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Ep. 77 - Talking Corporates With Rodney May of Vizo
Manage episode 474614471 series 3316827
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You'll quickly find out Mark and Rodney go way back and talk about the old days. What is a corporate credit union these days, and how can it help credit unions in today's marketplace? Rodney takes a deep dive into this topic today.
IN THIS EPISODE:
- (01:40) Rodney shares his professional journey both in landscaping and the credit union space
- (05:08) Rodney defines a corporate credit union
- (09:47) Discussion of Mid Atlantic Corporate evolving into Vizo Financial and the business lines offered
- (14:04) AI service launched to assist credit unions identify and use their data effectively
- (18:54) Education and webinars provided and following current rules for credit unions
- (24:35) Who are the most successful clients at Vizo
KEY TAKEAWAYS:
- Corporate credit unions, which began in the 1970s and 1980s as liquidity providers for credit unions, have evolved to offer a wide range of financial services, including ACH, wire services, and fraud prevention. The sector has consolidated over the years, focusing on building economies of scale and offering more competitive services.
- The primary services provided by corporate credit unions today include competitive overnight investment accounts, ACH, wires, bill pay, and fraud prevention. Additionally, services like real-time payments (FedNow) and cyber security have become increasingly important, with a growing focus on helping credit unions protect against fraud and manage risk.
- A successful relationship with a corporate credit union is built on regular, open communication. Credit unions should utilize corporate services for their excess liquidity and reach out when new needs arise. The goal is to maintain constant engagement, ensuring both parties stay relevant and that credit unions maximize the benefits of available services.
RESOURCE LINKS
BIOGRAPHY:
Rodney May is the Chief Engagement Officer of the $4 billion Vizo Financial. His primary focus is directing all business development functions including marketing, investment sales, product sales, call center, back-office services, correspondent service implementation, core system support/implementation and member services.
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