Keith Bennett

Is your #banking or #creditunion marketing department aware of what people are reading on #X? If "savings account" rates don't outpace inflation numbers, are they savings accounts; or, are they storage accounts to allow patrons to participate in programmatic impoverishment? Does continuing to call them "savings accounts" foster #financialliteracy; or would teaching them about new money tech be more in line with the #financialcooperative mission? The team at DaLand LLC can help formulate strategies for storing, processing, and preserving money in all forms, including #Bitcoin, to keep your #localbanking institution plugged into the future of #money.

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“By connecting to FedNow Services through trusted partner MDT, we can provide our members with a seamless payment experience, and we are now strongly positioned for when FedNow adoption and usage becomes more widespread." Check out more about how we are enabling access to FedNow Services for #creditunions like People Driven Credit Union empowering them with the latest advancements in faster payments technology: https://hubs.la/Q02t16Bs0

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This is an interesting article by the Credit Union Times - #creditunions face a wealth of innovation opportunities, spurred by #fintech challengers and emerging technologies. Navigating these choices effectively requires careful consideration and guidance on selecting solutions and fintech partners.

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For the first time, RDFIs will have a defined role in monitoring ACH payments they receive. This significant development, approved by Nacha members, aims to combat fraud, including business email compromise (BEC), associated with credit-push payments. As Jane Larimer, Nacha President and CEO, points out, "All participants in the ACH Network have a part to play in reducing the incidence of fraud and recovering when fraud has occurred." Learn more in our April 2024 Innovating Payments Executive Summary— Nacha Rules Take Aim at Credit-Push Fraud: https://lnkd.in/ezsgudgX. Plan to join Sean Carter, AAP, APRP, Mark J. Dixon, CTP, AAP, APRP, NCP, Mary Morrison, AAP, APRP, NCP, CAMS, and Patty Presta for a comprehensive two-part series, "Diving Into the Operation Impact of the New ACH Rules," on May 31 and June 07, 2024, where they will delve into the implications of these new rules, offering insights on implementation, procedures, policy updates, audits, risk assessments, and organizational engagement. 🔍 Curious about engaging with third-party providers? 📝 Wondering about new procedures and policy updates? 🤔 Unsure about ACH audits or risk assessments? Get the answers by registering for Diving Into the Operation Impact of the New ACH Rules: https://lnkd.in/e7y73DN2 #ACH #FinancialServices #FraudPrevention #RegulatoryCompliance #ProfessionalDevelopment

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We've been helping #communitybanks and #creditunions of all sizes create the kind of checking accounts that deliver the kind of experience that customers/members want from modern community FIs. In GNO Federal Credit Union's case, they were looking to differentiate their brand in a very competitive market. We helped deliver that with BaZing and have helped boost their primacy as well as deliver organic growth and drive noninterest income. Here's the story in their words. #banks #banking #communitybanking https://lnkd.in/dXfNnzUq

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About a year after the FedNow service launched, financial institutions are focusing on delivering customer value through overlay services like Request for Payments (RfP) built on instant payment systems. This tool remains underutilized by many banks, with only 39% fully recognizing its high demand, resulting in missed opportunities. Meanwhile, fintechs are ahead of the game, offering streamlined invoicing and QR-based bill payments to attract business clients. It’s time for banks to catch up and harness the potential of RfP. Find out how in our latest blog. Why Banks Can't Afford to Ignore Request for Payment - Finzly https://hubs.la/Q02DSqzt0

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To all #CDFI #CreditUnions Worried About Losing Certification: The CDFI Fund's revised CDFI Certification Application WILL NOT result in the loss of your certification, if you contact us now. CU Strategic Planning was at the forefront of advocacy to ensure the revision had the flexibility for credit unions to maintain CDFI Certification. Since then, CU Strategic Planning has been actively working with over 100 credit unions to ensure their recertification success. This includes creating advisory boards, community development mission statements, providing product design insights and defensible justification of product attributes. Most powerfully, with the depth of that expert consulting (not available through a technology company alone), we took a giant leap forward by merging two leading organizations to create a profound alliance with Callahan & Associates, Inc. the national leader in data analytics for credit unions. CU Strategic Planning is now a Callahan & Associates company leveraging the power of the most trusted data system in the movement. As THE credit union CDFI certification experts, we are and have been for the last 16 years working to ensure every credit union serving people of modest means can attain and retain its CDFI Certification. If you believe you are in jeopardy of losing your certification, come to the experts. No one has certified more credit unions as CDFIs than CU Strategic Planning. Learn more: https://lnkd.in/gbvdeYpe Schedule a call: https://lnkd.in/gr_FemEV

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The number of community FIs continues to shrink as megabanks and big regionals continue to expand their footprints into smaller markets. If you're a #communitybank or #creditunion looking to differentiate and compete against the big players and your peers, while also boosting primacy and organic growth, maybe it's time to find out more about BaZing. #banks #banking #noninterestincome #creditunions #communitybanking

