First, let me start this weekly blog with a shameless plug for Callahan's online poll Incubators, Startups, And The Credit Union Industry. Callahan & Associates is conducting this poll to gauge the relationship between credit unions and budding businesses. Even if your credit union has nothing to do with these kinds of ventures, take the poll and tell us so. We're looking for a balanced view of the industry, and only you can provide that. Take it today.
Now, on to the great content lined up for this week. CreditUnions.com is spotlighting industry efforts to support innovation in the from of incubators, startups, CUSOs, and more. If you're looking for your next big idea, look to the cooperatives featured here.
Several years ago, New York-based USALLIANCE Financial faced a challenge familiar to many credit unions: how to compete with larger financial institutions in its markets and meet members’ growing demand for world-class service and convenient access in the digital channel? To solve this problem, it sought out creative partnerships with several financial technology startup companies to offer services and delivery channels rivaling those of even the largest banking institutions in the country. Callahan contributor Ted Goldwyn has the story in "The FinTech Revolution And Creative Collaboration."
In "The Price Of Innovation In Louisiana," associate editor Erik Payne profiles the lengths ANECA Federal Credit Union of Shreveport, LA, has taken to support a startup competition that encourages and supports local business. The Louisiana Startup Prize is one of four contests that covers an array of industries and shows how the contest sponsors are thinking holistically about how to invigorate the area. Read more today.
The need for applications that interface with industry-standard software systems is a given for any credit union that wants an efficient and effective IT setup. Greylock Federal Credit Union is among a small group of credit unions that is leveraging its in-house expertise in app development and programming to create an additional revenue stream. Two years ago, the 70,000-member credit union started its Greylock Technology Group, a credit union service organization dedicated to programming, training, and application development for financial institutions that also use Fiserv Inc.’s DNA core software platform. Callahan contributor Susan Levi Wallach has the scoop in "How In-House Apps Jumpstarted A Technology Venture For Greylock FCU."
Finally, learn how a partnership with a business incubator puts Coastal Federal Credit Union in touch with 220 companies and 900 employees. You don't have to operate out of a major tech hub or research triangle to take away best practices from this North Carolinian cooperative.
“Our goal is to give our financial expertise and experience,” says the credit union's vice president of corporate affairs, Creighton Blackwell. And Callahan associate editor Erik Payne tells how the credit union does just that in "How A Little Innovation Helps Coastal FCU Support Budding Businesses."
I'm excited about the practices we're featuring this week, and I hope you are, too.