​In a vote by credit unions, Alloya’s new peer-to-peer (P2P) payment solution was recently named the winner of the “Innovations in Payments” award as part of the annual Innovation Series presented by CreditUnions.com and Callahan & Associates. Competing alongside three other finalists in the payments category, Alloya’s P2P innovation was developed in partnership with two fintech companies, Neural Payments and Prizeout, showcasing the power of cooperation, a core value of the credit union movement. 
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“It was an honor to present this innovative P2P solution on behalf of Alloya and our partners at Neural Payments and Prizeout,” reflected Jim Schneck, Chief Strategy & Innovation Officer at Alloya Corporate FCU. “Together, we have created a truly innovative P2P solution that supports the success of not only credit unions, but also the satisfaction of their members and the friends and family of their members.”

Mick Oppy, CEO of Neural Payments, reiterated the uniqueness of his company’s solution, saying, “By leveraging our payments engine for P2P, Alloya’s credit unions can recapture deposits, grow their markets, enhance security, and boost loyalty and brand awareness while delivering a white-labeled experience that frees members from having to coordinate third-party P2P apps with payment recipients. It is a game changer for consumers and credit unions alike.”

In recent years, Alloya has piloted a variety of P2P solutions in search of one that would deliver exceptional value at an affordable cost while enhancing the credit union’s relationship with its members and reducing the likelihood of fraud. Schneck was instrumental in identifying Neural Payments as the ideal solution for Alloya’s credit union members and later developing a relationship with the Neural Payments leadership team. In his search for a P2P solution, Jim also identified Prizeout and saw opportunity there, too.

“At Prizeout, we are all about disruption and empowerment. Our products help credit unions stay innovative and earn more non-interest income, while simultaneously helping members stretch their dollar further,” said Founder and CEO of Prizeout, David Metz. “Working with Alloya on their P2P offering has been a fantastic experience and we’re thrilled to be part of a solution with Neural Payments that can help credit unions stay competitive and help people increase their purchasing power, while simultaneously helping members put money back into their pockets.”

Reflecting on the integration of Neural Payments and Prizeout, Schneck concluded, “Independently, these solutions are entirely unique, but together, their value becomes unmatched. There’s nothing else like this in the industry, and Alloya is honored to be delivering that to our credit union members.”

For the past six years, the Innovation Series from CreditUnions.com and Callahan & Associates has been at the forefront of showcasing cutting-edge solutions to elevate credit unions to new heights. This year’s series featured five categories: member analytics, fraud, lending, member experience and payments. A select group of suppliers were chosen as finalists within each category, with the opportunity to pitch their innovative solution in 10 minutes to an audience of credit union decision-makers. Winners were selected by attendees of each webinar. In the payments category, Alloya competed against CU NextGen, SpenDebt and Tyfone, Inc. in a webinar held Wednesday, March 13, 2024. Winners of the other categories include: Datava for “Innovations in Member Analytics”; Illuma for “Innovations in Fraud”; Open Lending for “Innovations in Lending”; and Glia for “Innovations in Member Experience”.

To learn more about Alloya’s P2P payment innovation, visit www.alloyacorp.org/P2P-simplified. 

CU LIFT Fund, the “funding as a service” CUSO committed to helping credit unions grow their auto loan portfolios, announced that it has received a strategic investment from Reseda Group, a wholly-owned CUSO of Michigan State University Federal Credit Union. The investment will help finalize the development of the LIFT Network, a proprietary, closed-loop payment network that allows credit unions to fund direct auto loans instantly.

“Having Reseda Group as a strategic investor means more than just the financial resources it affords us,” said CUSO founder Kirk Klinkhammer. “Reseda Group has become recognized industrywide as an innovator and leader in deploying advanced technology.” He noted that MSUFCU has built one of the largest, most successful auto lending programs, not just among credit unions, but of all auto finance lenders. As a CU LIFT Fund client, MSUFCU will play a key role as an anchor in Michigan, driving participation of auto dealers and other credit unions around the state.

