Hanscom Federal Credit Union donated $1,000 worth of new toiletries and personal care items to the Department of Veterans Affairs Voluntary Service (VAVS) in support of the VA Boston Healthcare System’s Brockton campus. The Brockton VA Medical Center offers both short- and long-term care to veterans, including inpatient and outpatient mental health, medical and nursing care, rehabilitation, and hospice care.
The credit union has a longstanding commitment to supporting the health and welfare of our nation’s active duty service members and veterans. Emotional, physical, and social health are all crucial parts of a person’s wellbeing, all of which are being challenged even more as the pandemic continues to cause illness and strain resources. “Caring for someone goes far beyond just making sure their body is healthy, and these care items are one small part of that,” said John A. Delcore, Hanscom FCU’s chairman of the board. “We continue to strive to show our veterans and their families that we remember them and care about them, especially as they heal.”
Toiletries and personal items such as shaving cream, shampoo, conditioner, toothbrushes, toothpaste, socks, shoes, and undergarments are appreciated by patients at the hospital, who often find it difficult to obtain the personal care items they need during their stay. Among the most sought after by VAVS for the Brockton VA Medical Center are clothing items as they are infrequently donated. More information about donating to the VA Boston Healthcare System is available at https://www.va.gov/boston-health-care/work-with-us/volunteer-or-donate/.
CUNA Mutual Group, a broad financial services provider, and CarSaver, the leading automotive e-commerce marketplace and fintech platform have partnered to launch the industry’s first online marketplace and fintech e-commerce platform for credit unions. The platform enables members to buy, finance and insure new and used cars entirely online. In addition to the newly formed partnership, CMFG Ventures, the venture capital arm of CUNA Mutual, invested substantial funds to fuel CarSaver’s growth.
Credit union members will save time and money on the purchase and every vehicle comes with a lifetime warranty, covering major repairs for unlimited miles, at no cost to the customer, not even a deductible. CarSaver’s Automated Upgrades will make it easy for members to change cars before they change tires, avoiding costly repairs in the later years of the vehicle’s life. CarSaver’s proprietary automated upgrade platform identifies the credit union’s auto loan members who qualify to upgrade to a new car for a lower monthly payment then links them to a personal portal where they can see their upgrade options. With a click of a button, they can complete the entire transaction online and have the car delivered directly to their home or pick up at a local certified dealer.
According to Credit Union National Association’s Monthly Credit Union Estimates report, credit union members account for $407 billion in outstanding auto loans. An estimated 13.6 million credit union members qualify for an upgrade, which represents the potential to generate $476 billion in vehicles sales and new loan originations.
“The auto finance industry is going through a digital transformation, and it’s important for credit unions to lead in this space,” said Bob Trunzo, president and CEO of CUNA Mutual. “CUNA Mutual’s commitment to driving digital innovation that enables seamless customer experiences has never been stronger. We believe that CarSaver’s technology can help give more members the opportunity to find the car and loan that will work best for their situation. The CarSaver technology is revolutionary, and their leadership team has deep industry experience and a track record of success. We’re excited about this relationship.”
“CUNA Mutual works with 95% of the credit unions in the U.S. and has been helping them serve their members for 80 years,” said Chad Collier, co-founder and CEO of CarSaver. “As they have done in the past, Cuna Mutual is helping credit unions future-proof their business while saving their members time and money, by digitally transforming the entire experience of buying, selling, financing, insuring and upgrading cars, 100% online.
With the soaring demand for digital retailing solutions from consumers and lenders, CUNA Mutual and CarSaver will begin immediately accepting applications for credit unions and dealers to participate. For more information visit CarSaverCommerce.com.
Speaker lineup for annual event includes Drew Brees and Jewel, among others
PSCU, the nation’s premier payments credit union service organization (CUSO), has announced an impressive lineup of speakers for Member Forum 2022, which will be held April 26-28 at the Bellagio Hotel in Las Vegas. Attendees will have the opportunity to hear from NFL legend Drew Brees, singer-songwriter Jewel and author Anders Sörman-Nilsson, among other notable speakers.
