AKUVO, a technology-based organization specializing in portfolio risk and delinquency management for financial institutions, today announced the addition of three new clients including MSU Federal Credit Union, $6.6 billion in assets, and Credit Union of Colorado, $2.2 billion in assets. The momentum from these signings, as well as an investment made by Reseda Group, a wholly-owned CUSO of MSU Federal Credit Union, represents a strong start to 2022.
All three clients have signed on to use AKUVO’s flagship delinquency management and portfolio analytic platform, Aperture. The cloud-based solution streamlines day-to-day collection activities and reduces delinquency using data and behavioral science tools like AI (Artificial Intelligence), Machine Learning and Natural Language Processing.
MSU Federal Credit Union, based in East Lansing, Michigan serving over 320,000 members, cited the future vision and use of analytics as one of the primary reasons behind their signing as well as the investment made by Reseda Group.
“We were really impressed by Aperture and its ability to increase the efficiency and effectiveness of our collections department. Particularly, the use of data and behavior-based analytics will change the way we interact with our members and potentially find new, untapped revenue opportunities,” commented Jim Hunsanger, Chief Risk Officer for MSU Federal Credit Union and its CUSO, Reseda Group. “We truly enjoyed getting to know the team at AKUVO and are excited to not only become a customer but an active investor in the future of the company.”
Credit Union of Colorado, based in Denver with 148,000 members, identified Aperture as best-of-breed for similar reasons.
Chad Wilcox, Senior Vice President of Lending at Credit Union of Colorado stated, “Utilizing solutions that will allow us to help our members is fundamental to our long-term strategy. AKUVO’s comprehensive delinquency management platform and commitment to enhancing the solution with key data and analytics tools will allow us to support our members now and in the future.”
“We are honored to have been selected by these three highly-innovative credit unions. At AKUVO, we view every new customer as a member of our family. We are focused and committed to listening and supporting their future growth, powered by our products, in the spirit of true partnership,” said Jay Mossman, Founder and CEO of AKUVO.
Credit union leaders called upon to contribute $10M over five years
Today, five leaders from the credit union industry were the first to commit to the FinHealth Fund--a new designated fund held at the National Credit Union Foundation, focused on improving financial well-being for all by scaling existing work across the credit union movement.
A joint statement issued by executives at CUNA Mutual Group (Madison, Wis.) and four credit unions (BCU, Chicago, Ill.; Coastal FCU and Local Government FCU, Raleigh N.C.; Redwood CU, Santa Rosa, Calif.) said, “The financial health of 166 million Americans is fragile and uncertain. Now is the time to act boldly, to come together as a cooperative movement and accelerate work that can improve the financial well-being of our employees, members and communities.”
The FinHealth Fund has been established to capitalize a five-year program focused on three interrelated efforts:
The statement went on, “We are now calling on our credit union peers, system partners and providers to join us in raising $10 million over the next five years. We can transform lives by helping people improve their financial health. This is at the heart of why credit unions exist.”
CUNA Mutual Group has already pledged $1 million. Each of the four credit unions has also committed an additional $250,000. The National Credit Union Foundation (Madison, Wis.) will act as fiduciary for the FinHealth Fund. An advisory committee will oversee and approve distributions.
Organizations interested in supporting the fund can contribute online or contact Andre Parraway (firstname.lastname@example.org), chief operating and finance officer at the National Credit Union Foundation, for ACH information.
51 Crashers from nearly every state join Filene to “crash” CUNA GAC in D.C.
The 2022 class of GAC Crashers includes emerging credit union leaders representing diverse roles, experiences and backgrounds across 47 states.
“Congratulations to this year’s class of GAC Crashers, an exciting and engaged group of young credit union professionals,” said CUNA President/CEO Jim Nussle. “They are the future of the credit union movement, our future leaders who will ensure we remain relevant to future generations, and they’ll have plenty to experience at CUNA GAC.”
Crashers are selected through a highly competitive process. Out of 147 applications, 51 were invited to Crash the GAC, all earning free registration to GAC, courtesy of CUNA.
"The Cooperative Trust is thrilled to welcome a new group of emerging leaders to Crash the GAC in 2022,” said Filene’s Community Development Director, Cortney Angeley. “This group of rising professionals are change leaders in our industry and it's an honor to witness the evolution of leadership and culture taking place. We know these Crashers will bring spirit, passion, and hopefully a little bit of good fun and disruption to CUNA GAC."
