Author: Denise Wymore

Data leaders Trellance and CU Rise to merge analytics and predictive modeling capabilities to broaden portfolio of software, managed services, and consulting solutions for credit unions

Trellance, the leading provider of data analytics and business intelligence solutions for credit unions, today announced it has entered into a definitive agreement to acquire the assets of CU Rise Analytics, an international credit union service organization (CUSO) that specializes in using data science and predictive analytics to help clients reach growth objectives. CU Rise has operations in the United States and India.

The current capabilities of Trellance’s patented M360 data platform, together with CU Rise’s predictive analytics, broaden the combined company’s software and solutions offerings. With the merging of portfolios, the company will also see growth in its managed services and consulting lines of business. Trellance and CU Rise have been longstanding commercial and technology partners.

“Trellance and CU Rise have delivered the industry’s most insightful data solutions,” shared Tom Davis, president and CEO of Trellance. “Through our strategic partnership, we’ve had an integrated product offering and a coordinated go-to-market approach. Now, we are on a path to release new analytics-based insights, benchmarks and predictive capabilities that help clients stay ahead of disruptive shifts in the market.”

Continue reading Trellance Expands Data Capabilities with Acquisition of CU Rise Analytics

‘CO-OP Rocks GAC with Kristin Chenoweth’ Open to All GAC Registrants

CO-OP Financial Services is making a major contribution to the GAC 21 conference, with a virtual booth, sponsorship of H.R. McMaster’s keynote address and an after-hours event featuring Kristin Chenoweth open to all registrants.

“At CO-OP we are committed in every way to making sure both our company and our industry stays vibrant and growth-oriented, even as we deal with the realities of the ongoing pandemic,” said Todd Clark, President/CEO of CO-OP. “We have found with our own THINK Conference that virtual formats can actually increase engagement. We believe that will also be true of GAC this year, and we hope to contribute to that by stepping up our own level of participation in the conference.”

CO-OP will be maintaining a virtual booth during the conference’s exhibition hours under the theme “Payments Is the Path to Growth. CO-OP is the Path to Payments.” The company will offer product demonstrations and present the latest updates to its ecosystem of services facilitating seamless digital payments experiences for members. The demos will highlight Zelle, Digital Card Issuance and the CO-OP Lifestyle Loyalty rewards platform. “By enabling a fast and convenient everyday payments experience, credit unions can deepen their relationships with members,” said Clark. “It is truly the path to growth, and CO-OP offers the means to achieve it.”

CO-OP at GAC 21

• CO-OP is contributing to the success of GAC 21 by sponsoring the Opening General Session keynote address by H.R. McMaster, taking place Tuesday, March 2, at 12 p.m. to 1:15 p.m. ET.
• Sponsoring a must-attend Breakout Session – “The Economic Outlook and Credit Union Operations” – also being held on March 2, from 3:30 p.m. to 4:30 p.m. ET.
• Hosting its traditional Tuesday after-hours celebration which, due to the virtual circumstances of GAC 21, is open to all conference registrants. The event will be highlighted by a concert by Emmy and Tony Award-winning singer and actress Kristin Chenoweth. “CO-OP Rocks GAC with Kristin Chenoweth” will be held March 2, from 5:30 p.m. to 6:15 p.m. ET. To register for GAC and be able attend the event, visit here.
• Two members of CO-OP Executive Management Team will be among the presenters at GAC. Todd Clark will be leading a sponsor-led Breakout Session – “Becoming the Primary Financial Relationship” – on March 2 from 4:45 p.m. to 5:30 p.m. ET. In addition, Bruce Dragt, Chief Product Officer for CO-OP, has contributed a “5-on-5” video interview on “Product Innovation” that is accessible to attendees throughout the conference.
• Additional GAC-connected events in which CO-OP is a sponsor include WOCCU, Monday, March 1, from 2:30 p.m. to 4 p.m. ET; NCUF Foundation Celebration (formerly known as Herb Wegner Awards), March 2 from 6:30 p.m. to 7:30 p.m. ET; and Global Women’s Leadership Network Breakfast, Wednesday, March 3, from 10 a.m. to 11 a.m. ET.

The complete agenda for CUNA GAC 21 is available here.

“GAC is truly one of the most important dates on the calendars of everyone in the credit union movement,” said Clark. “We look forward to seeing everyone there that we saw last year – and perhaps many more.”

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

About CO-OP Financial Services
CO-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.

