Financial Plus Credit Union President and CEO, Brad Bergmooser, was announced as Michigan Credit Union League’s (MCUL) 2023 Professional of the Year award recipient. The Credit Union Professional of the Year award recognizes an individual whose leadership and accomplishments have bettered their individual credit union, district/chapter and relationships within the statewide movement. “Brad consistently lives out the vision of building up the Credit Union Community. Brad’s commitment to ‘over investing’ in our people, technology, and member service is demonstrated at every turn,” said DeAnna Wallace, SVP HR and Member Experience at Financial Plus. The application was judged on the applicant’s leadership and measurable impact, professional efforts, and letters of recommendation. “Each year, the MCUL Awards Committee does a fantastic job at highlighting credit unions and professionals who spent the last year as a shining example of the larger Michigan credit union movement, and 2023 is no exception,” said MCUL CEO Patty Corkery. “Thanks to all who submitted nominations this year. I can’t wait to celebrate all our 2023 winners at this year’s Annual Convention & Exposition.” Brad will be honored alongside the 2023 MCUL and MCUF award winners this June during the MCUL’s 2023 Annual Convention & Exposition in Grand Rapids, Michigan.
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Michael Duncan, founder and CEO of Bankjoy, a digital banking provider, will present at Fintech Meetup during the Solutions Spotlight session on Tuesday, March 21, at 9:15 AM in Las Vegas. The Fintech Meetup Solutions Spotlight track is designed to highlight the most innovative fintechs in the market and showcase how their technologies are helping address the needs of financial institutions and their account holders across the U.S. At Fintech Meetup, Duncan will present the latest enhancements to Bankjoy’s world-class digital banking platform, including its new, standalone online account opening solution and its new business banking platform, both of which have seen rapid adoption among Bankjoy’s clients and their members. Engineered by credit union executives, Bankjoy delivers modern banking technology, including mobile and online banking, e-statements, online account opening, online loan origination, and conversational AI to financial institutions of all sizes. Additionally, the company integrates with hundreds of third-party vendors and core banking platforms. As a result, Bankjoy makes it easier and more cost-effective for community banks and credit unions to deliver truly feature-rich digital banking technology to customers and members, whether they have a retail or business bank account. “Adoption of digital tools – both by consumers and businesses – continues to rise. A recent study found that 85 percent of Americans plan to keep using digital tools to conduct their finances online or through mobile devices,” said Michael Duncan, founder and CEO of Bankjoy. “The number of digital banking users in the country is forecasted to reach almost 217 million by 2025, according to Bankrate. At Bankjoy, our mission is to empower digital transformation at community banks and credit unions, and help these institutions offer a digital banking experience that rivals what larger banks, neobanks and tech companies are able to deliver.” Duncan continued, “I’m proud to represent the Bankjoy team at Fintech Meetup and look forward to sharing how our technology helps financial institutions of all sizes provide a top-notch digital banking experience.” Fintech Meetup will take place in person at the Aria, Las Vegas, March 19-22, 2023. Fintech Meetup is the premier event in the fintech industry with more than 3,000 attendees expected at this year’s event. The show will feature more than 65 content sessions with 250 speakers from the biggest names in fintech, banking and payments, as well as countless networking opportunities, workshops and more. To view the full agenda, click here. Westerra Credit Union’s Everyday Money Account Receives National Certification by Banking Advocates3/9/2023 The Cities for Financial Empowerment Fund (CFE Fund) officially certified Westerra Credit Union’s “Everyday Money Account” as meeting the Bank On National Account Standards. The national safe account Standards, co-created by consumer advocates, leading national nonprofit organizations, civic leaders, and other financial institutions, designate both core and strongly recommended features that ensure low cost, high functionality, and consumer safety. This certification is valid through 2024. The goal of Bank On is to ensure that everyone has access to safe and affordable financial products and services. The Bank On National Account Standards identify critical product features for appropriate bank or credit union accounts, making it easier for local coalitions across the country to connect consumers to accounts that meet their needs. “At Westerra Credit Union, the recognition of our Everyday Money Account by the Cities for Financial Empowerment Fund's Bank On certification is a testament to our commitment to our purpose – we exist to teach one another to prosper,” said Westerra CEO, Jay Champion. Key features of Westerra’s Everyday Money Account include no overdraft fees, no