CUES is pleased to announce two new leadership positions that will play a critical role as the organization expands products and services to equip its members with the skills, tools, knowledge, and relationships needed to thrive. Chad Helminak has joined CUES as VP of Talent Development Programming. Helminak brings two decades of leadership experience supporting purpose-driven organizations and leaders in the credit union industry. He facilitates experiential training for credit union leaders, leads boards and executive teams through strategic sessions, and drives growth in people, programs, and organizational capabilities. “As VP of Talent Development Programming, Chad will lead the charge in designing and delivering cutting-edge customized and in-house programs and products tailored to the evolving needs of credit unions.” said Heather McKissick, CUES CEO. Pixie Gray will join CUES as VP of Organizational Development in May 2024. She brings over a decade of experience in leadership development, coaching, design thinking, and process refinement. Gray is known for merger and acquisition culture alignment and facilitating strategic processes that yield tangible results. “Pixie will spearhead our efforts in internal and external organizational development, thought leadership, and organizational change, and will launch a new CUES consulting suite,” said McKissick. “As a leadership and talent development organization, Chad and Pixie’s appointments underscore our commitment to staying at the forefront of innovation and providing unparalleled support to our members. We are thrilled to have them both,” said McKissick. “This investment in talent programming and organizational development sets CUES up for success and empowers our members to reach successful new heights.” Learn more about CUES at cues.org.
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Kaua'i Federal Credit Union (Kaua'i FCU), a leading credit union invested in Kaua'i and Kauai's first Community Development Financial Institution, has announced a new partnership with Upstart (NASDAQ: UPST), the leading artificial intelligence (AI) lending marketplace, to provide personal loans to new and existing members. “Kaua'i Federal Credit Union is dedicated to improving the financial wellness of our members and building a stronger financial future for our people,” said Sean Kaley, Executive Vice President and Chief Operations Officer at Kaua’i Federal Credit Union. "Through our partnership with Upstart, we are able to provide an all-digital, personal lending experience that meets the timely needs of more people across our community.” Kaua'i FCU became an Upstart Referral Network lending partner in March 2023. With the Upstart Referral Network, qualified personal loan applicants on Upstart.com who meet Kaua'i FCU’s credit policies will receive tailored offers as they seamlessly transition into a Kaua'i FCU-branded experience to complete the online member application and closing process. “We welcome Kaua'i Federal Credit Union to the Upstart family of lending partners,” said Michael Lock, Senior Vice President of Lending Partnerships for Upstart. “As a lending partner on the Upstart Referral Network, Kaua'i Federal Credit Union is there to provide more creditworthy people in its community with access to affordable credit.” To learn more about Upstart for Credit Unions and the Upstart Referral Network, please watch this video. Chartway Credit Union proudly announces its partnership with Norfolk State University (NSU) through sponsorship of the university’s athletics program. This collaboration marks a significant step in Chartway’s commitment to meeting the diverse needs of the community, particularly ensuring financial inclusion and upward mobility for the African American community in the Hampton Roads region of Virginia. “Norfolk State University holds a distinguished position as a historically black college with a profound impact on the local community,” said Melissa Cade, Chartway’s chief retail officer. “Chartway recognizes the importance of this institution and its role in fostering growth and opportunity for African American students and residents in the region, so we are honored to partner with NSU athletics as part of our multicultural journey. Through our combined efforts, we will empower our youth in the area of financial wellness and further our reach into the Black community.” Chartway's sponsorship of Norfolk State University's athletics programs solidifies its commitment to supporting initiatives that resonate with the diverse population it serves. As part of this partnership, Chartway will have a prominent presence at various NSU sports venues, including William "Dick" Price Stadium and the Joseph G. Echols Memorial Hall. “Norfolk State University is pleased to be a part of this progressive partnership with Chartway Credit Union. Our collaboration will benefit our students, faculty, staff, and alumni in ways that will enhance their quality of life for years to come,” said Clifford Porter, Jr., vice president for university advancement at Norfolk State University. “As a Historically Black College and University (HBCU), Norfolk State has its origins in creating avenues for the social mobility of people of color in Hampton Roads and beyond. Today, our focus is broader but remains true to that original mission. Our friends at Chartway join us in this effort, and we look forward to the years of progress.” Chartway’s multicultural journey serves and empowers traditionally overlooked communities including the Hispanic and African American communities. The credit union is committed to ensuring the products and processes it provides fulfill the needs of a highly diverse membership base. With safe, affordable, and relevant financial services, Chartway unlocks potential, so members and communities thrive. Learn