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St. Mary’s Bank Partners with AKUVO to Automate Collections Process
St. Mary’s Bank, a New Hampshire-based credit union with $1.5 billion in assets, has teamed up with Pennsylvania-based credit risk specialist AKUVO.
The credit union will be using AKUVO’s Aperture platform to improve and streamline its collections operations, including bankruptcy, repossession, and foreclosure.
According to Jan Raymond, EVP and Chief Lending Officer at St. Mary’s Bank, the bank is “committed to providing state-of-the-art banking services.”
With the automation and integration provided by the Aperture platform, the team at St. Mary’s Bank will have more time and the right tools to offer a first-class member experience while also managing risk and lowering delinquency.
Stepping into the future of finances in 2023
AKUVO’s Aperture platform helps financial institutions move away from the traditional, reactive approach to managing collections. Instead of static workflows, inefficient workspaces, and a lack of customer personalization, Aperture uses analytics and automation to provide a streamlined, cloud-based solution.
In addition to making day-to-day tasks easier, the technology also predicts behaviour and provides insights to help prevent delinquencies before they occur.
AKUVO CEO Jay Mossman stated that the company is proud to have been chosen by St. Mary’s Bank, the nation’s first credit union.
AKUVO, founded in 2020 by CEO Jay Mossman, finished 2022 with a series of new partnerships, including with FAIRWINDS Credit Union in Florida, Financial Plus Credit Union in Michigan, Mountain America Credit Union in November, and CapEd Credit Union and Tucson Federal Credit Union in October.
The company has raised $1.7 million in funding and announced debt financing rounds in February and May of 2022.
Banking done right over the decades
St. Mary’s Bank, founded in 1908, is a not-for-profit, member-owned institution that offers financial products and services to both consumers and businesses.
The bank has eleven branches in Manchester, Hudson, Londonderry, Milford, Nashua, and Portsmouth, as well as a mortgage centre in Concord. In 2022, Ronald Covey, who had served as the credit union’s president and CEO for 14 years, retired.
Under Covey’s leadership, St. Mary’s Bank grew in membership from 60,000 to 98,000 members and saw assets grow from $652 million to nearly $1.5 billion. Covey was also credited with helping the institution adapt to the “rapid technological advances in the financial services industry,” according to Steve Grzywacz, chair of St. Mary’s Bank’s board of directors.
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