The new members are Kelly Botti, president and CEO of Trumark Credit Union in Pennsylvania; Vic Israni, president and CEO of GreenState Credit Union in Iowa; Ricky Otey, president and CEO of Partners Federal Credit Union in California, the release said.
“Collectively, these leaders bring more than seven decades of expertise in the financial services industry, and we are honored to welcome them to the Velera board,” Velera CEO Chuck Fagan said in the release. “Their contributions will play a pivotal role in shaping Velera’s strategic direction while ensuring our services are aligned with evolving credit union and member needs.”
Cathie Tierney, chair of the Velera Board of Directors and president and CEO of Community First Credit Union, said in the release: “Velera’s Board of Directors is composed of CEOs from credit unions across the country, each contributing valuable insight into industry trends, marketplace dynamics and growth opportunities. We are extremely pleased to welcome these three proven leaders and are confident their expertise will strengthen the support we provide to credit unions nationwide.”
PYMNTS Intelligence has collaborated with Velera on several studies, including “AI at the FI: Inside Credit Unions’ Demand-Execution Gap,” which examined how consumers, small businesses, credit unions and FinTechs are thinking about the next wave of artificial intelligence-powered financial services.
The report found that demand is high, particularly among customers and prospective members whom financial institutions want to win over the most.
“The challenge is that supply has not caught up with demand,” PYMNTS reported in May. “Many credit unions see AI as a growth tool, but most are still early in offering the features members want.”
The report found that only 25% of credit unions offer AI chat support.
Members don’t want the technology to run their financial lives, but to offer practical help with tracking bills and subscriptions or creating budgets. Small- to medium-sized businesses (SMBs) showed similar demand for AI-powered expense tracking and bill management.
“AI can become a way to deepen relationships with current members, win back former members and compete for younger consumers and higher-value SMBs,” the report said, adding that credit unions must connect the technology more directly to their innovation roadmaps.
