ModernFi provides balance sheet management solutions for banks and credit unions, offering an integrated suite of deposit products to serve depositors, empower operating teams, and grow net interest margin.

ModernFi

ModernFi helps financial institutions of all sizes grow, retain, and manage their deposits. 

Through ModernFi's deposit network, banks and credit unions can sweep funds, source deposits, and provide additional security to depositors. ModernFi’s solutions help institutions attract and retain large-value depositors, driving growth and increasing balance sheet stability. 

ModernFi is backed by Canapi Ventures, Andreessen Horowitz, Remarkable Ventures, and leading banks Huntington National Bank, First Horizon, and Regions.

Please find disclosures on ModernFi's website.

The ModernFi CUSO Team: Traditionally focused on individuals, credit unions have experienced significant growth in business and commercial shares and deposits in recent years. This growth has been extremely strong over the past decade, with commercial deposits as a percent of total deposits doubling between 2015 and 2023, and on track to represent nearly 5% of all deposits in the industry.

Being able to provide the services required by modern businesses is essential to winning these members in a competitive market. The ModernFi CUSO team can help credit unions attract and retain business members by providing accounts with millions of dollars in NCUSIF insurance*. Extended insurance accounts not only help credit unions win new members, they also help strengthen relationships and grow wallet share with existing members.

*NCUSIF insurance provided by program credit unions (subject to meeting certain conditions)

Read more here: https://lnkd.in/eXYxRMtN

ModernFi is thrilled to announce our partnership with Members Development Company (MDC) to launch the first deposit network dedicated to credit unions. 

MDC serves as the research-for-development incubator for their owners and the credit union space. With ModernFi’s technology and MDC’s extensive network of 80 large credit union owners, the partnership ensures the success of the deposit network for credit unions and promotes close collaboration between the organizations to drive value for the credit union movement. 

Jeff Kline, the CEO of MDC, shared, "The MDC-ModernFi deposit network is transformative for the industry. We're excited to partner with ModernFi to bring these solutions to credit unions, helping them serve new members and accelerate their missions."

ModernFi is grateful to support credit unions and their 140 million members across the country. Our partnership with MDC reaffirms our commitment to the credit union mission and our goal to enable credit unions to effectively and efficiently grow deposits and member relationships. 

Read more here: https://lnkd.in/e2dXmhCs

The ModernFi CU Team: Public funds are a wonderful source of deposits for many community institutions, providing liquidity while also tying local communities to their local lenders.

These funds provide a reliable and substantial source of deposits, enabling credit unions to support community lending and investment initiatives. However, attracting public funds can be complicated, with stringent insurance requirements and varying state-by-state limitations. The ModernFi CU team helps credit unions compete for, win, retain, and grow public funds by providing accounts with extended deposit insurance, allow our partners to fully insure funds once received, removing the need for collateral and freeing up liquidity for lending.

As we help more credit unions further their mission of serving their local communities by servicing public funds, we receive more questions around which states allow credit unions to hold these funds. The answer is nuanced, not always straightforward, and varies widely. To be helpful, our team has put together a brief state-by-state overview to serve as a resource and reference for any credit union looking to target public funds for deposit growth.

Read more here: https://lnkd.in/eutT64nr

In response to the deposit pressures faced by many credit unions, the ModernFi team is proud to support and scale the first deposit network for credit unions to help grow deposits and member relationships.

Over the past 8 years since 2015, assets at U.S. credit unions have nearly doubled from $1.2 trillion to $2.3 trillion. While deposits and shares have also grown well, their growth has not kept pace with assets since 2022. This divergence has applied meaningful pressure to many credit unions in the sector, who have been forced to turn to alternative funding sources, distracting from their core mission of raising funds from and supporting members.

Over the same period, institutions that have utilized deposit networks like ModernFi have grown deposits 12% faster. Crucially, ModernFi has been able to help power organic and cost-effective share and deposit growth, supporting credit unions’ missions while alleviating funding pressures.

Last week, ModernFi was thrilled to host esteemed industry leaders Rodney E. Hood, the former chair of the NCUA and ModernFi board member, and Michael (Mickey) Noone, the VP of Business Lending at Royal Credit Union, for a conversation on the evolving landscape of credit union deposits. The panelists discussed the evolving credit union deposit landscape and emphasized the importance of extended insurance for attracting high-value members, powering lending activity, and future-proofing credit unions.

Hood explained, “We’ve never had a tool or technology like ModernFi within the credit union system before” while Noone highlighted, “Everybody’s running to find a resource to get some level of NCUA coverage on deposits so finding ModernFi was literally a gift.”

Missed the live event? Check out the recording for more strategic insights.

ModernFi is pleased to announce its successful integration with the Q2 Digital Banking Platform, via the Q2 Partner Accelerator Program. This end-to-end digital integration of a deposit network will support financial institutions’ deposit growth, retention, and management, enabling banks and credit unions to offer accounts with millions in extended deposit insurance directly in their digital banking platform.

ModernFi’s integration with the Q2 Digital Banking Platform allows for seamless onboarding of Q2’s 450+ bank and credit union clients. The ModernFi team is privileged to support the deposit growth and stability of regional & community banks and credit unions across the country. The integration with Q2's Digital Banking Platform ensures close alignment and collaboration between the organizations as they work together to drive innovation, growth, and security for the banking industry.

See ModernFi’s Q2 Marketplace page for more information: https://lnkd.in/eGEFR42X

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