“A direct auto loan at the time of purchase is the ideal channel for any credit union. Unfortunately, it’s not always the easiest channel for the member,” said Reseda Group’s Chief Operating Officer and MSUFCU’s Chief Innovation Officer Ben Maxim. “CU LIFT Fund fixes that problem by creating the best possible member buying experience.”
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Klinkhammer added that other lending channels can commoditize a credit union’s brand. “We embrace each credit union’s brand and build upon the trusted relationship members have with their credit unions,” he noted.

​Epic River, a lending-as-a-service platform provider that aims to provide a premium customer experience to every community bank and credit union in the country, today announced its integration with Finastra’s LaserPro loan documentation system. The partnership significantly streamlines the loan closing documentation process and supports consumer, commercial and real estate loan types.
 
Financial institutions leveraging Epic River’s platform to collect borrower information will now be able to automatically send data to LaserPro to generate loan documentation. This minimizes manual data entry into the LaserPro system by digitally transferring information, ensuring accuracy and eliminating the risk of missing or mistyped data. Additionally, the generated loan closing documentation is instantly available for e-signature through the Epic River platform.
 
“Today’s financial institutions face an increasingly competitive landscape with consumers looking for solutions that can deliver agility, innovation and convenience. Finastra’s LaserPro was designed with the scalability and regulatory assurance our customers need to enhance performance while ensuring compliance across the lending lifecycle,” said Cheryl Anderson, Senior Director of Product Management at Finastra. “This integration with Epic River positions our lenders to remain competitive as we strive to provide technology that redefines the traditional, labor-intensive lending processes and offers a superior borrowing experience.”
 
Many community banks and credit unions still rely on paper or email-based loan processes, leading to a higher risk of errors and limited operational flexibility. This manual approach often causes significant delays and requires excessive back-and-forth communication between the loan processing team, lenders and the applicant. The Epic River platform solves these issues by accurately collecting application information, guaranteeing correct signature placement and securely uploading supporting documentation.
 
Jeff Grobaski, CEO and Founder of Epic River, said, “Epic River’s collaboration with a leading provider like Finastra serves as a pivotal partnership that creates greater value for the lending ecosystem. Integrating our platforms optimizes the process and eliminates unnecessary re-keying of data, manual hand-offs and mistakes that prolong the loan lifecycle and inconvenience borrowers. The result is a seamlessly connected experience that instead ensures a smooth borrower experience and an efficient loan processing workflow."
 
Epic River’s innovative software and service solutions are designed to digitize and automate the entirety of the lending lifecycle for community banks and credit unions, small businesses, healthcare providers and patients. From trusted online identity verification to loan application and closing, the comprehensive digital product suite securely manages every step of the loan process.

​Baker Hill, a leading financial technology provider in delivering solutions for loan origination, risk management and analytics, has expanded its product team to drive innovation in lending and best serve the needs of the company’s growing client base. Mike Horrocks has been promoted to a new role as Senior Vice President of Corporate Strategy & Product Marketing and industry veteran, Joe Pavlik has joined Baker Hill as the company’s Senior Vice President of Product Management. Both roles will report to Rick Griskie, Baker Hill’s COO and CTO.
 
Given his unique blend of banking experience and lending expertise, product knowledge and his unwavering dedication to Baker Hill’s clients, Mike Horrocks will play a pivotal role in driving Baker Hill's overall product marketing strategy as the company’s Senior Vice President of Corporate Strategy & Product Marketing. In his new role, he will be responsible for spearheading go-to-market strategies, implementing product marketing initiatives, analyzing competitive market intelligence, managing strategic product partnerships, and more. Horrocks will continue to serve as a key industry liaison and spokesperson on behalf of Baker Hill. He will also continue to spearhead the company’s Client Advisory Board. Horrocks’ extensive experience with Baker Hill spans more than 20 years, having served in multiple roles, most recently as Vice President of Product Management.
 