The theme for PSCU’s Member Forum 2022, “Transforming Tomorrow Together,” encourages attendees to share ideas, insights and inspiration, while working together to better shape the future of the credit union and payments industries. Select sessions will be recorded and provided online after the event to both in-person and virtual attendees.
“We look forward to bringing together PSCU Owner credit unions, team members, industry partners, vendors and more for a productive, safe and fun event,” said Dean Young, EVP, chief experience officer at PSCU. “Following two years of virtual Member Forum events, we are eager to share insights and diverse perspectives to help inform the decisions credit union leaders are making today that will transform the future of our industry. From entertainment to world-class restaurants, Las Vegas offers something for everyone, and we cannot wait to see everyone there.”
PSCU Member Forum 2022 is scheduled to include:
Registration for Member Forum 2022 is now open. An “early bird” rate is available through Jan. 28, with general registration scheduled to close on April 1 at 5 p.m. ET. For more information or to register for Member Forum 2022, visit pscu.com/memberforum2022.
The safety of all Member Forum 2022 attendees is a top priority and PSCU will be following all local and federal safety guidelines in place at the time of the event.
The California and Nevada Credit Union Leagues recently made some important staff additions and role changes to further its aim of changing credit union members’ lives! That’s because supporting credit unions’ operations, awareness, guidance, and strategy remain pivotal going into 2022.
To that end, three new team members have been hired and one was transitioned into a new role. They are serving League-member credit union leaders and professionals each day so that credit unions, in turn, can serve their members in local communities across both states.
Angelica Pappalardo — Political Advocacy Manager (new hire)
Angelica is maximizing value and the political impact of League-member credit unions by ensuring a strong political program through targeted fundraising and strategic candidate support across California and Nevada.
For the past eight years, Angelica has served as client relations director for one of Sacramento's premier political consulting firms. Throughout her career, she has managed campaign finances and coordinated various political events, ranging from small and intimate private dinners to large-scale inaugurations. With her expertise in fundraising and development, strategic planning, and communications and relationship management, she has been successful in helping elect dozens of candidates to the California State Legislature.
Angelica is well-connected among the California political community and holds a bachelor's degree in communication studies from Cal State Sacramento.
Jeff Boian — Vice President of Education and Professional Development (new hire)
Jeff is busy rolling out new professional development opportunities for the Leagues’ member credit unions while also enhancing existing training and education opportunities — including (but not limited to) webinars, seminars, and conferences.
Jeff has spent nearly 20 years working in the field of higher education where he held a number of roles. These include student life, student services, full-time faculty, and career strategy. Most recently, he was with the Drucker School of Management at Claremont Graduate University. In addition to his new role with the Leagues, Jeff is a senior adjunct professor of career development. Additionally, Jeff has worked with organizations to offer training, consulting, and coaching services.
He loves to network and looks forward to connecting with like-minded individuals involved in using education and professional development to help make the lives of credit union members better every day. Jeff has a master’s degree in organizational leadership, along with additional graduate certificates in career and life planning, teaching in higher education, and organizational development and change. He is a certified Master of Career Services and is currently completing his professional coaching certification with the International Coaching Federation.
Daniel West — Vice President of Social Impact (new hire)
Daniel is the Leagues’ resource on increasing member credit unions’ corporate social responsibility (CSR) footprint in the communities they serve. With a special emphasis in raising financial services/wellness in historically underbanked and underserved communities, Daniel works directly with members to leverage the variety of federal and state funding sources and programs meant to support this work. This includes — but is not limited to — grant writing, program planning, implementation, and technical assistance as needed.
Daniel is also working to establish the Leagues as a credible and authoritative voice in the credit union social impact arena, keeping members up to date and informed of industry trends and best practices, as well as providing thought leadership on issues of state and national importance.
Daniel has devoted his career to increasing educational and economic opportunity for historically underserved communities. He has worked with both international and domestic organizations in leading efforts to influence, inform, and support the development of policies and programs that support underprivileged areas.
