Wescom Credit Union and Central Coast Federal Credit Union Announce Plans to Merge in 20248/23/2023 Wescom Credit Union and Central Coast Federal Credit Union (CCFCU) have entered into a merger agreement, announcing their intent to merge in the second quarter of 2024. For nearly 90 years, Wescom has been dedicated to building better lives for members, team members, and communities in Southern California. “Given our commitment to delivering innovative products and services, the value we are able to pass to our membership through better rates, lower fees, robust access channels, and our unwavering focus on member service, we believe that we have the ability to expand our reach with this merger and build better lives for more Californians,” stated Darren Williams, President and CEO of Wescom. “Pending regulatory approval and a vote from the CCFCU membership, we believe this is a perfect union and will benefit our combined 240,000 members, soon to be nearly 900 team members, and the communities we serve.” Upon merger, CCFCU’s four retail branches will convert to Wescom branches, expanding the Wescom footprint to 28 branches and facilitating the entry and growth into a new geographic region. CCFCU’s nearly 15,000 members throughout Monterey County will be welcomed as Wescom members and will have access to robust online and mobile banking products, 24 branches throughout Southern California (and growing), and a full range of banking products and services, including access to direct deposit two days sooner[1]. Additionally, CCFCU employees will be welcomed as Wescom team members and will be provided with a wide range of benefits, training resources, and tools. “We couldn’t be more excited for this next stage of growth for CCFCU. For more than 70 years, we have been committed to providing residents of Monterey County with valuable, personal banking services. That member-first focus enables us to seek strategic opportunities to improve the everyday banking needs of our members. This merger with Wescom will allow us to provide our members with a greater depth of product, technologies, access channels, and service,” remarked Leinette Limtiaco, President and CEO of CCFCU. Driven by the shared philosophy of “people helping people,” both Wescom and CCFCU strongly believe in the strategic imperatives of member, team, and community. Through this upcoming merger, both organizations will be able to successfully drive greater impact within their communities. The Wescom Foundation, powered by a network of Wescom members and team members, is dedicated to making the communities it serves a better place through strategic grantmaking and engagement. The Foundation is investing more in nonprofit partners than ever before, totaling more than $3.8 million granted out to date. Over the past few years, Wescom has been exploring potential merger opportunities to support the growth of the Credit Union. This merger will allow CCFCU’s members access to better banking and Wescom the opportunity to enter a new market and further its growth in the California market. To learn more about this merger, please read Darren Williams’ letter to members on the website: https://news.wescom.org/presidents-message-accelerating-growth/
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Glia, the customer interaction leader unifying Digital Customer Service (DCS), phone and automated self-service on a single platform, has been named Tech CUSO of the Year by Finopotamus. The Finopotamus Tekkie Awards, co-sponsored by Credit Union tech-talk, recognize outstanding achievements in credit union technology. Glia’s ChannelLess™ technology is empowering more than 250 credit unions to redefine how they interact with their members, unifying dial-in calls, SMS, chat, voice and video—supported by on-screen collaboration—for seamless interactions that do not break the digital connection. As a result of Glia’s unique, single-platform approach, credit unions have enhanced the member and employee experience, significantly boosted operational efficiencies and increased conversions. This ongoing success and momentum, combined with the company’s philosophical alignment with the credit union community, is why Glia established a CUSO earlier this year. “Technology limitations have long hindered credit unions’ ability to provide highly personalized member experiences, especially in today’s digital-first world,” said Dan Michaeli, CEO and co-founder of Glia. “Glia’s technology solves this problem by unifying traditional phone, digital and automated channels, allowing credit unions to meaningfully interact with members regardless of channel. It’s rewarding to be recognized for the positive impact of our CUSO’s technology.” By offering a single unified platform to manage all interactions, Glia is putting the member rather than the channel at the center for service. Glia enables credit unions to facilitate interactions based on member needs and then seamlessly transition between channels, delivering a better, more efficient experience. With Glia, credit unions are strengthening their competitive stance by creating the right interaction with the right member at the right time—delivering significant business benefits. "As the only online resource providing in-depth technology coverage exclusively to credit unions, the 2023 Finopotamus Tekkie Awards recognize outstanding technology achievements from 2022," said Finopotamus Co-Founder W.B. King. "Founding partners John San Filippo and Roy Urrico and I agreed that in the category of Tech CUSO of the Year, Glia's digital-first member experience across all channels—SMS, chat, voice and video—without breaking the digital connection differentiated the company from its competition." King added that for the first time in Tekkie history, Glia tied for first place in the category with Member Driven Technologies (MDT). Multiple Glia Customers Among Tekkie Award Winners Glia congratulates fellow Tekkie Award winners, which includes three Glia customers. 