​Trellance, a leading technology partner providing innovative analytics, cloud and talent solutions to credit unions, in partnership with the Filene Research Institute, announces the creation of a Credit Union Data Exchange (CUDX). First introduced at the Trellance Annual Conference, held on May 16-19, 2023, the data exchange will allow credit unions to reap the benefits of a large, shared data pool.
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“Credit unions need to join forces and share their data to compete with banks,” said Trellance CEO Tom Davis. “If we can get the 100 credit unions we need to get started, any credit union accessing the data exchange will be able to compete with even the largest of banks in terms of data resources.”

By sharing data with other credit unions, credit unions gain new benefits that can deepen member insights and further serve their membership base. These benefits include:

• Better risk management: Credit unions can use data to assess the risk of lending money to a particular borrower. By sharing data with other credit unions, they can access a wider pool of data to make more informed decisions about lending.
• Improved efficiency: Credit unions can use data to identify patterns and trends in member behavior, which can help them improve their operations and make better decisions about product offerings. Sharing data can help credit unions to access more data and insights, making them more efficient and effective.
• Enhanced member experience: By sharing data, credit unions can better understand their members’ needs and preferences. This can help credit unions to personalize their services, provide tailored recommendations and improve member satisfaction.
• Increased fraud detection: Sharing data can help credit unions to identify potential fraud cases by detecting patterns and anomalies in member activity.
• Competitive advantage: Credit unions that share data can have a competitive advantage over those that don’t. By having access to more data, credit unions can make more informed decisions and improve their services, which can lead to increased member loyalty and growth.

 
“This is a tremendous opportunity for credit unions,” said Filene’s President & CEO Mark Meyer. “By leveraging a shared data set, credit unions can improve the accuracy and effectiveness of their data models. It also can be used to create broader insights around longitudinal topics like financial wellbeing.”

Filene’s Fellow, Dr. Cheri Speier-Pero, who has led the Data Analytics Center of Excellence for the past three years, has been an advocate and champion for a shared data exchange. “A shared data set will give CUs deeper insights to compete more effectively with the larger national banks and fintechs,” said Speier-Pero. “CUDX is a powerful way credit unions can put the research into action.”

CUDX will be developed and serviced by Trellance, with deep expertise in managing an enterprise analytics platform at this scale. Each contributing credit union will integrate with and send their data through a secure connection to a data locker that only they control. All files will be encrypted, and the encryption keys will be held by each participating credit union. This ingestion will be an automated process and what data is shared with who will be up to each individual participant.

Credit unions will own and control CUDX through a familiar cooperative model. This will ensure that the exchange is always serving credit unions’ interests in a safe, controlled manner. The cooperative will have a Board, Advisory Councils and Participating Members.

Trellance and Filene are looking for a minimum of 100 credit unions to participate in the creation of CUDX by the end of 2023. Credit unions interested in joining the exchange and can learn more and apply here.

Eltropy, the trailblazing digital conversations platform empowering community financial institutions (CFIs), announced the surging demand for Video Banking. Eltropy’s enterprise Video Banking first gained momentum during the pandemic as the preferred platform for CFIs to provide safe and convenient banking access. As the financial services industry undergoes a transformative shift, community banks and credit unions have sought innovative ways to connect with customers and deliver banking products and services.

Eltropy’s Video Banking platform transcends traditional “video chat” capabilities, embodying the true essence of modern banking. With Eltropy, consumers can seamlessly access a wide array of sophisticated banking-specific tools and features conveniently from the comfort of their homes or smartphone, anytime, anywhere. 

Since Eltropy’s acquisition of video banking pioneer POP/i/o in 2022, Eltropy Video Banking has soared, delivering an unmatched digital branch-like experience to community banks and credit unions. The comprehensive platform enables CFIs to exceed customer expectations and build meaningful relationships with specific functionality and deployment models tailored to the needs of the industry. These features combine to enable branch-like transactions virtually through video, provide convenience for the consumer, and enable efficient staffing models for banks and credit unions.

Among the hundreds of community financial institutions that utilize Eltropy’s Video Banking are these:

TruWest Credit Union wanted to improve its member services and experience through Video Banking, quickly. Early signs of the service have been promising. “Rolling it out was seamless, and it’s so simple and intuitive to use!” said Iwona Leatherberry, Digital Banking Manager at TruWest Credit Union. “All the steps made sense, including how it integrates with our other platforms to improve our member service experience. The ease of connecting with members, sharing screens and documents during conversations, and guiding them through website difficulties with screen sharing has been a game changer.”

