Virtual Roundtable Discussion: Fostering Resilience and Recovery in Ukraine Through Credit Unions10/13/2023 To mark the 75th anniversary of International Credit Union Day, which we’ll celebrate as a global movement on Thursday, October 19, the USAID/WOCCU Credit for Agriculture Producers (CAP) Project has gathered high-level Ukrainian and U.S. government officials and regulators, as well as credit union professionals from both countries to the discuss ways they are supporting Ukrainian credit unions to help them better serve their members and communities during Russia’s ongoing war in Ukraine. Join us for this virtual roundtable discussion on Monday, October 16 to hear from:
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Since 2007, Wescom Credit Union has raised over $1.7 million – and counting – to support the National Multiple Sclerosis Society via the Bike MS: Bay to Bay annual event. Team Wescom, with more than 90 riders (employees, members, family and friends), participates in the 100-mile ride down the coast of Southern California from Orange to San Diego County every year to increase awareness and raise money. Team Wescom is currently ranked as one of the top teams on the Bike MS: Bay to Bay website! With estimates of nearly one million people suffering from MS in the United States, Wescom has already surpassed its goal of raising $150,000 this year to support the cause. In addition to the rider count listed above, throughout the years many non-riders have donated their time to support the Wescom Bike MS Team through hotel registration, support vehicles, logistics, etc. Because of Wescom’s continued dedication and support, the Pasadena, California-based organization was honored last month as a 2023 Impact Award Honoree at the Together for a Cure MS Luncheon in Newport Beach, California. In celebration of its 70th anniversary, First Financial Federal Credit Union is recognizing seven of its foundational partners by making a $10,000 donation to each in support of their organizations. Three area hospitals within First Financial’s field of membership are a few of the grant recipients – Carroll Hospital, MedStar Franklin Square Medical Center, and Sinai Hospital. First Financial granted $10,000 to Carroll Hospital, the first Carroll County partner group that First Financial added to its field of membership in 1990. Funds were allocated towards The Kahlert Foundation Simulation Center that is used to train and enhance care for patients. The simulation rooms use augmented reality that allows the user to train under different situations. First Financial also donated to long-term partner, MedStar Franklin Square Medical Center, who the credit union has served since 1984. Grant funds will support the Hospitalist Work Area that will give dedicated 24-hour space to care providers with their own suite containing offices, conference space, telehealth capabilities, kitchen, private lockers, bathrooms, and more. Additionally, $10,000 was granted to Sinai Hospital located in Baltimore, MD. Since 1988, Sinai Hospital is among the largest partner groups served by First Financial. Half of the donation was allocated towards Sinai’s Save-A-Limb Fund. The Save-A-Limb Fund supports patients who have complex limb and joint disorders at the Rubin Institute for Advanced Orthopedics (RIAO). The other half of the donation went to The Herman & Walter Samuelson Children's Hospital at Sinai that specializes in pediatric medicine and individualized care for those with cancer, neurologic disorders, bowel disease, and diabetes. “Improving the lives of others and making a difference in the community is what we are all about at First Financial,” said Eric Church, First Financial President & CEO. “It is an absolute privilege to do that alongside our long-term hospital partners that strive to heal and serve those in need.” For details on First Financial outreach initiatives held throughout the year, visit firstfinancial.org/community. To learn more about being a part of the First Financial difference, visit firstfinancial.org or call Member Services at 410-321-6060, option 5. Credit Union National Association (CUNA) Senior Economist Dawit Kebede, PhD, issued the following statement in response to the Labor Department’s September Consumer Price Index Report: “Headline inflation remained unchanged in September at 3.7% over the last 12 months, the same increase as in August. Core inflation, which excludes volatile food and energy items, decreased from 4.3% in August down to 4.1%. The index for services contributed the most to the monthly increase, followed by energy, and food items. On the other hand, the index for goods continued its decline for the fourth consecutive month. “Housing inflation increased in September to 0.6% from 0.3% in August, accounting for half of the increase of the monthly headline inflation. This is unexpected, as the impact of shelter on the overall inflation was anticipated to be muted at this time after showing declining trends in the past few months. Shelter is a lagged indicator in the inflation report, and some of the declines in housing prices observed early in the year are not yet reflected. “The declining core inflation indicates that prices are moving towards the Federal Reserve's target. The annualized core inflation rate for the last three months is now less than 3%. This coupled with declining wage growth and recent increases in bond yields, suggest that the Federal Reserve may not need more rate hikes to control prices.” Glia, the customer interaction leader unifying Digital Customer Service (DCS), phone and automated self-service on a single platform, has partnered with Lumin Digital, the leader in