DENVER—Velera President and CEO Chuck Fagan kicked off the first full day of VeleraLIVE by sharing an important fact with attendees at the annual conference: The combined PSCU/Co-Op organization now supports over 4,000 financial institutions and 126 million credit union members.
Following an area-wide power-outage that delayed Tuesday’s meeting start, Fagan spoke to the nearly 2,000 attendees at the Gaylord Rockies Resort & Convention Center here.
Fagan introduced the event’s theme, “Velocity for a New Era,” underscoring the company’s growing momentum and leadership in the credit union industry.
Fagan also unveiled Velera’s new purpose statement: “We accelerate partners’ success through innovative financial technology solutions and inspired service.” He then outlined Velera’s strategy for the future, focused on:
- Delivering a next-generation payments package
- Protecting and securing our partners through industry-leading fraud protection
- Improving member experience through enhanced digital capabilities
- Leveraging data to empower exceptional member experiences
Fagan emphasized Velera’s purpose is rooted in service, innovation, data and consulting, and technology, as well its ongoing advocacy for the credit union movement. He also shared progress on key initiatives, including Velera’s product journey and Lumin Digital.
During his address, Fagan asked Brian Caldarelli, Velera’s chief administrative officer, to provide an update on the milestones achieved over the 15 past months following the combination.
Through his work overseeing the Integration Management Office (IMO), Caldarelli said Velera has aligned the right people in right roles, decided on its data center consolidation strategy and finalized go-forward facilities strategy and physical footprint. Caldarelli reported that 50% of all IMO projects have been completed, all with a people-first philosophy and a service-oriented mindset.
Fraud/Risk Update
Dean Michaels, Velera’s chief operations officer, also joined Fagan to provide an update on fraud/risk and disputes.
In 2024, Velera stopped almost $3 billion in fraud from occurring at credit unions. On average, Velera credit unions received an astounding 1,753% return on their fraud investments as a part of the cooperative. For every dollar spent with Velera to prevent fraud, more than 17 dollars in fraud are prevented, Michael noted. He also provided updates on the recently announced fraud service model and consumer-engaged fraud guide.
Fagan closed his keynote emphasizing the “true strength of the credit union industry lies not in competition, but in collaboration. We are bound by a shared mission – to serve, to uplift and to empower. When we collaborate, we create more than financial solutions – we create hope, trust and opportunity for our members and communities.
“The challenges ahead may be great, but they are no match for the collective passion in this room,” concluded Fagan. “By working together, we can break barriers, drive innovation and ensure that the credit union movement remains a force for good – one that truly puts people before profit.”
AI expert and futurist Steve Brown followed Fagan, sharing where the county is are today when it comes to artificial intelligence, what to expect next and how to consider approaching the rapidly changing AI environment.
“We are at the dawn of a new industrial era and moving into a cognitive revolution where we will see the building of mechanical minds,” Brown said. “Where we go next includes iterations of agentic AI, spatial AI and – the coming together of the previous forms – into physical AI. They key takeaway: Tomorrow’s workforce will be a blend of humans working alongside robots and digital workers, meaning organizations need to learn how to thrive in world of human and non-human. Prepare to surf the AI waves, be curious and make time to learn about AI.”
PYMNTS Roadmap To 2030 Panel
Brian Scott, Velera’s chief growth officer, moderated a panel comprised of Karen Webster, founder/CEO of PYMNTS.com; Bob McKay, president and CEO of Together Credit Union; Ricky Otey, president and CEO of Partners Federal Credit Union; and Denise Stevens, chief product officer of Velera.
The group discussed the attached PYMNTS/Velera roadmap outlining the seven planks that position credit unions to succeed. Discussions revolved around the importance of driving an innovation mindset, maintaining top of mind status and opportunities for growth with small businesses and microbusinesses. The group also tackled generational differences, with Webster noting that only 13% of Gen Z have a credit union relationship, but of those that do, 76% use their credit union account as their primary, indicating a true opportunity for engagement and loyalty if credit unions can capture younger generations.