WECU:
At the Bellingham, Wash.-based WECU ($2.7 billion in assets, 153,803 members), executives have chosen to embrace digital delivery and fintech partnerships. With that, the credit union smartly recognized that to pull off a full digital transformation, no single fintech vendor was going to provide the types of experiences it was looking for internally and for its membership. Knowing that member buy-in and a sense of ownership was crucial, WECU invested heavily in member listening and built a dedicated community for its membership to help inform strategy based upon their needs. This included establishing partnerships with Qualtrics and Influitive to provide key technologies that power these initiatives. Since it began this work, NPS has consistently gone up and WECU wrapped up the end of Q4 2022 with a Relationship NPS score of 73.29.
Associated Credit Union:
As Georgia's fifth-largest credit union, the Norcross, Ga.-based Associated Credit Union ($2.1 billion in assets, 158,147 members) has a commitment to technological innovation as well as employee well-being and fostering the growth of future finance professionals. Associated introduced Interactive Teller Machines to its members in 2019. The ITMs have been widely adopted and the credit union now has nearly 30 in use with more to come. Taking things a step further, Associated as partnered with Marietta High School to create a new career pathway for students. Through this initiative, students work as junior interactive service representatives in the credit union's e-branch department, assisting members through ITMs. This collaboration provides students with valuable finance industry experience and contributes to their career development.
California Credit Union:
The Glendale, Calif.-based California Credit Union ($4.6 billion in assets, 172,196 members) recognizes that technology plays a pivotal role in enhancing the member experience. Therefore, the credit union established a dedicated Innovation Department to drive its efforts to deliver efficient, convenient and personalized digital experiences to its members. Its focus on launching new technology solutions and developing fintech partnerships has significantly enhanced its online banking platforms, mobile applications and self-service options, along with internal technology systems geared to improve the member experience. In 2022, California CU expanded the efforts of its Innovation Department to enhance the member experience through the addition of new services, expanded virtual capabilities, streamlined processes and increased efficiencies for staff in serving members' needs.
CapEd Credit Union:
Located in Idaho's Treasure and Magic Valleys, the Meridian, Idaho-based CapEd Credit Union is known as a source for financial products, services and educational resources that help teachers, their family members and others invested in the education community to foster a healthy financial well-being. With a deposit-heavy community and wanting to offer their members multiple ways to be able to complete their transactions in-branch, CapEd adopted a Member Convenience Center model. This type of branch allows members to not only come in and process transactions, but also to get financial advice and learn about products and services that will help support their financial goals. These digital services in-branch allowed associates to work with members on setting up and managing their own digital solutions from at-home or mobile devices. These enhancements gave members and staff an increased feeling of ownership and confidence within the credit union.
Consumers Credit Union:
Executives with the Kalamazoo, Mich.-based Consumers Credit Union ($2.1 billion in assets, 133,660 members) continue to push their innovative and technology mindset while focusing on what's beneficial to the credit union's growing membership. This year alone Consumers is set to launch over 20 new technological advances, including interactive voice response, chat, and Virtual Assistant and voice check. With the biggest interactive teller machine (ITM) fleet, called TellerPlus+, in the state of Michigan, the credit union is creating the banking of the future. The ITM technology allows the credit union to extend hours, making banking more convenient for members. Consumers is also breaking through mobile banking with a 4.8-star rated app.
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FedChoice Federal Credit Union:
In order to jumpstart its digital transformation journey, the Lanham, Mich.-based FedChoice Federal Credit Union ($431 million in assets, 24,261 members) made the decision to implement MeridianLink® Consumer, MeridianLink® Opening, MeridianLink® Portal, MeridianLink® Engage and MeridianLink® Insight, part of the MeridianLink® One platform. MeridianLink One allows FedChoice to streamline internal workflows, cut down on processing times, increase its ability to distribute personalized communications to broad audiences and substantially improve the member experience. Over the past year, FedChoice leveraged technology for a successful credit card pre-approval campaign and a highly refined pre-approved auto loan and refinance campaign. Based on feedback from its members, FedChoice incorporated personalized URLs and pre-filled applications to make the process easier than ever. Additionally, the credit union personalized approval amounts and interest rates depending on individual members' financial risk profiles. Account personalization takes significant time, so FedChoice took advantage of digital lending technologies to both streamline communication to members and alleviate the time intensive process for employees.
