SentiLink – a financial fraud protection provider working with over 200 of the leading financial institutions in America – will release a study, which analyzed 9 million U.S. consumer credit reports and shows an eerily high rate of credit washing (a form of fraud, when federal FCRA rights are abused to falsely assert that one is a victim of ID theft and have entire tradelines removed, bumping the consumer’s credit score).
This is the largest and most comprehensive empirical assessment done by any entity to date on credit washing. SentiLink’s report also comes on the heels of a recent TransUnion report showing an 80% increase in digital fraud attempts globally (up from pre-pandemic levels).
DeepTarget Releases White Paper on Why Healthy Growth and Digital Consumer Engagement are So Closely Linked
DeepTarget Inc., a transformational financial services company that provides Growth As A Service (GRaaS) to community financial institutions, today released its most recent white paper, “Why Healthy Growth and Digital Consumer Engagement are so Closely Linked.”
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Over the past decade the financial services industry has been undergoing a rapid digital transformation aimed at positioning banks and credit unions to better engage and serve today’s digitally connected consumer. To be successful, financial institutions (FIs) must become more aware and focused on the high expectations of such consumers, placing an emphasis on providing them personalized, secure and seamless digital experiences. The rate of change in the digital age occurs at lightning speed, so FIs must adapt to meet the ever-changing needs of consumers, or risk being left in the dust.
Digital customer engagement, retention and cross-selling are the pillars for growing and sustaining an FI in the digital age. DeepTarget’s white paper identifies the challenges and opportunities for community financial institutions as they evolve to meet the needs of contemporary consumers that span multiple generations.
“As consumers increasingly engage with various apps in their daily lives, the Financial Services industry must keep up with their ever-evolving digital experiences and expectations,” said Preetha Pulusani, CEO, DeepTarget. “To truly connect with customers, it's crucial for financial institutions to anticipate these needs and stay ahead of the curve. Our goal is to enable you to engage your customers where they spend their time, and that's exactly what we're doing. By investing in data and AI insights, combined with automation, you’re able to effectively communicate with and engage your account holders. This approach is the key to building a loyal customer base and driving business growth and success.”
This white paper also highlights an in-depth case study of a U.S. financial institution’s digital consumer engagement strategy. Eglin Federal Credit Union (EFCU) needed to enhance member connection through their online and mobile banking so they implemented DeepTarget’s Digital Experience Platform (DXP), which provided them with AI/ML-based predictive modeling campaigns to interact with their account holders and provide excellent outcomes. Just shy of 51% of new credit cards added since these campaigns ran were presented to EFCU members through DeepTarget campaign ads within their online and mobile banking apps. Nearly 40% of new personal loans were also influenced by such campaigns. AI/ML insights and automation helped EFCU discover the right offers for the right members, saving them time while increasing their positive results. These metrics provide a glimpse into the high ROI of their member-centric engagement strategies.
Financial Plus Credit Union’s Director of Marketing, Rachel Mouser, has been named the 2023 Credit Union National Association’s (CUNA) Marketing Professional of the Year. Mouser was awarded during the CUNA Marketing & Business Development Council Conference on March 28th in Orlando, Florida.
The Marketing Professional of the Year award honors an individual who exemplifies excellence in credit union marketing. It recognizes individuals who, in all aspects of their chosen profession, consistently excel for the benefit of their credit union and the advancement of the cooperative movement.
“These awards recognize professionals who are impassioned to create superlative campaigns highlighting their credit unions,” said Lynn Heider, Recognition Awards chair and vice president, communications & public affairs, GoWest Credit Union Association.
“Rachel’s accomplishments in 2022 and 2023 were exceptional! She navigated us through the merger of a 400+ million-dollar credit union and led a complete re-brand effort of our entire organization. During this time, her team had to stand up two digital banking platforms and two websites, while simultaneously moving through the re-branding of our branch offices and all communication delivery channels. She also launched a new loan product that has done phenomenally well: The Greenlight Loan.
To do this and engage our staff into a level of excitement I haven’t seen before, is no small feat. Rachel’s work compels everyone around her to be on top of their game. A well-deserved award!” remarked DeAnna Wallace, SVP of People and Retail Delivery.
