Kevin J. Dougherty

Credit unions: Your member experience requires constant attention and vigilance. Make sure that you: - Regularly assess your member journey across all channels. - Define your brand thoroughly for a consistent experience. - Create a journey map to identify all touchpoints. - Conduct monthly trainings to keep everyone aligned. As you map out your customer journey, don't forget your member authentication processes. Are outdated methods like one-time passcodes or knowledge-based questions frustrating your members? If so, IDgo offers a seamless, passwordless solution that not only enhances member experience, but also bolsters fraud protection. #CreditUnions #MemberExperience #Authentication

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For our Credit Union friends... Check out our latest blog post for CU Division's top 5 essential steps to bolster your crisis management strategy. From proactive planning to transparent communication, these tips will help you navigate any storm with confidence. Don't wait until a crisis hits—get prepared now! 💪📈 https://lnkd.in/ekSdTarS

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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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International Credit Union Week isn’t over yet! 🎉 We have TWO more giveaway questions coming your way, and you don’t want to miss out! 💥 Stay tuned, test your credit union knowledge, and get ready to WIN🥳 #CWJCCU #InternationalCreditUnionWeek #Giveaway #CreditUnion

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👏Congrats to #DTVAlliance member SCE Credit Union on its refreshed brand identity and new name - Rize Credit Union. They continue to offer the same great service, but with a new identity that better reflects their mission to uplift members to achieve lasting financial security. #DTLV Learn more at https://bit.ly/3zBw0ou

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“Everyone has a plan until they get punched in the mouth” (Mike Tyson) Or Managing vendor risk and mitigation Unifimoney is constantly engaging with potential #communitybank and #creditunion clients as they conduct their vendor due diligence process. Working in a highly regulated and might we say traditionally conservative industry requires a very high bar in terms of vendor due diligence and risk assessment - especially so during the ongoing fintech extinction event the market is experiencing. We have developed a Client Resource Center to make this process as robust and smooth as we can whilst acknowledging that no two organizations have the same approach and responding to specific information requests. As we all know however there are unexpected and often unwanted lessons that are learnt only during the implementation or operating phase post the sales agreement and long after the sales person has moved onto new opportunities. The fear of the unknown accounts for a significant degree of the relative lack of innovation in #communitybanking where being wrong is often punished but doing nothing is risk free at least for the individual if not the institution. At Unifimoney we have sought to overcome this challenge with two innovations: Pilots are free - don't trust our word for it - try us risk free instead. We have conducted pilots with just one employee at an institution - the executive sponsor who wanted to be sure he understood and could talk to the solution from direct experienced. This is the same experience your members/customers will get - you get to see digital wealth management in your live online banking environment but before you have to commit. Second - if we don't deliver you can cancel any time without penalty. We have to earn the trust of our clients and we have to deliver value - if we don't deliver then we have no right to be your vendor. We try and reduce the barriers to innovation by Community Banks by making it easy, fast and low risk to work with us from lived experience not a powerpoint deck. Unifimoney is a turnkey digital wealth management platform enabling Community Financial Institutions to compete with Fintechs and Big Brand Banks at high speed, low cost and without the need for technical integration. Owned by Palm Ventures a large family office backed investment firm. If you would like to speak to us please reach out or visit the website. #wealthtech #RIA #fudiciary #wealthmanagement #invest #digitalbanking #bankinnovation Alkami Technology Jack Henry #Q2

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🔥In Delaware, competition in the financial services industry is fierce.🔥 As of 2024, there are roughly 17 credit unions, 5 community banks, and 20 banks in the state alone. To stand out, credit unions must innovate continuously. Del-One Federal Credit Union, Delaware’s largest credit union, is leading the way by investing in member experience. Listen to our conversation with Del-One FCU to find out how they are setting the standard for creating impactful and memorable member experiences. Big thanks to Daniel McCarthy, President and CEO, Horacio Garcia-Korosec, Director of Member Experience & Strategy, and Donnell Henriquez, Contact Center Manager, for sitting down with the interface.ai team and sharing their successes. #CreditUnions #CreditUnionCompetition #InnovationInBanking #MemberExperienceMatters #DelOneFCU #AI

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Many banks and credit unions use Alchemer Digital to collect and respond to in-app and web customer feedback. This helps them drive data-driven product decisions and increase member retention. Learn how Advantis Credit Union uses Alchemer Digital to increase ROI and improve customer satisfaction, loyalty, and retention. https://lnkd.in/gitbeBgE