Clearview Federal Credit Union has utilized Video Banking to expand its service reach and hours, allowing it to service members who have relocated or gone on vacation. In the first year alone, its service Clearview Live®, powered by Eltropy’s Digital Conversations Platform, successfully assisted members from 44 separate states. With the help of Eltropy, Clearview is meeting its members in new places. They’re creating satisfying experiences and driving brand loyalty, all while leveraging their most important, revenue-generating services through convenient digital channels.

Chelsea Groton Bank, leveraging its comprehensive digital conversations platform ChelseaLIVE, which includes Video Banking powered by Eltropy, has successfully offered customers secure and convenient access to essential banking services through safe and convenient digital channels. “The ability for our customers to connect with subject matter experts – who are centrally located – is a win-win for our customers and for us,” said Alex Masse, EVP and Chief of Operations and Innovation, Chelsea Groton Bank.

Rivermark Community Credit Union experienced remarkable growth and member engagement through the implementation of Eltropy's Video Banking. Despite the pandemic, the credit union sustained operations without closing branches and witnessed even stronger results in subsequent years. By transitioning wire transfers to Eltropy's Video Banking platform, operational efficiencies were significantly enhanced. “Previously, the process took 4-5 hours with callbacks and strict deadlines, but now it is streamlined to less than 15 minutes,” said Jennifer McKee, Video Solutions Manager at Rivermark. “The impact of this transformation on our members and employees has been tremendous, and we couldn't be happier with the results."

Eltropy’s commitment to innovation has expanded the horizons of Video Banking with new use cases – as Eltropy announced in May – including fraud prevention, enhanced ID scan, document exchange, signature, check deposit, and virtual notary capabilities. The platform offers multiple deployment models, enabling CFIs to personalize their Video Banking experience based on their unique requirements.

“The fundamental aim of Video Banking is to recreate branch-like experiences for consumers and members within the digital realm,” said Ashish Garg, Eltropy’s Co-founder and CEO. “Eltropy’s Video Banking surpasses simple video chat to offer a diverse range of sophisticated banking services, all accessible from the comfort of your home or screen. It’s been transformational for the community financial industry.”

Community financial institutions can hear first-hand experiences of other CFIs using Video Banking from Eltropy on the upcoming webinar on Wednesday, June 28 at 9:00 AM PDT / 12:00 PM EDT, entitled “A Window into the Future: See the power of video banking’s current-day capabilities.”

Register for the Video Banking webinar today. ​

​Achieva Credit Union, a leading financial institution serving the Tampa Bay area, has been named one of the Top Workplaces in Tampa Bay for the 11th year in a row in the Mid-Size Category (150-499 employees) by the Tampa Bay Times. Achieva Credit Union has also earned the recognition as a Top Workplace in the USA for the first time. The annual award recognizes companies that have a strong commitment to employee satisfaction and engagement.

"We are honored to be recognized as one of the Top Workplaces in Tampa Bay for the 11th consecutive year and for the first time in the USA," said Gary Regoli, CEO of Achieva Credit Union. "Our employees are integral to the success of our organization, and we remain committed to offering them support and providing a workplace that fosters growth, development, and collaboration."

The Top Workplaces award is based on feedback gathered from employee surveys conducted by Energage, a leading provider of employee engagement surveys. The survey measures several factors related to employee satisfaction, including company culture, leadership, communication, and benefits.

"This recognition is a testament to the hard work and dedication of all of our employees," said Jeff Blake, Chief People Officer at Achieva Credit Union. "We are committed to continuing to provide a positive and supportive work environment that enables our employees to grow and thrive."

Free online discussion series CUES RealTalk! is making its return in 2023, with a focus on real stories from women in the workforce. 

“CUES RealTalk! debuted in 2022 to much acclaim; we’re excited to bring this series back to the industry to help further discussions on the topics that are sometimes hard to discuss, but no less important to work through,” said Dawn Abley, SVP/Chief Sales & Member Relations Officer. “During CUES RealTalk!, Real Stories we’ll hear directly from some amazing women as they share their successes and triumphs when faced with issues such as burnout or navigating the waters as a double minority.”

The series starts July 19 with Proving My Worth: Navigating the Intersection of Race and Gender, featuring CUES VP/Membership Jimese Harkley. She’ll delve into the intricate interplay of gender and race as she shares her experiences managing diversity, not only in her career path but also within her personal life. 

