ModernFi and Tru Treasury: Shaping the Future of Business Banking for Credit Unions

September 25, 2024 | ModernFi Insights

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Credit unions are increasingly winning and succeeding in business banking as a new vector for growth. This heightened focus and opportunity is evident in commercial deposits doubling as a percentage of total credit union deposits between 2015 and 2023. While recent momentum has been strong, credit unions still hold only 8% of all business deposits, underscoring significant potential for growth. In response, ModernFi, which operates the first-ever deposit network for credit unions, and Tru Treasury, the preeminent provider of credit union treasury services, have partnered to provide credit unions with the tools and strategies needed to succeed in today’s competitive business banking environment.

Last week, ModernFi and Tru Treasury proudly hosted a conversation featuring insights from Adam DeVita, Chief Operating Officer at ModernFi, and Jeff Bassett, Head of Enterprise Solutions at Tru Treasury. Together, they delivered strategies, capabilities, and roadmaps on how credit unions can evolve to meet the demands of today’s business members.

Bassett, with over two decades of experience in the credit union and banking sectors, shared his experience in transforming a credit union’s business banking division. "I was able to increase [commercial] deposits from $30 million to just under $150 million, and I surpassed the commercial lending portfolio." As proven by this success story, Bassett urged credit unions to implement comprehensive treasury management solutions in order to win and retain the entire business banking relationship. Bassett added, “What I’m so excited about with our partnership [with ModernFi] is that credit unions are evening the playing field because ModernFi is coming around.”

Central to this narrative is the power of ModernFi’s deposit network, which enables credit unions to offer millions in extended NCUA insurance* and bridges the gap with larger financial institutions. DeVita explained, "Businesses, particularly those managing large cash reserves, want to know that their funds are safe and secure, and extended insurance offers them the peace of mind they need."

Don’t miss out on key strategies for transforming your business banking. For those unable to attend the live session or wish to revisit the conversation, the webinar recording is now available with valuable insights and actionable strategies for credit unions looking to grow.

• Watch the Webinar Recording

ModernFi CUSO is dedicated to empowering credit unions with the tools needed to thrive in today’s competitive business banking environment. Discover how ModernFi’s deposit network and extended NCUA insurance can help your institution compete for larger business deposits. Let’s continue building a stronger, more resilient credit union ecosystem together.

Best,

The ModernFi CUSO Team

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* Insurance provided by program credit unions (subject to certain conditions)

Sources: Commercial deposits data provided by NCUA Call Reports and McKinsey

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