cloud-native digital banking solutions, to streamline digital-first member service. Glia’s DCS capabilities are now integrated into Lumin's online banking platform, enabling quicker, effortless member support. Lumin Digital, a cloud-native digital banking platform, elevates financial institutions' user experiences to match larger institutions and deliver the modern banking experiences that today's users expect. With a focus on service, user experience, safety, and security through advanced automation, Lumin Digital enhances engagement by offering personalized recommendations in spending insights, financial advice, fraud alerts, and savings goals. Lumin enables banks and credit unions to provide real-time updates and value-added features supported by a dedicated team of industry experts, designers, and developers. Pre-integration of the Glia Interaction Platform within Lumin’s digital banking offering enables a seamless digital-first customer experience across all channels—SMS, chat, voice and video—without breaking the digital connection. Online collaboration tools, including CoBrowsing, allow financial institutions to guide customers, improve satisfaction and build loyalty for banks and credit unions. “At Lumin, we believe that technology should be built for, not to replace, the human connection,” said Sean Weadock, Chief Product Officer at Lumin. "Glia’s robust service and support tools squarely align with that philosophy, enabling credit unions to leverage digital-first technology to maximize meaningful human conversations and reach quicker resolution. This partnership will empower banks and credit unions to deliver a unified approach to member service across all channels, boosting efficiency, revenue and loyalty.” "The combined services of Lumin's digital banking platform and Glia allow Ascend to continually meet the ever-evolving needs of our members," said Matt Jernigan, President and CEO at Ascend Federal Credit Union. "Through this partnership, our members can seamlessly manage their funds and monitor their overall financial health using secure, reliable, and innovative technology." The integration within Lumin’s online banking platform overcomes silos and fragmented solutions, providing a frictionless experience for members, agents and managers. Members benefit from real-time guidance, accelerated interactions and improved satisfaction. Glia and Lumin already have 15 mutual credit union clients. "We live in an always-on world where interactions are expected to happen on screen, on demand and on point,” said Steve Kaish, SVP of Alliances at Glia. “Our commitment to delivering the right interaction at the right time aligns with Lumin’s dedication to delivering exceptional member experiences, and we are excited to provide credit unions with the tools needed to optimize their member interaction strategies for today and beyond.” Glia and Lumin will be at the Jack Henry Connect conference next week. See Glia at booth 1009 and Lumin at booth 333. Eltropy announced today that it has revamped its Video Banking and fully integrated it with its Enterprise Texting, Digital Contact Center and AI capabilities that comprise its Unified Digital Conversations Platform—which now offers the industry’s first, completely unified approach to a community financial institution’s (CFIs) conversations with its members and customers. As CFIs look to accelerate digital transformation and leverage advances in AI, Eltropy, a little over one year after its pivotal 2022 acquisition of Video Banking leader POPi/o and industry AI pioneer Marsview AI, launched its groundbreaking Unified Platform to help CFIs improve member engagement, combat fraud, and digitize deposit and collection strategies. "CFIs have options, and given the choice they would prefer an all-in-one conversational platform infused with AI, seamlessly integrated with their Core, LOS, and Collection systems, and one that’s user-friendly across all departments," said Ashish Garg, Co-Founder and CEO of Eltropy. "Traditionally, CFIs adopt multiple point-solutions and attempt to integrate them, with limited success. However, with our new Unified Platform, they no longer need to invest time and resources in complex integrations. With this unified, single platform, CFIs can focus on their customer needs, expand their reach, and build trust while also reducing the overall cost of ownership. It’s our most important product achievement to date." As conversations shift predominantly to digital and the power of AI significantly improves help for both members and agents, contact center solutions originally designed for phone-centric conversations struggle to adapt to the digital-first age. Eltropy’s Unified Platform provides a digital-first approach to transforming the Call Center into a modern Contact Center while co-existing with legacy phone systems. Eltropy pioneered the development of a Text messaging platform tailored for CFIs. In this latest release of its unified conversations platform, Eltropy has expanded its capabilities to handle all channels—Text, Chat, Video, and Voice, infused with “AI everywhere.” It’s all seamlessly integrated with Co-browsing, Document Sharing, OTP, ID Scan and KBA verification, Video Notary, Video Check Deposit, Appointment Management and Reputation Management. With AI Agents and Conversation Intelligence, AI is everywhere to help customers and agents 24/7. "The unification of conversations under one umbrella, one platform, is critical for credit unions seeking to speed up digital transformation and build member loyalty," said Barb Lowman, President of CUNA Strategic Services. “Eltropy is a key leader in this space that provides a comprehensive solution. By