LAS VEGAS - (10/12/05) -- Credit unions must invest money inmortgage technology to combat recent efforts by banks and othercompetitors, according to Craig Focardi, research director for theconsumer lending advisory service of the Tower Group, a Needham,Mass.-based financial services industry consultancy. Focardicautioned attendees of the American Credit Union MortgageAssociation (ACUMA) conference here banks not only are spending tokeep mortgage loans from credit unions, they are using theestablished relationship to take away the auto and home equityloans that have been mainstays of credit unions. "A proactiveinvestment in technology is not just another expense ? it couldimprove internal processes, save money and give faster service tomembers. IT [information technology] adds a lot of value for creditunions and their members," Focardi declared. "Having a strongonline presence will help a credit union hold on to more members.There is an opportunity cost of lost sales and cost savings from anunderinvestment in IT."
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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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