A new TransUnion (NYSE: TRU) survey found that many consumers feel their existing auto and new mortgage payments are putting a strain on their household finances, and the prospect of falling interest rates has them ready to consider refinancing those loans.
 
The surveys of current auto loan customers and those consumers who have taken out a mortgage in the last 24 months were conducted between September 18 and September 27, 2024. They resulted in responses from 1,002 and 1,025 auto and mortgage loan customers, respectively.
 
“We surveyed this specific group of recent borrowers to better understand the drivers of refinance for both mortgages and auto loans,” said Jason Laky, executive vice president and head of financial services at TransUnion. “Millions of people financed homes and autos during this period of high interest rates, and many will look to refinance as interest rates decline.”
 
TransUnion’s survey found four in five recent home buyers say their mortgage payments are straining their finances and are looking to refinance their mortgage payments in the next 12 months.

When asked the biggest factor that would ultimately drive them to pull the trigger on a refinancing decision, 70% of these recent home buyers said that a more favorable loan term would be a key driver for them. However, a nearly identical percentage said that better interest rates (67%) and a cash-out refinance (61%) would also be significant drivers, reflecting broad economic interest.
 
“For many of these recent home buyers, their mortgage payment is their largest single payment each month,” said Satyan Merchant, senior vice president and mortgage and auto business leader for TransUnion. “The upside is that it is a payment that can be refinanced if the economic climate allows for it, and as interest rates begin to fall, this group of consumers should begin exploring this option. Conversely, lenders should be actively marketing to these refinance candidates, regardless of what their primary motivation to refinance may be.”
 
Similar Consumer Sentiments Found When Asked About Auto Loans
 
The survey also examined consumer sentiment towards their existing auto loans, payments and interest rates along with future plans regarding refinancing. Results indicated that there was a similar eagerness to refinance when interest rates eventually fall, and a similar response among consumers when asked if they feel that their current auto loan payments represent a strain on their household finances.
 
When asked the extent to which they agree that their current auto loan payment represented a strain on their personal finances, 65% of respondents indicated that they agree or strongly agree with this statement as opposed to 20% who disagree or strongly disagree. Nearly the same percentage of respondents, 63%, indicated that they were likely or very likely to refinance their existing auto loans if it could save them money on their monthly payments. 52% of respondents indicated they would consider refinancing if it would save them between $50 and $149 monthly.
 
The research also explored the sentiment of consumers who have already refinanced despite the relatively high interest rates. Many of these borrowers derived lower payments through longer terms.
 
From this standpoint, TransUnion data shows that credit unions continue to lead the way with 67% of the refinance share in 2023. Banks had the second largest share, at 20%. These figures have remained relatively stable in recent years and underscore consumers’ favorable perception of credit unions when they begin exploring refinancing opportunities.
 
“Credit unions may be able to offer their members rates and service that larger more traditional banks cannot,” said Sean Flynn, senior director of community financial institutions at TransUnion. “Credit unions should lean into this fact and leverage available tools such as trended data and advanced analytics to seek out those consumers who may be able to refinance.”
 
To learn more about how TruIQTM by TransUnion helps lenders make better, data-driven decisions faster with advanced analytics consulting services and enabling technologies, click here. To learn how TruVisionTM allows lenders to use trended data to more precisely balance risk and opportunity with risk management products that identify and manage best-fit customers across the account lifecycle, click here.
 
To learn more about the analysis above, click here.

Members of Addition Financial Credit Union can now make a difference in their communities with every debit card purchase. The organization is proud to announce that for each purchase with a member’s standard debit card, Addition Financial will donate a half cent to the Addition Financial Foundation, the philanthropic arm of the credit union. There is no added cost to members.

“We are excited to offer our members an effortless way to contribute to the betterment of the Central Florida community,” Kevin Miller, President and CEO of Addition Financial Credit Union. “Every transaction made with our flagship debit cards will now have a positive impact, contributing from everything to scholarships for local students to grants for some of our incredible nonprofit partners.”

Cristina Lehman, Executive Director of the Addition Financial Foundation, added: “Addition Financial has so many amazing members who want to support the work the Foundation does, and I am thrilled the credit union has created such a straightforward and seamless option to empower them to make a difference. The initiative is a testament to Addition Financial’s commitment to building up the local communities that it serves.”

The Addition Financial Foundation is a registered 501(c)(3) organization founded in 2021 whose mission is to foster empowerment in the Central Florida community through financial education and charitable giving. The Foundation partners with local school districts, higher education institutions, and nonprofit organizations that positively impact the community.

For more information about the Addition Financial Foundation and how to get involved,
​visit https://foundation.additionfi.com/.