The rest of the 2023 series includes:

• Session 2: Dear CU Leaders: We’re here, but not for long. Managing Your Career Amid Executive Indifference, with speaker Rachel Guyselman, SVP, Alaska One, August 16
• Session 3: From the Brink of Burnout: How Organizations and Leaders Can Support Working Women, with speaker Laurie Maddalena, CEO, Envision Excellence, September 20
• Session 4: Lessons from the Firsts: Inspiring Stories from Female CEOs, featuring a panel of women who were the first female CEOs of their credit unions

All sessions are at 12:00 p.m. CT.

“CUES RealTalk! is free to everyone in the industry, CUES members and nonmembers alike,” said Abley. “We feel these topics are just too important to hide behind a paywall.”
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Learn more and register for CUES RealTalk! at content.cues.org/realtalk-series-2023. Learn more about CUES at cues.org. 

Opportunity Knock$, the groundbreaking reality television series broadcast by PBS stations across the country, has been awarded the prestigious Silver Telly Award for Best Reality Television Program in the 44th Annual Telly Awards. Season one of the series features five Community Development Financial Institution-certified credit unions as they guide six families on the verge of financial ruin to empowerment.

Participating CDFI credit unions include:

• Coastal Credit Union
• Financial Partners Credit Union
• Pelican State Credit Union
• Raiz Federal Credit Union
• Suncoast Credit Union

Opportunity Knock$ showcases the transformative power of CDFIs and credit unions working with nonprofits to unlock
opportunities for people to move beyond their financial challenges to achieve their dreams. The show walks viewers through the life-changing guidance team members from these credit unions provide and leverages The Opportunity Finder. The Opportunity Finder is a tool that connects those in need of assistance to local nonprofits, CDFIs and not-for-profit credit unions.

Michelle Moore, a Tampa resident appearing in the show, shares with the audience during the sixth episode, “I didn't really know what a CDFI was, or the difference between a credit union and a bank. Now I'm a believer." Her experience exemplifies the power Opportunity Knock$ possesses to raise awareness of CDFIs and credit unions.

Season one is funded through a generous grant from the National Council for Financial Opportunities. Additional funding is provided by Balance, one of the nation's oldest and most respected nonprofit financial counseling agencies, and Callahan & Associates. It is slated for rebroadcast again later this year, and season two is in preproduction. proud to have been a part of the success of Opportunity Knock$, celebrating and highlighting credit unions’ successes to impact real people who are struggling,”

Callahan & Associates President/CEO Jon Jeffreys said, “Congratulations to everyone who worked hard on the show, and I hope every credit union will support this effort to raise awareness of the amazing work credit unions do every day.”

Directed by veteran reality television producer Brian Spoor who executive produced the series with CDFI and credit union champion and Creator/Producer Jamie Strayer and Executive Producer Jenn George Hunter, Opportunity Knock$ stars renowned financial experts Jean Chatzky, Louis Barajas and Patrice Washington.

“The impact these credit unions are making in their communities is inspiring, and we are honored to share their members’ stories on a national scale,” Strayer says. “I’m incredibly proud of our team’s work producing Opportunity Knock$ and to be recognized with a Telly Award is extraordinarily rewarding.”

Raiz Federal Credit Union CEO Max Villaronga adds, “It was incredibly important for Raiz to participate in Opportunity Knock$, not only to support our credit union and members, but also to support all credit unions by raising awareness. The Telly Award is the icing on the cake, serving to further highlight the difficult work credit unions across the country are undertaking every day – that’s what we want to share in hopes more people will seek out not-for-profit credit unions for assistance along their financial journey.”

The Silver Telly Award is the latest in Opportunity Knock$’ growing list of accolades. The program is praised by the National Financial Counseling Association of America and Balance and has been called the “Ted Lasso of Reality Television” on Rotten Tomatoes, where it has earned a 100% audience score.

CASHCOWRewards®, a merchant-funded cash-back rewards program, today announced its integration with Q2’s Digital Banking Platform, via the Q2 Partner Accelerator Program. Q2 Holdings, Inc. (NYSE: QTWO) is a leading provider of digital transformation solutions for banking and lending. As part of the Q2 Partner Accelerator Program, credit unions will be able to purchase CASHCOWRewards and then offer its merchant-funded cash-back rewards program to members directly through Q2’s Digital Banking Platform, further expanding CASHCOWRewards’ reach within credit unions.

The Q2 Partner Accelerator is a program through the Q2 Innovation Studio that allows in-demand financial services companies who are leveraging the Q2 SDK to pre-integrate their technology into the Q2 Digital Banking Platform. This enables financial institutions to work with these partners, purchase their solutions and rapidly deploy their standardized integrations to their account holders.

