$500,000 Resilience Initiative Allows 100 Ukrainians to Grow or Restore Businesses Amid Russia’s War12/14/2023 Worldwide Foundation for Credit Unions’ (WFCU) $500,000 Resilience Initiative allowed Ukrainian credit unions that partner with the USAID/World Council of Credit Unions’ Credit for Agriculture Producers (CAP) Project to disburse loans to 100 business owners seeking to restore or grow their operations amid Russia’s ongoing invasion. Designed by the CAP Project and funded by WFCU’s Ukrainian Credit Union Displacement Fund, the Resilience Initiative was launched in June 2023 to stimulate rural and agricultural micro-, small- and medium-sized business recovery and growth, with a focus on supporting vulnerable populations and boosting sustainable development. As a result, half of the Ukrainian businesses to receive these loans are owned by women, who have taken on an increased role as entrepreneurs in Ukraine’s wartime economy. Iryna Solian, who runs a bakery and cafe in the town of Borshchiv, Ternopil Oblast, was one of the women who benefited from the Resilience Initiative. As part of her business, Solian cooperates with local schools to provide students with fresh bakery every morning. Her dream was to make pizzas for the children, but she lacked the financing to purchase an indoor pizza oven. Thanks to the Resilience Initiative funds provided to her credit union, “Narodna Skarbnytsia”, Iryna was able to take out a $2,800 loan to purchase the oven at a rate that was half the market average. With the new pizza oven in place, Solian can now expand her range of products and make children happy. “Quality catering for kids is very important – everything must be perfect: products, kitchen, equipment. I love what I do, and I am happy I can now do it better thanks to your support,” said Solian. With credit unions well-positioned to address the significant financial challenges facing Ukrainians, including those internally displaced or returning from abroad and those who stayed in their communities devastated by war, it is critical to provide incentive programs and additional funds to credit unions to share risks and build long-lasting relationships, especially with new businesses and members. Since February 2022, Worldwide Foundation for Credit Unions has raised over $1.8 million through its Ukrainian Credit Union Displacement Fund, implemented seven relief programs and launched three early recovery programs totaling nearly $1.5 million that have focused on providing assistance to Ukrainian credit unions and their members in wartime. For more information, please see the WFCU Relief Results report. To donate to the Ukrainian Credit Union Displacement Fund, click here.
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The application deadline for the World Young Credit Union Professional Network (WYCUP) 2024 Scholarship Program is now extended until 11:59PM CST on January 1, 2024! Apply here for the chance to attend career-building experiences worldwide during two events in 2024. The WYCUP Scholarship Program will award up to three scholarships to join WYCUP at the Confederation of Caribbean Credit Unions Convention (CCCU) in St. Kitts and Nevis in the Caribbean to discuss sustainable growth and development and more from June 21-26. In addition to the CCCU experience, up to three scholarships will join WYCUP at the World Credit Union Conference (WCUC) in Boston, MA, USA from July 21-24 to learn, network, and engage with the largest gathering of credit union professionals in the world. The 2024 scholarships include airfare, hotel, and registration fees for the awarded events. *WYCUP scholarship applicants must be 40 years of age or younger on January 1, 2024 to be eligible. *WYCUP scholarship applicants must be endorsed by a credit union, cooperative financial institution or national/regional association that is either a member of the World Council of Credit Unions or is affiliated with one of its members. Go HERE to see a list of WOCCU members. The American Association of Credit Union Leagues (AACUL) honored Tom Kane, President/CEO of the Illinois Credit Union League and Envisant, with its highest accolade, the prestigious Eagle Award. A visionary leader in the credit union movement, this recognition signifies Kane’s incredible impact on the industry, his dedication to member service, and his vision for advancing financial well-being for all. Kane’s tenure as League President and CEO has been marked by notable achievements. He spearheaded initiatives that empowered credit unions to thrive in a rapidly evolving financial landscape. He established the ICUL “Commit to Change” committee, an internal initiative that tackles systemic barriers and fosters a more inclusive credit union system. Under his guidance, ICUL has successfully lobbied for legislation to improve the operating environment for credit unions in Illinois. He has developed Envisant, the business subsidiary of ICUL, into a leading CUSO providing credit unions access to competitive card programs and cutting-edge technology and resources. Tom’s impact extends beyond specific initiatives. He is widely admired for his collaborative spirit and commitment to working hard and being kind. “I can think of no one more deserving of this award than Tom Kane,” said Libby Calderone, President/COO of Envisant, “every day he challenges our team