Keith Riddle

The current challenges of ACH fraud require an industry wide approach. Download our new infographic, NACHA’s New Rules: What Your Institution Needs to Know, to learn how your institution can be prepared to respond to this evolving landscape. https://buff.ly/3zMrvbh

21

Why wait for members to fire you before making a change? By adopting Shastic’s platform, your credit union gains an edge in delivering seamless experiences while staying true to its mission of member-first service. Don’t let fintechs define what convenience looks like—delight your members! https://hubs.ly/Q02WwlGh0 #AI #RPA #Banking #CreditUnion #Lending #AIWorkflowAutomation #WorkflowAutomation #Efficiency #Loan #Fintech #PeopleHelpingPeople

4

BaZing isn't a new flashy solution to community FIs' challenges. It's a proven way to rethink checking accounts that deliver to customers/members and in turn encourage them to develop deeper relationships with their #communitybank or #creditunion. It's a pragmatic, proven solution to grow earnings and boost primacy within the current structure of your FI. #banks #banking

7

Announcing our new ACH Fraud Solution 🚀 In the era of faster real-time payments, ACH adoption is skyrocketing. But with over $80 trillion in ACH transactions processed annually, protecting your institution from fraud is more critical than ever. Unit21’s ACH Fraud Solution is designed to proactively block risky ACH transactions before they happen. Reduce fraud losses, cut return rates, and supercharge investigations with AI. Here's how it works: 🔎 Detect risk: Increase detection accuracy via machine learning, reducing false positives.  🚫 Prevent fraud: Stop fraudulent ACH transactions before they hit, reducing losses. 😎 Respond confidently: Achieve faster investigations and resolution times with AI automation. See all of this and more in action during our upcoming demo: https://hubs.li/Q02LKDQh0 #ACHFraud #ACH #FraudPrevention #FraudFighters

47

Now you can prevent failed incoming ACH debits 🛟 This new feature enables your customers to automatically move money from a different account to keep an incoming ACH debit from failing due to insufficient funds. https://lnkd.in/gwb_VbVf 

14

When traditional bank loans don't seem to be the answer, where do you turn? 🤔 Look no further! At AMP Payment Systems, we're more than just payment processing – we also provide access to a broad array of non-traditional bank loan products. 💼💡 This way, we ensure that your business has the financial support it requires to thrive, offering you the flexibility and opportunities you often can't find at traditional banks. Get ready to break the chains of rigid banking models with AMP! 🚀 #AMPPaymentSystems #AlternativeBanking #BusinessGrowth💪🏽✨

1

Great slide from Brett King’s “CU 5.0 blueprint for tomorrow’s credit unions” session at the TruStage Discovery2024 Conference. We agree that digital delivers better member service and drives growth for credit unions. It’s what we’re delivering for leading credit unions with FIQ Journey. This easy to implement, white-label platform brings hybrid digital advice and self-directed investing together in a single investor experience, providing members with the digital engagement they want and credit unions with the proven, scalable technology they need for profitable organic growth. Whether your goal is democratization of the investing process to attract new members or a small accounts solution for member retention to stop ACH outflows, our team can work with your credit union to integrate FIQ Journey into your existing systems, infrastructure, and member care teams, minimizing disruptions and the need for expensive modifications. You can learn more about FIQ Journey here: https://lnkd.in/g62NVJnh #creditunions #digitaltransformation #discovery2024 #banking #fintech

21

2 Comments

In today's competitive landscape, many financial institutions grapple with multiple challenges while trying to streamline their credit operations—such as inflexible loan workflows, integration challenges, and outdated legacy systems. These roadblocks create inefficiencies, delay loan approvals, and ultimately affect customer satisfaction.   ✅ PureSoftware's Digital Lending Market Report 2024 dives deep into these challenges and offers key insights for creating a seamless digital lending ecosystem.   Download your free copy here 👉 https://lnkd.in/grWRdtG6   #PureSoftware #Arttha #LoanManagement #DigitalLending #MarketReport #Bankingsolutions #LOS #LMS #Linkedin