Crash the GAC is the largest Crash Filene organizes every year. It is a non-stop, career-changing program for young professionals that allows them to participate in the industry’s largest advocacy conference. This year’s speaker line up includes Filene CEO Mark Meyer, National Credit Union Foundation Executive Director Gigi Hyland, CUNA President/CEO Jim Nussle, authors Andy Janning and Antonio Neves, and an exclusive session with Chad Helminak and Leo Ardine on Building our Capacity for Empathy.
Just as the CUNA conference returns this year, so too does the famous Thunderpunch event hosted by the Crashers in partnership with SavvyMoney on Monday, February 28.
The Cooperative Trust is the credit union industry’s largest young professional community. The Crash Program is designed to empower credit union young professionals through professional development and by finding and amplifying their voices to advocate for the role of young people in the industry. This year, The Cooperative Trust is launching the 2nd cohort of Crash Course: Filene’s Centers of Excellence to gain a holistic perspective on credit unions and how our industry can continue to serve members into the 21st century and beyond.
Crash the GAC is brought to you by The Cooperative Trust from Filene Research Institute and is made possible by the generous support of CUNA, and with help from League partners.
Glia Continues Rapid Growth in 2021, Doubling Customer Base, Employee Headcount and Strategic Alliances While Expanding Global Reach
Emerges as Digital Customer Service (DCS) leader, earning industry awards, analyst accolades and praise for category-defining book
Glia, a leading provider of Digital Customer Service, has finished another strong year of growth fueled by a $78 million round in series C funding, its award-winning Digital Customer Service (DCS) technology and Glia’s strategic focus on helping the financial services industry reinvent how they digitally support customers. Glia’s momentum gained recognition in 2021 as a Deloitte Technology Fast 500™ company for the second year in a row.
“Over the past year, we have seen tremendous growth in our customer and partnership roster as well as our internal team, helping us meet the skyrocketing demand from financial services companies looking to improve the customer experience in a digital world. 2022 is already off to a great start with incredible momentum across the board, along with a growing interest in Digital Customer Service (DCS). Financial institutions that are not actively taking steps to implement DCS are falling behind. We expect rapid adoption for the year ahead and well beyond,” said Dan Michaeli, CEO and co-founder of Glia, who was honored by Goldman Sachs as one of the 100 Most Intriguing Entrepreneurs of 2021.
Glia continued to expand its customer map in 2021, with over 250 financial institutions across 47 states and in 12 countries. New customers include market leaders such as BCU, Ideal Credit Union and Liberty Bank. Growth was especially strong among credit unions, banks and insurance carriers. In addition to the U.S. market, demand has been strong in Latin America with growing momentum in the EMEA region.
Glia grew its ecosystem significantly in 2021, expanding existing relationships and adding dozens of new alliance partners. Glia has forged partnerships with the leading insurance and online banking platforms, CUSOs, loan origination and account management vendors as well as AI and CRM providers.
To further accelerate growth, Glia has invested heavily in its people, more than doubling the number of employees, while adding strategic leadership hires. Most notably, former Qualtrics EVP Jeremy Smith has joined as Chief Operating Officer, Jared Kalmanson has joined as General Counsel and former Gartner VP Rick DeLisi has joined as Lead Research Analyst. Glia has earned the Great Place to Work certification for the second year in a row with a 97% employee satisfaction rating (compared to the industry average of 59%).
Glia’s DCS platform continued to earn industry awards last year including its 10th Best of Show at FinovateSpring. Glia was also named to the CB Insights FinTech 250 list. Industry analysts are increasingly recognizing Glia’s DCS leadership, as seen in research from Forrester, Gartner and Omdia.
"Digital Customer Service is changing the game, allowing financial institutions to meet customers where they are, on screen, and provide seamless digital experiences that accelerate business, boost satisfaction and deliver competitive advantage. Our growing base of customers prove this on a daily basis, as they lower abandonment rates, build customer loyalty and drive conversions with Glia DCS,” said Justin DiPietro, Chief Strategy Officer and co-founder.
Glia brought DCS advocacy to a new level in 2021, releasing Digital Customer Service: Transforming Customer Experience for an Onscreen World, a book authored by Michaeli and DeLisi and published by Wiley. The book is a ‘playbook’ for DCS with insights and constructive strategies on how organizations can effectively digitalize the customer service experience while still engaging in live human conversations. Digital Customer Service has received rave reviews, including inclusion in a Forbes list of top 2021 Business Books.