monthly fees, no minimum balance, no foreign transaction fees and 30,000 free ATMs nationwide. These features align with the Bank On Certification criteria of providing accessible and affordable financial services to individuals. “The Cities for Financial Empowerment Fund is delighted to award its national Bank On account certification to Westerra Credit Union’ s Everyday Money Account” said Jonathan Mintz, President and Chief Executive Officer of the Cities for Financial Empowerment Fund. “An Everyday Money Account offers Colorado residents who are looking to improve their finances a safe, affordable, and truly useful mainstream banking product to access and manage their money. Westerra Credit Union’s offering of this terrific account brings them into the forefront of national banking access efforts, and we thank them.” The CFE Fund leads the national Bank On movement, supporting almost 100 local coalitions working to connect individuals and families to the financial mainstream through partnerships between governments, financial institutions, and community organizations. An Everyday Money Account can be opened in under five minutes at westerracu.com/spending, by visiting any of their Denver metro area branches, or by calling 303-321-4209 or 1-800-858-7212. CUES Advanced Management Program from Cornell University is returning this summer, offering emerging leaders the opportunity to explore eight c-suite positions in-depth. Attendees can also earn the prestigious Certified Credit Union Executive Manager (CEM) designation and an Executive Certificate in Management and Leadership from Cornell University and CUES. The nine-month course runs from July 11, 2023 through April 12, 2024. “This program not only offers future leaders access to Ivy League-level education without travel or time out of the office, it also gives credit unions a way to fill their leadership pipelines,” said Christopher Stevenson, CAE, CIE, CUES SVP/Chief Learning Officer. “The deep insights attendees leave with offer an understanding of the challenges those in the c-suite face, and how these leaders think about solving those challenges. Students also learn how to connect their day-to-day role with the purpose of their credit union, so they’ll be ready for advancement when opportunities arise.” The program pairs eCornell’s award-winning certificate programs with live-taught online classes, developed and led by Cornell University faculty. All content comes from top-rated programs with proven curricula specifically developed for the credit union industry. The curriculum covers:
Watch the CUES Advanced Management Program Informational Webinar playback to hear firsthand experiences from attendees, and learn more about how this 9-month program enhanced their day-to-day work and contributions to their credit union. You can also sign up to get notified of our upcoming webinar outlining the program, happening in April. In addition to the Advanced Management course, the CUES Diversity, Equity, and Inclusion Cornell Certificate Program starts March 15. There’s still time to enroll in this two-month course which will help your credit union create a truly aware and inclusive work culture. Learn more about CUES eCornell certificate courses at cues.org/Cornell. Learn more about CUES at cues.org. Wescom, a leading Southern California Credit Union, is helping area residents get Daylight Saving Time off to a great start on Sunday, March 12, 2023 by treating them to free coffee and tea. The 9th Annual #WescomKindness Daylight Saving Time event will take place across twenty-two select The Coffee Bean & Tea Leaf® locations in Los Angeles, Orange, Ventura, Riverside, and San Bernardino counties. “For 89 years, Wescom has been dedicated to helping Southern Californians live better lives,” noted Tamar Atamian, Vice President of Marketing at Wescom Credit Union. “Giving people in the community a taste of #WescomKindness by picking up the tab for their coffee after they’ve lost an hour of sleep is a simple expression of how much we care.” Wescom is also taking some of the pain out of losing an hour of sleep by offering recipients of #WescomKindness a chance to win $500 when they post a photo of themselves on Facebook, Instagram, or Twitter with the hashtag #WescomKindness. The winner will be chosen randomly from eligible participants.* Wescom will be providing $44,000 worth of beverages for the day beginning when doors open the morning of March 12 at each of the 22 designated Southern California The Coffee Bean & Tea Leaf® cafés. The free beverages are available on a first-come, first-served basis until funds allocated to each café have been exhausted. A list of participating The Coffee Bean & Tea Leaf® locations, as well as details of the $500 giveaway, are available online at wescom.org/cbtl. “Wescom’s tradition of picking up the tab for our guests on Daylight Saving Time always brings a smile to their faces,” said Daniella Voysey, Head of Marketing, The Coffee Bean & Tea Leaf® brand. “Wescom and The Coffee Bean & Tea Leaf® are both dedicated to creating a greater sense of community and we love partnering for this annual event.” In addition to the many acts of #WescomKindness performed throughout each year, Wescom has a proud tradition of supporting community-based