Cotribute, an award-winning embeddable fintech platform helping credit unions grow deposits, loans and memberships, today announced Tulare County Federal Credit Union (Tulare Federal, Tulare, California) has selected its modular Digital Platform to enhance the credit unions’ deposit onboarding experience, accelerate growth, enhance the overall member experience and reduce operational costs through automation. Leveraging Cotribute’s modular platform, Tulare Federal can select the capabilities it currently needs with the flexibility to add additional modules in the future. The credit union is deploying the Consumer Account Opening module to simplify the entire account opening process, provide easy, instant funding options, automate Know Your Customer (KYC) requirements including sophisticated fraud detection, anti-money laundering (AML), identify verification, OFAC checks and Bank Secrecy Act (BSA) requirements. Consumer Account Opening provides a frictionless, streamlined experience that automates complex, manual processes, while providing members with a more engaging experience. Members will now be able to open new deposit accounts in less than five minutes. “Our mission is to build valuable relationships with members to create lifelong financial success,” said Gina Ramos, vice president of lending at Tulare Federal. “With Cotribute, we can extend our current technology infrastructure, meet our members evolving needs, and boost efficiencies across the organization. The sophisticated design of the platform provides an almost immediate return, giving us a competitive edge in an increasingly competitive market. This is a game-changer for our organization.” Cotribute’s modules reduce operational costs through automation and seamless out-of-the-box integrations with the credit union’s existing business applications including its core processor, digital banking application and loan systems. Tulare Federal can now access to Cotribute’s comprehensive library of 50+ best-in-class account opening templates. The customizable templates reduce implementation time by more than 80%, enabling the credit union to quickly go-to market with new financial products. Philip Paul, CEO of Cotribute, said, “Credit unions must balance providing a seamless user experience, while ensuring compliance and preventing fraud. We are proud to partner with Tulare Federal to provide its members with instant, digital account opening and a seamless deposit origination process. Streamlining processes and automating many of the tedious, back-office workflows enables the credit union to spend more time doing what it does best, providing an exceptional member experience.”
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Alkami Releases Digital Banking Performance Metrics Report in Partnership with Cornerstone Advisors4/24/2024 Alkami Technology, Inc. (Nasdaq: ALKT) (“Alkami”), a leading cloud-based digital banking solutions provider for financial institutions in the U.S., announced today the release of its latest research in partnership with Cornerstone Advisors’ Ron Shevlin, chief research officer. The Digital Banking Performance Metrics report is compiled from self-reported data collected in fiscal year 2023 from a sample of 81 financial institutions, including 39 banks and 42 credit unions with an average asset size of $4.6 billion. With increased industry emphasis on digital offerings and expanded technology capabilities, banks and credit unions must keep pace to stay competitive, but that requires insight into what offerings account holders want most today. This report offers critical intelligence, diving into the qualities that make a high-performing financial institution and providing digital investment and performance metrics to arm bank and credit union leaders. The research found that active digital banking users are increasing their engagement with mobile banking offerings, particularly with payments. Comparatively, online loan applications and checking account openings saw a decrease. Other key findings from this report in comparison to 2023’s report include:
“As community and regional banks and credit unions face increased competition from megabanks as well as fintechs and alternative banking options, it is crucial for them to understand how their digital and mobile banking offerings are performing,” said Allison Cerra, chief marketing officer at Alkami. “Industry benchmarks, such as those included in this report, can help financial institutions make informed decisions about their digital investments and resources.” The report also looks to the future of digital banking, namely as it relates to machine learning, artificial intelligence (AI) and related technology advancements. It found that 42% of financial institutions have already deployed machine learning, and by the end of 2024, over half will have deployed generative AI. These findings are also reflected in the increased percentage of institutions with a chatbot, which grew from 8% in last year’s study to 23% in this year's study. The implementation of AI products and services is an innovation that will continue to gain traction in the industry. “The future of banking lies with technology and understanding how it can further enhance the account holder experience and transform the organization,” said Shevlin. “Overall, the metrics in this report are intended to give financial institution executives perspective on the industry’s digital banking performance. Banks and credit unions should adopt a digital banking metric framework to ensure measurement aligns with strategy,” Shevlin continued. To learn more about the 2024 Digital Banking Performance Metrics Report, click here. Credit unions nationwide are providing up to $50,000 in $100 grants at Title 1 schools to put the lessons in the 2 nd edition of How to Turn $100 into $1,000,000 into practice. In addition, PSCU/Co-op Solutions stepped up to provide the grant for the books given to