River City Federal Credit Union Enhances Small Business Lending for Financially Underserved, Supported by Compliance Systems, Hawthorn River and IMM
Compliance Systems, the financial industry’s leading provider of modern digital and dynamic compliance documentation, announced today that River City Federal Credit Union has selected Compliance Systems to automate and streamline its lending processes with embedded compliance. Compliance Systems is working with Hawthorn River and IMM to provide the credit union with a digital-first banking platform at no cost for its employees and members, including local businesses and community organizations.
San Antonio, TX-based River City FCU is certified as a Community Development Financial Institution (CDFI) and is a designated Juntos Avanzamos credit union. The organization is committed to providing safe, affordable financial services and products to everyone, including communities that have been historically underserved and are financially vulnerable.
During the pandemic, River City FCU identified a gap in small-business lending in financially underserved communities and sought to provide a more inclusive process. “Like many financial institutions in our community, we have passed along small business lending opportunities because we didn’t have the compliance capabilities to process loan transactions,” said Jeff Ivey, president and CEO of River City FCU. “As financial institutions increasingly focus on serving the underserved, they must consider investing in technology to address the needs of small businesses. By partnering with Compliance Systems, Hawthorn River and IMM, we are now able to stand behind our mission of “people helping people,” providing seamless access to loans to the most vulnerable businesses in our community.”
With help from Compliance Systems, the credit union now has the technology to automate compliance processes for business lending, generating documents faster and boosting turnaround rates for quicker funding. In collaboration with Hawthorn River and IMM the credit union is also able to eliminate disjointed technologies and error-prone spreadsheets, get its bankers a more efficient lending solution that addresses complex operational issues, and provide an enhanced, more modern e-signature experience that reinforces members’ trust in their financial institution.
“Enabling community financial institutions like River City FCU to help connect financial services to groups who are often underserved is one of the reasons we built our innovative compliance technology. River City FCU is highlighting a need for credit unions to rethink business lending and community engagement, and we are proud to work with them to make our solution available to them at no cost. Credit unions that continue expanding their digital strategies will be the ones to not only maintain a central role in their communities but also build and maintain relationships with members that otherwise may have been left behind,” said Chris Appie, president of Compliance Systems.
ValleyStar RISE Foundation charity golf tournament raises $50,000 to support Children’s Miracle Network
The ValleyStar RISE Foundation is thrilled to announce that this year’s Big Tee Off golf tournament raised $50,000 for Children’s Miracle Network after a two-year hiatus.
Over 30 businesses sponsored the tournament and 148 golfers were in attendance, playing either the morning or afternoon flight at Chatmoss Country Club in Martinsville, Virginia.
During the afternoon flight of the tournament, Scott Shytle with the Berry Elliott Realtors’ team made a hole-in-one on hole six which was designated for the $10,000 Hole-In-One Contest, sponsored by CUNA Mutual Group. Shytle teed-off with his 3 hybrid club in order to achieve the hole-in-one.
“After a two-year hiatus, it was awesome to have so much participation and support. Having a player win the Hole-in-One Contest was the icing on the cake,” said Greta Kidd, Executive Director of the ValleyStar RISE Foundation. “I’m elated that Scott is the recipient of our cash prize. His achievement is just another reason I would say this golf tournament was such a success!”
Kidd attributes the success of the tournament to the support of the sponsors, especially the golf tournament Premier Partner, AutosbyNelson.com, and Luncheon Sponsor, Member Wealth Management.
The golf tournament directly benefits Carilion Children’s Hospital located in Roanoke, Virginia. The funds will be used to bring lifesaving equipment to children and babies in Southwest Virginia.
ValleyStar Credit Union brings home a Gold Telly Award for its “We Speak Your Language” commercial. The Telly Award is the premier award honoring video and television across all screens.
The Telly Award is an international award, and ValleyStar is the sole winner of a Gold Award in its category. On average, The Telly Awards receive over 12,000 entries from all 50 states and 5 continents. Telly Award winners represent work from some of the most respected advertising agencies, television stations, production companies and publishers from around the world.
