Artificial intelligence (AI)-powered customer experience (CX) technology is ready for prime-time in financial services, at last. ENACOMM – a FinTech provider with time-honored expertise in intelligent self-service, big data and financial fraud prevention – today introduced the financial services industry to Emerie, the most advanced, accessible AI-backed Intelligent Virtual Assistant (IVA) for banking. Emerie’s AI technology learns about and comes to know users by continuously analyzing performance metrics and integrating new information, delivering an improved user experience with every customer interaction.
 
“We are nothing short of thrilled to bring Emerie to life,” said ENACOMM CEO Michael Boukadakis. “For decades, I’ve been focused on the financial services industry and in the trenches with brilliant developers designing intelligent self-service solutions that meet the real needs of banks, credit unions, FinTechs and their customers and members. An Intelligent Virtual Assistant like Emerie has long been in the wouldn’t-it-be-nice category, due to technological and security limitations—but our team has cleared the industry-specific hurdles, and Emerie is ready to change the self-service game for banks, credit unions and FinTechs, both large and small.”
 
Banks and credit unions face CX challenges that must be overcome, including:

• Financial institution websites hard to navigate
• Agents only available during business hours
• Ongoing customer/member feedback difficult to gather
• Agents wasting time on easily-solved customer/member issues

 
Emerie takes customer experience and self-service in financial services to the next level by:

• Making it quick and convenient to find answers to questions, such as, “What’s the bank’s routing number?” or “What are the bank’s branch locations and hours?”
• Staying available always, 24/7
• Cultivating an AI learning loop, so the IVA gets smarter over time, as the collection of data grows
• Freeing up customer service agents to focus on complex and meaningful customer/member interactions by automating simple requests

“Customer experience is a key differentiator among financial institutions,” commented Boukadakis. “Consumer expectations continue to advance amidst today’s accelerated digital transformation, but Emerie catapults FIs ahead of the competition.”
 
With Emerie, banks, credit unions and FinTechs can brand and customize the customer experience to set themselves apart and adapt as needs change. All of ENACOMM’s CX technologies can integrate with any contact center solution to deliver seamless user experiences, and can be utilized across multiple interaction channels, including web chat, mobile web, phone, and SMS.
 
ENACOMM captures behavioral, transaction and preference data to deliver personalized experiences, and Emerie uses that data to solve problems that financial institutions face every day. In the role of virtual receptionist, Emerie answers users’ basic questions and routes them to the right place. Also serving as a virtual teller, Emerie knows and understands customers and members, and is always on call to provide account and transaction info.
 
Emerie Virtual Receptionist:
o   Customized chat window on financial institution website
o   Customized voice to answer customer/member calls
o   Customized responses adapted to each channel
o   50+ topics understood
o   Multiple languages offered
 
Emerie Virtual Teller:
o   Authenticates callers
o   Retrieves account balances
o   Lists and searches transactions
o   Makes payments
o   Transfers funds
o   Manages cards
o   Helps with upsell and cross-sell by recommending products and services
 
IBM estimates that conversational AI can take care of 80 percent of queries currently handled by service representatives and reduce customer service costs by 30 percent.
 
Boukadakis added, “This is big. Emerie is the IVA that the financial services industry has been waiting for—and ENACOMM is eager to usher in the future.”
 
Read Boukadakis’s recent expert article for The Financial Brand, “Fintech Vendors Must Stop Giving Small Institutions Short Shrift on AI Tech”: https://thefinancialbrand.com/news/data-analytics-banking/artificial-intelligence-banking/fintech-vendors-must-stop-giving-small-banks-credit-unions-short-shrift-on-ai-tech-162249/
 
To learn more about ENACOMM and Emerie, visit www.enacomm.net.

​The Iowa Credit Union League (ICUL) has formed a new partnership with Credit Union Loan Source (CULS) to bring a low-risk, high quality loan participation program to state chartered credit unions in Iowa.
 
“We are pleased to have an opportunity to help bring the Credit Union Loan Source program to Iowa credit unions. We believe the CULS program is an excellent investment solution for our credit unions, it checked all the boxes for us. They have a long track record of success, and their loans are low risk but can provide an excellent source of revenue, which will feed back to Iowa credit union members throughout the state.” says Matt Oakley, Chief Operating Officer for ICUL.
 
“CULS is proud to partner with such a well-respected organization. The Iowa League has a tremendous reputation throughout the credit union industry for identifying and developing sound product solutions for their members, for them to recognize CULS as a trusted partner is truly an honor.” said Kevin Usiatynski, Chief Revenue Officer.
 