organizations through strategic grantmaking and community engagement via the Wescom Foundation. *NO PURCHASE NECESSARY to enter or win. Post a photo of yourself on Facebook, Instagram or Twitter and tag it with the hashtag #WescomKindness between 03/12/2023-03/16/2023 and receive one (1) entry into the sweepstakes. Limit one entry per person. One (1) prize winner will be selected at random to receive one (1) $500 Visa gift card. Winner need not be present to win. Odds of winning depends on the number of eligible entries. Visit wescom.org/sweeps/cbtl for official sweepstakes rules. Sweepstakes is in no way sponsored, endorsed, administered by, or associated with Instagram. Plinqit, the first platform that brings together automated savings, data-driven financial wellness content and virtual account management, reveals that younger Americans are more likely than older Americans to say they are saving for something this year, according to the company’s State of Savings Report. The report uncovers new insights into the savings habits of consumers based on a Harris Poll survey of more than 2,000 U.S. adults. Plinqit’s State of Savings Report found that nearly 95 percent of adults ages 18 to 55 are saving for a purchase this year compared to 85 percent of those age 65 or older. Specifically, younger adults ages 18 to 44 are more likely to be saving for a vehicle or a home compared to adults who are 45 years or older. Of those between the ages of 18 and 44, 40 percent are saving to buy a vehicle and 30 percent are saving for a home, whereas only 23 percent of adults ages 45 and up are saving for a vehicle and only 10 percent are saving to buy a home. Younger adults are also four times more likely to be saving for a major life event compared to adults who are ages 45 and older. For adults ages 55 and up, travel and retirement are among the top savings priorities. “Gen Z and millennial adults have navigated their share of economic challenges, from the Great Recession of 2008 to a global pandemic,” said Kathleen Craig, founder and CEO of Plinqit. “Unsurprisingly, each of these economic events has had a major impact on the spending and savings habits of every generation.” Craig continued, “It’s inspiring to see that both generations understand the importance of saving money and are actively working toward their financial goals. Community financial institutions can help these adults, who may be just starting their journey toward financial wellness, and empower them to achieve their goals, no matter what they’re saving for.” Plinqit’s mission is to help individuals of all ages live their best financial life while helping community banks and credit unions generate low-cost deposits, attract new customers and expand their retail footprint. The company’s platform is the first savings platform of its kind to bring together automated savings, data-driven financial wellness content, and virtual account management. With Plinqit, customers can save for specific goals, such as purchasing a home or a vehicle, using an automated mobile experience that makes saving money fun, rewarding and social. For financial institutions, the platform makes it easy to provide relevant advice and cross-sell your products, including mortgage and auto loan offers, in a way that truly resonates with account holders. To access the full State of Savings Report, click here. To view the State of Savings infographic, click here. Glia, the leading provider of Digital Customer Service (DCS), is hosting its third annual DCS Summit on April 24th-26th at the JW Marriott Scottsdale Camelback Inn Resort and Spa. The event continues to grow and will be in-person this year, representing the world’s only conference focused on Digital Customer Service. During the two-day summit, hundreds of financial institutions and industry experts will gather to experience the many facets of DCS firsthand and engage with peers to help shape the future of customer service. The event will feature distinguished entrepreneur, Olympic gold medalist and NBA Hall of Famer Earvin “Magic” Johnson as the keynote speaker, exploring why interactions are the key to fulfillment and success. “Enhancing our Digital Customer Service with Glia is an important part of our strategy moving forward," said Grace Bruins, AVP of Marketing for Horicon Bank. "Glia’s DCS Summit gives us an opportunity to connect with other financial institutions, compare strategies and learn from their success." "I'm excited to network with my peers, hear best practices and learn how to further optimize our member service. It's all about humanizing the digital experience," said Laura Lobetti, Digital Experience Manager for Community First Credit Union of Florida. The 2023 DCS Summit marks the third event where DCS visionaries have gathered and shared inspiration about their digital transformation journeys. Attendees will hear advice, best practices and lessons learned from transitioning legacy, phone-based support to Digital Customer Service. Some of the additional 20+ speakers and sessions include Kerry Bodine, co-author of Outside In and a globally recognized customer experience expert, and Dan Michaeli, CEO and co-founder of Glia. “We have created a unique community of financial services providers that are at the forefront