Tyfone, the preeminent force in digital transformation, account holder engagement and back-office efficiency for community financial institutions (CFIs), today announced its long-time customer, Pioneer Federal Credit Union (Pioneer, $746 million in assets and 50,000 members), is adding the nFinia® Business Digital Banking solution; as well as its Skip-a-Pay, Quick Pay and FedNow Instant Payments Xchange (IPX) payments products, to grow engagement and improve the digital experience for members. Headquartered in Mountain Home, Idaho, Pioneer first partnered with Tyfone in 2021 and successfully migrated from its legacy digital banking platform to Tyfone’s nFinia Retail Digital Banking solution. Its previous platform limited Pioneer’s ability to adapt to evolving member needs and requests, and Tyfone’s nFinia Retail Digital Banking solution was the clear choice for exceeding current member needs and providing a more personalized, engaging experience. According to Tracey Miller, SVP of Operations at Pioneer, Pioneer and Tyfone began their engagement during the height of the COVID-19 pandemic, so the two had to virtually complete the platform conversion. “Tyfone was invested in our success before we signed the agreement. During the implementation, Tyfone never missed a beat – it felt like they were onsite the entire time. That feeling is what a true partnership is all about and was one of the primary reasons we knew they would be the best choice for other digital services including Business Banking and payments tools.” Most recently, the credit union extended its partnership with Tyfone to further build on this success and provide its small- and medium-sized businesses (SMB) and members with the same advanced functionality and feature-rich platform its members use for retail banking. As a designated low-income credit union, Pioneer supports a range of businesses in its community and was looking for a scalable and configurable omnichannel platform that would deliver an intuitive banking experience. Tyfone’s nFinia Business Digital Banking solution enables members to quickly access both personal and business banking accounts with a single login. Business owners and administrators can efficiently manage user account access and create custom roles from more than 150 permissions. The platform’s open, API-driven infrastructure allows Pioneer to easily integrate with existing third-party business applications to support its specific technology needs and goals. “We are always seeking member-centric tools that will offer convenience and efficiency,” Miller said. “Tyfone supports this vision and has been instrumental in accelerating our digital strategy; we consider them an extension of our team. Tyfone’s nFinia Business Digital Banking solution was the obvious choice to reach community businesses and enable them to compete in the digital age.” Tyfone’s Chief Commercial Officer, Marcell King, said, “Tyfone is committed not only to building innovative technology but to also fostering collaborative relationships with our partners. We are proud to have supported Pioneer in its digital journey thus far and are thrilled that its team trusts us for our business banking and payments tools.” In addition to the nFinia Business Digital Banking platform, Pioneer is implementing Tyfone’s two loan payment solutions, Skip-a-Pay and Quick Pay, and instant money movement via the FedNow network with Tyfone’s IPX solution. Skip-a-Pay is a fully automated loan payment deferral solution that allows members to control their loan payments when they are seeking financial relief. Quick Pay enables members to easily pay loans through a multitude of funding sources with or without logging-in to the Pioneer app. IPX offers a direct connection between CFIs and the FedNow Service for credit transfer send and receive, enabling members to access instant payments with real-time settlement. These payments products are entirely self-service, digital banking and core banking agnostic, eliminating manual procedures while driving growth and generating new revenue opportunities. Miller continued, “Making money movement easier to navigate for members and staff is incredibly important to us. Skip-a-Pay, Quick Pay and IPX offer seamless, secure options for our members to manage their money more confidently in Pioneer’s existing digital banking app, and we are thrilled to introduce these solutions to our members.”