4Front Credit Union won for lending, Capital Educators (CapEd) Credit Union for self-service and Dover Federal Credit Union’s Travis Frey was named technologist of the year. The annual Finopotamus Tekkie Awards honor significant achievements in credit union technology from the previous calendar year. Backbase, the global leader in Engagement Banking, announced today its strategic partnership with SavvyMoney, the leading company powering innovative credit score solutions, market-leading analytics and personalized loan marketing. Through this partnership, SavvyMoney’s robust credit score solution, Credit Score Insights, will be integrated into the Backbase Engagement Banking Platform, enabling community banks and credit unions to provide their customers and members with access to real-time credit scores directly within their banking app. SavvyMoney’s Credit Score Insights provides reports and insights to these financial institutions (FIs) to help them offer tailored financial recommendations and advice to their users, as well as marketing tactics to create hyper-personalized deals and offers. By working with partners like SavvyMoney, Backbase is able to equip FIs with an in-app solution to help their users find more value in their primary banking app, thus increasing stickiness. The integration will allow end-users to understand all of the score factors that make up their score, daily update their full credit report, run credit score simulations and set credit score goals that includes an action plan to help improve their score. This empowers customers and members to make well-informed, data-driven decisions regarding financial life events. "Giving financial institutions access to their consumers' full financial picture has become essential to their long-term success and growth,” said Chris Fraenza, chief revenue officer at SavvyMoney. “Those consumers can now manage their credit and finances as they plan for significant life events, while their financial institution can create a deeper relationship through personalized offers." “As a company, we are committed to empowering individuals to achieve their financial goals and improve their overall financial well-being,” said JB Orecchia, president and CEO at SavvyMoney. “We’re thrilled to collaborate with Backbase to make crucial credit score functionality easily accessible via banking apps." This latest partnership with SavvyMoney reinforces Backbase’s commitment to enhancing its Fintech-as-a-Service (FaaS) offering, which allows community banks and credit unions to elevate their customer and member experience by seamlessly incorporating cutting-edge features into their apps. By teaming up with leading technology partners, Backbase accelerates the integration of best-in-class capabilities into the Backbase Engagement Banking Platform. "There’s a growing demand from consumers for guidance from their banking apps to help them make informed financial decisions,” said Brian McNutt, vice president of product management for the U.S. mid-market at Backbase. "It’s crucial that banks and credit unions become trusted financial advisors to help end-users improve their credit health. By integrating SavvyMoney’s credit score solution into our platform, we’re helping financial institutions accelerate their time to market, giving them a chance to truly compete. That’s the idea behind our Fintech-as-a-Service offering, to reduce our customers’ time-to-market and time-to-value, so FIs can focus on innovation.” Backbase will continue its integration with SavvyMoney over the coming months with an ongoing focus on innovation. To learn more about Backbase, its partnership with SavvyMoney and its FaaS offering, visit www.backbase.com. PSCU, the nation’s premier payments credit union service organization (CUSO) and an integrated financial technology solutions provider, today announced that Neches Federal Credit Union (Neches FCU) has selected the CUSO for comprehensive credit card processing services and support. Neches FCU has a deep history rooted in serving members of Southeast Texas since its founding in 1952. Holding more than $894 million in assets, the credit union is committed to strengthening the financial lives of its members and bettering its community. After a rigorous evaluation and extensive research process, Neches FCU identified PSCU as the ideal partner to enhance its credit card program and ensure the best interest of its valued members. Neches FCU prioritized several key factors, including cost effectiveness, member satisfaction, integration capabilities, security and fraud prevention measures. The credit union also valued flexibility and customization options with a track record of excellence. “We are ecstatic to join hands with PSCU and we are confident that – together – we can bring our credit card program to new heights and deliver the level of service our members truly deserve,” said Neches Federal Credit Union Chief Consumer Lending Officer Kristin Butler. “This partnership marks an exciting milestone, reinforcing