Kelli Schultz

Discover the power of Community Development Financial Institutions (CDFIs): We’re sharing the essentials: - What are CDFIs and how do they operate? - What does the current CDFI market look like? - Where do CDFIs source their capital? - How are CDFIs paving the way for a more equitable future? - How can CDFIs be included in client portfolios? Dive in and see how CDFIs are making a difference. Find out more: https://lnkd.in/enRY9ECw #ImpactInvesting #CommunityDevelopment #CDFI #SocialFinance #EconomicEmpowerment

2

Kirk Kordeleski stands out as a top-tier thought leader in the Credit Union Industry. Kirk doesn't just discuss theories; he brings invaluable firsthand experience to implementing best practices and achieving tangible results within our industry. Don't pass up the opportunity to hear his insights in full. Fill out the form below to access the complete interview. https://lnkd.in/gSaCyqwa #creditunions #automationintelligence #automation #banking #digitaltransformation

2

1 Comment

We're proud to be a #CDFI, and join the other CDFI's and Responsible Lenders across the country in making real change! Community Development Finance Institutions (CDFIs) have turned ripples of finance into waves of change for individuals, businesses and social enterprises across the UK.  They provided opportunity and built resilience for disadvantaged communities and those excluded from mainstream finance. In 2023, lending from CDFI's hit a record high of £287 million - and CDFIs now operate at 31 times the scale they did in 2003, when the sector lent £9.2 million. This growth reflects how CDFI's fill widening needs seen for the right finance at the right time.  Here’s what CDFIs achieved in 2023: - Supported 4,546 start-ups and SMEs with £102m of loans.  - 12,135 jobs were created or safeguarded.  - 99% of businesses had been declined by another lender.  - 371 social enterprises were supported with £119m of loans.   - Households saved £29m in interest repayments compared to high-cost lenders.   - CDFIs lent £66m to 85,208 individuals.  - CDFIs identified a total of £601m of unclaimed benefits for 143,050 customers. Read more about the impact of CDFIs’, plus lots of customer stories in: https://lnkd.in/eWSFydQ2 #RipplesToWaves #ResponsibleFinance #CDFIs Responsible Finance 👏

4

Community financial institutions thrive on something big: consumer relationships. People choose you because they refuse to be just another number in the system. They trust you to be there when they need you, offering personalized service that bigger banks often can't match. That's where mobile engagement comes in. It's not just about convenience; it's about connection. Learn how to leverage personalized mobile-first engagement to increase share of wallet, grow deposit and loan balances, and improve member satisfaction below.  👇 https://lnkd.in/eqaqmdnS #MobileBanking #CommunityFIs #DigitalTransformation #Pulsate #FinanceInnovation

11

For those of us waiting for the release of 1033, it appears we have some insight over what will be included. While the Consumer Financial Protection Bureau (CFPB) plans to release its final open banking rule today, details were provided in advance to American Banker. Here's a summary: The CFPB is releasing its final open banking rule, expanding its scope to include payment apps and other financial products. The rule, named after Section 1033 of Dodd-Frank, requires banks to safely share financial data on various accounts and products, including Apple Pay, Google Pay, PayPal, Zelle, and Venmo. It aims to increase competition, enhance consumer choice, and establish strong data security and privacy standards. Key aspects of the rule include prohibiting data harvesting, allowing some secondary uses of consumer-authorized data, and extending the compliance period for large banks to April 1, 2026. The CFPB emphasizes that consumers have the right to know what data is collected, where it's stored, with whom it's shared, and to revoke access at any time. The rule is expected to encourage the adoption of secure APIs and potentially reshape how consumers use their personal financial data. My thoughts: This final open banking rule will likely significantly impact banks by requiring them to safely share a broader range of financial data, including payment app information, with third parties. While this may increase competition and consumer choice, it also presents challenges for banks in terms of data security, potential liability for third-party breaches, and the need to implement costly oversight measures for Fintech companies accessing consumer data. If banks are to stay ahead of the curve, banks should focus on partnering with those Fintechs that have robust API infrastructures while enhancing their data security measures. Additionally, banks could consider partnering with Fintech companies to create innovative products and services that leverage open banking capabilities, potentially turning this regulatory challenge into a competitive advantage. #banking #1033 #CFPB #bankingindustry #payments #creditunions #fintech #financialistitutions

