Is now the time to combine deposits and payments?

Service trumps rates at Ascend FCU, where an integrated approach aims to maximize engagement and loyalty

As deposits soar, Ascend Federal Credit Union ($3.2B, Tullahoma, TN) is rising to the occasion with an internal reorganization aimed at leveraging the inherent value of deposits and payments to member service and the bottom line.

The Nashville-based cooperative is in the early stages of combining its deposits and payments people and processes into a single group, says Josiah Leverich, who joined Ascend in May 2019 and in late 2020 took over the new role of senior vice president of deposits and payments.

“Positioning deposits and payments under the same leadership recognizes the relationship among deposits, payment channels, and digital experiences — a relationship that’s becoming the key focus in growing member relationships,” Leverich says. “We’ve traditionally viewed these departments primarily as service centers. Given the importance of the deposit and payment cycle as a generator of both revenue and loyalty, it makes sense to view these areas as profit centers.”


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