- St. Mary’s Financial institution, a credit score union headquartered in New Hampshire, has teamed up with credit score danger specialist AKUVO.
- The nation’s first credit score union, based in 1908, St. Mary’s Financial institution will deploy AKUVO’s Aperture to automate and improve its assortment operations.
- With $1.5 billion in belongings, St. Mary’s Financial institution mentioned goodbye to its eighth CEO in December, as CEO and President Ronald Covey introduced his retirement after 14 years main the agency.
New Hampshire-based St. Mary’s Financial institution has teamed up with AKUVO, a credit score danger specialist headquartered in Pennsylvania. St. Mary’s Financial institution will deploy AKUVO’s Aperture platform to streamline and improve its collections operations, together with chapter, repossession, and foreclosures.
“We’re dedicated to offering state-of-the-art banking companies,” St. Mary’s Financial institution EVP and Chief Lending Officer Jan Raymond mentioned. “With the quantity of automation and integration we plan to leverage in Aperture, our group can have extra time and the suitable instruments to supply a first-class member expertise whereas additionally managing danger and reducing delinquency.”
AKUVO’s Aperture platform helps banks and credit score unions transfer away from the historically reactive, tactical strategy to managing collections. As an alternative of static workflows, inefficient workspaces, and little buyer personalization, AKUVO’s Aperture leverages analytics and automation to present monetary establishments a streamlined, cloud-based answer. Not solely does Aperture make day-to-day operational duties simpler, the know-how additionally predicts habits and offers insights to assist head off delinquencies earlier than they happen. Aperture helps banks and credit score unions handle a variety of assortment and loss mitigation operations starting from credit score disputes and debt settlement to chapter, foreclosures, and repossession.
“I believe all service suppliers really feel an incredible sense of satisfaction when they’re chosen by the nation’s first credit score union, and that’s actually the case at AKUVO,” AKUVO Chief Income and Working Officer Steve Castagna mentioned. “We sit up for helping St. Mary’s in main the credit score union motion with its superior service and dedication to innovation.”
With $1.5 billion in belongings, St. Mary’s Financial institution has the excellence of being the nation’s first credit score union. Based in 1908 and headquartered in Manchester, New Hampshire, St. Mary’s Financial institution is a not-for-profit, member-owned establishment that provides monetary services to each shoppers and companies. St. Mary’s Financial institution has eleven department places in Manchester, Hudson, Londonderry, Milford, Nashua, and Portsmouth, and helps a mortgage heart in Harmony.
St. Mary’s Financial institution ended 2022 with an announcement that Ronald Covey, who had served because the credit score union’s president and CEO for 14 years, was retiring. Underneath Covey’s tenure, St. Mary’s Financial institution grew in membership from 60,000 to 98,000 members. Property grew from $652 million to almost $1.5 billion. Covey was additionally credited for serving to the establishment adapt to the “speedy technological advances within the monetary companies trade,” based on St. Mary’s Financial institution board of administrators chair Steve Grzywacz.
Based in 2020 by CEO Jay Mossman, AKUVO completed final yr with a sequence of latest partnerships. These embrace new pacts with Florida-based credit score union FAIRWINDS and Michigan-based Monetary Plus Credit score Union in December; Mountain America Credit score Union in November, and each CapEd Credit score Union and Tucson Federal Credit score Union in October. The corporate has raised $1.7 million in funding and introduced a pair of debt financing rounds in February and Could of 2022.
Photograph by Scott Webb