​On October 29, 2024, the Defense Credit Union Council, DCUC, sent a letter (attached) to Congresswoman Claudia Tenney (NY-24) in response to comments made during the recent American Bankers Association (ABA) conference. In the letter, Jason Stverak, DCUC Chief Advocacy Officer, expresses DCUC’s appreciation for Congresswoman Tenney's willingness to discuss credit unions' tax-exempt status and regulatory framework, including Community Reinvestment Act (CRA) requirements.

“The tax-exempt status of credit unions is closely tied to their mission-driven structure, especially those that serve military and defense communities,” says Stverak. “Unlike shareholder-driven institutions, credit unions reinvest earnings into their member services and community programs. Our priority is also ensuring the financial stability and readiness of service members, veterans, and their families.”

In the letter, Stverak highlighted the fundamental differences between credit unions and banks, including their unique member-focused missions and not-for-profit cooperative structure. Stverak emphasized that defense credit unions serve a targeted field of membership, often in underserved military and veteran communities, and align naturally with CRA goals without requiring identical regulatory treatment.

"Defense credit unions support military members worldwide, providing affordable loans, financial education, and resources tailored to the unique needs of service members," adds Stverak. "This targeted approach to service creates an inherent alignment with CRA objectives and reflects their commitment to the communities they serve. Applying bank-specific CRA requirements to credit unions would overlook the unique and vital role they play in members' financial lives.”

DCUC is committed to advancing financial readiness for military and veteran families and upholds its mission of service, advocacy, and empowerment for its member credit unions serving these important communities.

Stverak offered to meet with Congresswoman Tenney and her staff to further discuss the contributions of defense credit unions to military and veteran communities while addressing any concerns related to tax-exempt status or regulatory alignment.

Datava Solutions, an industry-leading  CUSO, announces the successful completion of a funding round, securing a $3 million  investment. This infusion of capital will be directed towards Datava Inc., an innovative fintech  dedicated to empowering credit unions to be data-driven. The funding round was spearheaded by  prominent financial institutions American Heritage Credit Union and Launch Credit Union,  underscoring their confidence in Datava's disruptive technology and immense growth potential. 
​
“American Heritage Credit Union is proud to expand our partnership with Datava through this  investment,” said Adrian Rodriguez, SVP of Data & Innovation. “Datava’s innovative platform  empowers us with actionable insights that enhance both member experience and growth. We are  confident this collaboration will drive significant value, not only for our credit union but for the  entire credit union movement, as we lead the way toward a data-driven future.” 

Datava revolutionizes data management for credit unions with its comprehensive end-to-end data  activation platform that manages the entire data journey – from collection to activation, ensuring  credit unions deliver the right product to the right member at the right time. Their platform not  only boosts staff productivity and increases member satisfaction, but also unlocks valuable  insights that enhance decision-making processes and optimizes operational efficiency. Powered  by advanced AI technology, Datava drives actionable intelligence that significantly increases  member share of wallet and maximizes the growth and ROI of a credit union. 

This funding round marks a momentous milestone for Datava as it embarks on its next phase of  growth and innovation. This significant investment from American Heritage and Launch Credit  Union will help Datava further deepen their relationships in the credit union industry, propel  their expansion efforts, fuel research and development initiatives, and strengthen the company's 

development efforts as they continue building state-of-the-art software to benefit credit unions. This will also be American Heritage’s second round of investment into Datava, cementing their  role as a trusted partner. 

“Launch Credit Union, via their subsidiary, Launch CUSO Holdings, LLC, is proud to add  Datava to its portfolio of leading-edge companies in which they have invested,” Mark Brewer,  CEO of Launch CUSO Holdings LLC, stated. “We were impressed enough as a customer to  become an investor. We leverage Datava as a trusted partner and as an extension of our team.  Their staff and Executive Team have made Data relevant and exciting! We strongly believe in  the Credit Union Industry’s People Helping People philosophy and Datava embodies that  through their Credit Union Service Organization (CUSO) structure as well as their service. We  look forward to leveraging Datava’s large portfolio of services as our data strategy continues to  evolve and mature.” This will also be American Heritage Credit Union’s second round of  investment into Datava, cementing their role as a trusted partner.  

  "We are beyond thrilled to have secured this pioneering investment from American Heritage  Credit Union and Launch Credit Union," shared Gordon Flammer, CEO of Datava. "Their  support not only validates the impact of Datava’s platform but also enables us to accelerate our  development roadmap and support our continued vision of creating software that helps credit  unions grow, all while enhancing their member relationships. We are confident this partnership  will drive exceptional value for credit unions.” ​

Financial Plus Credit Union is thrilled to announce its partnership with 4-H/MSU Extension, titled GenMoney. The collaboration will expand financial education teachings by providing free curriculum for schools in Michigan.