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“We commend Navy Federal for proactively undertaking an independent analysis to take a hard look at their internal practices and data, and hearing concerns raised by lawmakers and other stakeholders. Navy is one of the nation’s top lenders in terms of the percentage of its mortgage loans originated to borrowers in the Black community. America’s Credit Unions and the industry as a whole are committed to providing safe, affordable financial products and services to all. Navy is making clear its continued commitment to its members by establishing an Office of Financial Opportunity. We will continue to support efforts to identify gaps in financial services and work toward solutions to accomplish this mission.” – Carrie Hunt, America’s Credit Unions Chief Advocacy Officer In a vote by credit unions, Alloya’s new peer-to-peer (P2P) payment solution was recently named the winner of the “Innovations in Payments” award as part of the annual Innovation Series presented by CreditUnions.com and Callahan & Associates. Competing alongside three other finalists in the payments category, Alloya’s P2P innovation was developed in partnership with two fintech companies, Neural Payments and Prizeout, showcasing the power of cooperation, a core value of the credit union movement. “It was an honor to present this innovative P2P solution on behalf of Alloya and our partners at Neural Payments and Prizeout,” reflected Jim Schneck, Chief Strategy & Innovation Officer at Alloya Corporate FCU. “Together, we have created a truly innovative P2P solution that supports the success of not only credit unions, but also the satisfaction of their members and the friends and family of their members.” Mick Oppy, CEO of Neural Payments, reiterated the uniqueness of his company’s solution, saying, “By leveraging our payments engine for P2P, Alloya’s credit unions can recapture deposits, grow their markets, enhance security, and boost loyalty and brand awareness while delivering a white-labeled experience that frees members from having to coordinate third-party P2P apps with payment recipients. It is a game changer for consumers and credit unions alike.” In recent years, Alloya has piloted a variety of P2P solutions in search of one that would deliver exceptional value at an affordable cost while enhancing the credit union’s relationship with its members and reducing the likelihood of fraud. Schneck was instrumental in identifying Neural Payments as the ideal solution for Alloya’s credit union members and later developing a relationship with the Neural Payments leadership team. In his search for a P2P solution, Jim also identified Prizeout and saw opportunity there, too. “At Prizeout, we are all about disruption and empowerment. Our products help credit unions stay innovative and earn more non-interest income, while simultaneously helping members stretch their dollar further,” said Founder and CEO of Prizeout, David Metz. “Working with Alloya on their P2P offering has been a fantastic experience and we’re thrilled to be part of a solution with Neural Payments that can help credit unions stay competitive and help people increase their purchasing power, while simultaneously helping members put money back into their pockets.” Reflecting on the integration of Neural Payments and Prizeout, Schneck concluded, “Independently, these solutions are entirely unique, but together, their value becomes unmatched. There’s nothing else like this in the industry, and Alloya is honored to be delivering that to our credit union members.” For the past six years, the Innovation Series from CreditUnions.com and Callahan & Associates has been at the forefront of showcasing cutting-edge solutions to elevate credit unions to new heights. This year’s series featured five categories: member analytics, fraud, lending, member experience and payments. A select group of suppliers were chosen as finalists within each category, with the opportunity to pitch their innovative solution in 10 minutes to an audience of credit union decision-makers. Winners were selected by attendees of each webinar. In the payments category, Alloya competed against CU NextGen, SpenDebt and Tyfone, Inc. in a webinar held Wednesday, March 13, 2024. Winners of the other categories include: Datava for “Innovations in Member Analytics”; Illuma for “Innovations in Fraud”; Open Lending for “Innovations in Lending”; and Glia for “Innovations in Member Experience”. To learn more about Alloya’s P2P payment innovation, visit www.alloyacorp.org/P2P-simplified. CU LIFT Fund, the “funding as a service” CUSO committed to helping credit unions grow their auto loan portfolios, announced that it has received a strategic investment from Reseda Group, a wholly-owned CUSO of Michigan State University Federal Credit Union. The investment will help finalize the development of the LIFT Network, a proprietary, closed-loop payment network that allows credit unions to fund direct auto loans instantly. “Having Reseda Group as a