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March 2022

    A Note from Chris

    Calling all digital marketers! Corporate Central will be hosting our annual Digital Marketing Forum on Tuesday, March 8 and Wednesday, March 9. The two-day, virtual forum will feature session topics including SEO, digital advertising, and social media marketing. New this year, CPE credits are available for eligible attendees. Marketing professionals, business development professionals, and C-level executives or any other positions involved with marketing decisions should attend this event. You can learn more about the forum and register for the event on the event webpage.

    Save the date! We are thrilled to be hosting the 41st annual membership meeting of Corporate Central Credit Union in person this year! Please join us at 9:30 a.m. CT on Thursday, May 12 at the Red Lion Hotel Paper Valley in Appleton, WI. More information will be forthcoming including how to register a delegate for your credit union. We look forward to seeing you, reconnecting with you, and sharing the successes of Corporate Central over the past year. We hope you will join us.

    Sincerely,

    Chris Felton's signature

    Chris Felton
    President/CEO

    What’s Trending?

    Open banking: the next credit union disruptor.

    Does anyone remember the 2004 Nationwide Insurance tagline, “Life comes at you fast?” Although the popular ad campaign is nearly 20 years old, it feels more relevant now than ever. Innovations that once crawled off the starting block are now redefining mainstream financial services. First it was fintechs and digital wallets and cryptocurrencies, and now open banking is rocketing over the horizon. Are we ready?

    Read the Article

    Technology Solutions

    Essential key performance indicators (KPIs) when analyzing call center metrics.

    Is your credit union considering the development of a member call center? Or are you looking to revamp your existing call center? If you answered yes to either of these questions you may be asking yourself, “where do I begin?”

    To start, call centers employ different sets of strategies to achieve one common goal: deliver exceptional member service experiences. To be effective, these strategies should address the many facets of managing a call center, including but not limited to:

    • Hiring and training agents
    • Ensuring agents stay engaged
    • Allocating workload
    • Analyzing member behavior
    • Using technology to streamline operations

    Emergifi can help boost your credit union’s call center management strategy by providing the best call center technology solution through our partnership with RingCentral.

    RingCentral provides essential KPIs (or measures) a call center manager should take note of including:

    • First call resolution (FCR) rates
    • Average handling time (AHT)
    • Net promoter score (NPS)
    • Member satisfaction score (MSat)

    These are just some of the top metrics you can use to drive call center performance. As a call center manager, you will also look at cost per contact, abandoned call rate, call transfer rate, etc.

    For more information about RingCentral and its cloud-based call center solution, please contact us. Also, watch for more information about the webinar Emergifi and RingCentral will host about call centers in April.

    Employee Benefit Resources

    Are you stuck in the vicious cycle of health insurance renewals?

    Maybe it’s time we actually do something different? If you’re still purchasing medical insurance the old way – meaning one year at a time with the same broker, carrier, and fully-insured model – you’re sailing straight into stormy weather as healthcare costs rise and catastrophic claims hit with greater frequency and severity. Now is the time to change your course.

    A collaborative employee benefits model through an insurance captive is the foundation for a multi-year strategy that provides better protection and greater control over healthcare spending. An effective captive model will deliver enhanced claims data analytics to reveal hidden opportunities for reducing medical and pharmacy claims costs without compromising care and lays out the easy steps you can take to realize the savings; and those savings in healthcare costs can be significant.

    Don’t fall into the 12-month trap and vicious cycle of fully-insured health plans. Change your course. Make self-insurance – without the risk and volatility – a reality with I-Care.

    Save Your Team from the Vicious Cycle

    Financial Services Consulting

    Are we okay?

    February saw markets brace for the Fed to shift the liquidity machine 180 degrees. Strong economic growth with stronger employment numbers, combined with elevated inflation rates, provide the backdrop for the Fed to hit the brakes and reverse course. All signs point to higher rates ahead as the Fed attempts to bring inflation rates down to their 2.0% target. They will wrap up their tapering of the $120 billion a month bond purchases in March eliminating the liquidity injections that were part of the quantitative easing plan. They have voiced intention to shrink the size of their balance sheet which has ballooned to $8.8 trillion the past several years. While details remain cloudy, it is obvious that the economic backdrop going forward will see the Fed pulling draining liquidity after years of keeping the faucets on full blast.

