Del Norte Credit Union joins over 56,000 credit unions around the world to celebrate International Credit Union (ICU) Day® on October 20, 2022. The theme of ICU Day 2022 is “Empower Your Financial Future with a Credit Union.” ICU Day highlights the many ways that credit unions across the world help members improve their financial health and well-being. Partnering with GreenPath, a national nonprofit financial counseling service, Del Norte Credit Union provides free information that covers a variety of financial issues affecting the New Mexico community, including housing services, credit counseling, and financial education. “Our goal at DNCU is to serve as an ideal partner for a better future,” explained DNCU President/CEO, Chuck Valenti. “This drives us far beyond providing financial services and towards a deeper understanding of economic issues experienced by members of our New Mexico community.” Credit unions were built on the principle of “people helping people.” We’ve seen that philosophy in action for more than 100 years, with credit unions providing access to affordable financial products and striving to meet the needs of underserved communities. Del Norte Credit Union is honored to be a part of this proud tradition. Del Norte Credit Union invites both members and nonmembers to celebrate ICU Day by taking advantage of a comprehensive set of complimentary financial resources in the Financial Fitness section of dncu.com. Stop by one of our branches today to learn more about ICU Day 2022 and enjoy a free apple from a favorite local vendor Velarde’s Fruit Basket. International Credit Union Day® is brought to you by Credit Union National Association and World Council of Credit Unions. This year’s event is proudly sponsored by Zogo.
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Credit Union National Association (CUNA) Deputy Chief Advocacy Officer Jason Stverak addressed the NCUA at its briefing for its draft 2023-2024 budget today highlighting that the agency should focus on ‘budgetary discipline.’ NCUA’s proposed combined 2023 staff draft budget is $367.0 million, or 8.1% higher than the 2022 budget. “CUNA believes that the efficiency of the NCUA’s operation is essential to responsibly using credit union members’ resources as the NCUA seeks to become a world class regulator. We believe there is immense capacity for the NCUA to reduce its footprint, right-size the organization and become a more nimble, stronger, more efficient, and more effective regulator. “Net income is on track to decline by 30 basis points in 2022. Most economists believe the Federal Reserve’s aggressive policy moves are likely to put the nation into recession, which would only serve to magnify these current financial challenges. "These trends suggest the agency should be laser-focused on budgetary discipline.” Stverak also noted that the increased budget comes at a time of increased financial pressure for credit unions, with operating expenses and funding costs rising rapidly and a variety of income sources under increasing pressure. Comments on the budget are due to NCUA by Oct. 28, and NCUA will vote on the final budget before the end of the year. CU NextGen is pleased to welcome Anthony Arizola as sales executive to build profitable relationships by bringing technology to credit unions looking to transform how financial services are delivered to members. Arizola joined CU NextGen, a Credit Union Service Organization (CUSO) providing innovative technology and automation solutions, in August to spearhead efforts to expand the CUSO’s base of investors as well as initiatives that provide value to clients. Arizola brings with him over a decade of professional experience, including eight years in the credit union industry. While at Xtend CU, Arizola increased outbound call marketing performance by 20% and electronic marketing sales by 40%. As regional sales representative for CU*Answers, Arizola oversaw the market development and managed end-to-end sales cycles for credit unions in the Midwest marketplace, helping to gain 40 new credit union clients. As director of business development for LoanStreet, Inc, Arizola helped to grow the organization’s credit union customer base by 8% in under a year. Kent Zimmer, CEO of CU NextGen, eagerly welcomed Arizola to the team, noting “At CU NextGen, we’ve been rapidly ramping up our partnerships and our offerings, so we’re excited to bring Anthony on board to help us reach not only our own goals, but most importantly the goals credit unions have for capturing opportunities to move to the leading edge of the financial services industry.” Arizola holds a Bachelor of Science in Business Administration, Marketing and Business Logistics from John Carroll University. When he’s not working to create and solidify business relationships, Arizola enjoys spending time with his family, watching football, and trying new foods and coffees. Connect with Anthony on LinkedIn here. Larky, a fintech provider proactively connecting financial institutions with their audience in the right place and at the right time, has teamed up with Finastra to provide enhanced mobile banking solutions for its customers. Larky’s nudge® is now available on Finastra’s mobile banking platform, enabling banks and credit unions to drive greater engagement with account holders, as well as boost mobile banking usage. “Finastra’s Universal Banking core, digital, and analytics solutions are redefining end-to-end, open banking. This new collaboration demonstrates our commitment to expand our ecosystem, advance innovation and meet the new demands banks and credit unions face,” said Narendra