4

1 Comment

As CFPB pushes towards open banking and consumer data access, credit unions face a pivotal moment in member service evolution. In our CUCopilot Session 11, our founder Saroop Bharwani explained 𝗵𝗼𝘄 𝘃𝗼𝗶𝗰𝗲 𝗮𝗴𝗲𝗻𝘁𝘀 𝘄𝗶𝗹𝗹 𝘁𝗿𝗮𝗻𝘀𝗳𝗼𝗿𝗺 𝗰𝗿𝗲𝗱𝗶𝘁 𝘂𝗻𝗶𝗼𝗻 𝗼𝗽𝗲𝗿𝗮𝘁𝗶𝗼𝗻𝘀 𝗳𝗿𝗼𝗺 𝘁𝗿𝗮𝗱𝗶𝘁𝗶𝗼𝗻𝗮𝗹 𝗜𝗩𝗥 𝘀𝘆𝘀𝘁𝗲𝗺𝘀 𝘁𝗼 𝗼𝗿𝗴𝗮𝗻𝗶𝗰, 𝗵𝘂𝗺𝗮𝗻-𝗹𝗶𝗸𝗲 𝗰𝗼𝗻𝘃𝗲𝗿𝘀𝗮𝘁𝗶𝗼𝗻𝘀 𝘁𝗵𝗮𝘁 𝗵𝗮𝗽𝗽𝗲𝗻 𝗶𝗻 𝗿𝗲𝗮𝗹-𝘁𝗶𝗺𝗲. At Senso, we're committed to elevating credit unions in this new era: • 𝗠𝗲𝗺𝗯𝗲𝗿-𝗙𝗶𝗿𝘀𝘁 𝗦𝘁𝗿𝗮𝘁𝗲𝗴𝘆: Building AI solutions for what matters most - exceptional member experience • 𝗤𝘂𝗮𝗹𝗶𝘁𝘆 𝗮𝘁 𝗦𝗰𝗮𝗹𝗲: Auto-categorizing interactions across 150+ credit-union-centred categories to ensure consistent, compliant service delivery • 𝗙𝘂𝘁𝘂𝗿𝗲-𝗥𝗲𝗮𝗱𝘆 𝗢𝗽𝗲𝗿𝗮𝘁𝗶𝗼𝗻𝘀: Moving beyond one-to-one MSR conversations to more intelligent, multi-channel member support without sacrificing personal touch As Saroop shared, '𝗪𝗲'𝗿𝗲 𝗹𝗶𝘃𝗶𝗻𝗴 𝗶𝗻 𝗲𝘅𝗽𝗼𝗻𝗲𝗻𝘁𝗶𝗮𝗹 𝘁𝗶𝗺𝗲𝘀 - 𝗮𝗻𝗱 𝗰𝗿𝗲𝗱𝗶𝘁 𝘂𝗻𝗶𝗼𝗻𝘀 𝗻𝗲𝗲𝗱 𝘁𝗼 𝘀𝘁𝗮𝘆 𝗮𝘁 𝘁𝗵𝗲 𝗰𝘂𝘁𝘁𝗶𝗻𝗴 𝗲𝗱𝗴𝗲 𝘄𝗵𝗶𝗹𝗲 𝗺𝗮𝗶𝗻𝘁𝗮𝗶𝗻𝗶𝗻𝗴 𝘁𝗵𝗲𝗶𝗿 𝗰𝗼𝗿𝗲 𝘃𝗮𝗹𝘂𝗲𝘀 𝗼𝗳 𝗺𝗲𝗺𝗯𝗲𝗿 𝘀𝗲𝗿𝘃𝗶𝗰𝗲.' Want to view Saroop's full update on how we’re helping credit unions thrive in this new regulatory, technological landscape? Leave a comment below 😊