Free event to provide credit union industry attendees with actionable insights, strategies and thought leadership

PSCU, the nation’s premier payments credit union service organization (CUSO), has announced its largest annual event will take place virtually April 20-22 from 2 p.m. to 5 p.m. each day. Virtual Member Forum 2021 will feature all of the events for which the CUSO’s in-person Member Forum is known – including dynamic keynote and breakout sessions, a credit union CEO panel, an on-demand Solutions Showcase, and more. Virtual Member Forum 2021 is a free event open to PSCU Owner credit unions, future Owners and industry partners.

“This year’s theme – Collective Momentum – highlights the momentum we have built together over the last year and PSCU’s focus on driving collaboration and solutions to accelerate the growth of our cooperative and the credit unions we serve,” said Dean Young, EVP, chief experience officer at PSCU. “During this year’s event, we will provide attendees with a wealth of actionable insights, strategies and thought leadership to position credit unions and our industry partners for growth and to keep members engaged in the rapidly evolving payments landscape. We look forward to ‘seeing’ everyone virtually in April!”

PSCU Virtual Member Forum 2021 is slated to include:

• CEO Keynote Presentation: PSCU President and CEO Chuck Fagan will highlight the collective momentum of PSCU and its credit unions as we work together to deliver innovative solutions and an unparalled experience for members now and in the post-pandemic world.
• Keynote Presentations:
  • Earvin “Magic” Johnson – The NBA legend, Hall of Famer, entrepreneur and philanthropist will share his journey of success from the basketball court to the business world as chairman and CEO of Magic Johnson Enterprises (MJE) in his keynote session, “A Conversation with Magic Johnson.”
  • Sarah Thomas – Thomas, one of Sports Illustrated’s “100 Most Influential NFL Figures of All Time,” changed the game in the world’s most quintessential male-dominated sport when she became the first female NFL official in 2015. She also became the first woman to officiate a Super Bowl during Super Bowl LV on Feb. 7 in Tampa, Fla. Her keynote session, “Breaking Through: A Conversation with Sarah Thomas, the NFL’s First Female Official,” will be a discussion with PSCU’s Chief Talent Officer Lynn Heckler surrounding diversity, equity and inclusion.
  • Stefan Olander – One of the world’s leading digital innovators, Olander has led several groundbreaking global initiatives that have unlocked state-of-the-art and engaging consumer experiences over the past 15 years. Prior to founding BrandNew, he held several key leadership positions with Nike Inc., including vice president, Global Digital Innovation. Olander will speak to the intersection of technology and innovation during his keynote, “How Human Centric Brands Win in a Tech Dominated World.”
  • Oliver Jenkyn – In his role as Visa’s group president and regional president for North America, Jenkyn has strategic and operational responsibility for the company’s business in the U.S. and Canada. In his keynote session, he will discuss the payments landscape.
• Credit Union CEO Panel: Moderated by Mark Sievewright, founder and CEO of Sievewright & Associates, hear firsthand from credit union CEOs during a panel focused on the latest industry trends, from the shift to digital to optimizing member experience in the post-COVID environment.
• Breakout Sessions: Gain insights and thought leadership from industry experts, Owner credit unions and PSCU leaders on topics including digital investment strategies, faster and real-time payments, security and fraud mitigation, data and analytics, small business solutions, financial wellness, digital banking, loyalty and rewards, and more.
• Solutions Showcase: Experience on-demand demonstrations of PSCU’s innovative product and solution portfolio.
• Entertainment: Wrap Day One of Virtual Member Forum 2021 with an exciting performance from the Original Voices of Rock n Roll, playing top hits by legendary bands from the 1970s, 1980s and 1990s. Rock to the sounds of Starship’s Mickey Thomas, Journey’s Steve Augeri, the Romantics’ Wally Palmar, Kool & the Gang’s Skip Martin and John Cafferty.

For more information or to register for Virtual Member Forum 2021, visit pscu.com/virtualmemberforum2021. Attendees that register before April 9 will receive a special gift from PSCU. In addition, an on-demand recording of Virtual Member Forum 2021 will be available to all registered attendees after the event.

About PSCU

PSCU, the nation’s premier payments CUSO, supports the success of 1,500 credit unions representing more than 5.4 billion transactions annually. Committed to service excellence and focused on innovation, PSCU’s payment processing, risk management, data and analytics, loyalty programs, digital banking, marketing, strategic consulting and mobile platforms help deliver possibilities and seamless member experiences. Comprehensive, 24/7/365 member support is provided by contact centers located throughout the United States. The origin of PSCU’s model is collaboration and scale, and the company has leveraged its influence on behalf of credit unions and their members for more than 40 years. Today, PSCU provides an end-to-end, competitive advantage that enables credit unions to securely grow and meet evolving consumer demands. For more information, visit pscu.com.