of Digital Customer Service,” said Michaeli. “We are excited to come together, discuss important DCS trends and opportunities and collaborate on how to best leverage the power of DCS. Together, we are creating a vision for the future of the customer and member experience.” For more information on Glia’s Digital Customer Service Summit, click here. Triangle Business Journal (TBJ) recently announced the winners of its 2023 Women in Business Awards, naming Jama Campbell, State Employees’ Credit Union’s (SECU’s) executive director of the SECU Foundation, as a recipient. Nominations for the TBJ annual awards program sought women who have proven to be dynamic and outstanding leaders with established track records of significant business and/or community service accomplishments. Campbell earned the recognition for her 2022 contributions to SECU Foundation’s success, overall organizational growth, community involvement, and other awards and achievements. Under her leadership, Campbell nearly tripled her staff to build the Foundation’s capacity as it increased funding coverage in all 100 North Carolina counties, grew its Mission Development Grant (MDG) program to assist non-profits with organizational capacity building, and created and hosted an inaugural MDG education and networking conference for program grantees. By year-end, 43 recommendations were approved by SECU Foundation’s Board of Directors, representing over $21 million in the funding of statewide initiatives to benefit the people and communities of North Carolina. “Being recognized with this award by the Triangle Business Journal is an honor,” said Campbell. “Our work at the Foundation extends beyond the funding of initiatives – it’s about building relationships, bringing people together to uplift and support non-profit organizations that are providing life-changing programs and services to people and communities in need. I’m grateful for the inspiration and support from my colleagues at SECU and SECU Foundation and look forward to the incredible work we can accomplish in the year ahead.” Campbell oversees SECU Foundation’s mission to promote local and community development through the funding of large-scale statewide initiatives in the core areas of education, housing, healthcare, and human services. She has also been influential in building alliances with like-minded philanthropic groups in associated industries and mentorships with other credit unions looking to establish foundations. The Foundation’s work embodies the credit union philosophy of “People Helping People®.” “This year’s class of honorees represent the best in professional accomplishment, leadership, and community engagement,” said Jason Christie, TBJ market president and publisher. “We applaud their efforts for what they have done and continue to do in the Triangle and beyond.” “Jama’s dedication, compassion, and commitment to helping others both professionally and personally are the foundations of her philanthropic work for SECU Foundation,” said Leigh Brady, SECU chief operating officer. “This is a well-deserved award, and I know everyone at the Credit Union and many grantee organizations helped by the Foundation share my sentiments and congratulatory wishes for her.” Eltropy, the leading digital conversations platform for community financial institutions (CFIs), today announced the launch of “Video Verify.” The new Eltropy Video Verify solution allows credit unions and community banks to remotely verify the identity of their members before opening accounts, issuing credit cards, authorizing wire transfers, granting loans and other high value-high fraud risk activities. According to the Federal Trade Commission (FTC), 1.4 million cases of identity theft were reported in the United States in 2021, representing a 113% increase from the previous year. The most common age group for identity theft victims in 2021 was 30 to 39 years old, and consumers spent 16 hours on average to dispute charges on fake accounts, according to Javelin. Fraudsters obtain personal information through various methods, including phishing scams, hacking, stealing mail or trash, or simply purchasing information from other criminals. One common use case is when a fraudster obtains a victim’s personal information and then applies for a loan in the victim’s name. They may use online applications, phone applications, or even visit banks or other lenders in person in an attempt to secure that loan. With Video Verify, CFIs will have an easy-to-use, yet full-featured and robust solution for verifying identity, without having to ask members or customers to visit their branch in person. Video Verify combines remote video, real-time government ID verification, and knowledge-based authentication, ensuring members' identities are fully authenticated and secure. "We’re extremely excited to launch Video Verify and help community financial institutions everywhere improve this increasingly vital need for modern, identity verification processes," said Jed Taylor, Chief Product Officer, Eltropy. "With the increasing incidence of identity theft and fraud, it's critical that credit unions large and small adopt secure and effective ID methods to protect their members' identities and their businesses." Video Verify is a capability of