strategic investor means more than just the financial resources it affords us,” said CUSO founder Kirk Klinkhammer. “Reseda Group has become recognized industrywide as an innovator and leader in deploying advanced technology.” He noted that MSUFCU has built one of the largest, most successful auto lending programs, not just among credit unions, but of all auto finance lenders. As a CU LIFT Fund client, MSUFCU will play a key role as an anchor in Michigan, driving participation of auto dealers and other credit unions around the state. “A direct auto loan at the time of purchase is the ideal channel for any credit union. Unfortunately, it’s not always the easiest channel for the member,” said Reseda Group’s Chief Operating Officer and MSUFCU’s Chief Innovation Officer Ben Maxim. “CU LIFT Fund fixes that problem by creating the best possible member buying experience.” Klinkhammer added that other lending channels can commoditize a credit union’s brand. “We embrace each credit union’s brand and build upon the trusted relationship members have with their credit unions,” he noted. Day 1 of ALM First Financial Institute Kicks Off with Economic Overview, Education & Timely Insights3/26/2024 The first day of ALM First’s Financial Institute kicked off yesterday at The Ritz-Carlton Dallas, Las Colinas with an Economic Overview tailored specifically to financial institutions. ALM First’s Chief Investment Officer, Jason Haley, discussed current market themes impacting financial institutions in 2024. From interest rate volatility driven by market speculation on when the Fed may pivot to the erosion of excess household liquidity via consumption and inflation, challenges remain for depositories this year and disciplined asset pricing will be critical to combat ongoing profitability headwinds. “We’re not off the roller coaster yet as markets price for rate cuts that may or may not materialize in June, July, or even in 2024 at all,” says Haley. Regardless of the unknowable future direction of rates, Haley updated attendees on key industry trends including increasing credit costs, declining profitability, the overall rising cost of funds, changing funding dynamics, and increased hedging activity. Other general sessions included Depository Trends & Regulatory Priorities in 2024 and Merger & Acquisition Trends and Opportunities before attendees broke off into their chosen learning tracks. The learning tracks, Board, Fundamental, and Funds Management, are customized to meet the knowledge level of attendees and best serve their role within the institution. This year, a record-setting 210 financial professionals are attending the in-person event, which provides continuing education, financial analyst training, the latest market trends and industry updates to ensure everyone involved in managing or monitoring the balance sheet remains current with timely insights designed to have a direct impact on the success of their financial institution. More information about ALM First’s Financial Institute, the upcoming 2024 Financial Forum in September and other educational events may be found at www.almfirst.com. Epic River, a lending-as-a-service platform provider that aims to provide a premium customer experience to every community bank and credit union in the country, today announced its integration with Finastra’s LaserPro loan documentation system. The partnership significantly streamlines the loan closing documentation process and supports consumer, commercial and real estate loan types. Financial institutions leveraging Epic River’s platform to collect borrower information will now be able to automatically send data to LaserPro to generate loan documentation. This minimizes manual data entry into the LaserPro system by digitally transferring information, ensuring accuracy and eliminating the risk of missing or mistyped data. Additionally, the generated loan closing documentation is instantly available for e-signature through the Epic River platform. “Today’s financial institutions face an increasingly competitive landscape with consumers looking for solutions that can deliver agility, innovation and convenience. Finastra’s LaserPro was designed with the scalability and regulatory assurance our customers need to enhance performance while ensuring compliance across the lending lifecycle,” said Cheryl Anderson, Senior Director of Product Management at Finastra. “This integration with Epic River positions our lenders to remain competitive as we strive to provide technology that redefines the traditional, labor-intensive lending processes and offers a superior borrowing experience.” Many community banks and credit unions still rely on paper or email-based loan processes, leading to a higher risk of errors and limited operational flexibility. This manual approach often causes significant delays and requires excessive back-and-forth communication between the loan processing team, lenders and the applicant. The Epic River platform solves these issues by accurately collecting application