As Senior Vice President of Product Management, Joe Pavlik will play an influential role in shaping Baker Hill’s long-term product vision, strategy, and development roadmap to drive innovation and meet the business objectives of the company’s financial institution clients. Pavlik brings over two decades of experience in financial services and SaaS to Baker Hill, having held leadership roles with PNC Bank, Fiserv, and most recently, Luxoft. As Head of Bank Solutions & Strategy at Luxoft, he was responsible for global banking operations, product offerings, strategic programs and more. At Fiserv, Pavlik held various product leadership roles within the Commercial Strategy and Business Banking teams.
 
“For 40 years, Baker Hill has built and maintained a strong reputation within the financial services industry for our award-winning loan origination and risk management solutions. Our product team has been paramount to our success, as well as the success of our valued clients,” said Rick Griskie, COO and CTO of Baker Hill. “By promoting Mike into a new influential product marketing role and bringing on Joe to head up product management, we are reinforcing our commitment to delivering an innovative product suite that makes a meaningful impact for our clients and their lending operations. Both Mike and Joe bring a wealth of experience to Baker Hill, and I look forward to working alongside them to ensure our product vision positions banks and credit unions for growth in 2024 and beyond.” 

​CUES Advanced Management Program from Cornell University is returning in 2024. This nine-month program, which runs July 10, 2024, through April 1, 2025, offers emerging credit union leaders a unique opportunity to gain a comprehensive understanding of the C-suite by equipping attendees with the knowledge and skills needed to navigate the challenges faced by top executives.

The program pairs eCornell’s award-winning certificate programs with live-taught online classes, developed and led by Cornell University faculty—offering credit unions a resource to fill their leadership pipelines and giving future leaders access to Ivy League-level education without travel or time out of the office.

The program delves into the minds of top executives, offering insights into the CEO's strategic vision-setting, the CFO's financial acumen, and the COO's operational efficiency. Participants will also explore the CMO’s viewpoint in brand building and digital marketing, harnessing data and technology for member engagement from a CIO’s perspective, mastering contract management from the CCO’s suite, navigating risk and fostering collaboration as a CRO, and developing high-performing teams from the CHRO office.
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Get an attendee’s first-hand account of the program when you read Learning Leadership Vision from CUmanagement.com.
Learn more about CUES Advanced Management Program from Cornell University. Learn more about CUES at cues.org.

​Chimney, a leader in financial guidance for the digital age, announced that its co-founder, Chase Neinken, will present the company’s latest revolution in property tracking, MyHomeTracker, at Alkami Co:lab this year, which takes place April 8-10, 2024 in Grapevine, TX. 
 
Neinken, Chimney’s co-founder and chief revenue officer, was invited to speak at Co:lab 2024 and will host the session, titled “Welcome Home - The Property Tracking Revolution.” In this session, he will demo Chimney’s latest feature within the Chimney Home solution, MyHomeTracker, which allows any homeowner to get personalized information, insights and offers, right within their mobile banking app. Account holders can track their home value, see available equity and get personalized offers within their banking app - even if their mortgage is with someone else. Neinken will also explore the latest trends, insights and analysis from data powered by thousands of homeowners, revealing new opportunities for financial institutions to serve this demographic. 
 
Each year, Alkami Technology, a leading cloud-based digital banking solutions provider, hosts its annual convention, Alkami Co:lab. This year’s event, held at the Gaylord Texan, will feature the best credit union, bank, fintech, industry analyst, and consultant minds in the country. More than 650 attendees from over 200 financial institutions are expected to attend this event. 
 
“At Chimney, we design our products to elevate the online banking experience and our latest product innovation was developed to empower homeowners by giving them the tools, data and insights they need to manage their biggest investment,” said Chase Neinken, co-founder of Chimney. “I am thrilled to attend Alkami Co:lab this year and to demo our latest product offering, MyHomeTracker, and to share the floor with some of the industry’s most well-respected leaders, institutions, and tech innovators.”

