CU 2.0 Podcast Episode 163 Khellar Crawford CEO Otomo

 Go to the website for Otomo and here's what jumps out at you: "Be the money platform people love. Turn any account holder into an avid user with autonomous personal money management."

Read it again.

What Otomo is about is a revolution in our digital money management and here is a fact: on a fundamental level, online and mobile banking are not substantially different from what debuted in the mid 1990s.  

Another fact: PFMs are not significantly more engaging than they were when they were introduced a generation ago.

Otomo's plan is to revolutionize all of that.

To rethink how we bank.

And, yes, to make it all much more engaging - and fun! - than we are accustomed to.

On its LinkedIn page, Otomo says about itself: "Picture a world where your money knows where to go as soon as it hits your bank account, organizing itself in real-time. Sounds like something out of Blade Runner? It's not.

 "Otomo is delivering on banking's ultimate promise of hyper-personalized cash management tools today. We deliver our service directly through your favorite financial institution or money app. In other words, you'll quickly be able to offer smart banking that can provide engaging, long-lasting, and meaningful experiences to your customers."

Ready to hear more about the Otomo revolution? In this podcast you will hear at length from Khellar Crawford, CEO and co-founder of Otomo and you will also hear why he founded it and why your credit union just may wat to explore deploying it to your members.

Face it? Members increasingly want more from their digital banking experience than they are getting.  Otomo just may be what they are hunting.

Listen up.

Like what you are hearing? Find out how you can help sponsor this podcast here. Very affordable sponsorship packages are available. Email rjmcgarvey@gmail.com

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Find out more about CU2.0 and the digital transformation of credit unions here. It’s a journey every credit union needs to take. Pronto

CU 2.0 Podcast Episode 162 Peter Rice Workers Credit Union on What's Stressing Out Your Members and How Credit Unions Can Help

 Money woes.

It sounds like the title of a blues song but, ask Peter Rice, Chief Banking Officer at Workers Credit Union in Massachusetts, and he will tell you it's not an oldie but today's lyric and he can prove it with a recent Central Mass survey that found 65% of the residents said they were unsure, stressed, or extremely stressed about money.  

Ouch. that's a lot of anxiety but, said Rice, it's exactly a place where a credit union could and should help and, in that way, it will also gain a competitive edge.

In the process, Workers has introduced a new branch concept - called PlanIt - which, get this, features an interactive hologram named Olivia and a short, perky robot named Pepper.  

I don't kid you.

That's because the Workers hope with its new branch is that it will be welcoming, inclusive, but also will help inspire members to achieve their personal financial wellness.

A stat that hit Rice like a brick is that most of us - even the seemingly well off - don't have $400 in ready cash to deal with financial emergencies and yet this past 18 months have been a text book illustration of how the unexpected and unimagined can become our reality.

We need to be financially well to deal with these speed bumps in our life highway.

A goal of the PlanIt centers - Workers has opened three and has plans for more - is to help members to feel empowered and also to get them more engaged with the credit union.

And, yeah, people do come into the branches to interact with Olivia- who is multi lingual and very helpful - and also with Pepper who is cheery.

Is this the future of the credit union branch?

Is this how a credit union can win the battle for the member?

Expect to hear challenges to credit union orthodoxies in this podcast.  Rice thinks into the future and in this podcast he tells his route to getting there. By the way that accent you hear is not a rogue Boston lilt. It's from Rice's native Ireland.  

Listen up.

Like what you are hearing? Find out how you can help sponsor this podcast here. Very affordable sponsorship packages are available. Email rjmcgarvey@gmail.com

And like this podcast on whatever service you use to stream it. That matters.

Find out more about CU2.0 and the digital transformation of credit unions here. It’s a journey every credit union needs to take. Pronto

CU 2.0 Podcast Episode 161 Kavita Singh Payrailz on AI and Your Credit Union

 Ask Kavita Singh - a vice president at payments company Payrailz - what's a smart way to differentiate a credit union in a a competitive marketplace that is ever more cluttered and her answer is succinct: AI.

As she wrote in a recent Credit Union Times article, "Credit union leaders must go a step further and find a true strategic differentiator. This can be found via artificial intelligence."

A few years ago AI was akin to The Matrix - kind of a cool but spacey idea and, truth to tell, none but the very biggest credit unions even had it on their "learn about" lists.

That's changed.

AI is suddenly everywhere.  Call your cellphone provider and a machine will answer.  Ditto at the big credit card companies.  Also airlines. And down a lengthening list of institutions that, increasingly, turn to machines to find information, answer customer questions, solve problems.

In Singh's view, credit unions are ideally positioned to win at AI, mainly because they already have bushels of member data and that data, properly used, will tell how best to serve this member's needs right now.

Singh gives this for instance: "For example, a member may pay a particular bill around a certain time of month. AI will learn this behavior and begin to proactively alert, or remind, members in advance of the pending bill."

Think about that. A simple nudge may help save a member a late fee and that is a way to build member loyalty.

AI can also predict in advance when a member is about to bounce a check and that's not black magic. It's knowing the account balance and also knowing what bills are likely to come in soon and if the numbers don't add up that member could be prodded to shift money from another place into an account to cover the incoming bills.  That means more late fees saved.

Think too about how good companies like Amazon and Netflix have gotten about predicting what you want to consume next.  They are not guessing.  What they are doing is cranking in past consumer behavior and taking a very educated guess about what this consumer wants next.

AI is changing our lives and it will be a factor in what credit unions thrive (and which don't).

You want to hear Singh on credit unions and AI.

Listen up.

Like what you are hearing? Find out how you can help sponsor this podcast here. Very affordable sponsorship packages are available. Email rjmcgarvey@gmail.com

And like this podcast on whatever service you use to stream it. That matters.

Find out more about CU2.0 and the digital transformation of credit unions here. It’s a journey every credit union needs to take. Pronto

CU 2.0 Podcast Episode 160 Izabella Gabowicz COO Sensibill Answers the Spending Question

 You know the income of many of your members.

Now here's the big question: do you know what they are spending it on?

Down to the SKU level - that is, on exactly what are they spending?

You want to meet Izabella Gabowicz, COO and a founding team member at Toronto based fintech Sensibill, a company built around the insight that financial wellness is not one size fits all.  Joe's financial wellness might include a craft beer a day, wile Susie's might favor a non alcoholic kombucha a day and, yeah, knowing such differences night help a financial institution deliver more customized financial wellness programming.

Says Sensibill about itself, "At Sensibill, we're working to make financial services personal—you could say, more human. We build products that reveal insights into everyday spend that can be used to truly personalize financial services. And in doing so, help people achieve their unique version of financial wellness."

Focus on that: insights into personal daily spend.

It all adds up. A newspaper, a cup of coffee, a short taxi ride and who is keeping track?

Sensibill can.

How?  Listen to this podcast where Gabowicz extols the benefits of SKU level spending data.

Know too that Sensibill's products touch 60 million people worldwide.

Call this financial wellness 2.0.

Listen up.

Like what you are hearing? Find out how you can help sponsor this podcast here. Very affordable sponsorship packages are available. Email rjmcgarvey@gmail.com

And like this podcast on whatever service you use to stream it. That matters.

Find out more about CU2.0 and the digital transformation of credit unions here. It's a journey every credit union needs to take. Pronto