Nusenda Credit Union took home the prize for "Most Innovative Community-Based Banking Organization" at the 2015 Global Banking Innovation Awards hosted by BAI-Infosys Finacle in Las Vergas.
The Albuquerque credit union, which has more than 150,000 members, was also awarded the "Innovation in Societal and Community Impact Award" at the ceremony.
Nusenda received the awards in recognition of products and programs it had developed, including Co-Op Capital and Parent University, which were aimed at meeting the needs of its community. Nusenda was also a finalist for the "Most Innovative Bank of the Year Award," but lost to The Bank of East Asia in Hong Kong.
Co-Op Capital is a financial product that Nusenda developed to improve access to capital for low-income entrepreneurs. Nusenda's Powering Success and Parent University programs also played a role in the accolades it received. These programs aim to improve student retention and graduation rates by providing financial education and assistance.
"Nusenda Credit Union strives to make a difference in our communities through unconventional partnerships and improved access to much-needed products and services," said Terry Laudick, chief executive of Nusenda and chairman of the board for Nusenda Foundation, in a statement. "We are grateful for this prestigious recognition as international innovators within the financial services industry."
The BAI-Infosys Finacle Global Banking Innovation Awards are distributed annually at the BAI Retail Delivery conference. This year, more than 250 nominations were submitted, with 39 finalists being recognized in nine different categories. Boeing Employees Credit Union was also a finalist, receiving recognition in the Innovation in Internal Process Improvement category.