16

The financial industry is buzzing as the Consumer Financial Protection Bureau (CFPB) moves ahead with data protection regulations, laying the groundwork for open banking. While some see this as a compliance burden, the real opportunity is in transforming open banking into a revenue driver—well before regulations take effect. Waiting on the CFPB could be a costly mistake. Learn why your organization should start leveraging open banking APIs now: https://lnkd.in/dN8cvP6f #SensediaUSA #CFPB #OpenBanking #APIs

3

The distinction between "digitizing" and "transforming" can make or break your institution's competitive edge. While digitizing processes boosts efficiency, true digital transformation reimagines operations, decision-making, and customer service by leveraging data as a strategic asset.   In this brand new article by Chris Muracco, MBA, you'll learn about: ✔ The crucial difference between digitizing and transforming. ✔ The shift from viewing data as a byproduct to treating it as a core asset. ✔ Using data to personalize experiences and proactively meet customer needs. ✔ Exploring effective fintech partnerships, digital-only branches, and more.   Learn why institutions that harness the power of data to transform their bank not only improve efficiency, but also drive innovation, boost customer satisfaction, and uncover new revenue streams.   Read the full article here!  https://lnkd.in/eY3rwhPS #communitybanking #dataanalytics #digitaltransformation

20

Is partnering with a FinTech company the future for your credit union? If you're striving to stay competitive, it could be. For progressive financial institutions, digital transformation marks a crucial milestone in the growth journey. However, while large banks have many tech companies to choose from, credit unions often find themselves on the sidelines. Investing in a FinTech startup can be a game-changer for credit unions, providing solutions to critical issues: You must move quickly to implement technology that caters to your members' needs in a rapidly evolving digitally focused world. It is imperative to make these advancements without incurring a hefty cost or burdening internal IT resources. https://lnkd.in/ggmmBZrt #technology #bankingindustry #data #strategy #banking #security #safety #financialservices #tech #customerexperience #development #customerservice #banks #callcenter #fraudprevention #fraud #creditunions #lending #authentication #creditunion

2

Unveiling GiveCard Bank Payments 🪄 We're talking about the incredible power of ACH and instant bank transfers via Fednow/RTP. Send bank payments that zip through, completing in mere moments. ⚡ No more conjuring up endless paperwork or waiting for days on end. With these magical instruments, disbursing funds becomes a breeze – swift, secure, and trackable every step of the way. 👣 ACH: A trusted tool for dependable, bulk payments to bank accounts. Instant Transfers: Instantaneous bulk disbursements, for when speed is crucial. GiveCard amplifies the magic further with effortless setup. Get started in minutes, no need to navigate complex mazes. Ready to embark on this financial quest? Join us in Givetopia, a realm where payments flow flawlessly, and organizations wield the power of instant disbursement ✨ Explore your options & enter Givetopia today: https://lnkd.in/g6CTNfVZ #ACH #Fednow #RTP #InstantPayments

13

The ACH system facilitates a large and growing range of transactions, including payroll, bill payments, and B2B payments. In 2022, U.S. account holders transacted 30 billion ACH payments worth over $76 trillion. View an overview of ACH fraud and best practices for fraud detection and prevention. https://lnkd.in/gypx7tuW #fraud #fraudprevention #riskmanagement

1

Community banks and credit unions are upgrading their digital banking and in doing so leverage their competitive position with traditional banks. In an article by The Financial Brand, community bank CEOs share how they tackle challenges they face in the competitive economic landscape. https://loom.ly/UYt3pu4 #banking #community #digitalbanking

4

North American Fintech Coalition is proud to introduce Janusea, a vital member helping to transform the community financial institution space. Janusea fills a critical gap by connecting credit unions and community banks with today’s most innovative fintech solutions. Many fintech providers struggle to integrate with the legacy core systems of financial institutions, facing years of development work to achieve meaningful connections. Janusea addresses this challenge head-on. Through their secure, fully hosted platform, Janusea bridges these worlds, enabling seamless collaboration between financial institutions and fintechs. Their platform accelerates speed to market, offering the freedom to choose the best solutions from a diverse range of providers, with sustainable API integration that works with any financial institution. We at the North American Fintech Coalition believe Janusea's approach strengthens the ecosystem, empowering financial institutions to thrive in an era where agility and technological adaptability are key to success. For more information, contact Masako Long, Vice President of Sales, or visit www.janusea.com. #NAFC #Janusea #integration #coreintegration #creditunion #creditunions #communitybank #communitybanks