students at the schools in these underprivileged areas. Just in time for National Financial Literacy Month, How to Turn $100 into $1,000,000 is a revised, comprehensive first guide to earning, saving and investing money from the creators of the nationally syndicated, Emmy Award and Parents’ Choice Award-winning TV series on PBS, Biz Kid$. Rather than a staid book signing, Biz Kid$ is celebrating the book launch by returning to its roots with credit unions. The credit unions that originally sponsored the show have leaned into financial education again, sponsoring these book-launch celebrations, along with the PSCU/Co-op Solutions grant for the books to be provided to the students at five Title 1 schools. The credit unions that generously provided the $10,000 grants include Michigan First CU, SkyPoint Federal Credit Union, CSE Federal Credit Union, Tapco Credit Union and Pelican State Credit Union. Each will hold events at local Title 1 schools with public officials and media fanfare. "This initiative transcends traditional financial education, offering a hands-on approach that empowers students to shape their financial future," Jeannine Glista, Author and Executive Producer of Biz Kid$, said. “We truly appreciate the long-term partnership we’ve enjoyed with credit unions through our aligned missions.” Jamie Strayer, Founder of CU Strategic Planning and Co-owner of Biz Kid$, stated, “Biz Kid$ was produced with grants from 292 credit unions and system partners. And now, the investment by PSCU/Co-op Solutions and the credit unions supporting this book launch shows that Biz Kid$ is more relevant to credit unions than ever before.” The books will be distributed, and then the 5 th graders will be surprised with the $100 hand-ups, which they will have the opportunity to turn into $1,000,000 by applying the lessons from the book. Title 1 is a federal educational program supporting low-income schools and students across the country. Financial responsibility is a crucial skill that many struggle with throughout adulthood. How to Turn $100 into $1,000,000, available nationally on April 23, introduces children to the concept of finances and lays out the importance of financial freedom. Money is not about greed but stability and creating options for yourself. Written in an engaging yet informative style, How to Turn $100 into $1,000,000 is the perfect book for 5th grade students in historically underprivileged areas. It fosters hands- on learning and money management skills for economic stability. Filled with colorful illustrations, eye-catching infographics and interactive worksheets, this book makes financial literacy easily digestible for kids. Bonus content for parents was also created to match each chapter with video clips, digital tools, and full episodes, to bring the concepts to life for their young reader. More information at BizKids.com. To celebrate World Book Day on April 23, SELCO Community Credit Union announced that it collected 1,100 new and lightly used children’s books — and SELCO employees volunteered en masse to sort and clean many of them — during its recent book drive benefiting SMART Reading, a statewide children’s literacy nonprofit. The book drive and cleaning event, part of the SELCO Steps Up community giving program, was held March 11-29 at 12 SELCO locations in Burns, Central Oregon, and Lane County. Now in its second year, the book drive asked SELCO employees and credit union members to drop off new or slightly used books, all of which will be distributed by SMART Reading to help local children build their home libraries. SELCO employees also sorted and cleaned each used book so they are donated in the very best possible condition. In all, 33 SELCO employees volunteered to refurbish the books. According to SMART Reading, which SELCO has partnered with since 1996, early literacy is a crucial part of children’s formative education, and book drives such as SELCO’s aim to promote that educational link. Research shows that having 25 books in a household produces an average of two additional years of total educational achievement. “Ensuring children have access to books in early childhood is vital to the development of their reading skills,” said Jessica Bowersox, Executive Director of SMART Reading. “Through partnerships like this one with SELCO, we’ve given away tens of thousands of books across the state in the 2023-24 academic year alone.” SELCO’s combined book drive and cleaning event started in Lane County in 2023, and it was enormously popular amongst the credit union’s team members. As part of the new SELCO Steps Up initiative, the program was expanded this year to include branches in Bend, Redmond, and Burns, proving equally popular in those areas. The results in each market include:
“This was an all-hands effort, and we couldn’t be more proud to support the work of SMART Reading to get books in the hands of young readers,” said Olivia Sorensen, Senior Community Development Specialist for SELCO. “SELCO was founded by educators almost a century ago, so our partnership with SMART Reading is a perfect fit. We’ve seen firsthand the incredible value a child gets from owning their own books. Is there anything better than getting lost in a story from a book that is all yours? Not a chance!” Click here to watch a video about the SELCO-SMART Reading book drive. Nuvision Credit Union (Nuvision) and Paradise Valley Federal Credit Union (PVFCU) announced today that their merger has been approved by a majority vote of PVFCU members. With all approvals received, the legal date of the merger for the two organizations is planned for May 1, 2024. The combined credit union will operate under the Nuvision name and charter, with leadership and employees from both credit unions. Nuvision CEO Roger Ballard will be CEO of the continuing credit union; PVFCU CEO Bud Schaffner will remain with the combined credit union, overseeing San Diego operations through system