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Credit Unions and Community Banks Embrace Eltropy's AI-Powered Conversations Platform As Delinquencies Rise “Reducing delinquencies is a top priority for our community bank and credit union clients in today’s economic environment,” said Ashish Garg, Co-founder and CEO of Eltropy. “Our unified conversations platform makes it easy to deploy timely payment reminders, digital payment flows, AI-powered conversations, and seamless handoffs to live agents when needed. For years, this multi-channel approach has been proving highly effective for increasing on-time payments and working with members to resolve delinquent accounts.” https://lnkd.in/eSWndnXQ  Lisa Weinstein Virginia Credit Union Alliance Credit Union Sean Chambers #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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🆕 In the June edition of the 2024 Credit Union Innovation Readiness Index, a PYMNTS Intelligence and Velera collaboration, we examine how CUs can reap the benefits of digital innovation to gain members and reduce churn. ➡️ Read the article and download the report: https://bit.ly/3VnDJxZ #CreditUnions #DigitalInnovation #WeAreVelera

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Most U.S. banks are still running on the same technology put in place in the 1980s. As a result, they are losing market share to digital-first non-bank financial players built for speed and convenience. With the nation increasingly embracing real-time payments, the shortcomings of inefficient, inflexible legacy infrastructure will further widen this gap. Fortunately, it’s not too late for banks to compete. We break down the fundamental aspects of real-time payments, the strain on legacy systems as real-time capabilities are adopted and what banks must do to adapt and compete in our report “The Time is Now to Understand Real-Time Payments.”  

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Is your credit union gaining ground with younger consumers who are either unaware of your organization or may equate your CU with old-fashioned business models? In this interview with PYMNTS, Velera President and CEO Chuck Fagan explains how credit unions can build powerful momentum by augmenting their human-centric approach with technology. ➡️ Read the article and watch the interview, hosted by Karen Webster: https://bit.ly/3VOl67R #CreditUnions #CEOInsights #WeAreVelera

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To all #CDFI #CreditUnions Worried About Losing Certification: On December 7, 2023, the Community Development Financial Institutions Fund (CDFI Fund) published a revised CDFI Certification Application. Since then, CUCollaborate has heard from many credit unions that they worry about retaining Certification under the revised application. So, over the last few months, we have been working hard to develop strategies -- and the necessary software to support them -- to provide credit unions the best chance of retaining Certification. Below are some of the strategies, including software we have developed: 1. Custom Investment Areas (IA): While the revised certification application has significantly diminished the potential impact of custom IAs, they are still a critical tool for credit unions within reach of Certification but not quite there. Our software draws mathematically optimized, custom IAs based on a credit union’s lending activity and financial services. 2. Financial Services Option Analysis: Under the revised application, credit unions that either have 60% by number and 50% of the dollar, or 50% by number and 60% by dollar, can retain Certification if at least 60% of the credit union's depository account holders are members of one or more eligible Target Markets. We have found that the combination of a mathematically optimized Custom IA and the Financial Services Option is particularly effective in retaining Certification, specifically in desperate cases. 3. Target Market API: We have developed a CDFI Target Market API which supports a number of strategies to ensure that you meet your target market lending requirements moving forward. We have established, and continue to add more partnerships, with Fintechs (like National Auto Loan Network, LoanStar Technologies, GreenLyne, etc.) and loan participation platforms (like Aluvy, etc.) to help source qualified lending to ensure credit unions retain certification in the future. 4. CDFI Certification Dashboard: We have also developed a data analytics platform, allowing credit unions to monitor the necessary statistics to retain certification on a rolling basis to ensure that if they start to fall behind, proactive action may be taken before it is too late. 5. CUSO Strategies: If all else fails, credit unions can leverage CUSOs to either help the credit union attain or retain Certification directly OR indirectly gain the many benefits conferred by CDFI Certification through a CDFI Loan Fund CUSO. We know the value of your CDFI Certification, which is why we have invested significantly in developing strategies and proprietary technology that help credit unions retain Certification. Moreover, the software we have developed allows us to help credit unions retain Certification in instances when it would simply be impossible without it. If you believe you are in jeopardy of losing your certification, please contact us: https://lnkd.in/gsysDMTp

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Our CTO has spoken! At Fuzzy Fish, we are passionate about helping credit unions navigate their digital transformation journey. We firmly believe that by embracing these innovations, credit unions can not only meet, but exceed their members' expectations, driving satisfaction and loyalty. 🌟 Watch the full video on our CTO profile to discover how we're making this transformation possible. #FuzzyFish #DigitalTransformation #CreditUnions #Innovation #FinancialTechnology

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We share our thoughts on three Merchant Services myths that banks have been living by for so many years. Banks of all sizes have a tremendous untapped opportunity by enabling their business clients to accept credit and debit card payments...which drives deposits, revenue and longer customer relationships. Give a watch and drop us a line at hello@paiwares.com!

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Our clients have learned that the right technology, paired with a consumer-centric approach, can transform challenges into opportunities. Allied Payment Network offers digital payments solutions that aren't just innovative, but that also resonate with our #bank and #creditunion clients' needs and align with their core values. Read our client success stories: https://hubs.ly/Q02zg8Jj0

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#Banks & #Creditunions, let us help you protect your NPI while complying with GLBA or NCUA: https://lnkd.in/eSAiASHZ #bankingindustry #compliance #creditunion #bankingtech #informationsecurity #financialservices #dataprivacy #banking #controls #complianceofficers #bankingsector

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#Banks & #Creditunions, let us help you protect your NPI while complying with GLBA or NCUA: https://lnkd.in/eSAiASHZ #bankingindustry #compliance #creditunion #bankingtech #informationsecurity #financialservices #dataprivacy #banking #controls #complianceofficers #bankingsector

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