 

Promotions and New Hires Span Sales, Client Experience, Corporate Governance and Communications

CO-OP Financial Services has added five Senior Vice Presidents whose combined responsibilities impact virtually every aspect of the business, as the payments and financial technology partner to credit unions continues to invest in its digital ecosystem.

“In 2020, CO-OP turned a year of pandemic into a year of record momentum that is leading to more great work on behalf of our clients this year,” said Todd Clark, President/CEO of CO-OP. “Our momentum is driven first and foremost by our people, and these five senior leaders – Tiffany Doty, Pam Edwards, Sara Jensen, Peter Rae and John Wong – will help us fuel our company’s innovation and future vision.”

The five employees promoted or added to the company include:

Tiffany Doty, SVP, Client Relationships, reporting to Matt Kardell, Chief Revenue Officer. An 11-year veteran of CO-OP, Doty has a track record of client advocacy and sales success serving as a Division Executive for the past three years. She and her team will manage the relationships with CO-OP credit unions across the country, focusing on retention, managed revenue and strategic initiatives to help CUs succeed and grow.

Pam Edwards, SVP, Corporate Communications, reporting to Samantha Paxson, Chief Experience Officer. Edwards joined the company three years ago, building out the communications function, overseeing internal, external and operational communications, and managed the COVID crisis response for the company this past year. She will continue to drive CO-OP’s storytelling and focus on elevating CO-OP’s reputation as a payments and financial technology leader in the marketplace.

Sara Jensen, SVP, Governance and Administration, reporting to Erik Askelsen, General Counsel and Corporate Secretary. Jensen will continue to manage CO-OP’s Board of Directors and company governance processes. Jensen will also help ensure that the investments being made in the various corporate functions are integrated and advance the long-term goals of the organization.

Peter Rae, SVP, Sales, reporting to Matt Kardell, Chief Revenue Officer. Rae possesses 20 years of payment sales experience. With his deep knowledge of the Card Issuing and Debit Network business, Rae will lend expertise and lead innovation in the company’s net-new sales efforts.

John Wong, SVP, Client Experience, reporting to Samantha Paxson, Chief Experience Officer. Wong joins the company with prior experience at Symantec, ADP, Intuit and Bank of America. With a 15-year track record in the relatively new discipline of client experience, he will drive deeper expansion of the experience function and maximize its output.

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

About CO-OP Financial Services
CO-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.

PSCU, the nation’s premier payments credit union service organization, has updated its weekly transaction analysis from its Owner credit union members on a same-store basis to identify the impact of COVID-19 on consumer spending and shopping trends. Our infographic is also attached.

To provide relevant updates on market performance, experts from PSCU’s Advisors Plus and Data & Analytics teams today released year-over-year weekly performance trends. In this week’s installment, PSCU compares the seventh week of the year (the week ending Feb. 14, 2021 compared to the week ending Feb. 16, 2020).

“While year-over-year growth rates remained positive in Week 7, card payment volume softened for both debit and credit as stimulus funds were depleted,” said Glynn Frechette, SVP, Advisors Plus at PSCU. “Some large retailers reported a shift in purchase behavior from larger-ticket items to more basic necessities, indicating consumers were more cautious with the smaller amount received from the second round of federal stimulus payments. In this week’s deeper dive, we revisit the Service sector, where we see a mix of positive growth across all segments with only a few notable drops in academic categories including schools and colleges.”