“We’re giving students a head start on a successful financial future by offering the tools, knowledge, and resources they need to reach their highest potential,” expresses Brad Bergmooser, President and CEO of Financial Plus Credit Union. “Our collaboration with 4-H/MSU Extension meets the next generation’s needs with a personalized education experience that complements schools’ existing coursework.”

Governor Gretchen Whitmer signed House Bill 5190, a bipartisan law requiring Michigan students to complete a personal finance course as a high school graduation requirement, starting with ninth graders in 2024. The GenMoney initiative will help provide resources for schools to satisfy this requirement. Participating schools will receive turn-key curriculum through Clover by 4-H. Schools will have the ability to choose whether they would like to teach the provided curriculum or request a teacher from 4-H/MSU Extension to instruct the course.

“A priority for the young people involved in Michigan 4-H is to prepare them for the challenges of a complex and changing world. Financial literacy is an essential life skill that will enable the youth in our community to make well informed financial decisions and effectively manage their money throughout their lifetime. This partnership between 4-H/MSU Extension and Financial Plus is valuable because it will provide students with the tools and skills they will need for a healthy financial future,” said Loren Dockins, Urban 4-H Program Coordinator at Michigan State University Extension.

To promote ongoing learning, students will have the opportunity to open a savings account at Financial Plus and will receive an initial $10.00 deposit into their accounts. Financial Plus will also visit participating schools during the coursework to deliver financial literacy presentations and provide access to the “Spartan Dollar and Cents: Realistic Budget Simulation” financial management experience.

For Kristen Klipa, an 8th Grade Academy teacher, financial education is invaluable. She notes, “Financial literacy is an essential life skill that will enable my students to make well informed financial decisions in the future. Partnering with 4-H/MSU Extension for Personal Finance lessons made planning quick and easy. Likewise, partnering with Financial Plus Credit Union for a member account, with $10.00 in each account, for all my students was a fantastic way to celebrate their accomplishment and set them on a path to a healthy financial future.”

Velera – formerly PSCU/Co-op Solutions, the nation’s premier payments credit union service organization (CUSO) and an integrated financial technology solutions provider – today announced its partnership with RAI PARTNERS.
 
Established in 2021, RAI PARTNERS is a fintech CUSO dedicated to providing a suite of data-driven, AI-powered products for credit unions, community banks and companies interested in embedded fintech. Its mission is to strengthen the credit union ecosystem through data-driven products that unlock growth and engage members.
 
“At RAI PARTNERS, we are committed to offering credit unions and financial institutions with access to user-centric fintech offerings to drive member engagement and satisfaction,” said RAI PARTNERS Co-Founder and CEO Ed Preuss. “We are proud to be working alongside Velera – an organization that holds similar values and goals – to advance credit union growth now and into the future.”
 
Through this partnership, RAI PARTNERS will work with Velera to offer credit unions access to its offerings, including turn down programs and portfolio acquisitions:

• RAI PARTNERS’ turn down programs help credit unions accept card applicants who would otherwise be declined. Running parallel to a credit union’s existing card program, RAI PARTNERS can provide the ability for credit unions to say “yes” to more members, increasing engagement and growing revenue.
• Through its portfolio acquisition suite, RAI PARTNERS works with credit unions to optimize and grow acquired credit card portfolios, enhancing products, technology, member engagement and, ultimately, overall income. This includes adding features and functionality, managing day-to-day activities and generating new data, insights and leads.

 
“We are pleased to partner with RAI PARTNERS to extend our services and offerings into two spaces that we believe can truly elevate a credit union’s operations and garner success,” said Velera EVP, Chief Growth Officer Brian Scott. “This partnership is just one of many ways in which Velera is acting on its commitment to delivering our credit unions with the tools they need to build deep, lasting member relationships, while driving smart service and growth.”

In just a couple of months, implementing an AI-based system into its contact center has yielded impressive efficiency gains along with other benefits for Greater Texas|Aggieland Credit Union.

Earlier this summer, Greater Texas and its Aggieland subsidiary rolled out the AI-based Tex-Line feature as part of its voice system call flow, and in no time the system was handling about one out of every four calls. That has eased the burden on contact center agents while providing human-like interaction with members.

“Our members can have human-like conversations with Tex-Line for a more personalized experience. That is a big improvement from our older system, where these conversations weren’t possible. Members were forced to choose an option in the system to go to a specific department,” explained Stephanie Stout, Senior Vice President, Member Experience.

“Now they can speak with our virtual assistant to inquire about their needs and conduct transactions immediately without waiting for an agent.”

Thanks to the effort by the credit union’s marketing department to inform members ahead of time, the rollout went smoothly and was well received, Stout said.

From the beginning, Tex-Line was handling about one in four calls, and that percentage has remained consistent. As a result, productivity has increased significantly for the contact center.