Mistry, Chief Product Officer, Universal Banking Business Unit at Finastra. “Larky’s advanced location and segmentation capabilities complement our digital-first strategy, driving high engagement from mobile users and enabling banks and credit unions to better reach their account holders no matter where they are.” Integrated within a financial institution’s existing mobile banking app, Larky’s predictive push notification technology enables financial institutions to proactively communicate with their increasingly digital account holder base. With location-based mobile push notification campaigns, Larky’s nudge guides users to financial institutions’ offerings and elevates account holder interactions by reaching them at a time, place and setting that is best suited to their needs. Gregg Hammerman, CEO of Larky, said, “Partnering with Finastra gives Larky a fantastic growth opportunity that will enable us to extend our client base exponentially and strongly augment our brand exposure among financial institutions that use Finastra as their mobile banking provider. This collaboration signifies a momentous step forward and reinforces our belief that push notifications are not optional, but rather an integral must-have for financial institutions seeking to successfully compete in today’s digital age and enhance customer engagement.” The implementation of Larky’s push notification technology can result in boosted app engagement and increased use of a financial institution’s mobile banking platform. Larky’s technology also unlocks access to analytics and testing that allow financial institutions to easily see and track user-level and performance data to effectively tailor push notifications to the behavior habits and preferences of their account holders. KlariVis, a fast-growing enterprise dashboard and analytics solution for the financial industry, and York Public Relations, a global fintech PR firm, have launched a fundraiser to support those in Florida impacted by Hurricane Ian. From now until November 11, for every person who posts a selfie with their favorite FinTech swag item and uses the hashtag #FinTechsForFlorida, the tagged participating FinTech will donate to the Volunteer Florida Foundation’s Florida Disaster Fund, up to the total donation amount set by that FinTech. One hundred percent of the donations will be distributed to service organizations aiding with disaster response and recovery in the aftermath of Hurricane Ian. Donations to the Florida Disaster Fund are made to the Volunteer Florida Foundation, a 509(a)(3) Type I charitable organization (EIN# 01-0973168), and are tax deductible. All administrative and credit card fees have been waived so that 100% of every donation can be used to help Floridians recover. “As a FinTech that partners with community financial institutions across the country, it is our responsibility to come together in their times of need,” said Kim Snyder, CEO of KlariVis. “Through this initiative, we hope to not only support these institutions, but also the communities they serve and their customers. Together, we can make a difference.” “Thousands of individuals and small businesses across Florida have been impacted by Hurricane Ian,” said Mary York, CEO of York Public Relations. “In response, we are teaming up with our FinTech partners and friends to help raise funds for emergency relief and long-term recovery efforts. While we encourage our partners to join this effort, we also invite the broader FinTech community. With more participation, we can raise greater awareness and make a bigger impact.” For more information, please visit www.FinTechsForFlorida.com. IMM, the only eSignature provider specializing in eSignature and digital transaction solutions exclusively for financial institutions, announced today that Rachel Burton and Dan Peters joined the already-successful IMM sales team to meet the growing demand for its eSignature solution. Taking on the Western Region as Account Manager, with more than 20 years of experience in the financial industry working at both banks and credit unions, Rachel has a wealth of fintech knowledge. She started her career at a credit union where she helped them form a CUSO and continued working at several financial institutions giving her experience in virtually every functional department. Most recently, she was selling financial systems and solutions at Finastra, and prior to that working with software companies and fintechs including CRIF and MeridianLink. Dan brings more than 15 years of fintech experience and knowledge to his new position as Account Manager for the Eastern Region. Also joining from Finastra, Dan understands the banking world and what services make financial institutions more attractive to their customers. He also has enterprise sales experience having worked at Trisept Solutions and The Mark Travel Corporation. "Having Rachel and Dan join our team is a testament to the true mark IMM is making on the industry,” said Michael Ball, IMM SVP, Markets and Strategy. “We are pleased to welcome such talented individuals to our IMM family. Their collective experience in fintech combined with their overall understanding of how financial institutions think and then adopt products will undoubtedly contribute to our continued momentum and overall success in financial services.” One of the most successful cooperative partnerships in the credit union industry may soon come to an end, as Local Government Federal Credit Union (LGFCU) announced this week it is exploring steps to operate independently of State Employees’ Credit Union (SECU) and directly serve its membership. A Supreme Court decision in 