Neches FCU's commitment to empowering our valued members by optimizing cost efficiencies, elevating member satisfaction, and pioneering innovative and secure payment solutions to meet their ever-evolving needs. With unwavering dedication to constant growth, we remain steadfast in our mission to cater to the diverse needs of our cherished members.” PSCU will begin providing credit processing services and support to more than 77,000 Neches FCU members in October 2024. "It is clear Neches FCU has the ‘people helping people’ credit union philosophy at the forefront of all its decisions, and we are honored that they saw the same commitment and alignment from PSCU,” said PSCU Chief Revenue Officer and EVP Scott Wagner. “The entire PSCU team could not be more pleased by the opportunity to support the Neches FCU team in their unwavering dedication to providing their members with best-in-class service and cutting-edge tools and technologies.” Leading cloud-native digital banking services provider Constellation Digital Partners (Constellation) announced today that $1.5 billion asset-sized Farmers Insurance Federal Credit Union (FIGFCU) has gone live with the Constellation Digital Banking platform, branding its new digital banking experience as Tulee. Powered by Constellation, Tulee launched earlier this summer, allowing the credit union to offer its over 60,000 members a more enhanced, truly personalized experience. An initial investor in Constellation, Los Angeles-based FIGFCU has been serving members nationwide for over 80 years. Constellation’s open platform enabled FIGFCU to deliver a seamless, digital banking experience regardless of device. Members have the ability to choose specific services they find most useful and relevant to them, such as remote deposit, check orders to money transfer and bill payment. FIGFCU initially partnered with Constellation through its Fintech Connect solution to enroll members and deliver services through the Tulee companion app prior to conversion to full digital banking. With members already familiar with the platform’s intuitive features, the conversion process to Constellation was much faster and easier, with initial adoption rates of the platform’s companion app exceeding expectations by more than 500%. “We are very pleased with the success we’ve seen with Tulee’s launch and our experience working with the Constellation team,” said Beth Rodgers, CMO of FIGFCU. “Constellation’s Digital Banking has allowed us to provide our members with a truly customizable, holistic digital banking experience – one we couldn't get with other solutions – and leverage the same powerful, adaptable technology used by much larger institutions. We look forward to Tulee’s continued momentum, and our continued work with Constellation to develop other tools that will be uniquely designed to serve our members.” “FIGFCU has built a well-earned reputation on providing excellent member service and we are excited for the opportunity to support its goal of providing a world-class, personalized digital banking experience to its members,” said Kris Kovacs, Founder and CEO of Constellation. “We've built Constellation Digital Banking from the ground up to be highly flexible and configurable to meet our clients' unique business needs, allowing them to reflect who they are, address what their members truly want, and ensure they can adapt to whatever comes next.” Based on a modern digital payments platform and a consultative approach to the member experience, CapEd Credit Union is expanding its partnership with Co-op Solutions to include a range of services within Co-op’s fintech ecosystem. CapEd renewed its participation in the nationwide Co-op ATM network as well as the Co-op Bill Pay service for paying bills on-line and via mobile device. To these services, CapEd has added Debit and Full-Service Credit transaction processing, ATM Terminal Driving, the Co-op Contact Center and the new Co-op Pay debit point-of-sale network. “We had been looking for a new card processor, and we did a very thorough industry search,” said Todd Erickson, President/CEO of CapEd. “We wanted to enhance our ability to grow and serve our members with the modern digital payment services a card processor like Co-op can offer. We did have a partnership with Co-op already. Ultimately, we chose Co-op as the best fit for CapEd, based on what they can offer, and their very strategic and consultative approach to helping us implement the different card services we needed.” “We definitely needed a more operationally efficient model to work with – better systems and better connectivity,” added Trudi Mayes, Chief Deposit Officer. “From the cardholder experience side, Co-op has all the things we are looking to offer our members, including card controls and alerts, digital issuance and fraud mitigation tools. Co-op is also very consultative, which is critical because close partnering is needed in managing fraud. There is a balance between not interrupting the cardholder’s experience, while also introducing the protections needed to stop the fraudsters. Co-op has a great fraud system to help us.” Based in Meridian, Idaho, about 12 miles west of Boise, CapEd was originally founded in 1936 and today has $1.4 billion in assets and about 100,000 members. Known as CapEd since 2008, the company has a legacy of supporting teachers and education, empowering individuals financially and enriching its community. “We are always looking at ways to make our cards top of wallet,” said Mayes. “Co-op