Additionally, Daniel has assisted organizations write and secure grant funds to start and expand existing programming that connects students from underserved communities to career education. He has extensive experience providing technical assistance to organizations of various sizes, including coordinating the efforts of multiple stakeholders working toward a common purpose.
Lisa Quaranta — Vice President of Regulatory Advocacy and Compliance (new role)
Lisa serves as a vital link between League-member credit unions and federal/state regulators, provides timely regulatory and compliance information, and mobilizes credit union leaders to help ensure their voices are heard during the regulatory rule-making process. She also provides leadership and liaison support of the Leagues’ compliance services and programs.
Lisa has over 20 years of diverse experience in the credit union industry and brings extensive knowledge of laws and regulations affecting compliance and operations. Prior to joining the Leagues, she provided compliance support to credit unions at ViClarity (formerly PolicyWorks), as well as at general counsel firm Moore Brewer Wolfe Jones Tyler & North. Lisa also previously worked in a variety of operational and lending roles at a credit union based in Southern California.
She holds a bachelor's degree in history from Cal State San Bernardino, and she has also earned her Credit Union Compliance Expert (CUCE) designation.
Today, PSCU – the nation’s premier payments credit union service organization (CUSO) – published the January edition of the PSCU Payments Index, the goal of which is to provide information and insights to help financial institutions make informed, strategic decisions on the road ahead.
In this month’s iteration, strong consumer purchasing continued through the extended holiday shopping season (October through December), with the strongest share of weekly purchases – similar to previous years – during the four weeks beginning with Thanksgiving week. The Consumer Confidence Index increased in December with optimism on short-term business conditions and labor markets, yet uncertainty remains as inflation continues to rise. In addition, the Omicron variant has taken center stage in the fight against the COVID-19 pandemic. This month, we present the final installment of our three-part Deep Dive into 2021 Holiday Spending.
“While 2021 proved difficult to predict the direction of card and other payment types, 2022 could similarly present the industry with some disruptive surprises,” said Sarah Grotta, director, Debit and Alternative Products Advisory Service for Mercator Advisory Group. “Data in the latter part of 2021, including the all-important holiday shopping period, saw consumers reverting to more typical levels of credit card usage, reversing the trend that we saw over the prior two years in which more transactions were processed on debit cards. As the average consumer savings rate begins to decline and there is an increased return to old habits like dining out and traveling, credit cards will be the payment type of choice. PSCU’s Payments Index data shows that the pandemic is still front and center, driving greater use of contactless transactions in the form of contactless cards, mobile wallets and merchant wallets. Looking ahead, three of the biggest influencers on the payments landscape will be the rate of inflation, regulatory changes, and, unsurprisingly, the evolving path of the pandemic.”
A sampling of key takeaways from the January report includes:
As we enter 2022, we will continue to evolve the PSCU Payments Index to deliver timely, relevant insights into consumer spending trends. As consumer preferences and behaviors continue to shift and evolve, the Payments Index will include greater focus on year-over-year changes and fewer comparisons to pre-pandemic 2019.
The full report is available for download here or can be shared as a PDF upon request. Additionally, feel free to subscribe here to receive updates when the PSCU Payments Index is published each month.
Leading global AI-powered credit decision platform provider, Scienaptic AI announced today that Altura Credit Union has collaborated with its platform for enhanced credit decisioning.
Incorporated in 1957 and headquartered in Riverside County, Calif., Altura Credit Union is a not-for-profit financial cooperative providing financial solutions such as loans, investment, savings, credit and debit cards, online banking and other related services to the communities in the state of California. Through Scienaptic's credit decisioning platform, Altura aims to make its credit decisions automated, increase credit availability and stand firm for its Members and communities.
“We take immense pride in being a credit union that focuses on the wellbeing and growth of our Members and community,” said Kevin Sherrell, CSO and CLO of Altura Credit Union. “Scienaptic’s credit decisioning platform will automate and personalize our loan decisions allowing us to enhance credit access and offer an exceptional experience to every Member. Altura has always been ahead of its time, and we look forward to this partnership contributing to our success.”