integration. Thereafter, Schaffner will focus on business development and community outreach in the San Diego area. “We look forward to welcoming the PVFCU employee team and members into the Nuvision family, offering many more products and services, leading technologies, and new branches,” Ballard said. “With our shared mission and values, together we’ll continue to serve all the financial needs of our hard-working members, providing an enhanced banking experience, while maintaining PVFCU’s long heritage of service to its members and the San Diego community.” Designed as a cooperative partnership to bring its members more from their credit union, PVFCU’s branches in National City and Santee will continue to serve members under the Nuvision brand, with the addition of 14 shared branches in San Diego, 11 Nuvision branches across Southern California, and 5,000+ shared branches nationwide. Members also will benefit from a significantly expanded product, loan and service offering, including comprehensive Business Banking. The partnership marks Nuvision’s entry into the greater San Diego market with two full-service branches and an established member base. Schaffner commented, “We are confident this merger partnership will continue our long legacy of serving our communities with a singular mission to help members achieve financial success. Through our partnership, PVFCU’s branches will remain dedicated to serving the needs of members, preserving our cooperative heritage and commitment to member service. We’re excited to offer our members all of Nuvision’s product, service and technology advantages to bring them much more value from their credit union.” PSCU/Co-op Solutions, the nation’s premier payments credit union service organization (CUSO) and an integrated financial technology solutions provider, today announced the addition of Amazon One to its suite of digital wallet integrations for client card issuers. Employing a contactless, biometric-based identity system (palm signature), Amazon One is available immediately on a pilot basis for credit unions, with general availability planned for late Q2 2024. Amazon One joins Apple Pay, Google Pay, Samsung Pay and Garmin Pay among PSCU/Co-op Solutions’ digital wallet solution set. Amazon One is accepted at an expanding list of outlets, including select Whole Foods, Panera Bread and Starbucks locations, as well as T-Mobile Park, Coors Field, Crunch Fitness and airport stores like Hudson, CREWS and OHM. “From cash to crypto and mobile phones to wearables, consumers now have an expansive choice of payment methods,” said PSCU/Co-op Solutions SVP, Product Experience Jeremiah Lotz. “Yet, they still love the reliability, security and perks of their go-to debit and credit cards. Issuers that make it easy for cardholders to connect their preferred cards to their digital wallets earn trust, demonstrating a willingness to invest in financial innovation without sacrificing the personal service consumers expect from their financial institution.” Venues are now relying on Amazon One for more than payments, including entry to events and identification for rewards/loyalty program access. “Amazon One is a great example of disruption that leverages the proven authentication strategies of established payments rails for an expanded set of digital experiences,” said Lotz. “The recent combination of PSCU/Co-op Solutions further enables us to bring best-of-breed technology and resources to help our clients compete in the financial services market. The addition of Amazon One is part of our commitment to seamlessly connect innovative providers along the payments value chain, all with a strong focus on user experience.” Along with an enhanced payments experience, credit union members will also benefit from the additional security offered by Amazon One. Unlike an account number or password, a palm signature is nearly impossible to replicate. “At Idaho Central Credit Union, we are excited to bring Amazon One to our membership,” said the credit union’s SVP, Operations Brandi Dye. “At participating retailers, our members are now able to sign up for Amazon’s convenient, secure, contactless payment method using the palm of their hand. Personally, I was impressed with how easy and seamless the experience is, taking just a few seconds to scan your palm and complete your purchase. We understand the payments landscape is always evolving and love bringing the latest and greatest technology to our members.” Participation in Amazon One is also easy for financial institutions. PSCU/Co-op Solutions supports the token enrollment and all other set-up, and implementation is expected to take less than eight weeks. For more information on digital wallets from PSCU/Co-op Solutions, visit the solutions page here. Credit Union of Colorado is proud to announce the promotion of Phil Smith to chief executive officer upon the retirement of Terry Leis, Credit Union of Colorado’s CEO for more than 20 years, on April 1, 2024. Smith joined Credit Union of Colorado as chief operating officer in 2010 and has held the role of president since January 2023. In Smith’s role as president, his responsibilities included lending, marketing, digital and member experience, payments, consumer lending, mortgage lending, business lending, branch operations and strategic operations. “Phil has served as an invaluable member of the Credit Union of Colorado team for nearly 15 years. It is my honor to congratulate him as he moves into the position of CEO,” says Dr. Will Fleckenstein, Credit Union of Colorado’s board chairperson. “Phil has been extremely impactful during his tenure and has developed relationships across all branches and departments and with our Board Committees and Board of Directors. He has a strong focus on doing what is right for our members, employees and the community. His commitment to the credit union’s “here to help” mission is proven and unwavering. We look forward to his continued