Velocity Solutions announces that its Retail Performance Engine™ has been selected as a finalist in NAFCU’s 2023 Innovation Awards. The Innovation Awards is an annual program presented by NAFCU Services that honors the transformational and valuable contributions to the credit union industry. All entries are evaluated by a panel of top executives and members of the media based on the degree of innovation and impact on credit union success.
Velocity’s Retail Performance Engine™ is an ecosystem that maximizes each stage of retail checking performance from the initial acquisition of the new member to long-term retention. Powered by the Velocity Intelligent Platform®, the Engine offers a variety of strategies that can be fully customized and adapted to our clients’ needs order to solve common pain points in the retail space:
- Need for new member growth
- More effective early onboarding
- Keeping members active and engaged
- Retaining members
- Reviving dormant accounts
- Monetizing the debit card
- Finding other incremental revenue sources
- Managing various fintech vendors
“We value our NAFCU partnership and are honored to be chosen as a finalist,” said Steve Swanston, EVP of Velocity Solutions. “The Retail Performance Engine came together organically over the past several years, driven by an industry need for low-cost deposits, member growth, better data insights and technology.” Swanston continued, “Many credit unions we speak with are working with three or more different vendors to achieve their objectives, and managing numerous relationships often becomes its own source of pain, making it difficult to identify patterns or changes in member behavior across products. With the Retail Performance Engine, credit union executives enjoy a 360-degree view into their member account relationships, allowing them to leverage the right opportunities at the right time.”
Winners will be announced at NAFCU’s Lending Conference in New Orleans, LA, November 7-9, 2023. To see the complete list of finalists in NAFCU’s 2023 Innovation Awards, visit: https://www.nafcu.org/innovationawards/2023-innovation-award-finalists.
To learn more about Velocity Solutions’ Retail Performance Engine™, visit www.myvelocity.com/RPE.
About Velocity Solutions, LLC
Founded in 1995 and servicing the transaction accounts of over 30 million consumers and business owners, Velocity Solutions is the leading provider of technology solutions that drive revenue, service and compliance for community banks and credit unions. Our Velocity Intelligent Platform® powers all of Velocity’s solutions, using machine-led intelligence that delivers powerful analytics, manages risk, and drives revenue, loans, account holder engagement and non-interest income to our client financial institutions. For more information, please visit myvelocity.com.
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