    The liquidity shift has spooked the equity markets. As of this writing, the S&P 500 has fell 10.25% from the highs hit in January. The tech heavy, Nasdaq, has pulled back 16.9% from its highs. The bond markets saw rates climb 80 basis points in the two- and three-year maturities, and 50 to 60 basis points in the five-to-ten-year sector.

    The Fed Funds futures market has priced in over six rate hikes over the next year. February futures are trading with an implied Fed Funds rate of 1.76%. All a far cry from the expectation of no rate hikes in 2022 and two to three boosts in 2023, the consensus forecast just three months ago.

    CFOs have seen the surge in rates generate some different discussions at ALCO and board meetings. The unrealized gains in their bond portfolios have faded into losses. The reversal has raised questions by concerned board members asking, “Are we okay?” For most of you reading this, a quick review of your ALM analysis will confirm the answer to this question is “Yes.” Most credit unions see a marked improvement in margins and profitability in rates up 100 basis points. The investment portfolio comes under heat, but the overall balance sheet improves. For those who have had their investment portfolio benchmarked to the balance sheet, the relationship has been analyzed with risk parameters in place. As rates rise, the investment portfolio’s role shifts to one of helping mitigate risk and provide liquidity.

    The ability to quickly address questions or concerns is certainly a positive feature of the Benchmarking process. The balance sheet is analyzed over an array of interest rate scenarios incorporating the effects of different benchmark portfolios. Once selected as a good fit to the balance sheet, the portfolio’s returns can be measured, monitored, and managed to ensure that it fulfills its role. The “Are we okay?” question can be quickly answered, and the board can move on to the next agenda item.

    Tune in to this month’s QuantyPhi webinar on March 16 at 2:00 p.m. CT where we will take a deeper dive into this topic.

    Register for the Webinar

    Did You Know?

    Corporate Central publishes a blog – The CU Minute.

    The CU Minute blog contains articles from Corporate Central and our family of CUSOs – Emergifi, InterLutions, and QuantyPhi. Topics include technology, healthcare, investment management, and innovative credit union solutions. Here are some of our most recent posts:

    See All Blog Articles

    Credit Unions Connect

    Stories that exemplify the movement

    Committing to the community.

    Green State Credit Union with check for Evelyn K Davis Center

    Green State Credit Union has partnered with the Evelyn K. Davis Center for Working Families to increase access to multi-lingual classes and workshops for refugees and immigrant communities. The credit union donated $41,500 to help these communities move forward in their financial journeys and stated, “This, along with our investment to increase access of financial services in multiple languages and in our campaign to close the racial homeownership gap in Iowa, only solidifies our commitment to the communities we serve.”

    Financial wellness for the underserved.

    TruStone Financial with check for MoneyWeave

    TruStone Financial Federal Credit Union recently donated $10,000 to the Moneyweave Academy. The nonprofit organization provides financial planning programs to help women at risk of poverty gain clarity, confidence, and control over their finances.

    Read More Credit Union Stories

    What’s New and Who’s Who

    Corporate Central welcomes Pete Xiong as a Systems Engineer and Amy Brown as a Business Analyst.

    Corporate Central is excited to announce and welcome Pete Xiong and Amy Brown to our team!

    Pete is a Systems Engineer. He provides design, installation, migration, and support services for cloud solutions primarily from Microsoft. He also provides pre-sales support to determine business and technical requirements and then identifies appropriate technology solutions. He will stay abreast of emerging technologies and serve as a resource and mentor with team members, while providing ongoing technical support for new and existing technology.

    Pete is a Systems Engineer. He provides design, installation, migration, and support services for cloud solutions primarily from Microsoft. He also provides pre-sales support to determine business and technical requirements and then identifies appropriate technology solutions. He will stay abreast of emerging technologies and serve as a resource and mentor with team members, while providing ongoing technical support for new and existing technology.