focusing on unification, credit unions can effectively bypass their competitors, both traditional and non-traditional, and engage their members in the channel of their choice. Eltropy's Digital Conversations Platform goes beyond the standard postage-stamp video box, providing versatility for various use cases, including Video Verification to prevent fraud; Video Notary for remote online notarization; and Video Check Deposit, allowing members to deposit checks of any denomination without having to visit a branch. With the new Eltropy Unified Platform, Video Banking can be added on the fly to any Text, Chat, or phone conversation, ensuring a smooth and concurrent experience. "We’re delighted to see Eltropy's digital conversations platform release, as we decided to go all in with Eltropy last year based on their vision for a unified, AI-assisted user experience,” said Buddy Bennett, COO of Cyprus Credit Union, based in West Jordan, UT. “This release exceeds our expectations, and we look forward to accelerating our digital transformation with the platform, realizing the best-in-class ROI on our investment.” "This Unified Platform is a milestone release for Eltropy and the industry,” Garg continued. “We’ve combined capabilities from our POPi/o and Marsview acquisitions, creating an industry-leading ‘single pane of glass’ experience for users. This empowers members and customers with channel choices to initiate conversations with CFIs, streamlining digital transformation efforts for CFIs of any size. These enhancements reinforce our commitment to equipping community banks and credit unions with a cutting-edge conversations platform to thrive in today's competitive financial landscape." Discover the possibilities with the new Eltropy Unified Platform by joining an informative webinar on Tuesday, Oct. 31 at 1:00 p.m. EDT. Secure your spot by registering here. Acadia Federal Credit Union has digitally transformed member services with Glia, adding convenient digital-first service options and centralizing its call center on the Glia Interaction Platform. Unifying phone and digital channels has enabled the credit union to meet strong demand for commercial and consumer loans while supporting overall membership growth.
Read the full Acadia Federal Credit Union Success Story Known for its highly personalized service, Acadia wanted to deliver digital options that could enhance the member experience and enable remote support, while staying true to its service roots. The Glia Interaction Platform provided a flexible solution that allows Acadia members to adopt digital service on their own timeline, with full support for those who prefer to call in. “With Glia, we are providing our members with choice, allowing them to transition to digital channels at their own pace. We can efficiently support the increase in digital adoption without alienating those who still prefer to call in,” said Charles Pelletier, Information Systems Manager at Acadia Federal Credit Union. “Both members and employees are extremely satisfied with how we’ve approached evolving our member service strategy, with Glia as our foundation.” Digital usage continues to climb, resulting in a lower average wait time of 20 seconds. On-screen collaboration, especially dual-cursor CoBrowsing, has proven popular allowing service representatives to guide members online by pointing out resources, opening relevant links for a member and even helping to fill out an application. Members who use CoBrowsing rate it highly, with a perfect 5/5 score. Driving Efficiency While Maintaining High-Touch Service Consolidating all member interactions on the Glia platform gives Acadia a single, unified data view for deeper analysis as well as insight to continuously improve service. The unified platform simplifies staffing, management and reporting. Further, it has streamlined training, with new employees quickly learning the Glia platform and able to provide member service in as little as 45 minutes. “Acadia Federal Credit Union is a great example of how a financial institution can digitally transform service, both maintaining the high-touch support members expect while also increasing efficiency. The Glia Interaction Platform is not only cost-effective, but also helps Acadia manage growth in loans and membership,” said Paul Sheets, EVP of Customer Success and Services for Glia. As one of five Finalists, DelGado’s route to the podium began when he was selected into the CUES Emerge program early in 2023. From there, participants completed business cases and worked toward their project idea while a team of judges reviewed their proposals. On October 4, it culminated in DelGado and the four other finalists presenting their projects live during an online pitch show, hosted by Tim McAlpine of Currency Marketing. Two other finalists, Jana Chamberlin, Instructional Design Manager, Northwest Federal Credit Union, Herndon, VA and Antionette Morton, VP/Accounting & Finance, Educational Systems Federal Credit Union, Greenbelt, MD, were named as runners-up. DelGado and each of the runners-up will receive coaching packages from Envision Excellence. Additionally, DelGado has earned a scholarship to attend CUES Advanced Management Program from Cornell University. Chamberlin and Morton will have the opportunity to either attend a CUES eCornell course or receive a 50% scholarship to attend CUES Advanced Management Program from Cornell University. DelGado’s winning business case discussed how credit unions could help their members with Transitional Housing Loans. He’ll be honored as the 2023 CUES Emerging Leader during the CUES Member Appreciation & Awards Event, happening October 19 online. This event