• Growth rates for both debit and credit softened in Week 7, as the effect of the stimulus monies received in early January are now wearing off.
  • Debit card spend is up 12.5% in Week 7 and debit transactions finished down 1.2%. Debit purchases are lower than the previous four-week average of +21.7% and transactions are also lower than the previous four-week average of +5.4%.
  • Credit card spend in Week 7 finished up 1.5%, below the previous four-week average of +4.4%. Transactions finished down 5.0%, lower than the previous four-week average of -2.5%.
• Consumers continue to show strong adoption of digital payments, including contactless, mobile wallets and Card Not Present (CNP) alternatives, while using less cash.
  • Contactless “tap-and-go” transactions via dual interface cards continue to show strong consumer acceptance, with debit showing notable strength. Debit contactless transactions as a percent of Card Present activity on contactless debit cards have more than doubled from around 8.4% in January 2020 to 18.5% in Week 7 of 2021. Contactless credit transactions have also more than doubled, growing from 6.5% to 13.6% of Card Present activity on contactless credit cards in the same timeframe. We continue to view these results as conservative, as the ratio considers the proportion of contactless activity to all card present transactions, not just those able to be tapped.
  • Mobile wallet (i.e. “Pays”) transactions and purchases for both credit and debit cards continue to show good growth with Card Present activity. Debit mobile wallet purchases finished Week 7 up 52.0% year over year, lower than the previous four-week average of +63.5%. Credit mobile wallet purchases are up 38.0% year over year, lower than the previous four-week average of +45.1%. These results represent six supported mobile wallets: Apple Pay, Fitbit Pay, Garmin Pay, Google Pay, LG Pay and Samsung Pay.
  • We continue to see more volume conducted via Card Not Present (CNP) transactions. For credit, 54.3% of purchase volume and 44.0% of transactions are CNP. For debit, 43.4% of purchase volume and 31.0% of transactions are CNP. Purchase mix has held steady and is up 6.5 percentage points year over year for credit and 6.5 percentage points for debit. Transaction mix also remains steady, up 9.7 percentage points for credit and 7.8 percentage points for debit year over year.
  • Cash withdrawal transactions at the ATM are down year over year. For the most recent week, the number of cash withdrawals was down 24.4%, below the previous four-week average of -17.5%.
• From a merchant category perspective, the start of 2021 continues to show strong results in Goods, Utilities, Service and Grocery Stores, while year-over-year performance for Travel and Entertainment remains depressed. Drug Store performance has seen a steady decline in the past few weeks (All percentages are year-over-year weekly comparisons).
  • Purchases in the Goods sector remain strong, up 20.1% for credit and 24.8% for debit; Utilities spend was up 16.0% for debit and up 10.7% for credit; Service spend was up 11.3% for debit and up 4.9% for credit; Groceryspend was up 8.0% for debit and up 17.5% for credit.
  • Sectors trying to return to positive growth include Drug Stores, which are down 3.5% for debit and up 0.8% for credit, and Restaurants, which finished down 4.1% for debit and down 20.0% for credit.
  • Gasoline is the only sector within credit and debit that posted an improvement from the previous week in year-over-year growth, finishing up 1.9% for debit and down 5.4% for credit.
• Our regional analysis of spend utilizes the segmentation used by the U.S. Bureau of Economic Analysis (BEA) for economic analysis. Please see the attached infographic for a map of changes to credit and debit purchases by region.
  • Overall U.S. spend was up 1.5% for credit purchases. The Great Lakes (+4.2%) and Southeast (+5.8%) finished as the strongest regions for Week 7. Hawaii (-4.4%) and the Far West region (-6.8%) had the lowest credit purchase performance.
  • Overall U.S. spend was up 12.5% for debit purchases. The Great Lakes (+15.7%) and Southeast (+14.0%)finished as the strongest regions for Week 7. Hawaii (+5.8%) and the Far West (+5.4%) region had the lowest debit purchase performance.
  • PSCU’s Weekly U.S. State/Territory Analysis is available at www.PSCU.com/COVID19, ranking U.S. states and territories by year-over-year performance for debit purchases, credit purchases and ATM transactions.
• This week’s deep dive revisits the Service sector, which makes up 16% of overall debit purchases and 23% of all credit purchases. Within the Service sector, two-thirds of the purchases (for both credit and debit) are represented in the top three segments: Professional Service & Membership Organizations, Service Providers and Contracted Services.
  • The Professional Service & Membership Organizations segment comprises healthcare and many other professional service categories, including legal, accounting, and engineering services. For the current four-week average through Week 7, year-over-year debit purchases are up for this segment by 12% and credit purchases are up 2%. Positively contributing to this category for credit and debit are Charitable and Social Service Organizations, along with Dentists & Orthodontists. Notable drops in this category include academic categories of Elementary & Secondary Schools and Colleges & Universities.
  • Service Providers, which include many insurance-related categories, have been strong. For the current four-week average through Week 7, debit purchases are up 21% and credit purchases are up 13%.
  • Contracted Services, which include veterinary services, air conditioning, electrical and roofing services, have seen continued strong performance, especially in debit purchases. For the current four-week average through Week 7, debit purchases are up 42% and credit purchases are up 24%.
  • Within the Service Sector for Week 7, Digital Goods makes up 6% of debit purchases and 4% of credit purchases. This category contains online gaming/games, books, movies and applications, and from April 2020 has seen year-over-year increases of 50% and greater through the end of 2020. For the current four-week average through Week 7, Digital Goods are up 160% for debit purchases and credit purchases are up 139%. Top merchants in this category include Apple, Microsoft/Xbox, PlayStation and Amazon.
  • The balance of the Service sector, representing roughly 30% of credit and debit purchases in the sector, comprises four additional segments: Business Services, Personal Service Providers, Repair Services andGovernment Services. Combined results for these four categories have trended in line with consumer behaviors over the course of the pandemic. For the current four-week average through Week 7, these combined categories finished up 11% for debit purchases and virtually flat, up 0.1% for credit purchases.