leadership in the years to come.” Prior to joining Credit Union of Colorado, Smith was the vice president of the Public Service Credit Union. He also served as the vice president of Affinity Plus Federal Credit Union for nearly five years. Smith volunteers for the Community College of Aurora Foundation Board and is currently serving as the Foundation’s Board President. “I’m proud to have the opportunity to lead the credit union and continue to foster Credit Union of Colorado’s culture and commitment to actively supporting our members, employees, and the communities we serve,” says Smith. “I had the privilege of working alongside long-time CEO Terry Leis for more than a decade. Terry served the credit union with honor, humility and distinction. We are grateful for his many years of service.” Origence, the leading lending technology solutions provider for credit unions, announces breakout session speakers for its Lending Tech Live ’24 conference will include Microsoft, Experian, Catalyst, Messick Lauer & Smith and NADA leaders during its event held June 25-27, 2024 at the Marriot Marquis in San Diego, California. These industry leaders will include:
“As we prepare our agenda for Lending Tech Live, we always look for leaders who can spur collaboration and drive innovation among participants. We’re thrilled to welcome these amazing business leaders to our roster of experts to share valuable insights on topics essential for credit unions to grow and thrive,” said Erika Hill, vp of marketing for Origence. Lending Tech Live ’24 includes interactive workshops to improve credit union lending programs, build borrower journeys that enhance member relationships, and highlight crucial regulations for 2024, along with other key discussions. Attendees will learn about the state-of-the-art tools and technologies shaping the lending landscape, lending strategies, emerging trends, research, and more. To learn more about the conference, visit the Lending Tech Live website. Callahan & Associates and CU Strategic Planning proudly announce their strategic alliance, driven by a shared vision to empower credit unions to make a meaningful impact on their members and communities. This union combines the strengths of both organizations, bringing together a wealth of expertise, innovative solutions, and a shared dedication to transforming the credit union movement. Together, Callahan & Associates and CU Strategic Planning will provide their award-winning offerings with even greater value, more dynamic capabilities, and increased innovation to help more credit unions thrive. Jon Jeffreys, currently CEO at Callahan & Associates, will serve as CEO of the new combined organization. Stacy Augustine will become President of CU Strategic Planning, a Callahan Company. "Joining forces with CU Strategic Planning just feels right." said Jon Jeffreys, “I’m so excited to see the impact we can have on the industry together. Moving forward as one organization, we are even better positioned to serve our credit unions, while driving growth and positive change within the movement." "This announcement represents a new chapter in our journey to support the long-term relevancy and impact of credit unions across America," said Stacy Augustine, President of CU Strategic Planning. "Callahan’s products and services have been transformational for us and our clients. We are beyond excited about the opportunities this alliance brings and look forward to delivering even greater value to our credit unions, together.” Moving forward, CU Strategic Planning will operate as a Callahan & Associates company. Both organizations will retain all staff to maintain seamless operations. This transition signifies a new chapter in their shared journey to drive positive change and support the growth and long-term relevancy of credit unions across the movement. Origence, the leading lending software technology provider, has partnered with First Harvest Credit Union (over 46,000 members, $460 million in assets) to provide indirect lending solutions at local franchise dealerships. The New Jersey-based credit union implemented Origence’s indirect lending platform, CUDL, and the company’s SmartFund solution, which provides fast dealer funding. First Harvest is also leveraging outsourced loan processing and underwriting services from Origence Lending Services, a subsidiary of Origence. The credit union will utilize these services to expand its digital presence with members, cultivate lending efficiency, and strengthen its position as a regional market leader. “As the largest credit union in Southern New Jersey, we’re committed to the financial well-being of our communities. Partnering with Origence gives us the ability to provide valuable credit union benefits and partnerships to local franchise dealerships and an affordable and simplified auto financing experience for families and individuals in the communities we serve,” said Mike Dinneen, president and CEO of First Harvest Credit Union. As the nation’s largest credit union auto lending network, CUDL connects credit unions to its nearly 20,000 auto dealerships nationwide. As an aggregate, the 1,100 credit union partners within the CUDL network are the nation’s number one auto lender. Origence Lending Services provides credit unions with scalable outsourced solutions to streamline their lending operations. Core services include full-service indirect lending, after-hours staffing, overflow support, document services, and underwriting support. “We are pleased to welcome First Harvest to the Origence family of credit unions,” said Brit Barker, senior vice president of sales at Origence. We’re looking forward to continued collaboration to optimize the CUDL network and our advanced lending solutions for a successful growth strategy that ensures an exceptional lending experience for members.” |
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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