“Storytelling is at the core of what our team does; we use it to connect with people in many different ways,” said Becky Freemal, Chief Marketing Officer at ValleyStar Credit Union. “I could not be more honored to be sharing our ValleyStar story alongside this team. I am so very humbled to be working with a group of data-driven, creative colleagues who are so passionate about their work and the people we serve.”
The Gold Telly represents the third award the marketing and communication team has received for their work on the new brand voice launched in 2021. The team also won a CUNA Diamond award and a Gold ADDY award.
One year into branch redesign, Solarity Credit Union’s member satisfaction scores soar
One year ago, Solarity reopened its branches and greeted members with an entirely new experience – an innovative transformation that reimagined the traditional branch model and introduced a better way to bank.
Today, members are warmly greeted by Branch Experience Guides the moment they step in the door. There is no teller line. Instead, members make use of self-service Smart ATMs, which can handle most routine transactions previously done by tellers. Our Branch Experience Guides, many of whom are former tellers, are available to assist at any point. This shift away from teller-assisted transactions toward more consultative experiences has improved service levels overall. Not only is it faster and easier for members to conduct their day-to-day banking, but also Solarity’s staff are freed up to help them with more complex banking needs. This allows members to be in, out and on their way much quicker; or receive the in-depth help they need to open an account, apply for a loan or solve a challenge.
“This revamp was designed with our members in mind. We are grateful for their willingness to learn new ways of banking that ultimately allow them to spend less time in our branches and more time doing what they love with the people they love,” says Solarity President and CEO Mina Worthington.
In the spring of 2021 when Solarity introduced the new branch experience, the world was slowly reopening amidst the COVID-19 pandemic. At first, members were slow to adjust to the change – and there were skeptics. One year later, Solarity’s member satisfaction score climbed 80% from a low of 45 up to 81 (a score above 75 is considered high performing). The following are examples of quotes from our member experience surveys. Some of the best stories we’ve heard are from members who strongly disliked our new lobbies and now cannot imagine banking another way:
“We are grateful to our members for constantly challenging us to innovate. Creating easy and meaningful ways for members to manage their finances is what we work toward every day,” Worthington said.
To date, members have conducted 416,608 Smart ATM transactions. In addition, the Solarity team has helped members with an array of banking needs through 8,369 in-branch video consultations. Solarity’s innovation doesn’t stop at our branch lobbies. We are trying to make banking easier in every aspect of our members lives, most notably our new home loan eSigning Experience, where our home loans are done completely online, including utilizing an online notary for the closing.
Corelation, Inc. Chief Technology Officer Dwayne Jacobs passed away suddenly this week. Details of his passing will not be disclosed at this time, respecting his family’s privacy.
Stepping into the CTO role for the interim will be Corelation President Rob Landis with support from Corelation CIO Jeff Dent.
Jacobs was recently named Corelation’s Chief Technology Officer in February 2022, a promotion from his previous position at the company as Director of Software Development.
Jacob’s financial technology career spanned more than 30 years, holding leadership positions in product development, professional services, and information technology areas. Prior to joining Corelation, Jacobs held CIO, CTO, SVP, and VP roles at DirecTV, Computer Associates, Deloitte and Touche, Fiserv, Experian, and several fintechs.
“We are all in shock at Dwayne’s sudden passing this week,” said Rob Landis. “He was a rare talent in our industry, a person with vast experience in so many fintech and development arenas. We were honored to work with him, and we have benefited greatly from his passion for innovative development. We would not be where we are today without Dwayne’s significant contributions. He will be missed tremendously.”
Jacobs is survived by his loving wife, four children, and one grandchild.
For a glimpse at Dwayne's character, personality, and expertise, check out our video interview with him at the recent 11th Annual Corelation Client Conference (May 18-20, 2022) ...
Corelation22: Corelation's Jacobs Talks Culture, Future of Tech, and CTO Responsibilities
InTouch Credit Union Receives America Saves 2022 Designation of Savings Excellence Award
America Saves announced InTouch Credit Union (ITCU) as one of 13 recipients of the 2022 America Saves Designation of Savings Excellence (DOSE) award. Of the 621 participating financial institutions in America Saves Week 2022, six banks and seven credit unions were recognized for their significant impact.