2

North American Fintech Coalition is proud to introduce Janusea, a vital member helping to transform the community financial institution space. Janusea fills a critical gap by connecting credit unions and community banks with today’s most innovative fintech solutions. Many fintech providers struggle to integrate with the legacy core systems of financial institutions, facing years of development work to achieve meaningful connections. Janusea addresses this challenge head-on. Through their secure, fully hosted platform, Janusea bridges these worlds, enabling seamless collaboration between financial institutions and fintechs. Their platform accelerates speed to market, offering the freedom to choose the best solutions from a diverse range of providers, with sustainable API integration that works with any financial institution. We at the North American Fintech Coalition believe Janusea's approach strengthens the ecosystem, empowering financial institutions to thrive in an era where agility and technological adaptability are key to success. For more information, contact Masako Long, Vice President of Sales, or visit www.janusea.com. #NAFC #Janusea #integration #coreintegration #creditunion #creditunions #communitybank #communitybanks

6

North American Fintech Coalition is proud to introduce Janusea, a vital member helping to transform the community financial institution space. Janusea fills a critical gap by connecting credit unions and community banks with today’s most innovative fintech solutions. Many fintech providers struggle to integrate with the legacy core systems of financial institutions, facing years of development work to achieve meaningful connections. Janusea addresses this challenge head-on. Through their secure, fully hosted platform, Janusea bridges these worlds, enabling seamless collaboration between financial institutions and fintechs. Their platform accelerates speed to market, offering the freedom to choose the best solutions from a diverse range of providers, with sustainable API integration that works with any financial institution. We at the North American Fintech Coalition believe Janusea's approach strengthens the ecosystem, empowering financial institutions to thrive in an era where agility and technological adaptability are key to success. For more information, contact Masako Long, Vice President of Sales, or visit www.janusea.com. #NAFC #Janusea #integration #coreintegration #creditunion #creditunions #communitybank #communitybanks

5

North American Fintech Coalition is proud to introduce Janusea, a vital member helping to transform the community financial institution space. Janusea fills a critical gap by connecting credit unions and community banks with today’s most innovative fintech solutions. Many fintech providers struggle to integrate with the legacy core systems of financial institutions, facing years of development work to achieve meaningful connections. Janusea addresses this challenge head-on. Through their secure, fully hosted platform, Janusea bridges these worlds, enabling seamless collaboration between financial institutions and fintechs. Their platform accelerates speed to market, offering the freedom to choose the best solutions from a diverse range of providers, with sustainable API integration that works with any financial institution. We at the North American Fintech Coalition believe Janusea's approach strengthens the ecosystem, empowering financial institutions to thrive in an era where agility and technological adaptability are key to success. For more information, contact Masako Long, Vice President of Sales, or visit www.janusea.com. #NAFC #Janusea #integration #coreintegration #creditunion #creditunions #communitybank #communitybanks

5

North American Fintech Coalition is proud to introduce Janusea, a vital member helping to transform the community financial institution space. Janusea fills a critical gap by connecting credit unions and community banks with today’s most innovative fintech solutions. Many fintech providers struggle to integrate with the legacy core systems of financial institutions, facing years of development work to achieve meaningful connections. Janusea addresses this challenge head-on. Through their secure, fully hosted platform, Janusea bridges these worlds, enabling seamless collaboration between financial institutions and fintechs. Their platform accelerates speed to market, offering the freedom to choose the best solutions from a diverse range of providers, with sustainable API integration that works with any financial institution. We at the North American Fintech Coalition believe Janusea's approach strengthens the ecosystem, empowering financial institutions to thrive in an era where agility and technological adaptability are key to success. For more information, contact Masako Long, Vice President of Sales, or visit www.janusea.com. #NAFC #Janusea #integration #coreintegration #creditunion #creditunions #communitybank #communitybanks

7

1 Comment