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Credit unions don’t get very far without a steady stream of loyal members who also tell others how great your credit union is. So, how do you ensure loyalty and member satisfaction? In this new CUInsight.com article, Alaina Sims uncovers the link between employee appreciation and member satisfaction. Take a closer look! https://lnkd.in/dvU4TVxW #Omnia #OmniaGroup #CreditUnions #EmployeeAppreciation

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Collections with a Heartbeat 💙: The Eltropy-Lexop Revolution!  Amir Tajkarimi, has joined forces with Eltropy to flip the script on loan repayments and collections for credit unions and community banks. No more cold collection calls and transactional dread – it's will be authentic, member-first connections and smooth payment experiences. Want the inside scoop from Amir? Read it here: https://lnkd.in/gRm3PBd8 #Eltropy #Lexop #Empowerment #CollectionsReimagined #CreditUnions #CommunityBanks #MemberFirst #FinancialInnovation #TechForGood #TransformCollections #CustomerExperience #PaymentSolutions

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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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The Consumer Financial Protection Bureau (CFPB) is set to release its open banking rule in the coming weeks, giving consumers control over their financial data. This rule, based on Section 1033 of the Dodd-Frank Act, mandates that institutions offering checking accounts, prepaid cards, credit cards, and digital wallets must enable secure data sharing.The rule will require financial institutions, including banks and credit unions, to share customer data and transfer it safely to other providers upon request. This initiative aims to establish federal consumer-privacy protections and prohibit the sale and misuse of data by companies. While the rule is expected to impact nearly 100 million consumers, many banks and credit unions, particularly smaller community institutions, are still unprepared for its implementation. Interestingly, some credit unions, especially those near universities, have been early adopters of smooth data access processes. For example, Michigan State University Federal Credit Union in East Lansing was prodded by tech-savvy students to create a superior customer experience for data sharing. I admit I was impressed to see how some credit unions, despite their smaller size, can be at the forefront of embracing open banking principles and meeting customer expectations in the digital age. #creditunions #banking #bankingindustry #cfpb #1033 https://lnkd.in/gkFSPJan

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Check out the latest webinar replay from Finopotamus: "Open Banking Challenges & Opportunities for Credit Unions" During this session, Finopotamus publisher and webinar host John San Filippo spoke with Amy Schade, SVP Lending at TRIUS FEDERAL CREDIT UNION, and Brian Reshefsky, CEO of EDGE, about open banking, especially as it relates to credit union lending. #fintech #creditunions #openbanking #lending #cashflowunderwriting

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Veritex Community Bank is proving that change management does not have to be a barrier to modernization: within 30 days of implementing MANTL, every team member responsible for opening accounts across all 29 branches was using the new system. Rudy A.P. Beeching, EVP and Managing Director of Retail and Business Banking at Veritex Community Bank, shares five best practices for encouraging employee adoption and overcoming change management obstacles when deploying new technology across a branch network. Learn how you can embrace change management and empower your branch teams to reach their deposit goals faster: https://lnkd.in/g4cVEQuf

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I am a mortgage loan officer. I may have big titles and fancy certifications. But underneath it all, I have an mlo license and I provide mortgages so that people can own the homes in which they live. When I was a child, I remember being a renter in someone else's home. And I remember the struggles my parents went through to buy their own home with a VA loan. I was raised in homes financed by VA loans - a benefit which my dad earned through his service abroad in multiple foreign wars. As a child, I witnessed my dad spend the second half of his life helping homeless veterans rehabilitate and return to society. A home is the foundation of stability - I know that firsthand. Homeownership is the foundation of wealth creation - which I also know firsthand. None of that is possible without a mortgage loan. Credit makes homeownership possible for our populace. Without homeownership, we would exist in a form of feudalism resembling the Dark Ages, where we all rent from someone else and are indentured as such. Therefore, the most important thing that I can do (that we can do) as a loan officer is work hard to make sure that our system of credit is robust, diversified and decentralized, and ALWAYS AVAILABLE. Full stop! We must constantly be vigilant to ensure that our country, our representatives, and our policymakers, support a robust credit framework so that the participants are diversified and distributed. This ensures that we can provide access to that framework for ALL the people. Because homeownership creates stability and wealth, which creates a stronger population, which creates a better country for "We the people", PERIOD. That's why it's called the American Dream.

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The NCUA works to protect credit union members and consumers, raise awareness of potential frauds, facilitate access to affordable financial services, and educate consumers on the importance of savings and how they can improve their financial well-being. #creditunions #customersuccess #customerservice #finance

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The NCUA works to protect credit union members and consumers, raise awareness of potential frauds, facilitate access to affordable financial services, and educate consumers on the importance of savings and how they can improve their financial well-being. #creditunions #customersuccess #customerservice #finance

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