The CU Times PRO Webcast series recently hosted a discussion on fintech partnerships and investments in the credit union industry, featuring Dennis Klemenz, Chief Technology Officer at Jovia Financial Credit Union. The conversation explored how fintech collaborations are shaping credit union strategies and improving member experiences.
Jovia Financial Credit Union has strategically invested in and leveraged fintech partnerships to streamline lending and enhance security. "The way we select fintech partners is driven by alignment with our mission and the ability to enhance member experience," said Klemenz. "We look for solutions that simplify banking while maintaining security and efficiency."
One notable partnership is with Clutch, which has significantly improved loan and deposit origination. Additionally, Jovia’s collaboration with Alloy and NeuroID has resulted in a 35% reduction in daily fraud cases. "These tools provide real-time fraud detection and prevention, giving our members peace of mind," Klemenz explained.
Jovia is also expanding its focus on financial literacy through initiatives like the Curio app and Commerce Plaza, providing hands-on education for young members. "Education is key to financial empowerment, and these programs allow us to engage our community effectively," Klemenz said.
Looking ahead, Jovia is exploring artificial intelligence (AI) for process automation and risk management. "AI is the next frontier in fintech, and we are building policies to integrate it responsibly," Klemenz noted.
For credit unions considering fintech adoption, Klemenz advised: "Select partners that align with your credit union’s values and have a strong implementation plan. Fintech is not just about technology, it’s about making banking better for members."
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
