ORLANDO, Fla. - (06/17/05) -- It's no secret to any credit unionthat profitability is squeezed. What remains secret to many CUs,according to one person, is which member behaviors are contributingto profitability, and which are detracting. Bill Goedken, presidentand CEO of Profitstar, Inc., said during CUNA Mutual's DiscoveryConference here that many credit unions are acting upon noinformation or bad information when it comes to analyzingprofitability. In fact, Goedken said many CUs make the mistake ofciting their cross-sales numbers in measuring success, when allthey have done is sell the member into a money-losing relationship.Goedken added that one other trend his company is seeing is moremembers at the profit extremes-both most profitable and mostunprofitable-leading to more polarization amongmembership.
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Synovus Financial demonstrated at an industry conference how it is using Microsoft's Copilot to help its staff address customers' concerns.
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The U.S. arm of Spanish banking giant Santander has hired Swati Bhatia to oversee retail banking and its digital transformation efforts. Bhatia joins at "an inflection point" for the company, which aims to be "a digital bank with branches," CEO Tim Wennes said.
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Mariya Rosberg is named Americas head of banking and financial services at Marsh McLennan's Oliver Wyman unit; startup ZayZoon raised $15 million in a new funding round; and more in the weekly banking news roundup.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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Once a prominent figure spurring financial institutions to engage in cryptocurrency, Bankman-Fried's downslide began with the collapse of the digital asset exchange FTX in late 2022 and hit rock bottom with his sentencing to 25 years in prison.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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