The first Iowa credit union to partner with CULS, Members Community Credit Union in Muscatine, started on the program in January. Their Chief Executive Officer, Tim Chapman says, “What attracted me to the CULS program was their unique monthly subscription model. It gives us a monthly flow of new loans onto the balance sheet, and since we’re buying brand new loans each month, it takes away a lot of the interest rate risk, which is important to our members in this environment.” 
 
“We know that credit unions are really good at originating indirect auto loans, they understand the risks and the rewards, so what better to investment in?” said Usiatynski, “Credit unions get assets and revenue along with the flexibility to ramp up and down, but without the effort.”
 
Also partnering with CULS is Financial Plus Credit Union in West Des Moines. “We’re relatively new but thus far they’ve been excellent. They provided full transparency in due diligence and their team has been great about bringing our staff up to speed on the settlement and accounting processes.” said Financial Plus CEO Dave Cale. “Indirect is tough when you start moving away from your home turf. CULS gives me the ability to benefit from a nationwide indirect program without hiring a single new employee.”

Members First Credit Union has been awarded a $1.5 million Community Development Financial Institution (CDFI) grant. This grant will enable Members First to further its mission of supporting underserved communities and driving economic opportunity for its members.

In an unprecedented act of advocacy by the Michigan Credit Union League, the state of Michigan allocated $75 million into their 2023 budget to distribute in the form of grants to Michigan credit unions and loan funds that are federally certified as Community Development Financial Institutions (CDFI’s). Michigan is the first state in the country to successfully fund this type of program.

As a CDFI certified credit union, Members First is a proud recipient of one of the grants extended by the state. “We are honored to be entrusted and empowered with this funding, said Kristen Williamson, Community Relations Leader at Members First. “We are looking forward to continue our mission of ‘encouraging a better tomorrow’ and supporting local communities and our members with this grant funding.”

Through the CDFI program, Members First has directed funding towards various initiatives that directly benefit its members and their communities. Many of these areas have historically faced limited access to financial services. The credit union is utilizing the CDFI funds for products and services that will assist members with reaching their financial goals.

The CDFI Fund envisions an America where all individuals and communities have access to the necessary financial services and investment capital to thrive. Members First's CDFI certification, obtained in January 2021, solidifies its commitment to serving middle and lower-income communities and aligns with the CDFI Fund's mission.

​OneAZ Credit Union is proud to announce that Brandon Michaels has been named President & CEO following the retirement of Kim Reedy, President & CEO.

Brandon arrives at OneAZ with nearly 20 years of executive leadership experience in the credit union industry. He’s previously served as President & CEO at two credit unions. His visionary leadership elevated those institutions into industry leaders by focusing on member experience, innovation and growth. As a third-generation credit union CEO, Brandon understands the member-focused mission of OneAZ and the credit union movement.

“Brandon embodies OneAZ’s mission, vision and values,” said Jon Borge, Chairman OneAZ Board of Directors. “At OneAZ, our mission is ‘to improve the lives of our members, our associates and the communities we serve.’ Brandon’s entire career has been dedicated to these principles. He's passionate about bridging the gap between the member-focused mission of credit unions and innovative technologies that members expect. He understands that this requires a dedication to growth, innovation and collaboration – all of which are already present in OneAZ’s Culture of Collective Influence.

Michaels said: “I am excited to join OneAZ Credit Union and grateful to the Board of Directors for their confidence. OneAZ has a reputation for outstanding member experience, innovative products and services, and an internal culture that exemplifies the credit union movement. As we look toward the future, I aim to build on the strong foundation that Kim and the leadership team have in place. Together, we will work tirelessly to ensure that all Arizonans have access to equitable banking, advanced financial wellness technologies and resources and the security provided by one of Arizona’s strongest financial institutions.”

“I also want to thank my wife, Danielle, for her constant support, patience, and resilience as we start a new chapter of our lives in Arizona.  We are both very excited for this awesome opportunity to build a new community of friends and colleagues in this great state.”

Most recently, Brandon served as Head of Corporate Development with Allied Solutions LLC, one of North America’s largest providers of innovative financial services products for financial institutions and automotive dealerships. Previously, he served as President & CEO of Wellby Financial in Houston, TX, and President & CEO of Mazuma Credit Union in Kansas City.
​
Borge said: “Lastly, I would like to take this opportunity to thank Kim Reedy for his service as President & CEO. During his four years as chief executive, OneAZ experienced unprecedented growth in both membership and asset size. Furthermore, he advanced OneAZ’s culture of inclusivity that has helped drive innovation and excellence. We wish him the best in his retirement.”

