3 Credit Unions Select Corelation’s KeyStone Core to Serve the Future Growth of their Organizations7/17/2023 Neches Federal Credit Union ($894 million assets; 77,006 members), IC Credit Union ($681 million assets; 39,430 members), and PremierOne Credit Union ($562 million assets; 25,351 members) have all chosen Corelation’s KeyStone as their new core processor as they prepare their organizations for robust and sustainable growth in the future. Each of their decisions to sign with Corelation were fueled by the powerful combination of Corelation's strategic partnerships and KeyStone's integration capabilities. "With Corelation KeyStone’s operational infrastructure and seamless integration capabilities, we are not only poised to enhance our member experience, but also elevate our internal operations, empowering our dedicated employees to thrive in a digitally-driven environment and deliver even greater value to our members,” shared Jason Landry, President/CEO, Neches Federal Credit Union. Both Neches Federal Credit Union and IC Credit Union included representation from every aspect of their credit union operations down to the front-line staff in their core selection process, leading to unanimous decisions to select KeyStone. “We have very ambitious growth plans; having Corelation as a true partner as opposed to just another vendor is really going to help put us in the best position for growth,” said Andrew Storm, Vice President of Project Management of IC Credit Union. “The flow and the design of KeyStone is so intuitive that our team will be able to focus more on the member relationships rather than on navigating the core.” Much like IC Credit Union, PremierOne Credit Union looks forward to their front-end users having more time to engage with their members and spending less time on processing. “KeyStone will make delivering new products and services to our members easier and faster with the ability to create workflows and automate manual processes,” shared Andrea Brewer, President/CEO of PremierOne Credit Union. “A big part of our decision to choose Corelation was because the system can grow with us through our long-term plans and as we continue expand our field of membership. We felt Corelation was the right choice for us at any size.” John Heard, Chief Information Officer of Neches Federal Credit Union added “KeyStone will improve our overall operational efficiency, and with the open API [KeyBridge], we can partner with any vendor that we want and better integrate with our current vendors. Ultimately, our members are going to see the benefits of our enhanced processes and new feature functionality available to them through more robust vendor interfaces.” All three credit unions are scheduled to convert to KeyStone next year. “We are honored to welcome Neches Federal Credit Union, IC Credit Union, and PremierOne Credit Union and look forward to providing unwavering support to our new partners as they embark on their journey on the KeyStone core,” shared Corelation President Rob Landis. “The success of our organization, both individually and collectively, hinges upon the collaborative efforts and strong connections forged within the Corelation community.”
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Callahan & Associates Announces It’s Final Two Weeks To Register For Sustainable Business Strategy7/17/2023 Callahan & Associates is excited to kick off another session of Sustainable Business Strategy this August. This virtual and interactive professional-development program offered in collaboration with Harvard Business School Online is designed to teach credit union executives to successfully lead with purpose. The program includes three online modules accompanied by three interactive discussions, one capstone program, and Callahan’s annual Purpose Symposium. The content and group discussions take place virtually and require minimal time away from the office. This program was also designed to facilitate discussions and share insights with other industry leaders. As the credit union landscape continues to evolve, it's never been more important to invest in professional development. By participating in Sustainable Business Strategy, credit union leaders are opening the door to develop the skills necessary to identify new opportunities, think differently and enhance member experiences while staying true to your credit union's purpose and values. More than 100 executives from nearly 200 credit unions nationwide have already completed the course. Many credit union decision-makers have found this course extremely beneficial to learn new contexts and mindsets for being truly purpose-driven and values-based. “We plan to send more employees through Sustainable Business Strategy in the future and see courses like this as a solid investment overall.” says Jill Sammons, senior vice president of marketing, well-being and financial advisors at BCU in Vernon Hills, IL, and a 2022 veteran of SBS. “Aligning teams around Sustainable Business Strategy can help employees find their purpose and increase engagement. That’s a major advantage when recruiting and retaining talent is challenging.” To read more about BCU’s experience, please read here. The deadline to register is July 27th, 2023. For this