FinTech Magazine Spotlights MSUFCU & Ben Maxim
August 16, 2023
MSUFCU Chief Digital Strategy & Innovation Officer Ben Maxim was featured in the August 2023 edition of FinTech Magazine on the importance of using financial technologies to improve member experience and success.
The latest edition of FinTech Magazine, the financial technology sector’s premier publication, features the story, "MSUFCU: Innovating for your Community". The story spotlights MSUFCU Chief Digital Strategy & Innovation Officer Ben Maxim, the Reseda Group, the Lab at MSUFCU, and the Credit Union’s work with our fintech partners to help improve our communities and move the credit union industry forward through collaboration.
Throughout his time at MSUFCU, Ben Maxim has built and sought out digital banking solutions and software to improve the user experience for our members. MSUFCU recently partnered with the fintech exagens to implement their Behavioral Banking solution to build meaningful digital relationships with members in an era when in-branch visits have declined. Behavioral Banking combines data and behavioral science to create personalized and dynamically contextualized insights that are emotionally and financially compelling for members to improve their financial situations resulting in increased engagement and trust in their financial institution.
Upon launching Behavioral Banking to MSUFCU members, the program has achieved:
- 36% average engagement across all insights, with some as high as 46%
- 29% engagement with tips reminding members of their credit card benefits and 17% on auto-related opportunities
- In the very first month, a member responded to enthuse that the insight regarding their Amazon Prime membership resulted in them canceling it and saving money
“Innovation is at the core of what credit unions are,” said Maxim. “The goal is to create new products that take advantage of all these new innovations that help younger members, and really all members, get the products that are the right fit and are most convenient for them.”
[Watch Ben Maxim discuss the importance of empowering local communities through innovation]
MSUFCU has partnered with over 30 fintech companies during Maxim’s tenure at the Credit Union to improve both the efficiency and speed of our digital member experience.
Read the full article on FinTech Magazine’s website, starting on page 60 of the August 2023 edition.
Special thanks to the entire team at BizClik Media for their help in facilitating this article!