MICHAEL MAHIYA’S CAREER AT XCEL Federal Credit Union was barely a year old when terrorists struck the World Trade Center on 9/11, wiping out one of the credit union’s branches there and closing another branch nearby.
From that tragedy and its unbelievable human toll emerged a laser focus on how technology could help a credit union, immediately and for the long run.
“In less than a week, we had to find ways to serve our members,” says Mahiya, who today is XCEL Federal’s vice president and chief information officer. “We put into place a shared service network enabling members to go to other financial institutions, and we joined the CO-OP ATM network, allowing members to access their money at other financial institutions’ ATMs.”
Today, XCEL Federal’s slogan is “Uniting Service and Technology,” and Mahiya continues to identify creative ways to leverage technology to benefit members.
“We’re light-years ahead of most credit unions, even those triple our size, in the area of technology,” says Tom Quigley, the credit union’s marketing director.
Mahiya is a proponent of home banking and the credit union’s popular mobile application, which has experienced considerable growth in downloads. The credit union is implementing mobile bill payment and a mobile wallet solution.
“My job is to find ways to make the banking experience as easy as possible for our members,” Mahiya says. “XCEL Federal does some unconventional things technologically. We’re willing to take a chance.”
At Mahiya’s urging, the credit union is exploring several such options:
Mahiya adds: “People want to be mobile. For them and for us, it’s all about service and innovation.”