session, there are two different tracks available, with varying days of the week and times of day to help accommodate for busy schedules. The first track meets Tuesdays at 9:00AM EST while the second track meets Wednesdays at 1:00PM EST. Seats are filling up quickly. To inquire about specific dates for this session and to register, please click here. Today, Union Credit launched the first marketplace for credit unions to make firm, one-click credit offers at the point of purchase. Union Credit is the pioneer marketplace for credit unions to reach new, credit-worthy members from outside their ecosystem, bringing in the next generation of membership and ultimately increasing loan volume and member acquisition and strengthening their competitive edge. Through a simple one-click loan activation embedded within their daily retail and financial activities, consumers can now access affordable credit like never before, through more convenient, transparent financing. Union Credit announced the strategy for this marketplace in January 2023. Since then, the startup has formed significant partnerships with marketplace platforms including Way.com, Bankrate and AmOne, and other notable and nationally recognized publishers, enabling credit unions to provide north of 200 million consumers with easy access to pre-approved loan rates at the point of sale. Offers span across all consumer loan types including auto loans, credit cards, home equities, personal loans, and more. Earlier this year, the company partnered with TransUnion as their data provider of choice to ensure lenders can intelligently assess borrower risk and provide consumers with accurate and relevant loan offers, interest rates, and repayment terms. Union Credit also formed a key partnership with Zest.ai, to allow credit unions to leverage the Zest model to extend fairer and more inclusive credit access to all consumers. Dave Buerger, Union Credit co-founder and CEO, said, “Our marketplace is a transformative solution enabling credit unions to reach millions of consumers and offer their trusted services beyond the confines of traditional marketing channels – with lower costs and risk, removing barriers to access and expanding financial inclusion and equality. With a wide array of competitively priced products and services, credit unions are ideally suited to address consumers’ unique financial situations by responsibly granting relevant product options that match their needs and help them attain financial wellness.” There has been an outpour of support and collaboration from forward-thinking credit unions to advance the mission of bringing in the next generation of members. Casey G. Mauldin, Chief Revenue Officer & Chief Lending Officer of Jovia Financial Credit Union, said, “As one of the top 100 credit unions in the nation, Jovia is committed to providing exceptional service and affordable rates for our members. As we expand our digital footprint, we’re excited to embark on this journey with Union Credit, which will create new relationships with countless prospective members. Jovia is a differentiator in the financial landscape of credit union service providers, and we view this partnership as an opportunity to level the national playing field by providing access to products, services, and pricing that may not have been available before.” Troy Kyle, EVP and CIO of America’s Credit Union, said “The challenge for credit unions is two-fold, reaching young and new members and staying current with evolving technologies. What could take months to years in digital marketing dollars as well as IT development costs to gain new market share, Union Credit boldly accomplishes this in seconds with a few clicks of a button. Union Credit understands that consumer behavior is a reflection of cultural trends and has delivered the first simple and intuitive embedded finance platform that resonates ease of use and is built for credit unions.” "With our continued expansion, Teachers Federal Credit Union has the ability to strengthen the financial foundations of millions of individuals across the country,” said Brad Calhoun, President and CEO of Teachers Federal Credit Union. "We are proud to partner with Union Credit and leverage their digital solutions to allow us to further broaden our reach with pre-approved loan offers to prospective members nationwide." Union Credit has partnered with TruStage’s digital storefront, Perpetual Offers (formerly known as CuneXus), offering its marketplace to Perpetual Offers’ nearly 250 credit union clients. Together they support financial institutions’ efforts to acquire and retain members. Co-founder of CuneXus Dave Buerger, and former SVP Barry Kirby now serve as Union Credit CEO and CRO, respectively. Union Credit is backed by TruStage Ventures, formerly CMFG Ventures, and supported by Marin Sonoma Impact Ventures (MSIV), Array, Way.com, and other strategic fintech influencers. Siouxland Federal Credit Union and Midwest Community Credit Union Announce Merger Approvals7/14/2023 Siouxland Federal Credit Union and Midwest Community Credit Union are excited to announce their merger has received regulatory approval along with member approval by a majority vote of the Midwest Community Credit Union membership. The legal date