28

As ACH transactions become more common and faster, Banks, Credit Unions, and Fintechs need a solution to protect against fraud and unauthorized returns. 🛡️ Join our webinar on August 28th at 10am PT to explore 4 key features of Unit21’s ACH solution, learn how to safeguard your institution, and discover ways to streamline ACH fraud prevention. 🔎 ✅ Register now to secure your spot: https://hubs.li/Q02Md9j60 #ACH #ACHFraud #FraudPrevention

16

The Federal Reserve Board issued a “cease and desist” order against Evolve Bancorp, Inc. and its subsidiary, Evolve Bank & Trust, that may have a chilling effect on bank-FinTech partnerships. In addition to a series of corrective measures — focused on shoring up what have been termed “deficiencies” in risk management and compliance — there’s particular focus on Evolve’s Open Banking Division (OBD), and the Fed’s Friday (June 14) release of the cease-and-desist order remains independent of the ongoing Synapse bankruptcy proceedings. #FederalReserveBoard #Evolve #FinTech #parthership #Synapse #fintechnews

1

Myth 3 CDFIs have high default rates ❌ Compared to mainstream finance providers CDFIs typically have comparable or lower default rates for similar market segments. This is because CDFIs: Use robust credit assessment processes, often using open banking data to get a more up-to-date picture of an individual's or business's financial situation, before making a decision. Default rates may seem higher but CDFIs work with their customers for longer to arrange a workable repayment plan and get them back on track, rather than writing off the loan right away. Provide support and flexibility, so the likelihood of defaulting is reduced. And our latest impact report showed that the majority of customers end up repaying their loan with the CDFI. #CDFIs #ResponsibleFinance

27

2 Comments

Instant payments should be adopted now instead of waiting. Our ICBA-hosted webinar with the Federal Reserve Financial Services dived into why. For more clips highlighting the most important points discussed, click here: https://hubs.ly/Q02Nz_cR0 #communitybanks #instantpayments #fintechinnovation

11

1 Comment

📈 Ready to tackle rising ACH returns and ensure compliance? Join us and Nacha next week on November 13th at 10 AM PST / 1 PM EST for "A True Breakthrough in Bank Account Validation." Discover how predictive data models are transforming bank account validation, reducing returns, and boosting network performance. Don’t miss out—register today! https://lnkd.in/gkNYSDsw #BankAccountValidation #NachaPartner #PredictiveAnalytics

2

It's a difficult thing in the digital world for banks to attract young consumers — and garner the loyalty of kids while they're young. U.S. Bank has found a promising solution through a partnership with fintech Greenlight. By integrating Greenlight's accounts and services into its own mobile banking app, U.S. Bank aims to attract the next generation of customers while providing valuable financial education and practical money management experience for kids The partnership addresses a critical gap in traditional banking offerings: the lack of transaction accounts for children. With Greenlight's debit card and money app, kids as young as 10 can learn to handle money and transact cashlessly, all while being subject to parental oversight. Parents can set spending limits, monitor transactions, and establish savings goals for their children, fostering financial responsibility from an early age. U.S. Bank sees two key benefits in this partnership. First, it differentiates the bank's "Bank Smartly" accounts, potentially attracting and retaining depositors who value financial education for their children. Second, by engaging with kids through Greenlight, the bank hopes to establish itself as the go-to institution when these young customers are ready for their first checking account. Greenlight's Brandon Horne, general manager of partnerships, emphasizes that the company's bank and credit union partnerships are an additional channel for growth, not a strategic shift. By embedding the parental experience in the bank's app, Greenlight gives financial institutions more ownership in the customer experience and facilitates a smooth transition as kids approach adulthood. Learn more in the full article by Steve Cocheo:

28

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

17

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

6