information, guaranteeing correct signature placement and securely uploading supporting documentation. Jeff Grobaski, CEO and Founder of Epic River, said, “Epic River’s collaboration with a leading provider like Finastra serves as a pivotal partnership that creates greater value for the lending ecosystem. Integrating our platforms optimizes the process and eliminates unnecessary re-keying of data, manual hand-offs and mistakes that prolong the loan lifecycle and inconvenience borrowers. The result is a seamlessly connected experience that instead ensures a smooth borrower experience and an efficient loan processing workflow." Epic River’s innovative software and service solutions are designed to digitize and automate the entirety of the lending lifecycle for community banks and credit unions, small businesses, healthcare providers and patients. From trusted online identity verification to loan application and closing, the comprehensive digital product suite securely manages every step of the loan process. Baker Hill Expands Product Team to Continue Driving Innovation in Lending and Risk Management3/26/2024 Baker Hill, a leading financial technology provider in delivering solutions for loan origination, risk management and analytics, has expanded its product team to drive innovation in lending and best serve the needs of the company’s growing client base. Mike Horrocks has been promoted to a new role as Senior Vice President of Corporate Strategy & Product Marketing and industry veteran, Joe Pavlik has joined Baker Hill as the company’s Senior Vice President of Product Management. Both roles will report to Rick Griskie, Baker Hill’s COO and CTO. Given his unique blend of banking experience and lending expertise, product knowledge and his unwavering dedication to Baker Hill’s clients, Mike Horrocks will play a pivotal role in driving Baker Hill's overall product marketing strategy as the company’s Senior Vice President of Corporate Strategy & Product Marketing. In his new role, he will be responsible for spearheading go-to-market strategies, implementing product marketing initiatives, analyzing competitive market intelligence, managing strategic product partnerships, and more. Horrocks will continue to serve as a key industry liaison and spokesperson on behalf of Baker Hill. He will also continue to spearhead the company’s Client Advisory Board. Horrocks’ extensive experience with Baker Hill spans more than 20 years, having served in multiple roles, most recently as Vice President of Product Management. As Senior Vice President of Product Management, Joe Pavlik will play an influential role in shaping Baker Hill’s long-term product vision, strategy, and development roadmap to drive innovation and meet the business objectives of the company’s financial institution clients. Pavlik brings over two decades of experience in financial services and SaaS to Baker Hill, having held leadership roles with PNC Bank, Fiserv, and most recently, Luxoft. As Head of Bank Solutions & Strategy at Luxoft, he was responsible for global banking operations, product offerings, strategic programs and more. At Fiserv, Pavlik held various product leadership roles within the Commercial Strategy and Business Banking teams. “For 40 years, Baker Hill has built and maintained a strong reputation within the financial services industry for our award-winning loan origination and risk management solutions. Our product team has been paramount to our success, as well as the success of our valued clients,” said Rick Griskie, COO and CTO of Baker Hill. “By promoting Mike into a new influential product marketing role and bringing on Joe to head up product management, we are reinforcing our commitment to delivering an innovative product suite that makes a meaningful impact for our clients and their lending operations. Both Mike and Joe bring a wealth of experience to Baker Hill, and I look forward to working alongside them to ensure our product vision positions banks and credit unions for growth in 2024 and beyond.” CUES Advanced Management Program from Cornell University is returning in 2024. This nine-month program, which runs July 10, 2024, through April 1, 2025, offers emerging credit union leaders a unique opportunity to gain a comprehensive understanding of the C-suite by equipping attendees with the knowledge and skills needed to navigate the challenges faced by top executives. The program pairs eCornell’s award-winning certificate programs with live-taught online classes, developed and led by Cornell University faculty—offering credit unions a resource to fill their leadership pipelines and giving future leaders access to Ivy League-level education without travel or time out of the office. The program delves into the minds of top executives, offering insights into the CEO's strategic vision-setting, the CFO's financial acumen, and the COO's operational efficiency. Participants will also explore the CMO’s viewpoint in brand building and digital marketing, harnessing data and technology for member