In response to ongoing financial uncertainty, consumers are looking for reassurance in the form of convenient financial solutions that balance immediate needs with long-term financial success. New research from Co-op Solutions indicates credit unions have an opportunity to provide that reassurance through convenient tools that manage day-to-day needs.
 
The research, conducted in partnership with EY and Mastercard, studied recent changes in consumer and credit union member behaviors, preferences, challenges and activities. More than 2,000 current credit union members and 1,000 credit union prospects participated in the survey.
 
Co-op’s research is available at no charge for immediate download, via the white paper “Co-op CU Growth Outlook: Fueling financial performance through daily interactions.”
 
Among the research findings were four key takeaways pointing to what the report calls, “the compelling golden opportunity” for credit unions:

1. Credit union relationships are increasingly fragmented: Credit union members have on average triple the number of financial relationships as non-credit union members.
2. Convenience tops cost: Both members and prospects show a preference for financial products that offer additional convenience features along with rates that are on par with the market.
3. Digital payments are primary: Making payments digitally continues to expand and has emerged as the primary driver of daily interactions and member engagement. Forty-five percent of respondents cited engagement as the top reason for maintaining a primary relationship with their financial services provider.
4. Micro interactions lead to long-term loyalty: There is a direct correlation between daily money management and long-term spending and savings impacting members’ overall financial wellness.

 
“These insights highlight the compelling golden opportunity that credit unions have to effectively compete with national banks and fintechs, by offering financial tools focused on meeting their members’ daily micro transaction needs to grow member economic participation,” concludes the report.
 
In response to the research, Co-op Solutions recommends credit unions address three areas of focus:

1. Engage everyday: Credit unions can acquire and deepen member relationships across all segments and categories of behavior by becoming more deeply embedded into transactional value streams and winning the primary financial interaction moment-by-moment.
2. Give good guidance: By helping members manage their daily financial needs, credit unions are well positioned to support their long-term financial wellness goals.
3. Earn the member balance sheet: Credit unions can earn more of their member’s financial relationship by offering solutions that combine competitive rates and pricing with outstanding convenience – all designed around personalized member needs.

 
“To regain the trust of financial consumers and achieve long-term growth, credit unions must rethink their reliance on life-stage services like lending and embrace a new model of member centricity that begins with serving members’ everyday lifestyle financial needs,” said Samantha Paxson, Chief Experience Officer for Co-op. “Daily, micro transactions are the gateway to long-term relationship value, and are the best route to institutional growth and fulfilling our role of helping to enable members’ financial wellness.”
 
Credit unions are invited to immediately download at no charge the research report, “Co-op CU Growth Outlook: Fueling financial performance through daily interactions.”

​Premier Members Credit Union held its first annual Celebration of Giving event on Monday, May 15 at the Butterfly Pavilion.
​
As part of Premier Members Credit Union Premier Gives Pillar, we have been offering scholarships and grants to our communities. Monday night we celebrated the scholarship and grant recipients with an event to remember.

We expanded our scholarship program for high school seniors from two to five $5,000 scholarships this year. It is apparent that these scholarships are important as we had 123 applications for the five scholarships. A scholarship committee of eight employees read, reviewed, and scored the applications. We are thrilled to announce that our five $5,000 scholarships were awarded to the following seniors:

• Taylor Eskew, Windsor High School who will attend Chapman University next fall.
• Santiago Saenz, Monarch High School who will attend Boston college next fall.
• Josue Hernandez Gerrero, Boulder High School who will attend Northeastern University next fall.
• Arenn Banks, Dr. Martin Luther King Jr. Early College who will attend Howard University next fall.
• Ciara Reyes, Centennial High School, who will attend University of Colorado Boulder next fall.

 
This was the first year we had an application-based nonprofit grant program. The criteria for this cycle was simple, but the most important aspect was that a qualifying organization must have an operating budget of less than $2 million to maximize the credit union’s impact on these vital organizations. Of these five inaugural grantee organizations, there was only a combined operating budget of $470,000. In addition, in this first year, there were 41 applications for these five nonprofit grants. The $5,000 grants were awarded to the following nonprofit organizations:

• Colorado Association for Bilingual Education
• Colorado Kids Create, Inc.
• Estes Park Education Foundation
• Longmont Food Rescue
• Qualified Listeners Corporation

“The pandemic amplified just how much we and our communities rely on these important services, whether they represent Education, Healthcare both physical and mental, basic human needs and rights and the Arts, as well as ongoing support of our Veterans community,” Jeffrey Kash, Associate Vice President, Community Relations, “Tonight’s presentation and community investment in our grantee and scholars is just one part of our Premier Gives Pillar, which just last year provided over 1200 hours of community outreach donated by our employees, and over $500,000 in financial community outreach support and investment.

