Business View Magazine June 2023

136 BUSINESS VIEW MAGAZINE VOLUME 10, ISSUE 6 with specialized partners who are able to assess threats and mitigate any potential risks. The bank hires companies every quarter to assess the vulnerabilities of the system. Quorum Federal Credit Union gets the feedback on these tests, and so far, they’ve only received excellent results. Also, the bank has found the best method to prevent cyberattacks is education. All employees are taught up-to-date information about cyber security and they’re required to pass five tests a year on what they’ve learned. These cyber security lessons and tips have also been included in the members learning hub section. As a progressive banking institution, Quorum Federal Credit Union offers a number of mortgage products at attractive rates. The company also has a second mortgage portfolio, which has been a source of a lot of growth for the credit union. Outside of mortgages, other products that the company offers are student loans and home equity loans. The company has taken advantage of the low rates they’ve been able to offer clients. A large portion of the company’s business is HELOC, and Quorum Federal Credit Union was able to reduce some of its rates there. They also made enhancements to the underwriting guidelines, which would allow more clients to apply for services. “We investigated every step of the journey and tried to address members’ potential needs, like allowing for a HELOC on a second home or a property with two units. Also, we’ve either waived or lowered the origination fee, which many organizations have stuck with. We want to make our offering more attractive and helpful to members,” says Slifstein. Quorum Federal Credit Union works with a number of companies, like CUNA Mutual. CUNA Mutual is an insurance company that also ensures the Union and offers different insurance packages to the Union’s members. Another insurance company that Quorum Federal Credit Union collaborates with is Bindable. Moving into the future, Quorum Federal Credit Union will focus on continuing to offer an innovative self-service that is frictionless for its members, constantly evaluating themselves to add to the members’ experience and needs. PREFERRED VENDOR/PARTNER n Engageware https://engageware.com/ Engageware provides leading member engagement solutions for 400+ financial institutions. Intelligent appointment scheduling, digital communication and knowledge management software enable credit unions to deliver the functionality needed to provide world class experience across every channel. 60 credit unions named to the 2022 Forbes’ Best- in-State Banks and Credit Unions https://www. forbes.com/ use Engageware. Learn more at engageware.com.