engagement from a CIO’s perspective, mastering contract management from the CCO’s suite, navigating risk and fostering collaboration as a CRO, and developing high-performing teams from the CHRO office. Get an attendee’s first-hand account of the program when you read Learning Leadership Vision from CUmanagement.com. Learn more about CUES Advanced Management Program from Cornell University. Learn more about CUES at cues.org. The Global Credit Union Foundation donated $42,400 to community nonprofits in Alaska and Arizona. The February donations were part of the foundation’s 2024 quarterly distribution of funds in support of its mission to aid organizations that benefit children, veterans, and local food banks and pantries. “Thanks to the generosity of our members, the foundation is able to give back to the community by supporting some incredibly impactful organizations,” said Noël Gabler, executive director, Global Credit Union Foundation. “By developing long-lasting partnerships like these, we’re able to help more people than we otherwise would.” Recipients of funds include: $12,400 to Girl Scouts of Alaska – Girl Scouts create the world they want to live in and strive to make it better every single day. They explore their strengths, take on new challenges, and can always be themselves, regardless of background or ability. Supported by adult volunteers and mentors, as well as millions of alums around the globe, Girl Scouts lead the way as they discover who they are and how they can make the future a brighter place. $5,000 to NAMI (National Alliance on Mental Illness) – NAMI started as a small group of families gathered around a kitchen table in 1979 and has blossomed into the nation’s leading voice on mental health. Today, they are an alliance of more than 600 local affiliates and 49 state organizations who work in your community to raise awareness and provide support and education that was not previously available to those in need. $5,000 to Educare Arizona – As part of a national network of Educare schools, Educare Arizona dramatically changes the life trajectories of thousands of children growing up in families facing the greatest obstacles to success. By significantly improving thousands of disadvantaged children’s lives, they also dramatically shift the way America thinks about early education for all children. $15,000 to American Red Cross – Red Cross volunteers and staff work to deliver vital services – from providing relief and support to those in crisis, to helping you be prepared to respond in emergencies. $5,000 to Southwest Human Development – The first five years of life are the most critical in a child’s development. Southwest Human Development services improve lives and help families by supporting young children and their caregivers during this important time. In partnership with families, they provide children with the care, attention and support needed to set them on a path to success in school and life and help them reach their fullest capabilities. Chimney, a leader in financial guidance for the digital age, announced that its co-founder, Chase Neinken, will present the company’s latest revolution in property tracking, MyHomeTracker, at Alkami Co:lab this year, which takes place April 8-10, 2024 in Grapevine, TX. Neinken, Chimney’s co-founder and chief revenue officer, was invited to speak at Co:lab 2024 and will host the session, titled “Welcome Home - The Property Tracking Revolution.” In this session, he will demo Chimney’s latest feature within the Chimney Home solution, MyHomeTracker, which allows any homeowner to get personalized information, insights and offers, right within their mobile banking app. Account holders can track their home value, see available equity and get personalized offers within their banking app - even if their mortgage is with someone else. Neinken will also explore the latest trends, insights and analysis from data powered by thousands of homeowners, revealing new opportunities for financial institutions to serve this demographic. Each year, Alkami Technology, a leading cloud-based digital banking solutions provider, hosts its annual convention, Alkami Co:lab. This year’s event, held at the Gaylord Texan, will feature the best credit union, bank, fintech, industry analyst, and consultant minds in the country. More than 650 attendees from over 200 financial institutions are expected to attend this event. “At Chimney, we design our products to elevate the online banking experience and our latest product innovation was developed to empower homeowners by giving them the tools, data and insights they need to manage their biggest investment,” said Chase Neinken, co-founder of Chimney. “I am thrilled to attend Alkami Co:lab this year and to demo our latest product offering, MyHomeTracker, and to share the floor with some of the industry’s most well-respected leaders, institutions, and tech innovators.” |
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
March 2024
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