​Desert Financial Credit Union CEO Jeff Meshey will be recognized as a 2023 Titan 100 CEO at an awards ceremony Thursday, Aug. 24. The award recognizes Meshey for demonstrating exceptional leadership, vision and passion.
 
The Titan 100 program recognizes Phoenix’s Top 100 CEOs and C-level executives. Collectively, the 2023 Phoenix Titan 100 and their companies employ more than 43,000 people and generate nearly $11 billion in annual revenue.
 
Meshey is in his 7th year as CEO of Desert Financial. Under his leadership, the credit union’s membership growth has increased from 1% annually to more than 10% per year. During the same period, the organization’s community-giving has nearly doubled, and total assets have increased from $4 billion to more than $8 billion.
 
“The Titan 100 are changing the way that business is done in Phoenix,” says President of Titan CEO, Jaime Zawmon. “These preeminent leaders have built a distinguished reputation that is unrivaled in their field. We proudly recognize the Titan 100 for their efforts to shape the future of the Phoenix business community.”
 
Desert Financial has been named the top Credit Union in Arizona by Forbes, has earned two consecutive wins for Angel of the Year in the business category from AzBusiness magazine, is a winner of the Better Business Bureau’s Torch Award for Ethics and is one of Arizona’s Most Admired Companies.
 
During Meshey’s tenure, the organization has also been named the best credit union in Phoenix, Flagstaff and Glendale.
 
“Sharing success and putting people first has been the core mission of Desert Financial for 84 years,” says Meshey. “The more we focus our efforts on improving the lives of our members, team members and those in our community, the more growth we experience as a company.”
 
Meshey has received many awards and recognitions for his leadership, including Excellence in Banking from In Business Magazine in 2022, Excellence in Philanthropy from the Assistance League of Phoenix in 2021 and Most Admired Leader from the Phoenix Business Journal in 2019.  
 
This year’s Titan 100 honorees will be published in a limited-edition Titan 100 book and profiled exclusively online. The annual Titan 100 awards celebration will be held at Desert Diamond Arena in Glendale.

​Allegacy announced plans to open a new location this fall in the Charlotte suburb of Indian Trail, seven months after the opening of its Prosperity Church Road Financial Center.
 
The new financial center is located at 307 Unionville-Indian Trail Road and will be Allegacy’s first site in Union County. The credit union will focus on offering financial resources to the area’s growing population of business professionals and families. Located near the town center, this facility will conveniently offer Allegacy’s financial resources to business and consumer members.
 
“We are thrilled to continue expanding our footprint into new and thriving communities in the Charlotte metro area,” says Allegacy President and CEO Cathy Pace. “Allegacy currently serves more than 8,600 members in Mecklenburg County, and we look forward to opening our first financial center in neighboring Union County. Our team is ready to continue building relationships with community leaders and welcome new members.”
 
The new facility is strategically located on the southeast side of Charlotte, creating an even stronger network for Allegacy. The credit union also has financial centers at Queens Road, Prosperity Church Road, and in Davidson. Hiring for open positions will begin soon.

​In celebration of its 70th anniversary, First Financial Federal Credit Union (FFFCU) is recognizing seven of its foundational partners by making a $10,000 donation to each in support of their organizations. The first recipient of a $10,000 donation is The Maryland School for the Blind (MSB), a private, statewide school that provides educational programs to youth who are blind or low vision, of all abilities.
 
“We sincerely appreciate the whole First Financial team for their ongoing support of the Maryland School for the Blind, and their willingness to go above and beyond as community partners,” stated Marlo Jacobson, MSB Director of Development. First Financial has partnered with The Maryland School for the Blind since 1977, notably being one of the first groups to be added to First Financial’s field of membership outside of Baltimore County Public Schools.
 
Donations benefit their out-of-school time (OST) program, which supports activities for students that take place beyond the school day, such as yoga classes for students of all abilities, crafting clay pottery, visiting museums, and other enrichment activities. The out-of-school time programs allow MSB students to participate in these activities that will assist them in reaching their fullest potential.
 
“Our relationship with the Maryland School for the Blind has spanned over four decades and shows the importance of our foundational partners in the growth of First Financial over the years,” stated Stephanie Peltzer, First Financial VP/Chief Marketing Officer. “We are honored to support their innovative programming and look forward to their continued success and partnership for years to come.”
 
For details on First Financial outreach initiatives held throughout the year, visit firstfinancial.org/community. To learn more about being a part of the First Financial difference, visit firstfinancial.org or call Member Services at 410-321-6060, option 5.