As Stout noted, Tex-Line can manage high call volumes with its ability to answer several calls simultaneously and to resolve common inquiries with no need to involve a live agent. That frees agents to focus on higher-level calls that need additional investigation, and the contact center’s first call resolution rates have surged as a result. Average call wait times have dropped by 40 percent, bringing a big drop in call abandonment rates.

Greater Texas|Aggieland has also gained cost savings because as the contact center experiences normal attrition, the credit union has been able to avoid replacing those employees due to Tex-Line’s ability to handle so many calls effectively.

One of the advantages of Tex-Line is that because it learns through its interactions with members, the credit union can leverage that data to improve the scripting for the system, ensuring a continued human-style interaction that is responsive to members’ needs and communication styles.

“This allows us to better refine our call flows to continue customizing Tex-Line and providing a great member experience,” Stout said. “This type of automatio​n.

Glia, the leader in customer interaction technology, today announced the winners of the first-ever Catalyst Awards, celebrating forward-thinking companies that are successfully redefining how they interact with customers.

The awards program highlights innovative, creative and impactful deployments of Glia Unified Interaction Management. Glia honored innovators across five distinct categories during its annual event, Interact 2024, in San Antonio, Texas.

“We are proud to celebrate this dynamic first cohort of Catalyst Awards winners at Interact 2024, showcasing different yet equally powerful ways they are enhancing customer and employee experiences,” said Dan Michaeli, CEO and Co-Founder of Glia. “These five businesses are setting new standards for service interaction strategies, driving measurable success and impact. Their stories are strong examples of how Glia is empowering companies across the globe to reimagine how they interact with customers, creating efficiencies and lasting loyalty.”

Details of the 2024 Catalyst Award winners include:

• New York-based Quontic Bank received the Visionary Award, recognizing the bank’s innovative strategies that are breaking down silos to deliver a truly unified customer experience.

Leilani Devery, VP of Customer Success for Quontic Bank, said, “Implementing Glia at Quontic Bank has led to significant improvements in budget, efficiency, employee and customer experience. This implementation has allowed us to manage our entire customer service operation in-house. This shift has resulted in better control over the customer experience, improved service quality, and reduced operational costs.”

• Pennsylvania-based Service 1st Federal Credit Union stood out for its balance of AI efficiency and human empathy, winning the Harmonizer Award. The credit union has strategically blended automation and human interactions to create a superior member experience.

“Glia Call Center and the Glia Virtual Assistant have transformed our member experience,” said Chris Court, Chief Strategy & Innovation Officer for Service 1st FCU. “We've achieved a 37% self-service call handling rate, significantly reduced average abandonment and handle times, and seen a 39% reduction in average wrap-up time. Glia has allowed us to enhance our live agent support with AI, handling member questions and after-hours requests while maintaining the exceptional service and empathy our members praise us for.”

• Portland-based Umpqua Bank took home the Pacesetter Award for its dynamic digital-first transformation. Serving customers across eight states, Umpqua Bank is known for its strategic use of technology and understands the importance of continuous innovation without sacrificing the ever-important personal touch. 

Lauren Livick, Product Manager for Umpqua Bank, said, “Our digital-first transformation with Glia has revolutionized customer support at Umpqua Bank. We've successfully transitioned from a standalone app to an integrated digital banking experience, offering instant chat, audio support, and after-hours assistance. This shift allows us to maintain our signature personalized service while meeting modern expectations for quick, efficient support.”

• Denver-based Covered Insurance is empowering its employees to excel in the digital age, prioritizing employee engagement and productivity. The company received the Energizer Award, acknowledging its success in leveraging technology to enhance the employee experience.

“Glia has improved employee experience and efficiency at Covered Insurance. With features like auto-accept and multi-chat handling, we've seen a 55% decrease in wait times and improved our service level to 96%,” said Garrett Gomez, Agency Sales & Service Director at Covered Insurance. “Our team is energized by the modern interface and real-time engagement tools, boosting both productivity and satisfaction.”
​

• The Prodigy Award recognizes an organization that has made exceptional progress in innovation within the first year of adopting Glia. Serving more than 62,000 members, Kansas-based Azura Credit Union was named the winner in this category for its quick, effective innovation and impressive time-to-value.

Brooke Hamilton, VP Digital Member Experience for Azura Credit Union, said, “Not only was our implementation fast, but so was our time to ROI. By implementing Glia Call Center and Digital Customer Service, we were immediately positioned to seamlessly bring chat, video, and audio to our entire membership regardless of physical location. Operationally, we desire to reduce our wait times and abandon rates in all channels. This was achieved in less than 30 days after launching Glia Call Center and instantly for our video banking.”

Monday at Interact 2024, Glia unveiled powerful new AI innovations that drive efficiencies and more seamless experiences for customers, agents and managers.