​Linda Armyn, CEO of FourLeaf Federal Credit Union, and Jacqueline Lee Rivera, Senior Director at Bryson Gillette, joined us on the show to share the many benefits of the Backbone coalition, specifically around aligned storytelling across the credit union industry and elevating collective impact nationwide.

Jacqueline provided a quick Backbone overview and Linda shared why her credit union was one of the first founding CUs to join the coalition -- and what value she saw -- and sees -- in being part of this nationwide partnership.

Jacqueline then talked about innovative strategies Backbone has used to showcase the collective value of credit unions, as well as how Backbone has helped credit unions like FourLeaf elevate their collective voice and tell aligned stories across the industry. She also commented on how they measure the success of these communications efforts in elevating credit unions’ profiles -- getting a recent placement in Forbes, as an example.

Linda provided a couple of examples how participating in Backbone has allowed FourLeaf to have a greater impact in their community. She even mentioned an unexpected PSA TV commercial for Backbone produced by the local cable provider. Nice surprise, indeed.

From a media standpoint, Jacqueline discussed why it's important to show the impact of credit unions as a network rather than as individual organizations -- hence the organization's "We Stand as One" slogan.

From the credit union perspective and as a CEO, Linda explained why it's important for credit unions to come together now as a coalition.

Q&A summary
What is the Backbone coalition and how does it benefit credit unions?
The Backbone Coalition is a collaborative effort among credit unions aimed at sharing tools, strategies, and resources to enhance their collective impact. It focuses on aligned storytelling to amplify the positive work credit unions do in their communities.
Can you provide an example of how credit unions have addressed national issues through Backbone?
One example is how credit unions responded to the loneliness epidemic by sharing real stories of support for community members, such as aiding wildfire evacuees and protecting military families from predatory lenders, which led to national media coverage.
How does Backbone measure the success of its communication efforts?
Success is measured by the breadth and depth of audience reach, ensuring that credit unions resonate with diverse communities and generations, thus expanding their relevance in the financial services industry.
Why is it crucial for credit unions to come together as a coalition now?
It's essential for credit unions to unite to defend their tax status and to ensure that their collective impact is recognized, especially among younger generations who value community-focused financial services.
What role does social media play in the Backbone coalition's strategy?
Social media is vital for sharing stories and articles, allowing credit unions to engage with their members and the public, thereby increasing visibility and fostering community connections.
How does Backbone attract younger generations to credit unions?
Backbone attracts younger members by aligning with non-traditional media and influencers, creating engaging content that resonates with their values and interests, such as financial literacy and community involvement.

Check it out and let us know your thoughts. And be sure to watch the entire episode below for all the details.

Jason Bartolacci, Director of Fraud Alert Network at ProSight (the new organization formed from the BAI/RMA merger last year), and Isio Nelson, Managing Director, Research, Fraud & Thought Leadership at ProSight, stopped by the show to announce how ProSight has launched its new financial institution-focused Fraud Alert Network.

This new network enables banks, credit unions, and fraud professionals to collaborate on one platform to report, troubleshoot, and solve fraud incidents. The timing of this new network couldn't be any better with the holiday season upon us already.

Jason and Isio also talked about the network's training and awareness campaigns that are essential for credit unions to safeguard their members, highlighting the importance of continuous communication and collaboration among institutions.

Q&A summary
What is the purpose of ProSight's Fraud Alert Network and how does it function?
ProSight's Fraud Alert Network is designed to facilitate collaboration among banks and fraud professionals, allowing them to report, troubleshoot, and solve fraud incidents on a single platform, especially during peak times like the holiday season.
Can you explain the significance of the merger between BAI and RMA in the context of ProSight?
The merger between BAI and RMA, both century-old nonprofit organizations, aimed to combine their strengths in serving the financial services industry, focusing on sustainable growth and addressing fraud as a critical issue that affects both growth and risk management.
What proactive measures can credit unions take to prepare for increased fraud during the holiday season?
Credit unions should ramp up training and awareness campaigns, communicate consistently with members about potential scams, and adjust their fraud detection models to account for the increased transaction volume during the holidays.
What role does consumer training play in preventing fraud, especially during high-risk periods?
Training consumers to recognize scams and phishing attempts is crucial, as fraudsters often exploit the holiday season with tactics like fake bonus offers or urgent requests for personal information.
What are the long-term goals of ProSight's Fraud Alert Network beyond the holiday season?
The network aims to connect institutions year-round, enabling them to share insights and collaborate on fraud prevention strategies, ultimately helping to mitigate significant fraud cases and protect account holders.
Why is collaboration among financial institutions essential in combating fraud?
Collaboration is vital because fraudsters often share information and tactics; by working together, institutions can enhance their defenses and respond more effectively to emerging threats.

Check it out and let us know your thoughts. Be sure to watch the entire episode below for all the details.

Nick Elledge, COO and co-founder of Stablecore, and Martin Walker, Principal at Curql, joined us in the Studio Lounge to share all things credit unions and digital assets, how these offerings can make money for credit unions, and what the ins and outs of the tech and "sidecores" would look like.

​Nick and Martin highlighted the challenges and opportunities of digital assets, stressing the need for credit unions to educate themselves in this area for adoption, exploring the potential of stablecoins to improve transaction efficiency and engage younger members.