Correspondingly, Scienaptic President, Pankaj Jain, cited, “We are eager to be collaborating with Altura Credit Union to help strengthen its loan portfolio. Scienaptic's industry leading AI technology will empower the credit union to increase loan approvals, provide personalized member service and expand its member base, without increasing risk.”
Capstone Partners, a leading middle market investment banking firm, advised Payix, a loan repayment technology firm, on its sale to Repay Holdings Corporation (REPAY).
REPAY acquired Payix on a cash-free, debt-free basis for up to $115 million. $95 million was paid at closing and up to $20 million may become payable through an earnout, which is contingent upon Payix’s 2022 performance. Based on historical growth trends, Payix is expected to generate top-line and gross-profit growth in excess of 40% annually through 2023.
Founded in 2016 and based in Fort Worth, Texas, Payix is a leading omnichannel payment technology platform providing solutions that facilitate payments, data exchange, and communication to support customer service and collection efforts in loan repayment verticals. Payix’s software supports a wide range of payment options and modalities and integrates into loan management systems (LMS) and dealer management systems (DMS) by providing a SaaS approach to collections technology.
The acquisition will further enhance REPAY’s position in the automotive vertical and accelerate its expansion into the attractive buy now, pay later space. Payix also brings a complementary sales distribution model—driven by deep integrations with leading LMS and DMS platforms—to accelerate new merchant acquisitions and a proprietary software platform that offers a wide range of omnichannel borrower payment options including via mobile app, web, SMS, agent-assisted, and interactive voice response (IVR).
“Capstone Partners provided our team with unparalleled Fintech and M&A experience that allowed our management team and shareholders to realize this significant transaction. The Capstone team provided expert advice all along the way, from the preparation work involved ahead of time, combined with being able to address obstacles along the way,” stated Chris Chestnut, Co-Founder & CEO of Payix.
“Amid the ever-growing need for particular financial services industry segments to become more digitalized to increase customer engagement, Payix is at the forefront with its proprietary integrated loan payments technology platform. REPAY’s scale will help accelerate customer adoption for both companies,” commented David Francione, Managing Director and head of Capstone’s Fintech Investment Banking group.
“We are thrilled about the acquisition of Payix, a highly complementary business to REPAY,” said John Morris, CEO of REPAY. “With its robust and highly flexible technology platform, Payix creates a uniquely positive experience and adds value for both the lender and borrower. Payix also has a strong pipeline and product roadmap, positioning it well for 2022 and beyond. We look forward to welcoming the Payix team into the REPAY family.”
--Payrailz Welcomes Payment Industry Veteran to Drive Payment Product Excellence--
Payrailz®, a digital payments company offering smarter, more engaging payment experiences to banks and credit unions across the United States, announced it has hired Steven Dubner as Vice President of Payment Products.
In this role, he will oversee payment product design, pricing, and promotion of Payrailz’ full range of digital payment solutions. He will also work closely with the company’s strategy and innovation team to create new features and services and to develop new products and use cases.
Dubner has more than 30 years of experience in the technology and software industry. He most recently served as Senior Director of Product Management at OSG Billing Solutions, a global provider of leading customer engagement and payment solutions, where he managed electronic presentment and payment solutions, mobile responsive sites, mobile apps, IVR, and their product roadmaps.
His deep experience in UI/UX design will be an incredible asset to Payrailz as the company continues to build smart, simple, and engaging payment experiences for its banks’ and credit unions’ end users. With more people transacting digitally than ever before, it is critical that Payrailz supplies the very best user experiences.
“I am excited to lead the payment product team at Payrailz. They have certainly built a great digital product set and it is exciting to join a company that is so client centric. I look forward to further supporting Payrailz’ strategic vision through product design and enhancement,” said Dubner. “Over the course of my work in the payments space, I have dedicated my efforts to innovating in the bill pay arena and am excited to work with Payrailz’ innovative bill pay solution and build on the many features the company currently offers.”