CUNA has been awarded a Top Workplaces 2023 honor by The Wisconsin State Journal. This is the third time CUNA has received this honor.
The list is based on employee feedback gathered through a third-party survey administered by Energage, an employee engagement and workplace improvement research firm.
“At CUNA, we strive to create an inclusive work culture that supports our people and reflects our organizational values and the ‘people helping people’ philosophy of the credit union movement,” said CUNA President/CEO Jim Nussle. “What makes this recognition rewarding is that it’s our own employees telling us they see that effort and it’s making a difference.”
About 1,500 Madison-area companies were nominated by their employees and CUNA is listed among the top 5% of employers. Organizations of all sizes participated in the survey, which measured key drivers of engaged cultures such as leadership, strong values, clear direction, and motivated workers.
“How we work and collaborate has changed so rapidly in the last few years that it’s required all of us to pay even more attention to employee well-being and ensure we don’t leave anyone behind,” said CUNA EVP/Chief Operating Officer Jill Tomalin. “We have a mission-driven work culture to help credit unions advance financial well-being for all, and we’ve always believed that mission is only successful if it starts at home with our own employees. For these reasons, this recognition feels especially validating for CUNA.”
Nussle spoke to the Wisconsin State Journal recently on CUNA's culture.
New home sales increased 1.1% in February, marking a slow but steady rise since last summer. NAFCU Chief Economist Curt Long issued the following insights:
"New home sales grew modestly in February, remaining on a steady upward path since last summer. That is a stark contrast with the existing homes market, which ended a 12-month string of sales declines last month. While existing home inventory remains extremely tight, the supply of new homes is strong and improving. Although the number of total new homes for sale is down 5 percent over the past six months, the number of completed homes for sale is up by 57 percent during that time as construction supply chains heal. Homebuilder sentiment has increased in each of the first three months of 2023 after declining every month in 2022. NAFCU believes the housing market has bottomed out and expects a modest recovery over the remainder of 2023."
- NAFCU Chief Economist and Vice President of Research Curt Long
Co-op Announces Two New Keynote Speakers for THINK 23, Plans to Unveil 2023 CU and Consumer Growth Strategy Research
Co-op Solutions is announcing two new keynote speakers for its THINK 23 conference, adding to its line-up of world-class thought leaders on the payments industry, digital transformation and consumer behavior.
“The theme for THINK 23 is ‘The Invisible Revolution,’ a revolution in how people are moving money that includes digital solutions, banking as a service and embedded finance,” said Samantha Paxson, Chief Experience Officer for Co-op. “These payment trends have created profound transformational opportunities for credit unions that our keynote speakers will help us address with their unique perspectives on human-centered technology.”
“In addition, Co-op will unveil the results of its 2023 market research performed in conjunction with EY and Mastercard, to help leaders better understand the psychology behind consumer spending and saving, and to help grow member utilization, preference and trust with credit unions to manage both their daily and long-term financial lives,” said Paxson.
The THINK 23 conference will be held May 2-4, 2023, at the JW Marriott/Starr Pass Resort in Tucson, Arizona. Credit union attendees can register immediately at https://co-opthink.org/.
Kirkpatrick and Wunker Join Previously Announced McKelvey and Shevlin
Co-op had previously announced Jim McKelvey, co-founder of Block, Inc. (formerly Square, Inc.), and Ron Shevlin, Chief Research Officer at Cornerstone Advisors, as THINK 23 keynote speakers. Joining them are:
Linda Kirkpatrick. Kirkpatrick is President of North America for Mastercard, and leads the company’s largest market. She has responsibility for customer relationships and operational activities across the U.S. and Canada. Kirkpatrick began her career with Mastercard more than 25 years ago, and has been part of its evolution from a not-for-profit association to a global leader in payments innovation and technology.
Steve Wunker. Wunker is the Managing Director of New Markets Advisors, which he founded in 2009, and advises companies such as Barclays, First National Bank of Omaha, Progressive Insurance and Microsoft. His books include “Jobs to be Done: A Roadmap for Customer-Centered Innovation” (2016) and “Costovation: Innovation That Gives Your Customers Exactly What They Want – And Nothing More” (2018).