The Credit Union Trends Report is a monthly "pulse check" on the state of the credit union marketplace, often placed in a historical context. The report includes data from two months prior and is published and distributed by Steven Rick(opens in a new window) from CUNA Mutual Group.(Opens in a new window)
January 2022 (November 2021 data)
Visit CUNA Mutual Group's Trends Report page for all the details.
With an on-going commitment to highly competitive compensation and benefits, SchoolsFirst FCU announced salary increases, focused on contributing to the financial well-being of their team members.
The Credit Union increased its entry-level starting salaries for all hourly positions this month. For frontline team members, base salaries will now start at $18 an hour and increase up to $27 an hour, depending on position and experience. This is well above the California minimum wage of $15 per hour (for employers of 26 or more employees). For branch team members, the starting hourly salary will begin at $20, with opportunities to earn up to $31 an hour.
The Credit Union will adjust salaries for current team members whose base salary is below the new minimums, as well as provide an opportunity for all non-executive team members to earn more by increasing salary ranges by 5.5%.
“It’s important to us to recognize and compensate our team members for the important role they play in serving our Members, and for their dedication to providing the World-Class Personal Service our Members expect and deserve,” said SchoolsFirst FCU President and CEO Bill Cheney. “As an employer of choice, we want to ensure we are compensating our team for the incredible work they do, every day, to help countless Members live better financial lives and plan for tomorrow.”
“It is an exciting time for SchoolsFirst FCU. Our Credit Union has grown and continues to grow. Thanks to our loyal Members, we experienced over 9% Membership growth last year. It is part of our Mission to help our Members thrive financially, and this investment in our team will help us ensure our team members thrive as well,” Cheney added.
For more information about SchoolsFirst Federal Credit Union, visit schoolsfirstfcu.org
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, today announced highlights from last year, including notable client successes, digitally-focused partnerships and offerings, and strategic promotions.
In 2021, the CUSO continued to prioritize working flexibly with clients to maintain safe and compassionate work conditions, successfully welcoming three credit unions to the MDT Community. MDT also supported two mergers, enabling credit unions to effectively fuse two previously separate systems, technologies and cultures. Existing clients continued to express satisfaction with MDT’s service and support; 14 clients renewed their contracts last year, and the majority of clients selected additional offerings and complementary solutions from the CUSO.
As member expectations and technology continue to evolve, MDT is dedicated to helping clients easily and cost effectively leverage technology from leading providers to compete. For example, the CUSO formed a partnership with Digital Onboarding, a fintech provider of a new account activation platform, that has been gaining significant traction. MDT also supported six credit unions in implementing JHA Digital-Banno. And, MDT completed the first Banno API Toolkit integration for a client through their partnership with DeepTarget. Nearly 300 implementation projects were completed last year overall. To further help clients evaluate their many technology options, MDT announced a certified vendor integrations list in 2021 which will be expanded even further this year, bringing additional value to credit unions.
MDT also made significant internal investments when it comes to technology and their team. New talented professionals were added to MDT’s data and analytics division, with plans to explore new AI capabilities this year. The CUSO enhanced its service and support portal to increase efficiencies for clients and shared several resources to help credit unions navigate The Great Resignation. Numerous strategic promotions occurred, including Jennifer Lee and Carla Bettens being promoted to vice president roles.
The company was recognized for its dynamic company culture and its people-first philosophy. MDT was recognized by Arizent as a 2021 Best Place to Work in Financial Technology. In addition, they were acknowledged by Crain’s Detroit Business as a 2021 Cool Place to Work in Michigan for the fifth consecutive year; they ranked third among medium-sized companies and 15 overall, the highest MDT has ranked thus far.
“It is a time of rapid change in financial services, and MDT is dedicated to providing our credit unions with the technology, services and support necessary to maintain strong member relationships and success,” said Larry Nichols, president and CEO of MDT. “This commitment is demonstrated through the hundreds of implementation projects we completed last year, the project management and consulting-centric support we continue to offer and the priority we place on establishing partnerships with top vendors to make integration and collaboration more seamless for our clients. By delivering the solutions and services that our clients need, we can let them focus more on what they do best: providing exceptional member service and support to their communities.”
Kicking off the new year with outreach to strengthen the local community and partners, First Financial Federal Credit Union has made a $30,000 donation to First Fruits Farm in support of their greenhouse initiative.