Jolt Credit Union:
For the Saginaw, Mich.-based Jolt Credit Union ($454 million in assets, 27,664 members), it all starts with its name. It reflects its energy and dedication to making a difference in the lives of everyone it helps and serves. By having a strategy that capitalizes on its valuable digital real estate within online and mobile banking, combined with its knowledge of members with data and AI insights and DeepTarget's DXP, Jolt has successfully increased member engagement. When offers and messages are relevant and personalized, they are welcomed, and member needs are better satisfied. Using DXP, Jolt created compelling campaigns to connect individual members to products and services that were meaningful, which translated into growth for the credit union while fostering closer relationships its their members.
Teachers Federal Credit Union:
Teachers Federal Credit Union ($9.6 billion in assets, 463,125 members) in Hauppauge, N.Y., embarked on a digital transformation as part of a larger vision to become "America's credit union" by using the latest technologies and reinventing how Teachers' employees conduct business to best serve member needs. Throughout 2022, Teachers prioritized automation, resulting in nine million transactions performed by digital bots. This effort supported 10 lines of business across the credit union and saved employees more than 36,000 hours of manual data work. The greatest areas of automation transformation for Teachers have been in digital online account opening and fraud detection. With the introduction of automation bots, Teachers can now provide advanced-level support to fraud detection efforts as the bots are running 24/7 to process 12 million data points monthly, generating monitoring and alerts to financial crimes teams. This technology eliminates chances of human error, allows immediate processing of large amounts of data, and streamlines financial crime monitoring and alert processing.
Tech CU:
Officials with Technology Credit Union or Tech CU ($4.8 billion in assets, 170,172 members) based in San Jose, Calif., are big believers in its Virtual Branch. The Virtual Branch affords Tech CU the opportunity to connect with existing members, new prospects and key decision-makers while better serving the remote workforce of its Member Companies. Community partners have also benefitted from the Virtual Branch by efficiently scheduling meetings when it's convenient for them and explore banking opportunities. Tech CU's Virtual Branch pilot was so successful that the credit union decided to roll out the service to all its members. Virtual Branch helped Tech CU service more than $25.9 million in loans and acquire more than $20.8 million in deposits. It has also received 118 five-star YELP reviews. Additionally, Virtual Branch is particularly helpful in addressing Tech CU's emerging markets, where Tech CU offers services but has no existing brick-and-mortar branches. Over 1,750 Virtual Branch appointments were booked in 2022, up 191% from 2021.
True Sky Federal Credit Union:
Based in Oklahoma City, officials with True Sky Federal Credit Union ($917 million in assets, 61,960 members) are aiming to set a new standard for the credit union industry with its innovative strides in the past year. True Sky established a Project Management Office (PMO), launched a Digital Strategy initiative, and created an Innovation department focused on analyzing and implementing new technologies. These initiatives further demonstrate its dedication to "transitioning from a credit union that uses technology to A Technology Company with Purpose", as emphasized in the organization's motto. True Sky recently refreshed its back-end server and networking systems to host its virtual desktop infrastructure. This allows staff to have ubiquitous access to state-of-the-art systems when and where they need them. They have also implemented automated cybersecurity monitoring solutions, powered by AI. This new equipment will soon be relocated to a cutting-edge data center facility being constructed at its main campus in Oklahoma City. This new facility will ensure the highest standards of security and reliability for its members.
Advertisement
WECU:
At the Bellingham, Wash.-based WECU ($2.7 billion in assets, 153,803 members), executives have chosen to embrace digital delivery and fintech partnerships. With that, the credit union smartly recognized that to pull off a full digital transformation, no single fintech vendor was going to provide the types of experiences it was looking for internally and for its membership. Knowing that member buy-in and a sense of ownership was crucial, WECU invested heavily in member listening and built a dedicated community for its membership to help inform strategy based upon their needs. This included establishing partnerships with Qualtrics and Influitive to provide key technologies that power these initiatives. Since it began this work, NPS has consistently gone up and WECU wrapped up the end of Q4 2022 with a Relationship NPS score of 73.29.
