Posted on Leave a comment

New offering from Trellance addresses critical credit union talent gaps

Professional Staffing Services Will Help Credit Unions Meet Growing Demands for Skilled Technologists

February 16, 2022 – With talent shortages at the highest levels in decades, credit unions across the country are struggling to fill key technology and analytics positions. Professional Staffing services from Trellance aim to close the gap by connecting credit unions with skilled talent using the more cost-effective and flexible “as-a-service” model.

Trellance will offer credit unions access to talent in skills areas that include data science, software and data management technologies, user experience, and cloud migration. President and CEO Tom Davis said credit unions need ample support in these areas to stay competitive. 

“Credit unions face stiff competition from new tech-first financial firms who are working aggressively to capture market share from traditional financial services, and too many CUs are losing the battle,” he said. “In this dynamic environment, they need advanced tech practitioners to become more agile in adopting new technology and responding to trends as they emerge. It can be challenging to bring these professionals in-house as full-time employees.”

As a company wholly-owned by credit unions with decades of industry expertise, Davis said Trellance is uniquely positioned to craft a talent offering that addresses pressing industry needs. These include:

  • Hiring, onboarding, and retaining talent with advanced technology skills
  • Managing costs associated with the need for larger, more highly skilled technology departments
  • Shortening go-to-market timelines for technology projects
  • Effectively using and maximizing existing technology investments
  • Rethinking and continually iterating the online experience for members

Trellance expects high demand for its talent services and is significantly expanding its own staff to support the offering. The company is sourcing top technology talent both in the U.S. and around the globe and will provide services through customized engagement models. It has already begun to successfully pilot the service with credit unions, including Credit Union of Colorado.

“Augmenting our team with experienced tech professionals from Trellance allowed us to seamlessly complete the development of new tools, even when faced with a staff shortage,” said Terry Leis, President and CEO of Credit Union of Colorado. “We see it as another avenue that can help us more nimbly seize opportunities and respond to changes with greater ease.”

About Trellance

Trellance is a leading provider of business analytics and technology consulting for credit unions, helping them meet the financial needs of todays digital consumer. With a comprehensive suite of data science solutions, professional staffing and professional services, the Trellance team ensures credit unions increase efficiency, manage risk, and improve member experience. As credit unions’ tech partner, Trellance brings them to the next frontiers of fintech, filled with powerful tools such as artificial intelligence and machine learning. Data In. Insights out. Learn more at Trellance.com.

Media Contact:
Maren Bradley
Marketing Communications Manager
mbradley@trellance.com

Posted on Leave a comment

PSCU Payments Index – February 2022 Edition

February 16, 2022 – Today, PSCU – the nation’s premier payments credit union service organization (CUSO) – published the February edition of the PSCU Payments Indexthe goal of which is to provide information and insights to help financial institutions make informed, strategic decisions on the road ahead.

In this month’s iteration, we look at several macroeconomic indicators affecting consumer preferences and behaviors, including the Omicron variant and unemployment rate, among other factors. The Consumer Confidence Index decreased in January, impacted by challenges from rising prices and the ongoing pandemic, while supply chain disruptions and market shortages are now expected to continue through 2022. The Consumer Price Index (CPI) increased 0.6% in January, to 7.5% – its highest point since February 1982 – according to data released by the Labor Department on Feb. 10. And, despite the continued pandemic-related headwinds, consumer spending remained strong throughout the month of January. This month, we present a Deep Dive into Food – the combined Grocery and Restaurant sectors.

“Entering 2022, the evolving path of the pandemic remains evident,” said Norm Patrick, vice president, Advisors Plus Consulting at PSCU. “While consumer confidence dipped in January for the first time since before the holiday shopping season, consumer spending remains very strong. Credit card purchases outpaced debit once again, with the Travel and Entertainment sectors reporting the highest overall growth in consumer spend. As we look at Food purchases in this month’s Deep Dive, the total spend has grown – in part due to rising prices and continued bulk buying – but the spend mix continues to shift, falling back to more of a pre-pandemic pattern.”

