Fast Facts: Student Loans

January 22, 2013
/   Insights

The Financial Services Roundtable recently released another iteration of its Fast Facts, reliable, bullet-point research about issues facing the financial services industry. Topics span TARP, Dodd-Frank, insurance, lending, retirement savings and more.  Below are some updated Fast...

Cause and Effect: If you build it, will they come?

July 23, 2014
/   Spotlight

Many financial institutions assume that digital banking is lucrative because the most valuable customers happen to bank online. While there is certainly a correlation between online bankers and higher profitability, quantitative evidence suggests that...

Intuit 2020 Report: The Future of Financial Services

April 11, 2011
/   Insights

Today, Intuit released the latest edition of the Intuit 2020 report, Intuit 2020 Report: The Future of Financial Services, which identifies and examines four key trend areas that will  transform the financial services industry...

The Top 10 Trends in the Digital Banking Industry

December 18, 2013
/   Spotlight

2014 is rapidly approaching and as the year wraps, the Digital Insight team has pulled together the top 10 trends in the digital banking industry based on data and trends from studying financial institutions....

Small Business: Perception vs. Reality

November 21, 2012
/   Insights

In the most recent election cycle, like most others before it, the one sector of the economy that got the most attention was small business.  This is the future, we were told by every...

Financial Literacy Month: How are you celebrating?

March 22, 2013
/   Insights

With April approaching, it’s almost time to kick off Financial Literacy Month! Strongly supported by the United States Congress and the Financial Literacy and Education Commission, Financial Literacy Month aims to promote the importance...

Industry Perception, Optical Delusion

January 14, 2013
/   Insights

In Washington, they talk a lot about ‘optics.’ This has nothing to do with regulatory scrutiny, or government mandates on eyeglasses. It has to do with perception—how something looks, the way a particular story...

Social Banking: Blessing or Curse?

August 1, 2012
/   Insights

While the topic of Facebook and banking has generated plenty of heat (though not necessarily a lot of light), the debate seems mostly focused on two broad issues: The much-maligned IPO, and the notion...

At the end of 2014,  Long Island-based NEFCU finished  their “Pay It Forward,” community program. Going into local areas during the summer of 2014, NEFCU would treat unsuspecting Long Islanders to a good deed or small favor. In the final weeks of November, NEFCU made a grand gesture to locals who had endured hardship by gifting five residents with $1,000 checks.

To hear  more about this community program, we talked to Edward Paternostro President and Chief Executive Officer of NEFCU.

Why did you start the Pay It Forward program?

Last year, NEFCU celebrated its 75th year of serving the banking needs of the Long Island community.  Our Pay It Forward program provided us with an opportunity to give back to the communities we serve in a unique and fun way.

What has member response been to this program?

The Pay It Forward program was not designed specifically for members – it was actually intended to introduce NEFCU to those in the community who may not be familiar with our organization. The feedback from the program has been overwhelmingly positive and even small acts of kindness such as buying someone a cup of coffee, pumping someone’s gas or packing groceries, were all met with much appreciation. We also received over 200 nominations asking us to support local neighbors who are in need, and we were able to provide five $1,000 grants to deserving Long Islanders. Our members are always very pleased that their credit union gives back to the community and are always supportive of these efforts.

Most recently, during Veterans Day weekend, we sold tee-shirts in our branches to support The United Way of Long Island’s Operation LIVE United campaign, which assists returning veterans and their families. Thanks to the generosity of our members, we raised over $11,000 for this worthy cause.

Have you noticed an increase in interest in the CU because of the program?

The program did increase brand awareness of the credit union in our local communities.  There were instances where residents actually came immediately in to the branch to open  an account, and  folks continue to visit our branches to check out our many great products and services.

Has there been interest in conducting similar campaigns in future?

Yes, we hope to continue similar campaigns next year.

Do you have any predictions for 2015 that can be shared?

2015 will continue to be a year of membership growth. We are introducing some exciting new products, such as a checking account that pays up to 3% APY based on the member’s  relationship, a new low-cost mortgage option, two new VISA credit card options and more. We will also continue to expand our branch network into Suffolk County with additional locations later in the year. Our outreach in the community will continue to increase and we will be continuing to promote our exceptional products and services through increase advertising.


Think your FI deserves special recognition? Submit your FI here.


Insights’s perspective on industry news and trends



Must-read news and insights from financial industry leaders



Compelling voices and contributed content from around the web

James W. Gabberty

Gabberty is a professor of information systems at Pace University in New York City. An alumnus of the Massachusetts Institute of Technology and New York University Polytechnic Institute, he has served as an expert witness in telecommunication and information security at the federal and state levels and holds numerous certifications from SANS & ISACA.

Brad Strothkamp

Marisa Mann

Marisa Mann brings over 15 years of experience in consulting and financial services industries to the Solstice team, working on large scale enterprise initiatives across many technologies, including specializing in the digital space – Internet and mobile. Mann is passionate about mobile and the endless possibilities for the enterprise, delivering business value through strong brand recognition and driving to excellence in the consumer experience. Prior to Solstice, Mann worked at JP Morgan Chase, Diamond Management and Technology Consultants, Washington Mutual, Inc, and Accenture.

Zachary Ehrlich

25-year-old writer, and as a native San Franciscan, I am unreasonably loyal to Bank of America, if only for their superhero-like origin story, involving the 1906 earthquake and Italian fruit vendors.