Eltropy's Digital Conversations Platform, which also includes Texting, Chat, Video Banking and Appointment Management solutions, enabling credit unions and community banks to easily communicate and verify their members with Video Verify. In addition, Eltropy also provides a one-time passcode (OTP) solution that allows CFIs to implement multi-factor authentication (MFA) to further secure their authentication processes without compromising their members' user experience. With these strong MFA and identity theft prevention measures in place, credit unions and community banks can make sure that phishing scams don’t lead to major losses and inconvenience for their members and customers. “When we started getting callers trying to impersonate members, we realized the fraudsters were evolving their methods,” said Shelly Butler, Chief Operations Officer at Fibre Federal Credit Union, based in Longview, Wash. “What Eltropy has brought us is an automated, one-time passcode (OTP), real-time authentication and document exchanges with members as well as for collection notifications, that have helped us stop the fraudsters — as we now quickly know with confidence when our agents are actually speaking to a member.” Credit unions and community banks can learn more about Video Verify by visiting Eltropy's website or contacting the sales team at team@eltropy.com. For those attending CUNA GAC this week in Washington, D.C., visitors can drop by the Eltropy booth (#1430) to discuss their unique challenges with the Eltropy team, or pre-schedule a meeting here. Bankjoy Raises Funding From Curql to Support Company’s Continued Growth & Ongoing Product Innovation3/6/2023 Bankjoy, a digital banking provider, today announced a funding round led by Curql Collective, a Credit Union Service Organization spurring fintech innovation for credit unions, with the potential to revolutionize how people engage with their money. Curql’s limited partners of investing credit unions, CUSOs, and credit union leagues span 29 states and represent institutions of all sizes. These partners identify, assess, invest in, and often establish partnerships with Curql’s portfolio companies, demonstrating the strategic value of Bankjoy’s product offerings. In addition to the funding from Curql, several of Bankjoy’s current and prospective credit union clients, including AEA Credit Union, Community Wide Federal Credit Union and Statewide Federal Credit Union have invested in the company’s latest funding round, a testament to the value Bankjoy delivers for its client base. As a Y Combinator-, Bessemer Venture Partners-backed company, Bankjoy has consistently experienced solid growth since being founded in 2015. Today, Bankjoy’s clients include more than 60 financial institutions nationwide and the company’s end-to-end digital banking platform is now accessible to more than one million credit union members and bank account holders. With this latest funding, Bankjoy will leverage the funds to support its continued growth and facilitate ongoing product innovation to provide a best-in-class digital banking experience. Engineered by credit union executives, Bankjoy delivers modern banking technology, including mobile and online banking, e-statements, online account opening, online loan origination, and conversational AI to financial institutions of all sizes. Bankjoy has continued to evolve its digital offerings, rolling out several new features and functionalities this year, such as its new, standalone online account opening solution and its new business banking platform, both of which have seen rapid adoption among Bankjoy’s clients and their members. “As we see interest rates continue to rise, competition for deposits will likely intensify over the next 12 months among financial institutions and these trends will influence the digital transformation strategies for community banks and credit unions,” said Michael Duncan, CEO of Bankjoy. “Online and mobile banking apps have a serious impact on member and account holder satisfaction. Research from Deloitte reveals that frequent mobile banking users, defined as individuals who accessed mobile banking at least once in every two weeks in the last year, are more satisfied with their primary financial institution than non-users, demonstrating that the digital banking experience plays an important role in helping financial institutions retain and grow deposits.” Duncan continued, “We are thrilled to bring Curql on as an investor as Bankjoy continues to grow, as this latest round of funding will allow us to pursue new opportunities to redefine the digital banking experience and help more community financial institutions thrive in an increasingly competitive environment.” “We are proud to invest in Bankjoy, as we believe the right technology can positively impact how credit unions engage with their members and how members engage with their money,” said Nick Evens, President & CEO of Curql Collective. “We look forward to supporting Bankjoy’s next growth phase and helping more forward-thinking credit unions deliver digital banking experiences that exceed their members’ expectations.” |
Author: Mike LawsonMarried 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. Archives
April 2024
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