Research Studies Long-Term Financial Wellness as a Growth Strategy and New Member-Centric Model
In 2021 and 2022, Co-op Solutions made a commitment to conduct extensive research on behalf of its clients, to help the credit union movement navigate sea changes in the market brought on by the digital transformation of payment systems. The company’s most recent research report is “Building the New Member-Centricity,” which can be found here.
Co-op will share the results of its 2023 research during THINK 23, along with study partners EY and Mastercard. The data and conclusions will inform much of the THINK 23 content, with breakout sessions enabling deeper dives into the findings.
“Our 2023 research explores the gap that exists between micro, daily payment interactions and long-term financial wellness,” said Paxson. “There is a direct correlation between short-term financial management constraints and achievement of long-term spending and saving goals across all demographics. This is a key issue for credit unions not only as socially responsible financial services providers, but as organizations that seek to prosper and grow in the long-term in a highly competitive and converging marketplace. We also see opportunities for credit unions to differentiate, drive growth and reclaim trust by winning the primary financial interaction moment-by-moment.”
For more information and to register immediately, visit https://co-opthink.org
Best Innovation Group (BIG), a leading provider of innovative solutions and services for credit unions, is thrilled to announce the upcoming 100th episode and 3rd anniversary of CU Town Hall, set to air on March 29th at 12:00 PM ET/9:00am PT. This milestone episode will feature special guest Brett King, with co-hosts John Best, CEO of BIG, Mike Lawson, Host of CUBroadcast, and Glen Sarvady, Managing Principal at 154 Advisors.
Launched in March 2020, CU Town Hall was initiated as a weekly open forum for credit unions to collaborate, discuss, and share insights on handling the unprecedented challenges posed by COVID-19. Over the past three years, BIG has successfully hosted 99 episodes, adjusting the frequency to a monthly schedule while still maintaining a strong commitment to fostering collaboration and innovation among credit unions.
The 100th episode of CU Town Hall coincides with the series' 3rd anniversary, making it a particularly significant milestone in the show's history. Brett King's involvement underscores the show's ongoing commitment to providing credit unions with access to thought leaders and industry experts. King, a bestselling author, futurist, and founder of Moven, the first mobile neo-bank, is a familiar face on the CU Town Hall stage, having previously joined the show for other milestone episodes.
"CU Town Hall has been an essential platform for credit unions to come together, exchange ideas, and navigate the challenges of the pandemic and beyond," said John Best, CEO of Best Innovation Group. "As we celebrate this important milestone and our 3rd anniversary, I'm honored to be joined by my fellow co-hosts, Mike Lawson and Glen Sarvady, and our special guest, Brett King, to share valuable insights and expertise with our community."
Don't miss the opportunity to attend the 100th episode and 3rd-anniversary celebration of CU Town Hall, an event tailored for credit union professionals and stakeholders seeking thought-provoking insights. By registering at www.cutownhall.com, you can participate in an engaging experience and get a chance to win a copy of Brett King’s latest book, The Rise of Technosocialism. Please note that you must attend the meeting to be eligible for the prize. Discover more about CU Town Hall and secure your spot now!
Filene Research Institute announces Dawn Denton as Chief Growth Officer, leading Filene’s membership, marketing and event teams. She is responsible for driving growth and awareness of the Filene brand across the credit union landscape and ensuring that Filene members are utilizing Filene’s resources to their highest potential.
“We are thrilled to have Dawn contribute her forward-thinking leadership and industry experience to our team,” said Filene’s President & CEO, Mark Meyer. “She is a well-recognized sales executive that is known as a visionary people leader, a driver of change management, and a strategic advisor to credit unions.”
“Dawn starts at an exciting time as Filene continues to identify the next generation of ideas and topics for innovative, growth-minded credit unions through Spark! Filene’s Spring Meeting in Bethesda and the launch of two new research Centers of Excellence this summer, plus an expanded focus on incubation through The Lab at Filene,” added Meyer.
Denton arrives at Filene with 24 years of experience working with credit unions in a variety of roles ranging from marketing, sales, and strategy development.
“I’m excited to help credit unions realize the value Filene brings to the credit union space and enhancing the membership levels that will bring the forefront to the movement,” said Denton. “I’m passionate about strengthening the credit union movement and leveraging Filene to improve financial well-being for all.”