more about Chartway Credit Union at www.Chartway.com. PSCU/Co-op Solutions, the nation’s premier payments credit union service organization (CUSO) and an integrated financial technology solutions provider, has kicked off a multi-year initiative to further evolve its industry-leading Linked Analysis platform, including adding cloud migration and enhanced artificial intelligence (AI) capabilities. The next generation of Linked Analysis will ultimately create an omni-channel fraud prevention experience for credit unions and their members. The fraud landscape continues to evolve rapidly and now includes data mining, AI and robotics. Adoption of advanced technology and automation has rapidly accelerated in recent years as organizations work diligently to protect against increasingly sophisticated fraudsters. In executing its ongoing strategy to deliver secure, omni-channel fraud prevention powered by data and service, PSCU/Co-op-Solutions will continue to enrich every experience for its credit unions and their members. Initial deployment of the next generation of Linked Analysis, which is expected over the next 12 months, focuses on:
“While the fraud prevention tools many credit unions are currently using stop a considerable amount of fraud, they often risk member disruption or taking on additional losses,” said Karen Postma, senior vice president, Risk Solutions at PSCU/Co-op Solutions. “Imagine a world in which you don’t have to make those tough decisions as often, where technology knows your members just as well as you do, and where the data is so vast it allows you to enhance the member experience rather than disrupt it. That is exactly where we are headed with the new generation of Linked Analysis.” Linked Analysis currently uses cross-network analytics to create a 360° view of a member, enabling PSCU/Co-op Solutions to link events across different platforms, individuals across different institutions, merchants across any card – and all of these points to each other. Using these connections, a talented team of data scientists then utilizes research and machine learning to proactively take action, taking data from multiple sources and connecting the dots between product usage. Looking further ahead, PSCU/Co-op Solutions will be able to in-source back-end fraud platforms, which will allow for the autonomy of the platform and integration points. Future initiatives will include:
“As PSCU/Co-op Solutions continues to deliver industry-leading fraud offerings, cloud migration, AI and enhanced data integrations will exponentially increase our ability to support credit union security and growth,” added Postma. Attendees at this year’s Member Forum in San Antonio, Texas can learn more about the next generation of Linked Analysis during a breakout session, “The Future of the Fraud Experience,” on Friday, April 12 at 3 p.m. CT. Thirty-six emerging leaders with the potential to make a lasting impact in the credit union industry have been selected to participate in the prestigious 2024 CUES Emerge program, offered in partnership with Currency Marketing. The cohort was selected from a competitive pool of 121 applicants. They hail from 15 U.S. states and two Canadian provinces and represent 25 distinct roles within the credit union industry. Participants will receive tailored coaching, training, and invaluable resources to enhance their leadership acumen and strategic thinking abilities. They will also benefit from participating in Mastermind groups, refining their ideas into compelling business cases, and competing to be named the 2024 CUES Emerging Leader. The Masterminds are an integral part of the CUES Emerge program; each will support six participants, helping them connect the learning to their business case and supporting them through the competition phase. They are:
All Masterminds are previous participants in the CUES Emerge program. Additionally, the group has three CUES Emerging Leaders; Hsu took home the honor in 2021, Churchill in 2022, and DelGado in 2023. See the 2024 CUES Emerge cohort members here. Follow their journeys at CUESemerge.com or #CUESEmerge. Finotta, a provider of embedded fintech for digital banking, published its new whitepaper, “The Next Generation: Financial Futures Redefined.” This free resource serves as a comprehensive guide to help financial institutions cater to the requirements of Gen Z (those born between 1997 and 2007), earn their trust and loyalty, and improve banking practices for all customers. Finotta’s latest guide explores the distinct characteristics that set this generation apart and offers strategic solutions for financial institutions to meet Gen Z’s unique needs. It also discusses Gen Z’s prioritization of financial wellness over personal wellness, indicating a significant market need for financial products and services that cater to financial health and literacy. Ultimately, digital transformation is a non-negotiable for engaging with this newest generation, but it must be combined with personalized guidance and financial education. The guide also details the specific challenges faced by Gen Z. For example, 46% of Gen Z live paycheck-to-paycheck and nearly half are unable to pay off debt. Meanwhile, 31% of them see a future with less reliance on traditional banking and a staggering 72% are drawn to neo-banks. According to Finotta’s new guide, banks and credit unions are facing a significant challenge in adapting to the changing technological landscape, as younger generations, particularly Gen Z, become more influential in their banking preferences and behavior. In fact, this generation is projected to have a purchasing power of $33 trillion by 2030 and will make up 25% of the workforce. It is essential for financial institutions to attract and retain these individuals. Looking ahead, financial institutions must focus on Gen Z's