of the merger for the two organizations is planned for July 31, 2023. The newly merged organization will serve nearly 25,000 members with a branch network of 6 locations across the states of Iowa, Nebraska, and South Dakota. Combined, the organization will have assets of approximately $300 million. The merger, which brings together two local credit unions in the region, will create a more diversified credit union with enhanced products, services, and resources for their members. The approvals from members and the regulatory authorities mark a significant milestone in the merger process, following thorough due diligence and assessment of the combined entity's financial stability, operational integrity, and compliance with regulatory requirements. This decision validates the strategic vision and collaborative efforts of both credit unions in seeking to provide increased value to Midwest Community Credit Union’s members. The newly merged credit union will operate under the name "Siouxland Federal Credit Union"; and will be headquartered in South Sioux City, NE. The combined entity is committed to delivering as seamlessly as possible a transition for Midwest Community members, ensuring minimal disruption to access as they work to fully integrate Midwest Community’s systems to Siouxland Federal Credit Union’s systems. "We are excited to move forward with this merger," said Joel Steenhoven, CEO of Siouxland Federal Credit Union. "Together, we will be able to provide Midwest Community Credit Union members with an expanded range of products and services, improved technology platforms, and greater convenience to meet the evolving needs of members. Our shared commitment to member value, operational excellence, and community impact will be the foundation for our success as we navigate this exciting new chapter.” "Midwest Community Credit Union has always been committed to delivering exceptional member experiences and helping our members thrive," added Paddy Friedrichsen, CEO of Midwest Community Credit Union. "This merger allows us to further strengthen that commitment by offering additional resources, a broader branch network, and increased lending capacity, ultimately benefiting our members and the communities we serve. We look forward to the opportunities ahead and are grateful for the trust and support of our members and employees throughout this process." Siouxland Federal’s Joel Steenhoven will be the President/CEO of the new organization and Midwest Community’s Paddy Friedrichsen will continue serving the organization until she retires in late 2023. More information regarding the merger can be found on both Siouxland Federal’s www.siouxlandfederalcu.com and Midwest Community’s websites www.midwestcreditunion.com. Workers Credit Union’s ($2.6B, Littleton, MA) President/CEO Doug Petersen, who has served the cooperative since 1995, will retire on July 14. During Petersen’s tenure, the credit union grew to be one of the largest in the state with $2.6 billion in total assets, approximately $1.7 billion in loans, and more than 124,000 members. Earlier in his career, Petersen also served as Senior Vice President of Finance for the nation’s first credit union, St. Mary’s Bank. “We’d like to thank Doug for his 27 years of service to Workers,” says Mary Heafy, Board Chair. “We wish him a happy retirement and appreciate his long-term commitment to the credit union movement.” The Board of Directors has selected Jay Champion to serve as Interim President/Chief Executive Officer. Champion will join Workers on July 18 and guide the credit union during this transitional period as the Board searches for a permanent replacement. “Workers is firmly focused on empowering members to achieve financial wellness and we’re confident in Jay’s ability to provide the leadership needed to continue fulfilling this mission,” says Mary Heafy, Board Chair. “As a seasoned financial institution leader, Jay understands the industry and has the skills needed to maintain our team’s delivery of top-notch member service.” Champion brings 30 years of experience developing high performing, engaged teams to his new position and was placed by DDJ Myers, the well-known leadership development firm. He most recently served as President/Chief Executive Officer of the $2.2B Westerra Credit Union in Denver, Colorado. Prior to that, he served as Chief Operating Officer for the $3.5B Elevations Credit Union in Boulder, Colorado. “I’m excited to lead an organization with a 114-year legacy of service and a core purpose of improving the daily lives of our members,” says Champion. “This purpose truly resonates with me, and I believe we can make an even bigger impact on the communities Workers serves.” Throughout his extensive experience serving as a Board member and in multiple c-suite roles for various financial institutions, Champion has become highly skilled in nurturing healthy and engaged team cultures, enhancing business process management, and driving organizational performance. Champion obtained his Master of Business Administration with Management and Finance concentrations from Texas A&M University – Commerce and his Bachelor of Science in Economics from East Texas State University. As a lifelong learner, he has continued his education