is free and open to all CUES members. The other Finalists taking part in the online pitch show were Katrina Otto, Director of Human Resources and Development, Members Choice Credit Union, Houston, TX and Avi Poje, Training and Education Manager, Hughes Federal Credit Union, Tucson, AZ. CUES Emerge was created to offer free professional development to the industry’s up-and-coming leaders. Participants who complete the course work and business case earn the Certified Credit Union Manager designation in recognition of their commitment to their career, credit union and the industry. You can watch the pitch show and learn more about the program at CUESEmerge.com. Learn more about CUES at cues.org. Learn more about Currency Marketing at CurrencyMarketing.ca. PSCU, the nation’s premier payments credit union service organization (CUSO) and an integrated financial technology solutions provider, today announced that United Community Credit Union (United Community) has selected the CUSO to provide debit and credit card processing services and support. Established in 1950, United Community was founded to serve the financial needs of Texas’ Galena Park Independent School District employees. Today, United Community holds more than $126 million in assets and works to empower its over 12,500 members and East Houston residents by creating financial success through service to its community. The credit union undertook a thorough, comprehensive review and evaluation process to identify a partner for card processing services. United Community sought an organization with a proven track record of reliability and security that was also committed to fostering a collaborative relationship. Technological innovation, adaptability and flexibility were crucial criteria for United Community in choosing a partner capable of evolving with the changing financial landscape and customizing solutions to fit its needs. In addition, the credit union was looking for an organization that would provide excellent member service with a deep understanding of the unique needs of credit unions. United Community found its ideal fit in PSCU. “At United Community Credit Union, our mission has always been centered around providing financial solutions that empower our members to achieve their financial goals. This partnership with PSCU is a significant step forward in our journey to providing top-tier solutions to our valued members,” said United Community Credit Union Chief Financial Officer Candice Soto. “By combining PSCU's cutting-edge processing capabilities with our mutual commitment to excellence, we are ushering in a new era of convenience, security and innovation. As we embark on this exciting new chapter, United Community Credit Union remains dedicated to elevating the financial well-being of our members through strategic partnerships that align with our values.” PSCU will begin providing debit card support to United Community members in spring 2024, followed by credit services in fall 2024. “We are extremely pleased that United Community Credit Union chose PSCU as a result of our shared values and commitment to providing a seamless member experience through industry-leading solutions and technologies,” said PSCU Chief Revenue Officer and EVP Scott Wagner. “We look forward to working with United Community to elevate and enhance their card offerings, while also meeting member expectations and needs for years to come in today’s continuously evolving payments industry.” Origence, the leading lending technology solutions provider for credit unions, announced its first keynote speaker, Andrew Busch, for its annual users’ conference. Lending Tech Live ‘24 is scheduled for June 25-27, 2024, at the Marriott Marquis in San Diego, California. Andrew Busch was the U.S. government's first chief market intelligence officer (CMIO) at the Commodity Futu res Trading Commission (CFTC). As an economic futurist, Busch dives deep into exploring how innovation, policy changes, and societal shifts drive opportunities for companies. Busch is renowned for his ability to demystify complex economic phenomena, making him a sought-after speaker and commentator. During his Lending Tech Live session, he will discuss trends supercharged by world events and apply them to the credit union industry. “We’re excited to announce our first keynote speaker for Lending Tech Live ’24 is Andrew Busch,” said Erika Hill, VP of marketing strategy & events for Origence. “Andrew has a distinguished background in finance and economics, and his expertise in global financial markets will bring valuable insights to our conference. Attendees will experience a masterclass in future finance and economic foresight when Andrew takes the stage.” Lending Tech Live ’24 will mark Origence’s 30th anniversary and will include opportunities for attendees to help celebrate the milestone. The conference will include user workshops to optimize lending programs, develop borrower journeys that deepen members’ connections and identify pivotal regulatory topics for 2024, and more. Following a record-breaking year in 2023 with the highest attendance ever, Lending Tech Live '24 stands as the leading lending conference in the credit union industry. It offers valuable professional insights, educational sessions, and top-tier networking opportunities. This conference delves into cutting-edge tools and technologies that influence the lending landscape, providing expert guidance on best practices, lending strategies, emerging trends, research, and more. To learn more about the conference, visit the Lending Tech Live website. |
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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