1979 required SECU to expel local government employees from its field of membership. Not to be deterred and to preserve access to affordable financial services for these employees, SECU assisted LGFCU in obtaining a federal charter in 1983. At that time, LGFCU and SECU entered into an agreement where LGFCU members are served through SECU’s branch network and contact center, while SECU also provides much of LGFCU’s operational infrastructure. This remarkable relationship has proven quite valuable over the years, and today LGFCU serves nearly 400,000 members and is quickly approaching $4 billion in assets. Despite this success, LGFCU’s Board of Directors, with concurrence from SECU’s Board of Directors, views this exploration as a natural and mutually beneficial step toward ensuring the best interests of both the LGFCU and SECU members, now and into the future. Maurice Smith, Chief Executive Officer of LGFCU, says, “Believe it or not, becoming operationally independent from SECU was contemplated in LGFCU’s early days. LGFCU is now well-suited to consider this transformative journey toward independence. We have a very exciting future – serving our members directly through our own delivery channels and offering a suite of products and services targeted to meet the specific needs of our membership.” Smith further remarked, “Our relationship with SECU has demonstrated the cooperative philosophy in action; SECU has been a tremendous partner in not only encouraging and supporting LGFCU from the beginning, but also recognizing and supporting our new vision.” SECU CEO Jim Hayes says, “While it’s been a privilege to serve LGFCU’s members over the years, we fully support LGFCU’s exploration of this new direction. These discussions are an acknowledgment of decades of hard work by both organizations to better serve the interests of unique fields of membership. I’m excited that LGFCU has the opportunity to control its own destiny. This decision by LGFCU’s Board will also allow SECU to focus on enhancing our value proposition to our membership.” Hayes added, “Together, we have created major and sustainable impacts on the lives of countless North Carolinians. We will continue to do so, but perhaps in a different business model.” PSCU, the nation’s premier payments credit union service organization (CUSO), has announced the release of its 2022 Eye on Payments study. For the fifth year in a row, PSCU set out to gauge payment preferences among credit union members and other financial institution customers (“non-members”). This year’s study focuses not only on how preferences and behaviors have changed over the past 12 months, but also since the first report was released in 2018. “Five years ago, PSCU made a commitment to invest in surveying consumers to better understand the factors that influence their choice and usage of different payment methods, with an ultimate goal of arming credit unions with the information they need to best serve their members – and we are proud to say we have delivered on this promise,” said Chuck Fagan, president and CEO of PSCU. “As we have seen since the inaugural study, consumer preferences are constantly shifting in response to economic and social events – whether that be the COVID-19 pandemic or an uncertain economic outlook, among other factors. We are extremely pleased to share our fifth annual survey findings and look forward to continuing to provide the information, resources and tools to help credit unions plan their strategies, drive growth and make data-informed decisions to improve the experience of their members.” PSCU’s 2022 Eye on Payments study found choice and variety have emerged as important factors driving consumer preferences and behavior amid economic uncertainty. Nearly nine out of 10 respondents (87%) agree they are worried about the economic outlook, while three-quarters (74%) also report they are concerned about their personal finances. At the same time, a majority of consumers (61%) said they are using a greater variety of payment methods than they did a few years ago. This desire for variety is further evident in how consumers intend to pay: When asked how likely they are to use a particular payment method in the next six months to pay for goods and services, more than 75% said they planned to use at least one of the methods most readily available – debit (88%), credit (76%) and cash (88%). But consumers aren't just reaching for their traditional wallets: over half plan to use a digital payment solution like Venmo in the next six months and approximately four in 10 expect to use their mobile wallet or store-specific mobile payment app to pay for goods and services. “It should come as no surprise that the economy has been top of mind for consumers throughout 2022 – and, for many, having the option to choose the product, service or offering that fits their needs makes them feel more in control,” said Tom Pierce, chief marketing officer at PSCU. “At a time when unprecedented events are impacting the economy and, in turn, personal finances, it makes sense that choice and variety are also influencing how consumers are making purchases and transacting.” Other key findings from the study include:
In addition to taking a more in-depth look at these key findings, the study also analyzes how and why payment method preferences differ among generations, as well as key takeaways credit unions can implement to better fulfill member payment preferences and needs in key opportunity areas. PSCU surveyed more than 1,750 credit union members and non-members from across the U.S. The online survey, conducted in June and July 2022, was taken by participants ages 18 to 65+. Of those surveyed, 44% were male and 56% were female, and demographic characteristics of those surveyed align with consumer data from CUNA’s Member Profile. The 2022 Eye on Payments white paper is available for download on the PSCU website. One of Oregon’s largest credit unions has extended its partnership with Co-op Solutions. In addition to relying on Co-op for the processing of its growing debit and credit card portfolios, Portland’s $2 billion Advantis Credit Union is leveraging the Co-op payments ecosystem to bring Zelle and other digital-first services to its more than 87,000 members. Among the benefits of the partnership is speed to market for in-demand consumer banking products. “We value a partner that can help us bring new and enhanced services to our members in a timely and reliable manner,” said Jason Werts, President/CEO of Advantis. “Co-op has been that partner, helping us launch several big projects over the past few years. We do not see that slowing down.” Co-op Full-Service Credit combines analytics, fraud reduction, risk management and loyalty in a highly integrated, fully managed card processing solution. Co-op Debit offers a suite of reporting solutions to help credit unions better analyze and respond to meaningful daily behaviors. Co-op can also help credit unions make the Zelle P2P payments network available to their members efficiently, easily and affordably. “Every person has value at Advantis, and it shows in our rich history of passionately serving members, caring for our employees and giving back to our community,” said Werts. “With Co-op on our side, we are living out our vision to be the best financial services provider our members can choose. Delivering meaningful, relevant experiences through products is an important part of our commitment to people.” “Payments are the gateway to deeper member relationships,” said Matt Kardell, Chief Revenue Officer for Co-op. “Credit unions like Advantis really understand that and are leaning in on their payments strategy. We’re proud to partner with them as they continue to improve these high-value daily touchpoints, like Zelle and digital payments, for their members.” Werts expects the partnership with Co-op will allow Advantis to continue offering members convenient, personalized access to their money. “We look forward to further leveraging Co-op innovation and fast integration to provide members with reliable, best-in-class products and services,” he said. As demand increases, financial institutions that offer real-time payment capabilities are seeing growing transaction volumes. After connecting to the RTP® network from The Clearing House via NOW® Gateway from Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, Bethpage Federal Credit Union has seen substantial increases in real-time payments. In the first six weeks following implementation, the number of RTP Network transactions received by Bethpage members grew by 45%, with the highest week over week growth at 165%, and the number of members receiving transactions grew by 61%, with the highest week over week growth at 272%. The dollar amount per transaction grew by 34% over the period. “Offering a range of real-time transaction options to our members has deepened our relationships with them as we have shown that we understand and can meet their payment needs,” said Michael Curran, AVP, Digital Enterprise Solutions at Bethpage Federal Credit Union. “Being able to send or receive money in real time can make a real difference in people’s lives, and the uptake of these new capabilities by members has exceeded our expectations.” Bethpage, a part of the Open Technology Solutions (OTS) consortium, has been serving its members for more than 80 years and has assets of $11.4 billion. As part of the consortium, the credit union collaborates to streamline its operations and provide innovative experiences to their more than one million members. Earlier this year, The Clearing House and Fiserv announced a collaboration to enable access to the RTP network via NOW Gateway from Fiserv, allowing thousands of financial institutions to simplify and accelerate the enablement of real-time payments for consumers and businesses. Through a single integration to NOW Gateway, financial institutions can offer their customers access to a broad range of current and emerging real-time payment services including person-to-person payments, payouts for gig economy work or insurance claims, interbank account transfers, and real-time bill payments. The NOW Gateway connection to the RTP network enables financial institutions to send and receive real-time payments over the RTP network, which connects to over 60% of bank accounts in the U.S. “Working with Fiserv makes it possible for us to offer the real-time payment options that are available today and be ready to offer new services that emerge in the future without worrying about additional integrations,” said Curran. “At Fiserv, we are building and partnering to bring industry-leading payment capabilities and tools to institutions of all sizes,” said Matthew Wilcox, president, Digital Payments and Data Aggregation at Fiserv. “We are committed to continue building future-state capabilities that help our financial institution clients serve consumers and businesses as the payments landscape continues to evolve." In a world moving faster than ever before, Fiserv helps clients deliver solutions in step with the way we all live and work – financial services at the speed of life. Learn more at fiserv.com. |
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
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