Q&A summary
What services does StableCore provide to credit unions and banks?
StableCore enables credit unions and banks to offer digital asset services, including sending and receiving stablecoins, alongside traditional ACH wire transfers.
What are the advantages of using stablecoins for transactions?
Stablecoins provide faster, cheaper, and global transactions, allowing credit unions to operate 24/7 and set transaction limits according to their risk and compliance needs.
What challenges do credit unions face regarding stable coins?
Credit unions struggle with education on stablecoins, distinguishing them from volatile digital assets, and understanding the regulatory landscape surrounding them.
What is the significance of the Genius Act for credit unions?
The Genius Act allows credit unions to participate in the digital currency ecosystem, providing opportunities to engage with younger generations who are more likely to transact with digital currencies.
What are the potential use cases for stablecoins in credit unions?
Use cases include cross-border payments, person-to-person payments, and instant funding of loans, which can significantly improve transaction efficiency.
What is the current market value of stable coins, and what are the projections?
Stablecoins currently have over $300 million in value, with projections suggesting they could reach $3 trillion.

Check it out and let us know your thoughts. And be sure to watch all our Studio Lounge episodes from VentureTech on our archive page -- as well as visiting our sponsors who support our conference coverage: Corelation, Backbone, and "Despite Impossible" podcast.

Kent Yan, Founder/CEO of LocalPay, stopped by the Studio Lounge for a quick, impromptu discussion on payments that leverage blockchain for payments technologies -- and how it all is revolutionizing merchant payments.

Kent explained explains how the LocalPay platform enables direct payments from bank accounts, reducing merchant fees, providing ultra-secure and flexible payment choices for consumers and businesses. Payments can be linked to any checking, savings, loans, or even credit accounts. Simply scan the LocalPay-generated QR code provided by the merchant and choose the preferred payment method.

He invited attendees to learn more about LocalPay's low-cost, ultra-fast, and ultra-secure rail for consumers and businesses to pay merchants.

Q&A summary
What is the main service offered by LocalPay?
LocalPay allows consumers to pay merchants directly from their bank accounts, bypassing traditional channels, which significantly reduces merchant fees from 3% to 0.5%.
How does LocalPay benefit banks and credit unions?
By using LocalPay, banks and credit unions can increase their deposits and revenue, as it lowers payment costs for consumers.
What was the purpose of LocalPay's presence at the VentureTech event?
LocalPay aimed to broaden its connections with credit unions and showcase its services, which have garnered significant interest from potential partners.
What feedback did LocalPay receive from the VentureTech event?
The feedback was overwhelmingly positive, with many credit unions expressing interest in investing and collaborating with Local Pay.
What are LocalPay's plans for the upcoming year?
LocalPay has a strong pipeline of banks and credit unions lined up to pilot and utilize their services, indicating a busy year ahead.
What humorous remark did Kent Yan make about their service?
Kent Yan jokingly invited people to call them, saying, 'we'll make you rich, show me the money.'

Check it out and let us know your thoughts. And be sure to watch all our Studio Lounge episodes from VentureTech on our archive page -- as well as visiting our sponsors who support our conference coverage: Corelation, Backbone, and "Despite Impossible" podcast.

Saeid Kian, Co-Founder & CEO at Ribbon, stopped by the Studio Lounge to discuss how his fintech has evolved over the last year since winning VentureTech's 2024 Launch Party contest.

In particular, Saeid shared his journey, emphasizing personal experiences with loss and the challenges of financial institutions face in these situations that pose so much opportunity.

He covered the emotional impact of losing a family member, logistical hurdles in inheritance, and the startup's growth in customer acquisition and product development -- highlighting the importance of empathy in member relationships and innovative strategies to engage younger generations.

Saeid concluded with reflections on the past year and future plans for Ribbon.

Q&A summary
What is the significance of the 2025 VentureTech event?
The 2025 Venture Tech event is highlighted as a key gathering for showcasing innovations and networking within the tech community, particularly in Dallas, Texas.
Can you explain the background of Saeid Kian and his company Ribbon?
Saeid Kian founded Ribbon after over a decade in FinTech, drawing from his experiences with major tech companies like Facebook and Stripe, and personal challenges related to family health issues.
What personal experience led Saeid to start Ribbon?
Saeid's motivation stemmed from his father's battle with stage four pancreatic cancer, which prompted him to return home and navigate the complexities of inheritance and financial management during a difficult time.
How does Ribbon aim to improve the inheritance process for credit unions?
Ribbon focuses on creating a more empathetic member experience, operational efficiency, and retaining deposits by automating workflows related to deceased account management.
What was the impact of Ribbon's condolence platform on First City Credit Union?
The platform facilitated a thoughtful gesture that led a widow, who was not a member, to become a member after receiving flowers, showcasing the power of empathy in member relations.
What lessons has Saeid learned from his experience with First City Credit Union?
Saeid emphasizes the importance of innovation and member-first approaches, noting that feedback from First City has been crucial in shaping Ribbon's offerings and success.

Check it out and let us know your thoughts. And be sure to watch all our Studio Lounge episodes from VentureTech on our archive page -- as well as visiting our sponsors who support our conference coverage: Corelation, Backbone, and "Despite Impossible" podcast.