and himself to find ways to nurture and grow the credit union movement. His energy and passion are inspiring!” “Tom’s enthusiasm for the credit union movement is palpable! Tom is a great example of collaboration and engagement in Illinois, within the League System, and throughout the Credit Union movement,” praised AACUL President Brad Miller. “Within his state, Tom has shown commitment to the young professional movement by hosting a standalone conference as well as a standalone women’s leadership conference. Tom is a champion of the League System in many ways, including encouraging his team to participate in various AACUL initiatives.” Miller continued, “Tom’s support of the credit union system is magnified by his generosity and selfless aim to help others flourish. The Eagle Award is a testament to Tom Kane's exceptional leadership and unwavering dedication to the credit union movement. His vision, passion, and commitment to making a difference have left an indelible mark on the industry, and his legacy will continue to inspire generations of credit union leaders to come.” Brian Elcock, a veteran of business technology, has joined the Prodigy team as its new Chief Technology Officer. This is a brand new role for the leading cloud-based core CUSO. While new to the credit union market, Elcock is no stranger to technology. Prior to joining Prodigy, Elcock spent nearly nine years at Dynata, a digital marketing data platform provider. He’s also served in a variety of technology- oriented roles in health care, financial transaction, higher education, ecommerce, supply chain management and many other industry systems. “Prodigy is delivering incredible technologies to credit unions that many larger organizations haven’t had access to,” Elcock said. “I’m eager to bring the team my passion for leadership, technical architecture, system management,technical product ownership, agile processes, system design, project management and business process automation. Together we can help credit unions advance even further to serve their members as they see fit.” Prodigy CEO Amber Harsin stated, “Given credit unions’ current environment in the areas of both security and member relevance, we are very excited to bring Brian’s thoughtful leadership and technical expertise to Team Prodigy. His expertise will continue guiding us toward the future of what’s possible for a credit union core processor.” Credit Union Trends ReportTruStage's Credit Union Trends Report is a monthly "pulse check" on the state of the credit union marketplace, often placed in a historical context. The report includes data from two months prior and is published and distributed by Steven Rick from TruStage™. November 2023
For more details, please see the entire report here. ALM First, a strategic partner for more than 300 financial institutions nationwide, is expanding its client relations team. Bart Miller, a professional sales executive with more than 20 years of experience in relationship management and a passion for helping depositories enhance their secondary market mortgage programs, joins the firm as Director, Sales & Client Relations, this month. Bart’s consultative approach aligns with ALM First’s focus on putting its clients’ best interests first. Prior to joining the firm, he served as Enterprise Account Executive at Polly, an end-to-end capital markets ecosystem designed to help lenders optimize performance from rate lock to loan sale and delivery. Bart brings a wealth of industry and secondary mortgage market knowledge to his new role at ALM First, having previously served Optimal Blue, JPMorgan Chase, and Dun & Bradstreet in various capacities throughout his career. “Bart is a great addition to our growing team,” says Mike Ensweiler, Principal at ALM First. “He understands the unique needs of depository institutions and is well prepared to help ALM First expand our services to assist more institutions and create new value for existing clients.” Beyond Asset Liability Management, ALM First’s team of experienced professionals provides a host of strategic services and balance sheet management solutions including Secondary Mortgage Market Program Development, the Loan Transaction Network, Securitization Consulting, Merger & Acquisition Advisory, Investment Advisory, Capital Planning & Stress Testing, Hedging and Derivatives Services, and more. Recently expanded business lines also include ALM First Executive Benefits, which offers trusted and transparent consulting services to aid in compensation plan development, and a full range of executive search and leadership solutions through DDJ Myers, an ALM First Company. Visit www.almfirst.com to learn more about our ongoing partnership options. Allied Payment Network, Inc. (Allied), the industry leader in real-time, open-network payments solutions to banks and credit unions, today announced its partnership with MY CREDIT UNION. Allied’s payment solutions will integrate with the credit union’s Ultracs digital banking platform. Based in Bloomington, Minnesota, MY CREDIT UNION’s mission is to provide financial solutions that educate, empower, and engage its members and communities. This aligns closely with Allied’s mission to help position financial institutions as the heart of the communities they serve. The industry’s “most connected” payments partner, Allied is the expert in real-time