The campaign is managed by the nonprofit Consumer Federation of America, which uses the principles of behavioral economics and social marketing to motivate, encourage, and support low-to-moderate-income households to save money, reduce debt and build wealth.
The coveted honor highlights banks and credit unions that made an extraordinary effort to promote positive saving behaviors and took actions to improve the financial stability of those in their community during the annual America Saves Week campaign.
"We are very pleased to receive this award as it stands for the impact we aim to have on our member’s lives,” said Kent Lugrand, CEO of InTouch Credit Union. “These are difficult times for many Americans, and we’re committed to doing everything possible to help them stay in charge of their lives financially.”
“After so many lives were changed from the pandemic, then combined with rising housing costs and inflation, it’s important to aid people’s lives through financial stability. We genuinely want what's best for our members and have their best interest at heart.”
The America Saves annual campaign enables partnering organizations and financial institutions to reach their communities with resources to build financial wellbeing. This involves encouraging individuals to open savings accounts, set up automatic savings and create financial goals.
The participating organizations, including ITCU, encouraged nearly 415,000 individuals to set up a new savings account or deposit into an existing savings account, depositing a total of $1,134,122,355.56 during a one-week timeframe. Additionally, more than 200,000 individuals set up automatic savings or increased the amount they save automatically.
In addition to the DOSE award, ITCU continues to impact lives through its $1 million drive to combat food insecurity. Their food insecurity campaign, along with other community support, continues to show how the credit union is committed to doing “good” for others.
Alogent’s Newest Release of FASTdocs, its Flagship Enterprise Content and Information Management Suite, Allows Banks and Credit Unions Added Flexibility Over Their Information Management Strategy
Alogent (@AlogentCorp), a leading software developer of end-to-end solutions for financial institutions, announced the availability of FASTdocs 7.0, the latest version of its enterprise content and information management (ECM / EIM) suite. Today’s release allows banks and credit unions even more flexibility over their information management strategy, making it faster and easier to access data from any device through its fully web-based hosted platform, and browser and operating system agnostic architecture. Paired with a new and more intuitive user experience, inclusive of sleek new displays, views, and less ‘clicks,’ FASTdocs 7.0 powers an institution’s digital information hub.
“FASTdocs was built for the unique needs of the financial services industry, and today’s release spotlights our commitment to innovation and R&D within the market,” said Jason Schwabline, Alogent’s Chief Strategy Officer. “We’re proud to provide banks and credit unions with the latest process automation techniques, ensuring streamlined access to information for quicker and more informed decisions, and increased customer and member services.”
Proven to drive digital transformation through paperless workflows in both full- and self-service environments, FASTdocs enables employees and account holders access to exchange documents and information securely at their convenience through remote and digital banking channels.
“FASTdocs 7.0’s new features and architecture complement its existing core capabilities like automatic data recognition and intelligent workflows,” said Cameron Marks, Director of Product Management, Process Automation. “This combination of best-in-breed functionality ensures enhanced flexibility, scalability, and the proven power to simplify complex business processes.”
Alogent’s full suite of software solutions, including check and payment processing, content and information management, and online, mobile and digital banking, power the entire transaction ecosystem of a bank or credit union with a consistent user experience and seamless access to enterprise data across all channels.
Learn more about FASTdocs at alogent.com/process-automation/fastdocs.
SCE Credit Union is excited to partner with Illuma Labs, the leading provider of voice authentication and fraud prevention solutions for credit unions, to launch Voice Authentication in its member contact center and lending department. This proprietary platform is designed to streamline member authentication, enhance security, and improve operational efficiency on incoming calls. The technology is powered by Illuma Shield™, a frictionless voice verification and fraud prevention platform from Illuma.
The decision was made after evaluating a number of voice authentication solutions and determining Illuma Shield™ was the best fit. According to Tony Salse, CTO at SCE Credit Union, organizations like his have been waiting for a solution that fully meets their needs. “We found that Illuma Shield™ has the cleanest integration and user experience for credit union members and our team. We look forward to the impact this will have on improving member experience and contact center operations.”
A Credit Union Committed to a Modern Member Experience
SCE Credit Union prides itself on taking a down-to-earth approach to serving members, preserving the personal touch as they deliver expert financial services. Voice biometrics made sense as part of their ongoing digital transformation to serve members with the most user-friendly and modern technology.
