In this week’s New York Minute, we’re excited to announce the winners of the 2024 Scholarship Program. Additionally, don’t miss your chance to sponsor EXCEL 24, an event that supports the growth and success of New York credit unions. We also highlight four credit unions recently honored for their exceptional workplace culture, and hear from TruStage on finding the right fintechs.
Announcing Our 2024 Scholarship Award Winners!
We’re thrilled to announce the recipients of the 2024 Scholarship Program, an initiative from the Association to support the educational aspirations of young credit union members across the state. This year, our program received an overwhelming response of over 1,000 applicants participating from 55 credit unions across three chapters.
This year, students received scholarships totaling $28,500 in awards. Scholarship amounts ranged from $250 to $1,500. This program is one way we renew our commitment to the educational advancement of our community, and we are proud to aid these young members in reaching their academic goals. Thank you to all the participating credit unions and chapters that continue to make this important investment in our youth.
Congratulations to all the winners!
Reminder: Register Today to Sponsor EXCEL 24!
Time’s running out to seize the opportunity to become a sponsor for EXCEL 24. Your support plays a pivotal role in advancing the success and growth of New York credit unions. This year’s sponsorship opportunities are not only unique but are designed to make a significant impact across our community.
Here are just a few ways you can contribute:
- TruStage Golf Tournament: Show your competitive spirit and support the New York Credit Union Foundation.
- Wine Pull: Become a beacon of hope for the Children’s Miracle Network Hospitals.
- Silent Auction: Gain visibility with your name and logo featured on signage, tables, the Association website, and the silent auction app.
- Trivia Night: Support the Young Professionals Commission (YPC) with opportunities for verbal recognition and branded presence at the event.
- Bingo: Engage participants with fun and games, while receiving signage recognition.
These sponsorships support important causes and highlight your organization’s commitment to supporting the New York credit union community.
Don’t miss your chance! Secure your sponsorship today to make your mark on EXCEL 24, which promises to be an unforgettable event. For more details on each opportunity, please visit our sponsorship page.
Four Credit Unions Recognized As Top Workplaces
In recent honors for exceptional workplace culture, four New York credit unions have been recognized for their dedication to employee satisfaction and organizational excellence, demonstrating a strong commitment to fostering environments that prioritize the well-being and professional growth of their teams.
Reliant Credit Union and Family First Credit Union were both celebrated by the Democrat and Chronicle within the Rochester Metro Area. Reliant Credit Union, for its seventh consecutive year, was acknowledged for its superior benefits, standing out as the best in the market based on employee feedback regarding the benefits package. This distinction underscores Reliant’s ongoing effort to ensure its team members feel valued and well-compensated. Family First Credit Union, marking its third consecutive accolade, was recognized in the smaller company size category of 35-124 employees, emphasizing its commitment to maintaining a supportive and collaborative work environment.
First New York Federal Credit Union was lauded by the Times Union for the Capital District in the company size category of 100-299 employees, underscoring its commitment to fostering a positive work environment that supports both professional and personal development.
AmeriCU Credit Union received the title of “Best Place to Work” for the eighth year, demonstrating its ongoing commitment to creating a culture of excellence and collaboration. The credit union’s proactive approach to employee development and community engagement, which includes a leadership program and various team-oriented initiatives, was highlighted during the awards ceremony. AmeriCU’s holistic approach to employee wellness and development is reflected in its consistent recognition as a top employer, showing a genuine commitment to not only the financial health of its members but also the overall well-being of its employees.
The Association extends its congratulations to Reliant Credit Union, Family First Credit Union, First New York Federal Credit Union, and AmeriCU Credit Union for their exemplary achievements in creating standout workplace cultures. These awards reflect the strong commitment of New York’s credit unions to not only serving their members but also ensuring their teams are engaged, supported, and valued.
Here Are 5 Steps That Credit Unions Can Take To Find The Right Fintechs Today
By Brian Bodell, VP Fintech Solutions at TruStageTM
Fintechs have disrupted the status quo by offering streamlined digital solutions that challenge traditional banking models, empowering individuals and businesses with greater control over their finances and democratizing access to financial services.
With a focus on user experience, innovation and agility, fintechs continue to reshape the financial landscape by driving increased competition, efficiency and inclusion within the industry. Which is why the relationship between fintechs and credit unions is tricky. While there can be direct competition with credit unions, there’s also a great opportunity for partnership and collaboration with the right fintechs that focus on empowering credit unions.
How Credit Unions Can Partner Successfully With A Fintech Today
There are many fintechs in the market today, nearly 30,000 worldwide to be exact1, which makes the decision of who to partner with a challenge. Many factors need to be considered, so having a framework and process in place to determine who to partner with is essential.
Try these 5 steps
- Clearly define your objectives and success measures
Start by defining what problem(s) you are trying to solve or what capabilities you need to add to your stack. For example, are you trying to reduce fraud, drive more deposits, make your lending more inclusive, or add real-time payment capabilities? For each of these objectives, you should benchmark your current state, define target improvements over time, and how those improvements will be measured. - Assign value
Develop a scoring model to prioritize what features will drive the most value for your credit union and/or your members. Each component of the scoring model should be weighed based on its importance. - Scan, score and select with confidence
Conduct a market scan to identify a handful of fintechs that can meet 80% of your needs. Narrow down options based on your initial review and invite the top three to five providers to respond to a reasonable RFI or RFP along with a comprehensive demo and architecture review. Understanding compatibility with your existing tech stack, your infrastructure, and your volume requirements is critical. There are several great firms that can assist credit unions with this partner selection process. - Do your due diligence
After selecting a provider, conduct a thorough due diligence process, digging into financials, product investment trendlines, architecture, and deployment models. Evaluate factors like user experience, implementation, testing, and support processes, data management capabilities, cybersecurity profile, regulatory compliance and integration capabilities, to name a few! - Forge a partnership
Work to form a partnership with the firm and understand how you will work together in good and challenging times to meet the objectives of both parties. Establish clear expectations, success measures and reporting along with regular check-ins to manage the partnership over time.
To recap, start with your strategy to understand what needs can be quickly filled by the right fintech partner(s). Then run through this five-step process with each partner and refine it over time to meet the needs of your particular credit union. Credit unions and fintechs must work together to quickly meet the evolving needs of members and the rapidly changing competition.
The views expressed here are those of the author(s) and do not necessarily represent the views of TruStage.
1Statista, Number of fintechs worldwide 2018-2024, January 2024
TruStageTM is the marketing name for TruStage Financial Group, Inc. its subsidiaries and affiliates. Corporate headquarters are located in Madison, Wis.
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