaigns to help credit unions foster stronger relationships with their members,” said Denny Howell, co-founder and COO of Mahalo. “Our partnership with Larky enables us to offer our credit union clients an invaluable tool for member engagement, at a time when the market needs new approaches to nurture and grow depositor relationships.” With the inclusion of Larky’s nudge® platform, account holders can now receive notifications that guide them to their financial institution’s offerings as well as contextually relevant branch information. The partnership also provides access to analytics and A/B testing, enabling institutions to use exportable, user-level data to see how their campaigns are performing, and revise them in real-time. In addition, Mahalo's clients can leverage Larky's nudge® Score, a unique feature that uses artificial intelligence to predict the performance of a new push notification, making it simple and easy to send out a high performing new campaign in a few clicks. “We’re thrilled to expand our partnership with Mahalo, opening doors for their clients to harness the power of our nudge® platform’s tailored and proactive engagement capabilities,” said Scott Brown, Larky’s VP of Growth. “This reinforced partnership interweaves the unique assets of both organizations, bolstering the digital banking landscape for consumers and fostering expansion for community based financial institutions.” With a shared vision and the aid of innovative technology, Mahalo and Larky are reshaping the digital banking experience to be more personalized, proactive and precisely aligned with the unique needs of credit unions and their members. OCCU team members joined Looking Glass Community Services for its sixth annual Hike for Hope on August 5. OCCU participated in the event for the fifth year as a sponsoring organization. As part of the sponsorship, OCCU team members and their families were invited to join in a hike up Mount Pisgah, outside Eugene. Prior to the hike, Looking Glass held a series of raffles for items donated by other supporting organizations. Participants also heard from a Looking Glass counselor about her experiences working with at-risk youth. Despite heat and poor air quality, many members of Team OCCU made it to the top. In total, this year’s Hike for Hope raised $6,200. Funds will go toward Looking Glass’s work providing counseling, housing and workforce training to at-risk youth and families. The Hike for Hope embodies OCCU’s commitment to its team members’ health through wellness policies. OCCU is proud of its generous time-off allocations, which encourage staff to step away from work to recharge often. In addition, staff are eligible for quarterly wellness reimbursements on items purchased for activities that promote mental and physical health, like exercise equipment and hobby supplies. Perhaps most notably, a pilot program was started in OCCU’s call center earlier this year to test the feasibility of a four- day, 32-hour workweek as a radical way to improve employee well-being. OCCU has been recognized as one of the 100 Best Companies to Work For in Oregon by Oregon Business and as a Culture Innovator by Kudos Inc. PSCU – the nation’s premier payments CUSO and an integrated financial technology solutions provider – published the August edition of the PSCU Payments Index, the goal of which is to provide information and insights to help financial institutions navigate the evolving financial landscape to make informed, strategic decisions for their organizations and members. In this month’s PSCU Payments Index, we see continued positive signs of reducing inflation, even with a marginal uptick in the CPI-U rate for July, along with improved consumer sentiment and ongoing resilience in purchasing growth for both credit and debit. This month’s Deep Dive highlights the annual Amazon Prime Day sales event, along with competing events from Target and Walmart. For these July events, generational differences are also highlighted in the results for each of these retailers. In the Labor Department’s Aug. 10 update, the Consumer Price Index (CPI) increased by 0.2% in July. The annual rate of inflation increased from 3.0% through June to 3.2% through July. This is the first acceleration in 13 months and shows that core inflation (CPI less food and fuel prices) edged down in July from 4.8% to 4.7%. The largest contributor to inflation again is shelter, accounting for over 90% of the annual increase. Also of note, Americans’ credit card debt levels surpassed $1 trillion for the first time in history, according to data released on Aug. 8 by the Federal Reserve Bank of New York. The Consumer Confidence Index notably improved in July to 117.0 (1985=100), up from 110.1 in June. This is the highest level since July 2021 and is representative of all age groups and income levels, including those earning below $50,000 and over $100,000 per year. In this month’s survey, consumers expressed the intent to spend less in coming months on discretionary items like travel, recreation and gambling. The Bureau of Labor Statistics (BLS) reported in its July 2023 jobs report that 187,000 jobs were added for the month, with increased jobs in health care, social assistance, financial activities and wholesale trade. The overall unemployment rate decreased slightly to 3.5%, or 5.8 million people for July. With inflation above the Fed target rate of 2% and continued low unemployment, the Fed increased interest rates an additional 25 basis points on July 26. The next Federal Open Market Committee (FOMC) meeting is scheduled for Sept. 19-20. “Consumers continued to show resiliency in July, highlighted by steady purchase volumes and another successful Amazon Prime Day event. The success of the annual Prime Day event underscores the central role that Amazon plays in the lives of consumers and, given the growth we saw in this month’s performance, our credit unions have also been successful in having their cards in the wallets of their members,” said Tom Bennett, Manager, Advisors Plus Consulting at PSCU. “We’ll closely monitor the upcoming Amazon Prime Big Deal Days event in October, which has helped essentially add another month to the traditional holiday spending period over the past few years, especially against the backdrop of the inflationary environment.” A sampling of key takeaways from the August report includes:
The full report is available for download here or can be shared as a PDF upon request. Let us know of any questions or additional needs, or if you’d like to coordinate an interview. Acadia Federal Credit Union has digitally transformed member services with Glia, adding convenient digital-first service options and centralizing its call center on the Glia Interaction Platform. Unifying phone and digital channels has enabled the credit union to meet strong demand for commercial and consumer loans while supporting overall membership growth.
