.png)
Insights
Thought Leadership
ModernFi and Tru Treasury: Shaping the Future of Business Banking for Credit Unions
September 25, 2024
Credit unions are increasingly winning and succeeding in business banking as a new vector for growth. This heightened focus and opportunity is evident in commercial deposits doubling as a percentage of total credit union deposits between 2015 and 2023. While recent momentum has been strong, credit unions still hold only 8% of all business deposits, underscoring significant potential for growth. In response, ModernFi, which operates the first-ever deposit network for credit unions, and Tru Treasury, the preeminent provider of credit union treasury services, have partnered to provide credit unions with the tools and strategies needed to succeed in today’s competitive business banking environment.
Last week, ModernFi and Tru Treasury proudly hosted a conversation featuring insights from Adam DeVita, Chief Operating Officer at ModernFi, and Jeff Bassett, Head of Enterprise Solutions at Tru Treasury. Together, they delivered strategies, capabilities, and roadmaps on how credit unions can evolve to meet the demands of today’s business members.
Bassett, with over two decades of experience in the credit union and banking sectors, shared his experience in transforming a credit union’s business banking division. "I was able to increase [commercial] deposits from $30 million to just under $150 million, and I surpassed the commercial lending portfolio." As proven by this success story, Bassett urged credit unions to implement comprehensive treasury management solutions in order to win and retain the entire business banking relationship. Bassett added, “What I’m so excited about with our partnership [with ModernFi] is that credit unions are evening the playing field because ModernFi is coming around.”
Central to this narrative is the power of ModernFi’s deposit network, which enables credit unions to offer millions in extended NCUA insurance* and bridges the gap with larger financial institutions. DeVita explained, "Businesses, particularly those managing large cash reserves, want to know that their funds are safe and secure, and extended insurance offers them the peace of mind they need."
Don’t miss out on key strategies for transforming your business banking. For those unable to attend the live session or wish to revisit the conversation, the webinar recording is now available with valuable insights and actionable strategies for credit unions looking to grow.
ModernFi CUSO is dedicated to empowering credit unions with the tools needed to thrive in today’s competitive business banking environment. Discover how ModernFi’s deposit network and extended NCUA insurance can help your institution compete for larger business deposits. Let’s continue building a stronger, more resilient credit union ecosystem together.
Best,
The ModernFi CUSO Team
* Insurance provided by program credit unions (subject to certain conditions)
Sources: Commercial deposits data provided by NCUA Call Reports and McKinsey
Disclosures:
The market, service, or other information is provided solely for your information and “AS IS” and “AS AVAILABLE”, without any representation or warranty as to accuracy, adequacy, completeness, timeliness, or fitness for particular purpose. The user bears full responsibility for all use of such information. ModernFi may provide updates as further information becomes publicly available but will not be responsible for doing so. The terms, conditions, and descriptions that appear are subject to change; provided, however, ModernFi has no responsibility for updating or correcting any information provided in this communication. No member of the ModernFi organization shall have any liability to any person receiving this communication for the quality, accuracy, timeliness, or availability of any information contained in this communication or for any person’s use of or reliance on any of the information, including any loss to such person.
All information contained herein is for informational purposes and should not be construed as investment advice. It does not constitute an offer, solicitation, or recommendation to purchase any security, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. The information contained herein is for institutional use only.
Neither ModernFi Advisers LLC (ModernFi) nor any of its affiliates are a bank, nor do they offer bank deposits and their services are not guaranteed or insured by the FDIC or NCUA. ModernFi’s deposit network is not a member of the Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA), but the banks where money is deposited are FDIC members and the credit unions where money is deposited are NCUA members. The maximum FDIC or NCUA insurance per Tax ID at each institution is $250,000. If customers have additional deposits at any depository institution that is in ModernFi’s network, then they may not receive full FDIC or NCUA-insurance coverage on the deposits at those institutions. The FDIC is an independent agency of the U.S. government that protects the funds depositors place in FDIC-insured institutions. The NCUA is an independent agency of the U.S. government that protects the funds depositors place in NCUA-insured institutions. FDIC and NCUA deposit insurance is backed by the full faith and credit of the U.S. government.
Any rates shown are hypothetical only and current rates / maximum deposit insurance coverage are subject to change at any time due to changes in market or business conditions. Past performance does not guarantee future results.
All trademarks, logos and brand names are the property of their respective owners. All company, product, and service names used in this website are for identification purposes only. Use of these names, trademarks, and brands does not imply endorsement.
Unauthorized use of the provided information or misuse of any information is strictly prohibited.
ModernFi's deposit network is offered by ModernFi Advisers LLC, a wholly-owned subsidiary of ModernFi, Inc.
© 2024 ModernFi, Inc. All rights reserved.