Open Lending, an industry trailblazer in automotive lending enablement and risk analytics solutions for financial institutions, and TransUnion, a trusted global information and insights company, today released a new study on the borrowing habits and credit outlook for Millennials and Gen Zers. Using data from over 4 million U.S. consumers, the report illustrates new-to-credit borrowers’ upward credit trajectory with insights into lending patterns and preferences.
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The report underscores the potential value Millennials and Gen Zers can bring lenders, with key findings showing:

• Millennials and Gen Zers are poised and quick to advance: Data revealed that 30% of Millennial and Gen Z thin-file consumers moved up credit tiers within two years compared to 22% of Gen X or older thin-file consumers.
• Younger consumers are loyal consumers: Two out of every five Millennial and Gen Z thin-file consumers who received an automotive loan at a bank or credit union returned to the same type of financial institution for their next product and often with a higher credit score (VantageScore® 4.0) than returning thin-file consumers from older cohorts.
• Automotive loans are a priority: Demand for automotive loans is unlikely to dissipate, as 74% of consumers who open an automotive trade line as their second product are replacing an existing vehicle or adding an additional vehicle.

 
“Many financial institutions are hesitant to extend loans to borrowers with thinner credit files and lower credit scores, who are often Millennials and Gen Zers,” said Kevin Filan, Senior Vice President of Marketing at Open Lending. “However, this strategic consumer segment shows immense potential for upward credit mobility compared to their older counterparts. The financial institutions that intelligently address these ‘emerging prime’ borrowers through comprehensive data analysis and decisioning can generate higher-yielding loan opportunities and long-term customer loyalty.”

“We are excited to collaborate with Open Lending to provide a broader and more accurate picture of younger borrowers’ financial health and credit potential despite only just starting their credit journey,” said Satyan Merchant, Senior Vice President, Automotive and Mortgage business leader at TransUnion. “The more consumers who can participate in credit, the greater the opportunities for broad economic inclusion. The data from the study shows how thin-file consumers are capable of growing into healthy, prime borrowers once provided access to the essential milestone of an affordable automotive loan. We believe that the financial institutions that set these deserving borrowers on the path to financial wellness will be rewarded with long-term loyalty through subsequent credit products.”

Download the full report here.

​Goalsetter, an award-winning spending, saving, wealth building and financial education platform designed for the whole family, announced today the closing of a $9.6 million Series A extensionround. This newest round for Goalsetter was led by an affiliate of Edward Jones and MassMutual through its MM Catalyst Fund. Series A investors Fiserv, Webster Bank, Seae Ventures, Astia Fund, and Partnership Fund for New York City also participated in the round along with new investors Reseda Group and InTouchCU.
 
Since its last raise in January 2021, Goalsetter has been laser-focused on establishing partnerships with companies and financial institutions that are committed to transforming financial education and access to wealth. The Series A extension funding will give Goalsetter the runway necessary to continue forging new B2B alliances while successfully implementing existing programs ahead of a Series B raise.
 
"Our new Series A extension marks a significant milestone for Goalsetter as we continue to redefine financial education and inclusion across America,” said Goalsetter Founder and CEO Tanya Van Court. “This funding will empower us to enhance our B2B offerings and forge stronger partnerships with credit unions, banks, and wealth management institutions, expanding our reach and impact to ensure that the next generation can grow into savvy savers and investors. This is an investment in Goalsetter and in the future financial well-being of millions of young Americans. Together, we are building a foundation for a more equitable and financially literate future for all." ​​​​​​​​​​​​​​​​​​
 
 
Banking and credit union partnerships to reach the next generation of customers
 
The long-term health of the traditional banking industry depends on its ability to capture the next generation of consumers. Goalsetter has successfully partnered with banks and credit unions, enabling them to offer Goalsetter’s App platform as a white labeled youth-banking solution that is anchored by age-appropriate and gen-next relevant financial education tools.
 