Known for its highly personalized service, Acadia wanted to deliver digital options that could enhance the member experience and enable remote support, while staying true to its service roots. The Glia Interaction Platform provided a flexible solution that allows Acadia members to adopt digital service on their own timeline, with full support for those who prefer to call in. “With Glia, we are providing our members with choice, allowing them to transition to digital channels at their own pace. We can efficiently support the increase in digital adoption without alienating those who still prefer to call in,” said Charles Pelletier, Information Systems Manager at Acadia Federal Credit Union. “Both members and employees are extremely satisfied with how we’ve approached evolving our member service strategy, with Glia as our foundation.” Digital usage continues to climb, resulting in a lower average wait time of 20 seconds. On-screen collaboration, especially dual-cursor CoBrowsing, has proven popular allowing service representatives to guide members online by pointing out resources, opening relevant links for a member and even helping to fill out an application. Members who use CoBrowsing rate it highly, with a perfect 5/5 score. Driving Efficiency While Maintaining High-Touch Service Consolidating all member interactions on the Glia platform gives Acadia a single, unified data view for deeper analysis as well as insight to continuously improve service. The unified platform simplifies staffing, management and reporting. Further, it has streamlined training, with new employees quickly learning the Glia platform and able to provide member service in as little as 45 minutes. “Acadia Federal Credit Union is a great example of how a financial institution can digitally transform service, both maintaining the high-touch support members expect while also increasing efficiency. The Glia Interaction Platform is not only cost-effective, but also helps Acadia manage growth in loans and membership,” said Paul Sheets, EVP of Customer Success and Services for Glia. Worldwide Foundation for Credit Unions (WFCU) is supporting credit union communities in Maui, Hawai’i through CUAid, the National Credit Union Foundation's (USA) disaster relief grant program. CUAid is providing relief to credit union employees, volunteers and communities after devastating wildfires tore through Maui on August 8. Several wildfires broke out on the island late that evening, one of which destroyed the historic town of Lahaina, Hawai’i and claimed more than 100 lives as of August 16. Over 2,000 buildings have been damaged or destroyed, the majority of which were residential. The Hawai’i Credit Union League (HCUL) is currently assessing the impact the fire had on Maui’s twelve credit unions that support more than 30,000 members. Maui County Federal Credit Union has reported “all employees are safe and accounted for.” Worldwide Foundation for Credit Unions is in contact with the National Credit Union Foundation (NCUF) to offer its support and platform to encourage the global credit union system to provide donations to CUAid. NCUF is working directly with HCUL President Carol Marx and Maui credit unions to “get disaster relief funds flowing.” “In times of crisis, credit unions respond and leverage our principle of “Concern for Community” with tangible resources and volunteer support where needed. I’m confident the global credit union community will rally behind our friends in Hawaii and show solidarity of support,” said Mike Reuter. Donations to the NCUF disaster relief fund grant program are accepted here. Worldwide Foundation for Credit Unions is committed to elevating awareness and encouraging the global credit union community to support Maui’s credit unions and member communities. WFCU will stay up to date on the Maui wildfires and provide updates to its champions and peers worldwide. |
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
May 2024
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