digital-first mentality and financial well-being to create an appealing banking environment. This can attract and establish long-term loyalty among this crucial generation while also positioning financial institutions for growth and long-term stability. To access the full whitepaper, visit Finotta’s website to download a free copy. by Tim McAlpine, Founder/CEO Currency Marketing It’s April, which means it’s Financial Literacy Month in the U.S. And to mark the occasion, we have three questions to ask your members about financial literacy. The answers may surprise you. Financial Literacy Month dates to a U.S. Senate resolution from 2004. The month-long celebration aims to highlight the importance of being financially literate and enhance financial education and awareness about personal finance and money management. Why is financial literacy so important? Quite simply because the lack of it can be financially and personally devastating. The National Financial Educators Council (NFEC) found that in 2023, financial illiteracy, the lack of financial literacy or not knowing how to manage one’s personal finances, cost Americans $1,506. When extrapolated to represent the approximately 258 million adults who live in the U.S., financial illiteracy cost Americans more than $388 billion in 2023. A lack of financial literacy hurts more than just pocketbooks. It impacts us physically and mentally as well. A recent FINRA study found 60 percent of Americans are anxious about their personal finances, with 50 percent feeling stressed just talking about it. Three questions you should ask members Assessing your membership’s financial literacy level is easier than you think. It takes just three questions. The questions, developed by Professors Annamaria Lusardi and Olivia Mitchell of the Wharton School, and titled as, The Big Three, are formatted to reveal an individual’s level of financial literacy, and have been used globally, including in the U.S. National Financial Capability Study, for over two decades. The Big Three 1. Suppose you had $100 in a savings account and the interest rate was 2% per year. After 5 years, how much do you think you would have in the account if you left the money to grow? A) More than $102 B) Exactly $102 C) Less than $102 D) Don’t know 2. Imagine that the interest rate on your savings account was 1% per year and inflation was 2% per year. After 1 year, with the money in this account, would you be able to buy… A) More than today B) Exactly the same as today C) Less than today D) Don’t know 3. Do you think the following statement is true or false? Buying a single company stock usually provides a safer return than a stock mutual fund. A) True B) False C) Don't know The simplicity of the test is its key advantage; particularly for those thinking that financial topics are overly complex. The test helps get that message across. It essentially implies that mastering your money doesn’t have to be complicated at all. Taking the test online gives an instant result (you can also see the answers at the end of this newsletter). Follow the link to also see some broader context as to the level of financial literacy in general, in an infographic that asks, “How much do Americans know?” and goes on to explain that “Only 30% correctly answered all three questions; and less than half (48%) got the first two questions right.” That’s a sobering statistic that may resonate with many. And may stimulate some to ask how to improve their own financial knowledge. More importantly, to enquire where to go to get that kind of education. For us, every month is financial literacy month. Financial literacy is our business, and along with our credit union partners, we’re on a mission to educate credit union members, staff and their communities about money. Our It’s a Money Thing financial education program is an excellent example of a financial education developed to be engaging, entertaining and easily understood. We think it is an ideal next destination for those completing GFLEC’s Big Three Test. You can check it out here. Answers to The Big Three 1. A) More than $102 2. C) Less than today 3. B) False Canadian readers, look out for our coverage of Canada’s financial literacy month this November. Ascend Federal Credit Union, the largest credit union in Middle Tennessee, today announced the opening of its newest location in Murfreesboro’s Savannah Ridge area. Located at 3403 South Church St., Suite A, the new branch office is the company’s 28th total full-service financial center, fifth branch in Murfreesboro and seventh location in Rutherford County, joining existing branches in Smyrna and La Vergne. “The opportunity to continue our deep-rooted service to members in Rutherford County is a significant reason why we chose to open this Savannah Ridge branch,” said Matt Jernigan, Ascend president and CEO. “Adding a fifth location in Murfreesboro again shows Ascend’s commitment to growing our already considerable presence there. Furthermore, we’re appreciative to the community for rewarding our member service with several area honors.” The credit union has had a longstanding presence in Murfreesboro for more than three decades, opening its first branch in the area in 1988. Ascend was named Best Credit Union for eight consecutive years in the annual Rutherford County Main Street Awards. Additionally, Ascend was voted as Daily News Journal’s Ruthies Award Favorite Credit Union, underscoring the credit union’s dedication to serving the needs of the community. The new full-service location offers a broad range of services, including checking, savings and youth accounts, as well as money market and certificate of deposit accounts. Other products include mortgage, auto and recreational loans, credit cards, personal loans, personal line of credit loans and business accounts and loans. In addition, the