“We are thrilled to announce our integration with Q2’s Digital Banking Platform. Q2 has strong, longstanding technology that has been making an impact in the industry for decades,” notes CEO Peter Craddock. “The CASHCOWRewards solution helps credit unions quickly and efficiently grow non-interest income. We do it with an easy-to-use (no points, no catalogs) app-based rewards platform that delivers exclusive savings to members on everyday purchases like groceries, shopping, and dining directly at the point of sale. It’s easy for credit unions to activate and auto-enroll their members, can be layered onto existing card programs, and has an inked-to-launch window of 30 to 45 days.”

​To learn more about the Q2 Innovation Studio Partner Accelerator Program, please click here.

TruStage, a multi-billion-dollar provider of insurance, investments, and financial technology solutions, today announced that Robert N. Trunzo, President and Chief Executive Officer, plans to retire on October 1, 2023. The Board of Directors has unanimously appointed Terrance Williams, formerly Allstate’s President of Protection Products & Services Group, to succeed Trunzo as President and Chief Executive Officer of TruStage. 
 
As part of the company’s succession plan, Terrance Williams will join TruStage as President and CEO-elect on June 26, 2023, reporting directly to Trunzo until Trunzo’s retirement. On October 1, Williams will officially succeed Trunzo as President and CEO of the Company and will serve on TruStage’s Board of Directors.  
 
"On behalf of the entire board, I want to thank Bob for his invaluable contributions to TruStage these past 18 years,” said Michael Valentine, Chair of TruStage’s Board of Directors. “Because of Bob’s tireless commitment to the success of the company, and the leadership he’s provided as CEO since 2014, TruStage is stronger than ever. Bob is well-known and respected in the credit union space and will be missed. With Bob’s support, we were thrilled to find Terrance and are confident that Terrance is the right leader to build on Bob’s legacy and continue the company’s mission of ensuring that brighter financial futures are accessible to everyone. The succession plan announced today will help secure a seamless transition and we are excited to see the company’s continued success under Terrance’s leadership.” 
 
“It has been an honor to serve as President and CEO of TruStage during this period of transformative growth. I want to thank our employees. Their passion, hard work and dedication to making experiences easy and accessible for the people we serve has allowed us to become an agile organization with a proven track record of delivering for our customers today while designing new solutions for the future,” said Trunzo. “Terrance’s deep industry expertise, coupled with his shared values and commitment to furthering our purpose, make him the right fit for this job. I look forward to working closely with Terrance during this transition, and I have the utmost confidence that his leadership will inspire the continued growth and mission of TruStage.” 
 
Throughout his career, Williams has demonstrated an extensive record of success and leadership capabilities, most recently at Allstate where he served as President, Protection Products and Services. In this role, Williams was responsible for Allstate’s non-property-liability businesses, representing $4 billion in revenue. In his previous role as executive vice president and general manager of Allstate Property-Liability Sales and Distribution, Williams was responsible for driving innovation in the company's agency distribution channels including 10,000 domestic agencies and more than 30,000 licensed sales professionals, direct-to-consumer call centers and web sales in the United States and Canada, representing $30 billion in written premium for the enterprise. Before joining Allstate in 2020, Williams was president of Nationwide's Emerging Business Group, including a team of 1,300+ employees, where he led innovation and digital strategy, served as the chief marketing officer, and established the company’s $100M venture capital fund. Williams was recognized by Forbes as one of “The World’s Most Influential CMOs” in 2017 and 2018 and Savoy Magazine as one of the most influential black corporate directors in 2021. 
 
Williams is a firm believer in philanthropic efforts toward the betterment of communities. He is an active participant and has served on many non-profit boards in multiple markets including Big Brothers/Big Sisters, the Urban League and others. He is actively involved in numerous mentor programs including work as a mentor to undergraduates at the University of South Carolina, where Williams earned his bachelor's in risk management and insurance. Williams is an advisory board member for the university's Risk and Uncertainty Management Center at the Darla Moore School of Business, which helps students and organizations improve decision-making, and Williams is on the board of directors for Encompass Health, the largest owner and operator of rehabilitation hospitals in the United States. 
 
“I am thrilled to serve as TruStage’s next President and CEO and would like to thank Bob and the Board of Directors for entrusting me to lead the company as we enter this new chapter,” said Terrance Williams. “Bob has set a strong foundation for TruStage’s growth and success, and I’m excited to continue this momentum by working toward our collective mission of making brighter financial futures accessible to all and putting the needs of our customers first.” 
 