    Amy is our new Business Analyst. She analyzes and develops business processes and requirements for software application development. She will also design, test, and implement new systems and modify existing systems to meet business needs.

    Both Pete and Amy bring a lot of experience to their new roles and we are delighted to have them on our team. Welcome Pete and Amy!

    Corporate Central celebrates Nick Fanning’s 25th anniversary.

    In February, Corporate Central employees gathered at the office to celebrate Nick Fanning’s 25th anniversary! Over the years, Nick has overseen different departments and has had many different responsibilities, but for the past 15+ years, Nick has guided our balance sheet with precision. Consistence, conservative, and stewardship are all appropriate words to describe Nick's approach to managing our balance sheet and we are very grateful to have him on our team. Congratulations, Nick!

    Read the Press Releases

    Learn More About Our Team

    Wild Adventures with Leo

    Leo is back on the prowl.

    Leo is happy to be out and about exploring the world and connecting with credit union people once again! Over the past month, he accompanied National Account Manager, Mark Volz, on a cross-country road trip. They started off hiking in beautiful Sedona, AZ and ended the month by joining thousands of credit union folks in Washington, D.C. for CUNA’s GAC.

    Leo at GAC

    The GAC is the premier event for political impact in the credit union industry, gathering thousands of industry leaders to remind legislators and regulators why credit unions are Americans' best financial partners. The conference agenda, packed with thought-provoking keynote presentations from America's foremost leaders in politics, media, and business, includes time to make new connections with credit union leaders from across the country.

Upcoming Events

Monthly Market Monitor

7/13/2022 3:30 PM - 7/13/2022 4:00 PM Central Time (CST) | Webinar

The Monthly Market Monitor is a webinar geared toward credit union investment managers held on the second Wednesday of every month at 3:30 p.m. CT. It will provide up-to-date economic highlights, yield curve analysis, investment product recommendations, and outlook.

Altered Checks and Regulation CC Presumption of Alteration

7/19/2022 10:00 AM - 7/19/2022 11:00 AM Central Time (CST) | Webinar

Join Corporate Central and ECCHO for this 60-minute webinar where we will discuss the UCC presentment warranty and Regulation CC’s Presumption of Alteration, what they mean, and how the presumption of alteration affects a depositary FI when it receives a claim from a paying FI that it was presented an altered check.

Crystal Ball Challenge Update

7/20/2022 2:00 PM - 7/20/2022 2:30 PM Central Time (CST) | Webinar

Join QuantyPhi for our 30-minute webinar to see how our contestants are doing in our Crystal Ball Challenge. This is the second of four quarter-end competitions.

Credit Union Day at the Ballpark 2022

7/24/2022 10:30 AM - 7/24/2022 4:00 PM Central Time (CST) | Milwaukee, WI

Save the date for Credit Union Day at the Ballpark, Sunday, July 24, 2022 in Milwaukee, WI.

Monthly Market Monitor

8/10/2022 3:30 PM - 8/10/2022 4:00 PM Central Time (CST) | Webinar

The Monthly Market Monitor is a webinar geared toward credit union investment managers held on the second Wednesday of every month at 3:30 p.m. CT. It will provide up-to-date economic highlights, yield curve analysis, investment product recommendations, and outlook.

Monthly Market Monitor

9/14/2022 3:30 PM - 9/14/2022 4:00 PM Central Time (CST) | Webinar

The Monthly Market Monitor is a webinar geared toward credit union investment managers held on the second Wednesday of every month at 3:30 p.m. CT. It will provide up-to-date economic highlights, yield curve analysis, investment product recommendations, and outlook.

Economic Outlook Conference 2022

10/12/2022 9:00 AM - 10/12/2022 3:00 PM Central Time (CST) | TBD

Save the date for Corporate Central's Economic Outlook Conference, October 12, 2022.

Remotely Created Checks

10/18/2022 10:00 AM - 10/18/2022 11:00 AM Central Time (CST) | Webinar

Join Corporate Central and ECCHO for this 60-minute webinar where we will discuss the Remotely Created Check as defined in Regulation CC and the warranty a presenting FI makes that a Remotely Created Check is authorized by your account holder.

Our Family of CUSOs

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