money movement and continues to build a more flexible and open payments solution. “Allied, like MY CREDIT UNION, is a community-focused organization,” said MY CREDIT UNION President Greg Worthen. “That fact, coupled with a robust suite of payment solutions, made this an easy decision. With the combination of two state-of-the-art platforms like Ultracs and Allied, we’re confident we’ll be able to give our members the superior mobile-first experience they expect. We look forward to the value this relationship will bring to our members and communities.” Operating with the philosophy “moving money matters,” Allied provides financial institutions of all sizes with world-class payment tools that help them capture new members and unlock revenue opportunities. In the last year, Allied has added more than 50 new financial institution clients and now partners with nearly 500 financial institutions across the country. Allied processed over $3.6 billion in payments last year alone and expects to surpass those numbers this year. Jeff Harper, Chief Revenue Officer of Allied, adds, “We’re honored to partner with MY CREDIT UNION. Financial institutions of all sizes trust us because our products are innovative, easily integrated, highly scalable, and supported by exceptional customer service. We look forward to facilitating their members’ money-movement needs and to a long, successful partnership.” “Financial institutions like MY CREDIT UNION serve a critical role in their communities. Their members aren’t just numbers; they’re neighbors and friends,” said Allied CEO Geoff Knapp. “They are allies for their community and we’re proud to be an ally for them. We look forward to working with MY CREDIT UNION and helping them further their mission.” InvesTex Credit Union Partners with Bankjoy to Enhance the Digital Banking Experience for Members12/13/2023 InvesTex Credit Union has partnered with leading digital banking provider, Bankjoy to provide a world-class online and mobile banking experience for its members. Since 1952, InvesTex Credit Union, formerly known as Aldine Teachers Credit Union, has been dedicated to providing the highest quality service for its members while maintaining a solid financial foundation. InvesTex Credit Union strives to develop lasting relationships that support members’ quality of life and overall financial well-being. As a result of the credit union’s unwavering focus on its members, InvesTex has grown significantly over the years and today, manages over $250 million in assets. Through the partnership with Bankjoy, InvesTex will further its mission of delivering world-class service as its membership continues to grow. The credit union’s members will now have access to Bankjoy’s end-to-end digital banking platform, which includes a robust suite of mobile and online banking features, integrated loan applications, and other advanced functionalities, such as online account opening. With Bankjoy, InvesTex Credit Union will be equipped to offer an intuitive digital banking experience with all the features today’s members expect. Bankjoy’s platform will integrate directly with InvesTex’s core processing system, Corelation KeyStone. Bankjoy’s platform is seamlessly integrated with the KeyStone core system and designed with the end-user in mind, resulting in a consistent, secure, and intuitive UX for InvesTex’s members, across all digital channels. Bankjoy is the first official Corelation Certified Partner, which makes it fast and easy for credit unions using Corelation for core processing to roll out Bankjoy’s award-winning digital banking suite. “Since the beginning, InvesTex Credit Union has remained focused on our members and helping them thrive financially. While our focus on our members has not changed since we were founded over 70 years ago, the technologies we use to engage them has evolved over the years,” said Keith Kearney, president and CEO of InvesTex Credit Union. “Our partnership with Bankjoy will give us the modern digital tools we need to continue impressing our members and exceeding their expectations with the highest quality service.” “By 2025, the number of digital banking users is projected to surpass 216 million and many of these users will access their banking at least once per month or more, according to recent data,” said Michael Duncan, CEO of Bankjoy. “As more consumers increasingly rely on mobile banking apps for their financial needs, credit unions must keep up technologically to keep members satisfied. InvesTex Credit Union is getting ahead of the curve and the team at Bankjoy is proud to support such a reputable institution in its digital transformation efforts.” MessagePay's user-friendly technology empowers credit unions to securely and efficiently send payment reminder texts, engage in conversations with members, and facilitate payments made by members to the credit union. The integration with Portico enables the instantaneous crediting of members' accounts, enhancing efficiencies in loan payments, collections, credit cards and customer service. This functionality is made possible by API-driven payment information exchange between MessagePay and Portico, allowing credit unions to effortlessly provide accurate, real-time data to facilitate member payments at any time and from anywhere. “Integrating MessagePay’s innovative payments and messaging