To date, Goalsetter has forged partnerships with large-scale financial services companies, including Fiserv, Trustage, and CUNA Strategic Services, along with leading financial institutions, including MSU Federal Credit Union, InTouch CU, Solutions Bank and Liberty Bank. The extension funding will allow Goalsetter to achieve the goal of securing additional signed partnerships with financial institutions, including banks and credit unions, and launching new alliances by the end of 2024. It will also facilitate the launch of live bank and credit union product implementations and core processor integrations, enabling Goalsetter’s award-winning educational, savings, spending and investment platform to be easily accessible to banks and credit unions across multiple technology platforms.
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“Goalsetter has successfully produced measured and meaningful positive outcomes as it helps families of diverse demographics increase savings and practice smart spending habits, making them a unique player in this market,” said Liz Roberts, Head of Impact Investing at MassMutual. “At MassMutual, we know the value and importance of helping all Americans achieve financial well-being and look forward to continuing to support Goalsetter as it helps close the financial literacy gap across the country.”

In a recent whitepaper developed by Mastercard, Goalsetter stood out as a platform that offers comprehensive solutions for financial institutions with resources and features that span education, saving & investing and goalsetting. Among its findings, the report highlighted: 
·       Ninety percent (90%) of users found Goalsetter’s goal-oriented savings account and learning milestone-based debit card spending controls to be amongst the most valuable features of the Goalsetter offering.
·       Eighty-six (86%) indicate that Goalsetter’s financial education quizzes and video content are some of the most valuable features of the platform.
·       Eighty-four (84%) believe their child's interest in saving improved after using the app.
 
Partnership with wealth managers to benefit from the great wealth transfer
 
Engaging with all generations on the topic of financial education has become increasingly important for financial advisors, especially with a significant transfer of generational wealth underway that will largely be passed down to women and children. Earlier this year, Goalsetter announced a partnership with Envestnet, the largest turnkey asset management program (TAMP) in the country, with the goal of empowering financial advisors to deepen their offerings and relationships with women and younger consumers through Goalsetter’s platform. Additional funding will allow Goalsetter to successfully activate this partnership and provide its family finance platform to more wealth-management firms and families across the nation. 
 
Cementing Goalsetter’s leadership in financial education
Gen Z scores lower than other generations in the TIAA Institute-GFLEC Personal Finance Index, which measures financial literacy. According to recent data, only 46% of Gen Z feel confident about their financial knowledge. In order to address this issue, several states are now mandating financial education as a graduation requirement and many banks and credit unions are seeking financial education solutions to offer school systems in their communities.

In support of these efforts, Goalsetter has partnered with several school systems to bring the Goalsetter app to students and has forged partnerships with the Edward Jones Foundation, Nike, UBS, Deutsche Bank, and others, to fund school-based financial education with Goalsetter Classroom. The extension will further Goalsetter’s strong growth trajectory in the education space allowing it to partner with additional school systems in the 2024-2025 school calendar year.  
 
Goalsetter’s real-world approach to family-focused financial education, and its goal-based savings and smart spending platform provides families with both engaging educational media and the foundational tools for building wealth. The Goalsetter platform is mapped to JumpStart.org and Council for Economic Education (CEE) national financial education standards. Increasingly, young consumers rely on social media for financial education and Goalsetter leverages these insights to use fun, engaging financial wellness content built around pop culture, memes, GIFS and game-based tools to teach families the language of money in ways that young consumers actively engage with.

Goalsetter's ground-breaking offering of family-friendly financial education tools and unique, next generation features have set it apart in the banking for teens market. In addition to learning about money through game-based learning and fun gifs and memes, features such as "Learn to Earn," which lets kids earn money for every financial quiz question they get right, and "Learn Before You Burn," which lets parents automatically freeze teens' and tweens' Cashola Prepaid Debit Mastercard® if they haven't taken their financial literacy quizzes for the week, have been favorites for kids and parents alike.