A sampling of key takeaways from the February report includes:

  • Consumer spending was again very strong for both credit and debit purchases in January, with growth in credit continuing to outpace debit. Consumers eager to return to pre-pandemic habits posted strong spending growth in the Travel and Entertainment sectors. Year-over-year growth in debit purchases was softened by the record debit growth at this time last year, fueled by federal government stimulus disbursements in Dec. 2020 and Jan. 2021.
  • The average credit card balance for January 2022 was $2,736 – marking the first time since the start of 2019 that the year-over-year average credit card balance has not dropped.
  • Growth in CNP purchases within the Food sectors, this month’s Deep Dive topic, has accelerated compared to pre-pandemic annual results, with added growth when comparing 2021 to 2020 in the Restaurant categories. Consumer acceptance of online food purchases and in-person pickup or delivery has become more mainstream.
  • The CPI-U for January increased to 7.5%, the highest point since February 1982. The pace of increase for January was the same as December’s increase of 0.6%. Food prices rose 7% with Restaurants, Fast Food and grocery stores all contributing to the increases. Interest rate hikes are expected to begin in March.
  • Stronger-than-expected job growth was recorded for January, while the unemployment rate stayed relatively flat from December at 4%.

The full report is available for download here or can be shared as a PDF upon request. Additionally, feel free to subscribe here to receive updates when the PSCU Payments Index is published each month.

Contact:

Peyton Burgess
On behalf of PSCU
919-815-2915

Posted on Leave a comment

Kelly Mendenhall and Joy Porter Promoted to Senior Vice Presidents at CO-OP Financial Services

Promotions Reflect Their Own High Performance and Rapid Growth of the Company

 February 1, 2022 – CO-OP Financial Services has promoted Kelly Mendenhall and Joy Porter to Senior Vice President, reflecting their own high performance in the Product and People (Human Resources) functions, respectively, and the continuing rapid growth of the company.

“In the past five years, CO-OP has launched more than 150 new products,” said Todd Clark, President/CEO. “This has certainly meant a monumental effort by our Product team, and also by Human Resources, to find and keep the talent we need to maintain this level of performance. The work of Kelly and Joy has helped us meet our goals and fuel the innovation needed for the future.”

Kelly Mendenhall is promoted to SVP, Innovation, Product Office, reporting to Bruce Dragt, Chief Product Officer. Mendenhall joined CO-OP in April 2017 with the merger of CO-OP and TMG, having joined that organization exactly one year earlier. Mendenhall is responsible for the PDLC (Product Development Life Cycle) process, and the process for defining the CO-OP roadmap. He is also responsible for innovation activities like “Innovation Day” and providing a clear direction so that innovation processes result in products that better serve the company’s credit union clients and their members.

Joy Porter is promoted to SVP, Total Rewards and People Operations, reporting to Cheryl Middleton Jones, Chief People Officer. Porter joined CO-OP in April 2019, and during her tenure has led the effort to improve the company’s compensation and benefits offerings. Additionally, she has implemented new work/life programs such as updated maternal, parental, family care and adoption leave programs. Porter is also responsible for HR Operations and the HRIS system, moving to one functional and self-service platform for all HR functions across the business.

During 2021, CO-OP invested $50 million in its product roadmap to ensure clients remain competitive. New products include Digital Card Issuance, expansion of the CO-OP Springboard card servicing application and the introduction of CO-OP Resolution Center, the company’s proprietary new disputes and chargebacks processing platform, designed with credit union input. In addition, CO-OP launched COOPER Fraud Score, a machine learning tool to detect, prevent and mitigate fraud.

Also in 2021, CO-OP was one of only three organizations in the credit union industry to be recognized as one of “2021 Achievers 50 Most Engaged Workplaces” by Achievers, a provider of employee voice and recognition solutions. CO-OP’s commitment to four core values – work as partners, communicate openly and honestly, demonstrate excellence, champion change – contributed to the recognition. Additionally, CO-OP’s Diversity, Equity and Inclusion Council launched a series of Engagement Resource Groups, including Women in Technology, Pride Alliance and Black Financial Technology Professionals.

More information about CO-OP Financial Services can be found by visiting www.coop.org.

About CO-OP Financial ServicesCO-OP Financial Services is a payments and financial technology company whose mission is ensuring the success of the credit union movement. CO-OP payments solutions, engagement services and strategic counsel help credit unions optimize member experiences to consistently provide seamless, personalized multi-channel offerings, while delivering secure, sophisticated fraud mitigation service. For more information, visit www.coop.org.

Contact:

Bill Prichard, APR, Director, Public Relations

CO-OP Financial Services

(909) 532-9416

Bill.Prichard@coop.org