capabilities into our Portico core banking platform allows credit unions to communicate with and receive payments from members in a manner convenient to them,” said Vanessa Stock, VP of Product Management & Strategy for Credit Union Solutions at Fiserv. “Members can now make payments as simply as a few taps on their phone, and the information is updated in Portico and their digital banking application in real-time.” “In a mobile-first world, frictionless payments and a simple user experience are a must for financial institutions. This integration makes for a seamless payments process for members of credit unions utilizing Portico,” said Greg Pesci, MessagePay’s President. Looking ahead, MessagePay plans to implement additional loan type payments options and single sign on capabilities. These advancements will continue to equip credit unions with secure and convenient tools to elevate their member engagement strategies and drive exceptional results. Since 1979, Red Rocks Credit Union, the service-minded, not-for-profit financial cooperative, has championed that today is the day that matters most — because the steps their members take today can make tomorrow better. In 2023, Red Rocks spent the year bringing this message to life, seizing opportunities daily to take action for a better tomorrow for current and future members. As it looked to improve the member experience dramatically, Red Rocks took equally dramatic steps to enhance its leadership and service technology. In arguably the credit union’s most significant move, Red Rocks welcomed several industry experts to its leadership team to enhance offerings in technology and lending while streamlining operations and improving member and community messaging. Joining Red Rocks as its new Senior Vice President of People Services, Chris Ramos will work to optimize operational efficiency, human resources strategy, people alignment, and team building for Red Rocks. She brings more than 25 years of experience in human resources leadership to the table. After serving in director-level positions for Destination Hotels and Resorts and the Ritz-Carlton Hotel Company, Ramos also served as SVP of Human Resources and Administration at Westerra Credit Union. With over 30 years of expertise, Duc Chu joins Red Rocks as its new Chief Technology Officer. In this role, he develops and directs strategies for leveraging technology as a tool for creating more user-friendly tools and streamlining systems for members and employees. With the entire leadership team at Red Rocks, Chu’s ultimate goal is to strengthen digital offerings that can position the credit union to expand existing functionality, offer new services, and streamline systems to enrich lives and create experiences that attract, engage, and retain members. Red Rocks also welcomed Tim Janvrin as its new Vice President of Lending. With more than 20 years of experience, Janvrin joined Red Rocks through Sooper Credit Union, where he also served as Vice President of Lending. He also worked in leadership positions at Sharonview Federal Credit Union, Pulte Mortgage, and Canvas Credit Union. Alana Kelly was Red Rocks’ new Vice President of Marketing. She previously served as director of marketing at On Tap Credit Union. She also served as a senior brand manager at RE/MAX and worked in various marketing roles at Qdoba Restaurant Corporation. With more than 20 years of experience, Brie Porter is the credit union’s new Vice President of Operations. Porter joined Red Rocks from Elevations Credit Union, where she spent 23 years, most recently in various operations leadership roles. These leadership additions benefit the credit union and its members, who primarily seek an elevated digital banking experience. Throughout 2023, Red Rocks launched several essential upgrades to digital banking for members, including improved mobile banking app navigation, an enhanced external funds transfer experience, and the introduction of digital wallets for more secure payments. The credit union also launched a new weekly employee training program to help speed and improve member service at its Town Center branch. “We made major investments in the expertise we need to deliver the tools and services our members need and want most,” said Darius Wise, President, and CEO of Red Rocks Credit Union. “The addition of our new leadership team members and our commitment to investing in both our employees and our technology has helped us take great strides toward becoming our members’ favorite financial institution.” Wise emphasized that the many changes Red Rocks initiated throughout 2023 to improve member service were focused on the credit union’s core values. “What makes us unique is our relentless care for others, which is the center of everything we do and the progress we have made,” said Wise. “Our technology investments resulted from extensive, engaged collaboration with our membership through surveys dedicated to helping us make real-time adjustments to do the right thing and do it well. We are headed in the right direction and starting to see a significant difference for our members. We look forward to building deeper relationships within our community and membership to show how Red Rocks is Enriching Lives in everything we do.” |
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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