For Milind Borkar, Founder and CEO of Illuma, deploying voice verification in the contact center has been an easy win. “We enjoyed working with the team at SCE Credit Union to ensure a smooth, effective deployment. As this credit union continues to grow, it’s good to know they have a solution in place that lets their contact center agents skip the lengthy security Q&A process and get right to helping members on every call.”
Global Women’s Leadership Network (GWLN) awarded four scholarships to credit union industry women in May, officially making them members of the Network and providing them with opportunities for professional development, networking and skill diversification. Additionally in 2022, GWLN is offering scholars the opportunity to receive an Empowerment Grant to implement a new or continuing, home-based project focused on empowering women, their credit union members and/or their local communities.
The 2022 GWLN Scholarship recipients are:
“Through support from corporate sponsorships and individual GWLN memberships, we expanded the annual scholarship program and re-introduced the empowerment grant this year. It was exciting to see several unique proposals from women applying for the first time from credit union systems around the globe,” said Lena Giakoumopoulos, Director for the Global Women’s Leadership Network.
Each scholar will receive:
The GWLN scholars will be required to attend all GWLN-specific events during the 2022 World Credit Union Conference, including the GWLN reception and the GWLN Forum—where they will each make a presentation on the Empowerment Grant project proposal submitted as part of the scholarship application process.
Attendees of the GWLN Forum will cast votes to select two winners, who will be announced following WCUC. Each Empowerment Grant winner will receive $10,000 to implement their proposal over the course of the next twelve months.
“Some project proposals focused on specific issues impacting the local communities, while others presented solutions to improve businesses targeting specific populations in their respective regions. The common denominator: empowered women from diverse financial and socioeconomic backgrounds leading, facilitating and implementing projects with the support of GWLN,” said Giakoumopoulos.
All scholarship recipients will also be required to attend 2022 Scholars’ meetings, showcasing the progress and growth in their credit union/communities, along with the GWLN Sister Society virtual strategy session later this year.
Since 2009, GWLN has awarded 90 scholarships to women from 30 countries.
Scholarships and empowerment grants are made possible through funding from annual memberships and corporate donations from Co-op Solutions, CUNA Mutual Group, PSCU and the Susan Adams Scholarship Fund supported by One AZ Credit Union.
“The scholarships and empowerment grants provide opportunities for growth, learning and connection,” said Giakoumopoulos. “But, more importantly, they offer hope for the future.”
Plinqit, the only savings platform of its kind that pays users for learning about personal finances, has named Marnie Keller as Vice President of Channel Sales.
Keller joins Plinqit with more than 15 years of experience in fintech marketing and channel sales partnerships. As the latest addition to the leadership team, Keller will oversee Plinqit’s channel sales and partnership strategies, supporting the company’s continued growth.
Before Plinqit, Keller served as Senior Vice President of Marketing, Partnerships and Industry Outreach for Ncontracts, which provides vendor management software for financial institutions. Previously, Keller also served as Vice President of Partners and Alliances at Continuity, a regulatory compliance platform designed for community financial institutions. Before that, she held leadership roles with Quatrro Risk Management, cbanc Network and Independent Community Bankers of America (ICBA). At ICBA, Keller served as Director of State Relations and Director of eMarketing and Brand Strategy, where she helped advocate for the interests of community banks on a national level, representing over 5,000 community banks across the U.S.
“I’m proud to join the team at Plinqit because I strongly believe in the company’s vision of empowering individuals to reach their financial goals and achieve long-term financial wellness,” said Keller. “My passion for aligning teams and companies that share the same goals and values will further build on Plinqit’s trusted reputation in the marketplace and I look forward to accomplishing many milestones together.”
“At Plinqit, we are eager to reach new users and make a meaningful impact on the fintech industry - Marnie will help us do just that,” said Kathleen Craig, founder and CEO of Plinqit. “Given her extensive background in financial services, she will play a vital role in Plinqit’s growth trajectory. By fostering relationships with trusted industry associations and organizations under Marnie’s guidance, Plinqit can help more financial institutions improve financial literacy within their local communities.”
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.