PSCU President/CEO Chuck Fagan speaks during the 2023 Member Forum in Tampa, Fla.
Two issues were at play during the first full day of PSCU's Member Forum, happening this week in Tampa, Fla.: DEI and AI, both important issues for credit unions that are also getting a lot of attention during the CUSO's annual meeting.
A record number of credit union professionals, more than 1,200 according to PSCU, are attending the multi-day conference in downtown Tampa.
On Tuesday, PSCU announced its new Intelligent Fraud Decisioning solution at the Member Forum. The St. Petersburg, Fla.-based PSCU stated that this new evolution in its AI fraud detection services combines AI and machine learning technologies to increase "fraud pattern identification, automatic rule generation and internal operational alerts."
As PSCU Chief Risk Officer and President of TriVerity Jack Lynch put it, this AI development gives PSCU and credit unions a bigger picture when it comes to fraud detection. "Now we're going to utilize the power of AI in real time and in strategic decision making, as opposed to 'Oh, now we have to react to a fraud situation going on.'"
PSCU's Jack Lynch (left) in an interview with Michael Ogden from CU Times at the 2023 Member Forum in Tampa, Fla. During an interview with CU Times, Lynch added, "Now we're moving into the world of machine learning and actually leveraging that and changing the strategy in real time to protect whatever is going on."
According to PSCU, the Intelligent Fraud Decisioning will not only show credit unions what happened, but its analysis will dig deeper into why it happened. The reason for the AI advancement, according to PSCU, is to continue to drive card use and confidence among credit union members, which will drive growth.
Karen Postma, managing vice president, Risk Analytics and Fraud Services at PSCU, said, "The upgraded decisioning engine will facilitate retention and revenue growth for credit unions while staying ahead in the fight against fraud."
Culture Wins Awards
Years of work by officials at PSCU has resulted in a level of success and accolades rarely seen by businesses around the globe. Just days ago, the organization was one of 57 companies around the world to win the 2023 Gallup Exceptional Workplace Award. This prestigious award recognizes companies with the most engaged workplace cultures in the world. This announcement came on the heels of PSCU being named to the Forbes list of America's Best Midsize Employers 2023.
CU Times also sat down with PSCU EVP, Chief Talent Officer Lynn Heckler, who said, "It's a validation, that's really all the awards are – it's a validation that we're doing the right things with our culture and with our team members, and that we're understanding the drivers of engagement. We're working to create an employee experience around those drivers of engagement."
Heckler can see the connection to these award wins to her and her team's decades-long work at PSCU with diversity, equity and inclusion. "I absolutely believe that [connection] and probably the biggest connection would be that we have an uncompromising commitment to DEI – you know, it's not just a flavor of the month at PSCU," Heckler said.
For the first time in the Member Forum's history, DEI will be a focus for a main ballroom panel discussion, instead of being a smaller breakout session.
"It's exciting for me to see DEI on the big stage for the first time," Heckler said. She predicted it won't be the last.
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