Trunzo’s tenure at TruStage has spanned almost two decades. Since Trunzo became president and CEO in 2014, the company’s annual revenue has grown by more than $2 billion to $5.2 billion in 2022, and more than doubled its assets under management to $32 billion. With a focus on agility and innovation, the company launched TruStage Ventures in 2016 helping to fund the next generation of innovators in the financial services and insurance industries, later adding the Discovery Fund, investing in early-stage fintech companies led by BIPOC, LGBTQ+, and women founders. In 2021, the company further diversified the many ways it helps protect consumers when it made its largest acquisition, adding preplanning solutions to its portfolio. As CEO, Trunzo has overseen growth in consumers protected to more than 37 million and recently completed a historic effort to unify the company under a single brand, TruStage. TruStage has an award-winning culture with more than 4,200 employees across the United States, Canada, and the Caribbean; and has received strong and stable financial ratings from AM Best, S&P Global Ratings and Moody’s Investors Service. ​

Kinective, a leading provider of connectivity, workflow, and analytics software for the banking sector, today announced its formation through the strategic combination of CFM, NXTsoft, and IMM. The combined platform delivers the most comprehensive, open, and connected technology ecosystem in banking. Across offices in Phoenix, Orlando, and New Jersey, Kinective’s 300 team members serve more than 2,500 customers, representing one out of every four U.S. financial institutions. Kinective is backed by OceanSound Partners, a growth-oriented private equity firm. 
 
The name ‘Kinective’ is derived from connective, the capacity to merge disparate systems into a unified experience. It also reflects the power to drive innovation and generate kinetic energy. Kinective’s mission is to help its customers connect to banking’s future. The new corporate identity follows the recent appointment of Stephen Baker as CEO and signifies the next phase of the company’s growth. 
 
“We are thrilled to offer our customers a cohesive experience by launching Kinective, which leverages the combined solutions, resources, and seven decades of experience of our three complementary businesses,” Baker said. “Our brand connects our employees and customers under a shared vision and reflects our mastery in building connected digital experiences for financial institutions. 
 
“Digital transformation in banking has been impaired by unavailable, incomplete, or vulnerable integrations between cores and fintechs. Kinective is a force multiplier in banking, enabling immediate access to innovation via integrations to cores used by 99% of U.S. financial institutions. Kinective’s software help banks and credit unions unlock new services, modernize operations, and enhance their competitive edge.” 
 
Kinective’s family of solutions draws from existing CFM, NXTsoft, and IMM products, which will remain available and supported under their existing brands: 

• API Connectivity: turn-key solutions that securely connect over 80 fintech applications to over 40 banking cores by compiling pre-built API integrations, empowering purchasing choice and a best-of-breed IT strategy; 
• Teller Workflow: API integrations between core systems and branch hardware that enables real-time transaction processing and improved teller productivity by automating labor-intensive tasks; 
• Document Automation: software that allows financial institutions to manage, enhance, and automate each stage of process workflow, including generation, execution, authentication, approval, and archiving; 
• Data Analytics: solutions that allow financial institutions to gain visibility into their branch operations, manage credit risk, and comply with reporting requirements; and  
• Data Connectivity: migration and archiving solutions that provide data integrity and access, especially around M&A, core conversion, and legacy data migration. 

 
Kinective’s solutions are united by a mutual value proposition of driving IT modernization, operating efficiency, and elevated client experiences for financial institutions. Kinective’s solutions create compelling value for all stakeholders in the banking ecosystem, including financial institutions, fintechs, and cores: 

• Financial institutions: Kinective enables banks and credit unions to design a bespoke fintech strategy, tailored to their specific needs and compatible with their existing core, so they can transform at their own pace. Kinective’s workflow products create better employee experiences by automating manual or error-prone processes; 
• Fintechs: Kinective provides fintechs with one, unified connection to more than 40 core banking systems, unlocking access to the entire banking ecosystem and a scaled customer base. With Kinective’s technology, developers can focus on product differentiation, not core integrations; and 
• Cores: Kinective equips cores with seamless integrations to modern fintech solutions, allowing them to meet increasing customer expectations without impeding existing developmental priorities. Kinective helps cores increase stickiness and extend the lifespan as they develop future platforms. 

 
“We are excited to build upon the strength and capabilities of Kinective’s constituent companies and launch a leading fintech platform,” said Ted Coons, Partner at OceanSound. “Kinective has developed the industry’s most connected ecosystems that allows banks and credit unions to scale innovation faster, deliver better client experiences, and realize cost savings. We expect to make additional investments to support Kinective’s mission of helping financial institutions connect to banking’s future.” ​