has some reporting systems that can help us identify great marketing opportunities. We're really growing our credit card portfolio on the consumer side, but more so even on our business/commercial side. So we are looking at tools that will best fit our growing business portfolio, and making more tools available to our business members to encourage them to use our credit cards.” “Improving the member experience was one of the biggest drivers to making a card processor move,” added Erickson. “Co-op is very focused on member experience. We look forward to a long-term partnership that's not just about specific transactions but a broader and holistic strategic partnership within the payments space and card processing.” Co-op Full-Service Credit is a fully-hosted and managed payments program that is customized to credit union needs. Co-op Debit includes the most comprehensive array of member loyalty, security and efficiency benefits available to credit unions. Co-op ATM Terminal Driving provides fleet management to help reduce costs, improve operational efficiency and engage users. Co-op Pay Network can serve as an unaffiliated debit point-of-sale network while maximizing non-interest income. Co-op Contact Center helps credit unions meet member expectations for 24/7, always-on service with personalized agent and self-service solutions. “We are proud to be partnering with CapEd and working to exceed their expectations in terms of both operational efficiencies and member experience,” said Matt Kardell, Chief Revenue Officer for Co-op. “We know that our mutual commitment to the credit union philosophy and values played an additional strong role in their selection process, and we look forward to continuing to grow together.” For more information on the Co-op ecosystem of financial technology products and services, visit www.co-opfs.org/Solutions. SECU Foundation has marked a significant milestone, surpassing a quarter of a billion dollars in cumulative funding since its establishment in 2004. At the close of its fiscal year in June, SECU Foundation’s commitment to North Carolina non-profits tallied more than $258 million for grants and financing in support of education, housing, healthcare, and human services initiatives to benefit the people and communities all across the state. From the very beginning, SECU Foundation’s success has been achieved with the full support of State Employees’ Credit Union (SECU) and its member-owners who fund the Foundation through the reallocation of their $1 monthly checking account maintenance fee. It’s a unique strategy known as the Power of a Dollar, and one that has enabled the Foundation to help address issues and improve the quality of life in each of North Carolina’s 100 counties. Today, SECU Foundation has grown to become the largest foundation in the credit union industry. It receives approximately 150 letters of interest each year from non-profit and community organizations statewide requesting aid. The Foundation’s largest giving year to-date was fiscal year 2022-2023 with SECU Foundation Board-approved grants awarded to 56 non-profits totaling over $23 million. Some of the many projects included scholarship programs, affordable housing initiatives, homeless shelters, health and wellness programs, and advocacy and supportive services for children and adults. “All of us at SECU Foundation are honored and privileged to carry out this work, and we are afforded this opportunity through the generosity of SECU members and our Foundation Board,” said SECU Foundation Executive Director Jama Campbell. “North Carolina has so many wonderful non-profits across the state with amazing people who take on a myriad of challenges for the betterment of their communities. We share their concerns and understand the importance of their work. The projects supported through SECU Foundation are producing tremendous benefits for all North Carolinians, and for that, we are so incredibly grateful.” Global Credit Union Foundation Fairway Friends Golf Tournament Raises $60,000 for Local Nonprofits8/21/2023 Golfers of all skill levels descended on the Moose Run Golf Course near Eagle River, Alaska, for the annual Fairway Friends Golf Tournament. Two hole-in-ones and a helicopter-ball drop highlighted a day that raised $60,000 for two hard-working Alaska nonprofits; Armed Services YMCA (ASYMCA) and Big Brothers Big Sisters of Alaska. “The Global Credit Union Foundation is committed to raising funds and supporting needs-based organizations that work to improve the lives of military families and children in our communities,” said Geoff Lundfelt, president of the Global Credit Union Foundation. “And we like to have fun with our Fairway friends while we’re doing it. We’re incredibly grateful for all of the credit union’s business partners who jumped at the chance to sponsor the tournament in support of these organizations and the critical work they do every day.” $30,000 was distributed to ASYMCA, whose mission is to enhance the lives of military members and their families in spirit, mind, and body through programs relevant to the unique challenges of military life. $30,000 also went to Big Brothers Big Sisters of Alaska, which uses a volunteer mentoring network to develop positive relationships that have a direct and lasting effect on the lives of young people. The Global Credit Union Foundation Fairway Friends Golf Tournament is an annual event that brings together business partners, credit union leaders and volunteers, and the