Associated Credit Union:
As Georgia's fifth-largest credit union, the Norcross, Ga.-based Associated Credit Union ($2.1 billion in assets, 158,147 members) has a commitment to technological innovation as well as employee well-being and fostering the growth of future finance professionals. Associated introduced Interactive Teller Machines to its members in 2019. The ITMs have been widely adopted and the credit union now has nearly 30 in use with more to come. Taking things a step further, Associated as partnered with Marietta High School to create a new career pathway for students. Through this initiative, students work as junior interactive service representatives in the credit union's e-branch department, assisting members through ITMs. This collaboration provides students with valuable finance industry experience and contributes to their career development.
California Credit Union:
The Glendale, Calif.-based California Credit Union ($4.6 billion in assets, 172,196 members) recognizes that technology plays a pivotal role in enhancing the member experience. Therefore, the credit union established a dedicated Innovation Department to drive its efforts to deliver efficient, convenient and personalized digital experiences to its members. Its focus on launching new technology solutions and developing fintech partnerships has significantly enhanced its online banking platforms, mobile applications and self-service options, along with internal technology systems geared to improve the member experience. In 2022, California CU expanded the efforts of its Innovation Department to enhance the member experience through the addition of new services, expanded virtual capabilities, streamlined processes and increased efficiencies for staff in serving members' needs.
CapEd Credit Union:
Located in Idaho's Treasure and Magic Valleys, the Meridian, Idaho-based CapEd Credit Union is known as a source for financial products, services and educational resources that help teachers, their family members and others invested in the education community to foster a healthy financial well-being. With a deposit-heavy community and wanting to offer their members multiple ways to be able to complete their transactions in-branch, CapEd adopted a Member Convenience Center model. This type of branch allows members to not only come in and process transactions, but also to get financial advice and learn about products and services that will help support their financial goals. These digital services in-branch allowed associates to work with members on setting up and managing their own digital solutions from at-home or mobile devices. These enhancements gave members and staff an increased feeling of ownership and confidence within the credit union.
Consumers Credit Union:
Executives with the Kalamazoo, Mich.-based Consumers Credit Union ($2.1 billion in assets, 133,660 members) continue to push their innovative and technology mindset while focusing on what's beneficial to the credit union's growing membership. This year alone Consumers is set to launch over 20 new technological advances, including interactive voice response, chat, and Virtual Assistant and voice check. With the biggest interactive teller machine (ITM) fleet, called TellerPlus+, in the state of Michigan, the credit union is creating the banking of the future. The ITM technology allows the credit union to extend hours, making banking more convenient for members. Consumers is also breaking through mobile banking with a 4.8-star rated app.
Advertisement
FedChoice Federal Credit Union:
In order to jumpstart its digital transformation journey, the Lanham, Mich.-based FedChoice Federal Credit Union ($431 million in assets, 24,261 members) made the decision to implement MeridianLink® Consumer, MeridianLink® Opening, MeridianLink® Portal, MeridianLink® Engage and MeridianLink® Insight, part of the MeridianLink® One platform. MeridianLink One allows FedChoice to streamline internal workflows, cut down on processing times, increase its ability to distribute personalized communications to broad audiences and substantially improve the member experience. Over the past year, FedChoice leveraged technology for a successful credit card pre-approval campaign and a highly refined pre-approved auto loan and refinance campaign. Based on feedback from its members, FedChoice incorporated personalized URLs and pre-filled applications to make the process easier than ever. Additionally, the credit union personalized approval amounts and interest rates depending on individual members' financial risk profiles. Account personalization takes significant time, so FedChoice took advantage of digital lending technologies to both streamline communication to members and alleviate the time intensive process for employees.
Jolt Credit Union:
For the Saginaw, Mich.-based Jolt Credit Union ($454 million in assets, 27,664 members), it all starts with its name. It reflects its energy and dedication to making a difference in the lives of everyone it helps and serves. By having a strategy that capitalizes on its valuable digital real estate within online and mobile banking, combined with its knowledge of members with data and AI insights and DeepTarget's DXP, Jolt has successfully increased member engagement. When offers and messages are relevant and personalized, they are welcomed, and member needs are better satisfied. Using DXP, Jolt created compelling campaigns to connect individual members to products and services that were meaningful, which translated into growth for the credit union while fostering closer relationships its their members.