and graduated from the Southwestern Graduate School of Banking at Southern Methodist University. Kitsap Credit Union ($2.3B, Bremerton, WA) recently welcomed Lucy Lu, CPA, MBA, as its new Supervisory Committee Member. She was recently elected after a search by DDJ Myers, the well-known leadership development firm that is now an ALM First Company. Lucy has diversified experience across both not-for-profit organizations and for-profit publicly traded companies in finance, accounting, auditing, taxation and board presentations across a nearly 20-year career. She currently serves as the Controller for the Washington Education Association. “I am excited to join the committee and expand my knowledge in financial services, especially in credit unions. I believe in Kitsap Credit Union’s cooperative philosophy and mission. I look forward to using my expertise in Internal Audit, Risk Management, Finance and Accounting, and more to further assist the credit union in its committment to its members and community,” says Lucy. “I became interested in this opportunity because of Leah Gazaway at DDJ Myers. Her expertise, professionalism and understanding of the roles and responsibilities of the Supervisory Committee member piqued my interest and showed me how my experience could add value to Kitsap Credit Union and its members.” Prior to her work with the WEA, Lucy was the CFO for the Association of Washington Cities (AWC), the AWC Employee Benefit Trust and the AWC Risk Management Service Agency. She also previously served as the SVP, Chief Risk Officer for AMC Entertainment. Lucy joined AMC after ten years at Starbucks where she worked in tax, internal audit and international accounting, including one year at Starbucks Asia Pacific Holding Company in Hong Kong where she set up and led the internal audit function for Asia, covering 13 countries. Prior to immigrating to the United States in 2002, Lucy worked in business development with Walmart China. Lucy is bilingual (English and Mandarin Chinese). She has a CPA, a CFE, and earned her MBA from Isenberg School of Management (UMass Amherst), and B.S. in Accounting from DeVry University. Lucy loves gardening, cooking, and traveling. Co-op Solutions is partnering with fintech company Alacriti to help credit unions deliver modern, intuitive loan payment services to their members. Alacriti joins a growing list of credit union fintech providers in the recently launched Co-op Strategic Provider Program. The program streamlines a credit union’s procurement process by offering access to pre-vetted, best-in-class products and services outside of Co-op’s core solutions, all at preferred commercial terms. Through its core-agnostic, cloud-native platform Orbipay, Alacriti facilitates one-time and recurring loan payments through digital channels, including online/web, text message, chatbot and more. Orbipay supports virtually all payment methods (most commonly debit cards and ACH), as well as all loan types. Credit union members engage with the platform through a responsive user interface that can be branded for each credit union client. “Co-op’s partnership with Alacriti advances our strategic intent to deliver the innovative digital payment experiences today’s members demand,” said Dean Michaels, Chief Strategy Officer for Co-op. “The Orbipay platform transforms what used to be a manual process and automates it, making it mobile-friendly. We have been impressed with Alacriti’s command of the tech-stack challenges facing credit unions. Their pre-built connectors and data integrations with major core and digital banking providers vastly accelerate client onboarding. Alacriti also worked with us to create an attractive pricing offer exclusively available to Co-op clients that should appeal to credit unions who already accept cards today as well as those who don’t.” Orbipay Enhances Credit Union Member Self-Service Capabilities Credit unions that integrate the Orbipay platform add greater member self-service capabilities to their offerings. Members are able to make loan payments easily and without in-branch or other manual servicing needs, ultimately helping the credit union achieve operational cost savings. The intuitive user interface balances security and convenience, allowing guest borrowers to seamlessly authenticate and make a one-time payment as a guest, or set up and manage a recurring payment plan under a registered user profile. When member support is necessary, Orbipay offers credit union service representatives a range of digital features, such as single sign-on (SSO), borrower payment management and the ability to send payment links to borrowers. “We share the member-centric values of credit union lenders, which makes this partnership with Co-op especially meaningful to our team,” said Manish Gurukula, CEO, Alacriti. “The Strategic Provider Program will help us introduce more credit unions to our differentiated approach to loan payments. We’re grateful for the opportunity to expand our reach beyond the 105 credit unions we assist in payment modernization today with Co-op’s endorsement as a referral partner reaching nearly 3,000 credit unions.” How to Participate – As a Provider and as a Credit Union Fintech providers can learn more about joining the Co-op