Before joining Filene, Denton worked at CUNA Mutual Group in several roles, primarily around lending optimization. Past experiences include Regional Sales Manager—Lending Protection and Vice President of Sales. She is also the co-owner of D2 Strategic Services where she facilitates strategic leadership sessions for leaders in credit unions of all asset sizes.
Denton holds a Bachelor of Arts degree from the University of Texas – Austin and a Customer Experience Certification from the University of Houston, C.T. Bauer College of Business. She calls Austin, Texas home where she is a member of the National Charity League, North Austin Chapter with her three daughters. In her free time, she enjoys spending time with her family, singing, and playing tennis.
Visit the “Meet our People!” page to learn more about Denton and the entire Filene team including staff, contributors, fellows, and the administrative board.
Credit union core processor Corelation, Inc. announces that Mountain America Credit Union ($15.8 billion assets; 1.12 million members; Sandy, UT) has signed on to convert to the KeyStone core. Mountain America Credit Union is currently the 12th largest credit union in the United States, serving multiple states including Utah, Arizona, Idaho, Montana, New Mexico, and Nevada. This new partnership marks a monumental milestone in Corelation’s history, as they expand further into serving the multibillion-dollar credit union market.
“As we embark on this journey, we are proud to demonstrate just how capable both the KeyStone solution and the Corelation team are of supporting an institution of Mountain American Credit Union’s size,” shared Corelation President Rob Landis. “There is certainly a lot of work ahead of us to convert Mountain America to their new and improved core system, but we have the resources, processes, and the right team in place to make this project a rousing success.”
Corelation launched their flagship core processing solution in 2009 and has remained true to their mission of delivering innovative credit union core processing backed by unparalleled client service. To date, 193 credit unions have selected Corelation as their partner to leverage KeyStone’s person-centric design and vendor-agnostic open architecture to better serve their memberships.
“We are profoundly excited to welcome Mountain America Credit Union to the Corelation family,” said Corelation Chief Revenue Officer Tim Maron. “Building strong relationships with our clients is at the core of what we do, and we are grateful that Mountain America has placed their trust in our organization and the KeyStone core.”
Thirty-six “emerging” credit union leaders who have the potential to create a lasting impact within the credit union industry have been selected to participate in the 2023 CUES Emerge program, offered in partnership with Currency.
“CUES Emerge is now in its fourth year; we’re very excited to have had a record 120 apply to participate,” said Jerry Saalsaa, CUES Interim CEO & SVP/CAO. “The 36 who were selected represent a cross-section of the credit union world. We’re looking forward for them to begin their journey, and to see what they learn from the program.”
"As the credit union industry continues to evolve, it's essential that we cultivate the next generation of leaders who will drive innovation and growth. I am thrilled to see such a talented and dynamic group of emerging credit union leaders selected to participate in this year's CUES Emerge program, and I have no doubt they will make a significant impact in the years to come," said Tim McAlpine, Currency Founder & CEO.
The CUES Emerge cohort is a diverse group, hailing from 17 U.S. states and two Canadian providences, and representing 32 different credit union roles. All are highly respected among their teams, having shown enormous growth in their development by driving change in their credit unions and the communities they serve.
This group will receive coaching, training and resources to build their leadership acumen and strategic thinking skill set. They will also benefit from the exclusive opportunity to collaborate with their peers during mastermind groups, where they will work to transform their ideas into a business case and compete for the chance to become the 2023 CUES Emerging Leader.
“With the support of our partners at Currency and a panel of judges, we will select a Final Five and Top Three before ultimately choosing the 2023 CUES Emerging Leader in October,” continued Saalsaa.
Guiding the participants are six Masterminds, hand selected for their leadership, industry impact and drive to develop themselves and others:
All Masterminds are previous participants in the CUES Emerge program. Additionally, Hsu is the 2021 CUES Emerging Leader, and Hunter was a top three finalist in 2020.
The Masterminds are an integral part of the CUES Emerge program; each will support six participants, helping them connect the learning to their business case, and supporting them through to the competition phase.
See the 2023 CUES Emerge cohort members here, then follow along on their journey at CUESemerge.com or at #CUESEmerge.
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.