Savannah Ridge branch location has five financial service officers (FSOs) and features two interior and two exterior interactive teller machines (ITMs), where a local Ascend representative is available via video to assist members with their transactions. Ascend held an open house at the branch on March 21. The lobby’s hours of operation are 9 a.m. to 5 p.m., Monday through Friday, and 9 a.m. to 1 p.m. on Saturday. The service hours for the two drive-up ITMs are 7 a.m. to 7 p.m. Monday through Saturday; these ITMs also act as ATMs with 24/7 drive-up access to make withdrawals, deposits, and balance inquiries. Alkami and SWIVEL Partner to Provide Financial Institutions with Improved Payments Functionality4/2/2024 Alkami Technology, Inc. (Nasdaq: ALKT) (“Alkami”), a leading cloud-based digital banking solutions provider for financial institutions in the U.S., announced today that it has formed a partnership with SWIVEL. Through Alkami’s single sign on integration with SWIVEL’s Transaction Enablement™ Platform, Alkami’s bank and credit union clients can now easily take advantage of SWIVEL’s loan payments capabilities, offering their account holders the benefits of greater choice, speed, and flexibility when it comes to their loan payment options. “Today, many financial institutions suffer from a lack of payment options for consumers to pay loans and a lack of integration with client systems,” said Jason O’Brien, chief executive officer at SWIVEL. “We are excited to partner with Alkami to help alleviate these challenges for their financial institution clients, enabling them to provide a payment experience for account holders that is convenient, and in a self-serve manner with their choice of payment methods and types.” SWIVEL’s Payments Processing solution offers financial institutions a convenient and efficient way to originate, track and process automated clearing house (ACH) and card-based payments. As a result of this partnership, Alkami’s financial institution clients can benefit from:
“Our partnership with SWIVEL means that we can continue to offer our bank and credit union clients more choices, speed and flexibility when it comes to payment options for their account holders – a benefit that we know end consumers are increasingly coming to expect,” said Jeff Chen, vice president, product management at Alkami. “Our work with SWIVEL also highlights Alkami’s commitment to actively partnering with innovative fintech companies that many of our clients and prospects already use and prefer, making financial institutions’ back-end experience even more seamless.” Baker Hill, the leading financial technology provider in delivering solutions for loan origination, risk management, and analytics, has implemented CrowdStrike’s Falcon platform to provide enhanced end-to-end security across its Baker Hill NextGen® product suite. CrowdStrike is the cybersecurity platform leader, transforming the cybersecurity industry with its novel, AI-powered, cloud-native, single agent approach with the CrowdStrike Falcon XDR platform. By implementing CrowdStrike, Baker Hill has enhanced its robust suite of lending and risk management products for its financial institution clients with 24/7 threat management, monitoring, and response capabilities, as well as managed protection for endpoints, identities, cloud workloads and more. Through the relationship, financial institutions using Baker Hill NextGen® can further elevate their security posture with the CrowdStrike Falcon XDR platform, which enables customers of all sizes to easily transform data into insights to make faster, more accurate decisions for the health and security of their business. The CrowdStrike Falcon XDR platform offers protection across the entire threat lifecycle, securing the most critical areas of enterprise risk. With the combined power of Baker Hill NextGen® and CrowdStrike, financial institutions can focus on serving customers and their lending needs, knowing their data is secure. Implementing CrowdStrike will also support Baker Hill’s clients in their annual vendor risk assessments and due-diligence processes, which is a key differentiator in the highly regulated financial services space. “Financial services are a prime target for cyberattacks and criminals are getting more sophisticated with their tactics, especially when exploiting the cloud. Last year alone, the financial industry saw a 75% year-over-year increase in cloud intrusions, according to our 2023 Threat Hunting Report,” said Raj Rajamani, head of products at CrowdStrike. “Baker Hill is addressing these threats and others by integrating our industry-leading security platform with its award-winning loan origination and portfolio risk monitoring suite. We are proud to work with Baker Hill’s team and offer the always-on protection of CrowdStrike’s managed security services to their growing client base.” “Incorporating CrowdStrike into Baker Hill’s product suite is an investment in our clients and the communities they serve. CrowdStrike’s industry-leading security platform, backed by the expertise and 24/7 protection of their global team of security experts, will enhance the value Baker Hill NextGen® offers for banks and credit unions,” said Tyler Claypool, Vice President of Information Technology at Baker Hill. “Financial institutions of all sizes trust us to optimize lending operations and credit risk management across their enterprise. That’s why we designed our entire platform with data security in mind, as we know protecting data is the foundation on which trust is built. Implementing CrowdStrike into our award-winning loan origination and risk management platform is the latest example of how Baker Hill takes data security seriously.” |
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
April 2024
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