Strategic Provider Program at Co-op’s website. Co-op clients interested in connecting with providers can check out the “Meet our Partners” section of the program’s webpage. Clients can explore each provider’s profile to learn more about their solutions and submit an inquiry to hear about preferred commercial terms to which they may be entitled. The Alacriti profile page can be found here. Credit Union National Association (CUNA) Senior Economist Dawit Kebede, PhD, issued the following statement in response to the Labor Department’s June Consumer Price Index (CPI) Report: “The headline inflation over the past 12 months decreased to 3% in June, down from 4% in May. The decline in prices for energy, used cars and trucks, and medical care services contributed to the slowdown. Energy prices decreased by 17% compared to June of the previous year. Core inflation, which excludes food and energy, increased by 4.8% over the past 12 months. “Both the monthly headline and core prices also experienced a slowdown in June, with an increase of only 0.2%. This represents the smallest one-month increase in core prices in nearly two years. Airfares, communication costs, and used cars and trucks were among the items that saw price declines during the month. On the other hand, prices for shelter, motor vehicle insurance, and recreation showed increases. The index for shelter is gradually slowing down compared to previous months, but it still accounted for 70% of the monthly increase in headline inflation. “The CPI report for June indicates that inflation is coming down. This includes prices for core services, excluding shelter, which the Federal Reserve closely monitors. It also suggests that the Federal Reserve Open Market Committee does not need to raise rates during their meeting this month.” A new round of grants recently approved by the SECU Foundation Board of Directors began with funding for a Reinvest in Student Excellence (RISE) Fellowship pilot with the North Carolina chapter of Teach for America (TFA NC). The Foundation’s $250,000 grant will support an expanded cohort for 50 to 100 RISE fellows with leadership development pathways and individual coaching for the 2023 program year. TFA NC launched the program in 2021 to improve teacher retention in underserved communities. Teach for America North Carolina works in partnership with school districts across the state to recruit, prepare, and support teachers while addressing student education inequality. The RISE Fellowship began in response to high rates of teacher turnover and the interest of TFA NC corps members to extend their service. TFA NC statistics show that North Carolina public schools started the 2022 school year with 4,000 teacher vacancies and a turnover rate as high as 22 percent in some areas. “SECU Foundation’s support for the RISE Fellowship reflects the common bond we share – elevating North Carolina’s public education system and a strong belief in helping others,” said Jennifer Haygood, SECU Foundation Board member. “TFA NC’s 30-year footprint and impact in our state has been tremendous, and we are pleased to assist Teach for America NC and the RISE Fellowship program to help teachers meet their needs by acquiring valuable leadership skills and roles to help advance students’ personal and academic growth.” “We are thrilled to receive this generous gift from SECU Foundation to support our ‘TFA NC RISE’ initiative. The program is essential in partnering with school systems and leaders throughout the state to retain teachers in communities that need them the most,” said Dr. Monique Perry-Graves, TFA NC executive director. “SECU Foundation has a tremendous legacy of providing critical funds and economic initiatives that benefit hundreds of thousands of people right here in North Carolina. We are honored to be recognized for the essential work that our corps members and alumni leaders are doing in quest for an equitable and excellent education for all students.” Credit unions who join CUES now will get immediate access to their 2024 membership benefits, with the remainder of 2023 included at no charge. “This is the ideal time join CUES. The best value will go to those who join in July, since they will get an extra six months of membership at no additional cost. So, the sooner you join, the more value you will get,” said Jimese Harkley, JD, CUDE, CUES VP/Membership. “We offer top talent development for everyone in the credit union industry, including CEOs, board members, executives, managers, and staff members. By taking advantage of our early access deal, credit unions save big, and credit union professionals can get a jump-start on their 2024 career goals.” CUES offers three membership benefit levels—Individual, Unlimited, and Unlimited+. Credit unions joining at either Unlimited level can offer the membership to everyone at their credit union, including all employees, board members, and committee members. Benefits include:
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Author: Mike LawsonMarried to a most gorgeous and wonderful wife, raising 5 kiddos (including twins!), enjoy helping others tell their stories, and love surfing SoCal waves. Keep it simple. Archives
May 2024
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