Teachers Federal Credit Union:
Teachers Federal Credit Union ($9.6 billion in assets, 463,125 members) in Hauppauge, N.Y., embarked on a digital transformation as part of a larger vision to become "America's credit union" by using the latest technologies and reinventing how Teachers' employees conduct business to best serve member needs. Throughout 2022, Teachers prioritized automation, resulting in nine million transactions performed by digital bots. This effort supported 10 lines of business across the credit union and saved employees more than 36,000 hours of manual data work. The greatest areas of automation transformation for Teachers have been in digital online account opening and fraud detection. With the introduction of automation bots, Teachers can now provide advanced-level support to fraud detection efforts as the bots are running 24/7 to process 12 million data points monthly, generating monitoring and alerts to financial crimes teams. This technology eliminates chances of human error, allows immediate processing of large amounts of data, and streamlines financial crime monitoring and alert processing.
Tech CU:
Officials with Technology Credit Union or Tech CU ($4.8 billion in assets, 170,172 members) based in San Jose, Calif., are big believers in its Virtual Branch. The Virtual Branch affords Tech CU the opportunity to connect with existing members, new prospects and key decision-makers while better serving the remote workforce of its Member Companies. Community partners have also benefitted from the Virtual Branch by efficiently scheduling meetings when it's convenient for them and explore banking opportunities. Tech CU's Virtual Branch pilot was so successful that the credit union decided to roll out the service to all its members. Virtual Branch helped Tech CU service more than $25.9 million in loans and acquire more than $20.8 million in deposits. It has also received 118 five-star YELP reviews. Additionally, Virtual Branch is particularly helpful in addressing Tech CU's emerging markets, where Tech CU offers services but has no existing brick-and-mortar branches. Over 1,750 Virtual Branch appointments were booked in 2022, up 191% from 2021.
True Sky Federal Credit Union:
Based in Oklahoma City, officials with True Sky Federal Credit Union ($917 million in assets, 61,960 members) are aiming to set a new standard for the credit union industry with its innovative strides in the past year. True Sky established a Project Management Office (PMO), launched a Digital Strategy initiative, and created an Innovation department focused on analyzing and implementing new technologies. These initiatives further demonstrate its dedication to "transitioning from a credit union that uses technology to A Technology Company with Purpose", as emphasized in the organization's motto. True Sky recently refreshed its back-end server and networking systems to host its virtual desktop infrastructure. This allows staff to have ubiquitous access to state-of-the-art systems when and where they need them. They have also implemented automated cybersecurity monitoring solutions, powered by AI. This new equipment will soon be relocated to a cutting-edge data center facility being constructed at its main campus in Oklahoma City. This new facility will ensure the highest standards of security and reliability for its members.
Advertisement
WECU:
At the Bellingham, Wash.-based WECU ($2.7 billion in assets, 153,803 members), executives have chosen to embrace digital delivery and fintech partnerships. With that, the credit union smartly recognized that to pull off a full digital transformation, no single fintech vendor was going to provide the types of experiences it was looking for internally and for its membership. Knowing that member buy-in and a sense of ownership was crucial, WECU invested heavily in member listening and built a dedicated community for its membership to help inform strategy based upon their needs. This included establishing partnerships with Qualtrics and Influitive to provide key technologies that power these initiatives. Since it began this work, NPS has consistently gone up and WECU wrapped up the end of Q4 2022 with a Relationship NPS score of 73.29.
We are excited to present and recognize the CU Times LUMINARIES Class of 2023 Finalists who have proven themselves to be out-of-the-box thinkers when it comes to delivering innovative ideas to their credit union. This slideshow highlights the 10 finalists from our Innovation in Technology – Credit Union category of credit unions of all sizes from around the country, which are making incredible strides innovating using technology as a basis to grow their business and care for their members. The LUMINARIES Class of 2023 Finalists have been reviewed by a talented and diverse judging panel of experts from across the credit union landscape. A select group of winners will be announced live on stage during our awards dinner and gala, which is scheduled for Nov. 9, 2023 at the Disney's Yacht Club Resort in Orlando, Fla.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