“First Financial Federal Credit Union's generous investment in the Farm's Greenhouse Initiative will help to support the construction of our fourth commercial greenhouse. This initiative has profoundly impacted our production capabilities - not only tripling the volume but also producing the highest-quality tomatoes, peppers, and lettuce, along with extending our growing season,” says First Fruits Farm Executive Director, Rick Bernstein.
With the expansion of their greenhouse initiative, First Fruits Farm hopes to continue to increase their volunteer community annually. First Financial is one of many local organizations that have volunteered at the farm. For several years, First Financial employees and their family members volunteer by sorting and bagging pounds of farm-fresh produce that is distributed to those in need throughout the community.
“First Fruits Farm is so grateful for our longtime relationship with First Financial and its employees who regularly volunteer every year to support our mission. We always look forward to their annual day of service at the Farm and are truly blessed by this partnership,” said Bernstein.
In 2021, the Farm donated 2.4+ million pounds of produce to feed the hungry, welcomed 13,000+ volunteers of all ages, partnered with 80+ organizations to distribute their produce, and expanded their footprint to include VA, NC, SC, and FL.
To support First Fruits Farm initiatives, visit firstfruitsfarm.org. For details on First Financial outreach initiatives held throughout the year, visit firstfinancial.org/community.
Clearwater Credit Union Selects Alogent’s Unified Digital Banking Platform, NXT, to Support Digital Transformation Efforts and Member Experience Goals...
Alogent (@AlogentCorp), a global software leader in end-to-end payment processing, content and information management, and digital banking solutions, announced today Clearwater Credit Union has selected NXT, Alogent’s digital banking platform with integrated consumer and business banking functionality. Clearwater, the largest community development financial institution (CDFI) and second largest credit union in Montana with more than $854 million in assets, will also add Alogent Mobile Deposit and Alogent Merchant Capture to their solution mix for a more complete user experience and digital ecosystem of capabilities.
“Digital transformation is a strategic focus for our credit union as we look to modernize our platforms and ensure an intuitive member experience with engaging solutions across every digital touch-point,” said Clint Summers, Chief Operations Officer, Clearwater Credit Union. “NXT’s online, mobile and digital banking capabilities under a single product umbrella afford us a streamlined but flexible approach to achieving our goals today and into the future as trends and demands change.”
Built from the ground up on the most-modern tech stack, NXT’s open and API-based platform, along with its SDK for added customization, is scalable and configurable, paired with hundreds of pre-build configurations to leading industry solutions.
“We are thrilled to expand our relationship with Clearwater Credit Union and partner with their team on achieving member experience goals,” said Jason Schwabline, Alogent’s Chief Strategy Officer. “As a one-stop-shop for all things digital banking, NXT keeps members engaged and in-solution with complementary capabilities at their fingertips, like personal financial management (PFM), spending insights, gamification, SMB tools and more.”
Clearwater Credit Union will leverage the secure Alogent Cloud to deploy all new Alogent solutions, as well as migrate existing points of capture under the Alogent suite of solutions, to gain added scalability and flexibility across the institution.
Texas Bay Credit Union Collaborates With Scienaptic To Leverage Its AI-Powered Platform For Enhanced Credit Decisioning
Leading global AI-powered credit decision platform provider, Scienaptic AI announced today that Texas Bay Credit Union has chosen its credit decisioning platform. The collaboration will help the credit union to make stronger loan decisions and enhance member experience.
Texas Bay Credit Union was established in 1936 with a mission to be a trusted partner to its members and provide tailored financial options that match their financial dreams. The credit union believes in finding solutions through innovation to fulfill the changing needs of their members. With Scienaptic's credit decisioning platform, Texas Bay will automate its loan decisioning process and deliver heightened member experience.
“For 86 years, through the good and the bad, we have always been there for our members, with the traditional technology-related resources at hand," said Syed Dinar, EVP and CFO, Texas Bay Credit Union. “But Scienaptic AI's credit decisioning platform will enhance our loan decisioning and offer predictive intelligence that is beyond traditional scorecards. The platform will empower us to reduce lending risks and increase our approval rate. It aligns with our philosophy of never saying ‘I Can’t.’"
Correspondingly Pankaj Jain, President, Scienaptic AI, stated, “We are delighted to be working with Texas Bay Credit Union and offer our industry leading credit underwriting platform. Our adaptive AI technology will enable the credit union to serve more members, offer more loans and enhance member experience without increasing risk.”
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.