community to support Foundation nonprofit partners. More About Global Credit Union Foundation For twenty years, the Global Credit Union Foundation has supported 501(c)(3) charitable organizations that provide needs-based services to children, Veterans, and active-duty members of the military and their families. Since its inception, the Foundation has distributed more than $4 million to these organizations and is honored to assist those that provide direct services in support of its mission. Additional information about the Global Credit Union Foundation is available at globalcu.org/foundation. The Illinois Credit Union League (ICUL) is pleased to announce the 2023 recipients of the Hall of Fame Leadership and Lifetime Award, Small Asset Size Credit Union Award, and Spirit of Service Awards. The awards are given annually to honor outstanding contributors to the credit union movement in Illinois. The Hall of Fame Awards incorporate two award categories, Leadership and Lifetime Achievement. Each award recognizes individuals who have made a significant impact in Illinois and/or at the national level. Nominees must have at least ten years of active involvement in the credit union movement; have participated in league, chapter or national activities; promoted the cooperative nature of credit unions locally; and demonstrated leadership and a personal commitment and vision to the credit union movement. We are thrilled to announce that in the area of Leadership we are honoring two extraordinary credit union champions: Mike Daugherty, Community Plus Federal Credit Union; and Tom Lex, Heartland CU. Honored in the category of Lifetime Achievement Award is Costanzo (Connie) Masestranzi, Corporate America Family Credit Union. ICUL’s Spirt of Service Awards celebrate the exceptional achievement or innovation by a credit union employee or volunteer. These individuals exemplify the credit union spirit of people helping people and create strong member and community awareness of credit unions. The Volunteer of the Year for 2023 is Eddie Berry, Israel Methcomm Federal Credit Union and the Employee of the Year is Walter Tun, Self Reliance Federal Credit Union. The Small Credit Union Award celebrates the accomplishments, time and effort in support of the credit union movement by professionals serving credit unions under $50 million in assets. The criteria for the Small Credit Union Award include outstanding accomplishments in the areas of leadership, dedication to the movement, and community involvement. ICUL awards Karen Jurasek, Generations Credit Union with this distinguished honor in 2023. “Congratulations to this year’s award winners for their commitment to their members, communities, and the credit union movement,” said Illinois Credit Union League President/CEO Tom Kane. “We are excited to celebrate each of these individuals during our 93nd Annual Convention. Each winner has demonstrated the people helping people philosophy with their commitment and dedication and we are very grateful of their service to the industry!” The award presentations will occur during the Annual Convention Celebration Luncheon on Friday, October 6, 2023 at the Sheraton Grand Chicago. The luncheon provides a unique opportunity to bring leaders from across Illinois together to celebrate the award recipients and unite on the shared principles of the credit union movement. Eltropy, the leading digital conversations platform for community financial institutions (CFIs), announced a partnership today with Alkami Technology, Inc. (Nasdaq: ALKT), a leading cloud-based digital banking solutions provider for financial institutions in the U.S. The Eltropy-Alkami partnership will allow more financial institutions to create personalized account-holder experiences for every interaction – through any communication channel. Eltropy's enterprise-wide digital conversations solution is designed to help financial institutions engage with members through Text, Video, Secure Chat, Co-browsing (web browser sharing), or other digital channels. With Eltropy, community banks and credit unions can communicate with account holders anywhere, anytime, providing them with personalized service and support on the member’s platform of choice. The Eltropy solution brings value to more than just a financial institution’s Contact Center, as it can be used by marketing, lending, and other departments to enhance account holder engagement and satisfaction. "We are thrilled to partner with Alkami to help financial institutions better engage with their members," said Jason Smith, VP of Strategic Partnerships at Eltropy. "This is a strategic partnership we have taken time to develop in multiple areas. It’s exciting to consider the value this partnership can bring financial institutions in support of the account holders with whom they are working so hard to help fulfill their financial needs and dreams." Alkami is equally excited about the partnership. "We are always looking for ways to enhance the digital banking experience for our clients," said Chad Hoar, Channel Partnership Manager at Alkami. "With Eltropy's platform solution, financial institutions can improve the conversations and engagement with their account holders across all channels, seamlessly — something increasingly critical in today's point-solution, competitive environment. We look forward to working with Eltropy to deliver this value to our clients." |
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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