As Dubner moves into this product role, Payrailz’ former VP of Product Management for Payments, Gereen Langmeyer, has been tapped to lead an expanded role within the company to support client momentum and growth. As VP of Client Excellence, she will now be responsible for making sure Payrailz clients are successful with their payment solutions and get the most out of their interactions with the company. Her efforts will further ensure that clients have the best possible experience throughout their entire journey with Payrailz by providing the resources and relationships necessary to deliver positive and memorable interactions with all levels of business. As an experienced, dedicated, and dynamic management professional, she has a proven capacity to provide support to a company’s strategic goals combined with an ability to recognize and promote the vital importance of the customer experience.
“Steve’s overall experience really impressed us, especially the work he has done building the UI/UX for different payment solutions. He will make an exceptional addition to our management team as we continue to reimagine the payments experience and provide solutions that enable banks and credit unions to better compete,” said Fran Duggan, CEO of Payrailz. “At Payrailz, we are always focused on the experiences we provide for our customers and their end-users, and Steve’s skill set will be critical in helping us continue to provide great digital experiences. I am excited to welcome Steve to our Payrailz family and wish both him and Gereen continued success.”
On January 11th, 2022 The University of Kentucky Federal Credit Union (UKFCU) presented the Bluegrass Chapter of the American Red Cross with a donation totaling $141,000.00 to aid in the Tornado Relief Fund for Western Kentucky.
On December 10th, 2021, Western Kentucky experienced devastating EF4 tornadoes. Overnight, UK Federal Credit
Union began the initiative to partner with the Bluegrass Chapter of the American Red Cross, to help raise money that will
provide much-needed relief to all those affected by the devastation. UK Federal Credit Union pledged to make an initial
donation of $25,000.00 while matching community and member donations dollar-for-dollar up to $45,000.00 with a goal
of donating $70,000.00. We are pleased to announce our goal was exceeded because of the outpouring of support from
the community and members. In total, UK Federal Credit Union was able to raise $141,000.00 to help support the
Tornado Relief Fund.
“Our community of members stretches far beyond Lexington. We are a major player in the financial services space, and it
is our responsibility and core to our mission to help in times of need,” said David Kennedy, President/CEO. “It has been
such a pleasure to see our members embody this mission to help others. These funds will be much needed as our
Western Kentucky community begins to rebuild.”
Credit union leveraging digital engagement platform through its partnership with Member Driven Technologies.
WyHy Federal Credit Union selected the Digital Onboarding engagement platform through its partnership with Member Driven Technologies (MDT), a CUSO that hosts the Episys® core processing system from Symitar® to provide a private cloud alternative for core processing and IT needs. The credit union will leverage the Digital Onboarding platform to give members living in rural Wyoming guided digital journeys that make it easy to adopt account-related services and additional products.
“Serving the rural Wyoming community requires WyHy to take a digital-first approach to everything that we deliver to our members,” said Bruce Bryan, Executive Vice President, WyHy Federal Credit Union. “We previously tried to leverage another marketing platform, but it was incredibly complex, and it would have taken a dedicated team more than a year to implement it. The Digital Onboarding platform is built for credit unions, it is simple to use, and it comes with a team that can support us. Finding it was a dream come true.”
The Digital Onboarding platform enables WyHy Federal Credit Union to seamlessly create and measure the effectiveness of digital member journeys without heavy lifting from the credit union.
The Digital Banking Report’s Account Opening and Onboarding Benchmarking Study showed that 25 to 40 percent of new checking accounts are closed within the first year. Driving early engagement is the key to building long-lasting relationships. Today’s members demand personalized, digital communications and tools that eliminate the friction associated with new member onboarding processes.
“Credit unions that serve rural areas need to be especially adept at building relationships via digital channels,” said Ted Brown, CEO, Digital Onboarding. “WyHy Federal Credit Union is innovative in its approach to being a digital-first institution. I am thrilled to help the team further its mission of building valued relationships by delivering personalized financial options.”
The Digital Onboarding engagement platform triggers emails and text messages that connect new account openers with personalized microsites. The platform’s digital, self-service tools allow members to update direct deposits and default card payment methods in seconds. The platform also helps members adopt digital banking services and other products that drive cost savings, satisfaction, and primacy.
Author: Mike Lawson
Married 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.