FutureSummit25: Consumers Credit Union and Mastercard Execs Talk Collaboration and Problem Solving...

Be sure to watch the entire episode below the show notes for all the details.

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Consumers Credit Union Chief Operations Officer Lindsay McCall and Mastercard's Vice President of Account Management Sebastien Galperti stopped by the Studio Lounge for an insightful discussion on how the two organizations work collaboratively to overcome challenges and provide solutions.

Specifically, Lindsay and Sebastien addressed challenges like fraud management and introduced the Ethoca product, which effectively reduces these disputes.

They also highlighted Mastercard's Test and Learn product, focusing on data utilization. The partnership between Consumers Credit Union and MasterCard emphasized the importance of communication and proactive problem-solving strategies for success on both sides -- ultimately for the members benefit.

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Q&A summary
What challenges related to fraud are credit unions currently facing, and how is Consumers Credit Union addressing them?
Fraud is a significant challenge for credit unions, particularly with credit and debit cards. Consumers Credit Union has partnered with Mastercard to tackle this issue by implementing a product called Ethoca, which has helped them decline 39% more disputes and saved about half a million dollars in the first year.

Can you explain how the Ethoca product works and its impact on fraud management?
Ethoca allows Consumers Credit Union to access receipt data from members, bridging the gap between merchants and members. This has enabled them to better manage disputes and analyze fraud trends effectively.

What is the 'Test and Learn' product from Mastercard, and how has it benefited Consumers Credit Union?
The 'Test and Learn' product allows Consumers Credit Union to utilize their data for A/B testing and various campaigns. This has helped them implement strategies based on insights gained from testing, enhancing their operational efficiency.

How does the partnership between Consumers Credit Union and Mastercard facilitate proactive problem-solving?
The partnership enables constant communication, allowing Consumers Credit Union to leverage Mastercard's insights on industry trends and challenges. This proactive approach helps them implement solutions before issues escalate.

What makes the relationship between Consumers Credit Union and Mastercard unique in addressing complex problems?
The relationship is characterized by continuity and transparency, with the same account executive for over five years. This fosters a deep understanding of each other's needs, allowing for effective collaboration on solutions.

Can you provide an example of how the partnership has gone beyond contractual obligations?
An example is when Mastercard encouraged Consumers Credit Union to apply for the Mastercard segment award, recognizing their innovative efforts in financial literacy and removing language barriers.

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Check it out and let us know your thoughts. And be sure to check out our Studio Lounge sponsors, supporting our coverage of the CUES Michigan Council Future Summit:
Mastercard
Despite Impossible podcast / Curiously Driven (hosted by CFCU's President/CEO Tansley Stearns)

Click here to watch other Studio Lounge episodes from CUES Michigan Council Future Summit, too. And watch the entire episode below for all the details.