This week, CreditUnions.com learns more about a culture & values officer, asks if you’ll be ready for a changing payments ecosystem, shows how high rates and high trust nets high returns for one credit union, and more.
Here are five can’t-miss data points:
Travis Flora has spent 20 years at Commonwealth Credit Union immersed in the organization’s culture and values. Now, he’s in charge of them. Flora joined the credit union in 1996 and served in various marketing roles before taking on the newly created title and role of culture and values officer in April 2017. He’s in charge of the Team 1 Culture initiative that replaced the top-down, silo-heavy work environment of years past. Here, Flora describes what this new role is all about and how he spends his time: he estimates 25% is spent coaching, mentoring, and teaching.
Read: What’s In A Name: Culture & Values Officer
Presentations and conversations at the Electronic Transactions Association’s yearly TRANSACT Tech DC/FinTech Policy Forum had a disstinct flavor: the latest technology in payments, the role that convergence plays in innovation, and the use of artificial intelligence in financial services. Didn’t attend? That’s OK. We did. Here are three things you missed:
Read: The Payments Ecosystem Is Changing. Will You Be Ready?
Today’s young adults are forcing all industries to take a close look at how they serve customers and hire employees. This summer, Callahan polled 23 current and former employees of all ages to learn more about their attitudes toward cash. Do the millennials and Gen Zs carry cash? Do they know what cash looks like? Do our Gen Xs and Boomers live at the ATM? Do they know that Venmo is a verb now? The results here, split into groups for employees 22-32 years old and 33-61 years old, explore a range of topics, from cash usage and payment preference to mobile wallets and security concerns.
Read: What’s In Our Wallet?
Latino Community Credit Union needs a lot of deposits to fuel its loan operation. LCCU serves a generally low income membership that has limited savings and a big need for loans from a trustworthy financial partner. The 18-year-old credit union has responded with loan and deposit growth rates that both regularly exceed industry averages. Currently, that includes 1.55% for share certificates, 0.90% for money market accounts, and 0.20% for regular shares.
Read: High Rates, High Trust Nets High Returns For Latino Community Credit Union
Mark Fox joined Spokane Valley Credit Union as a teller in 1996. In 2015, he became the first vice president of payments for what’s now Numerica Credit Union. More than just the credit union’s name has changed over the years, however. Today, Numerica is a front-runner with Alexa as part of a comprehensive member service digital strategy that includes payments. As in: Alexa, ask Numerica to transfer $10 from savings to checking.
Read: Alexa, How Does Numerica Do Payments?