CU 2.0 Podcast Episode 185 Brynn Ammon Symitar on Core Extension and Teaching Your Old Core New Tricks

 Brynn Ammon is on the podcast to tell us that it just isn't true that old cores can't learn new tricks - and she has plenty of examples of integration of new skills into core systems to enable credit unions to offer more and more useful tools to their members.

Reports of the death of the core have been greatly exaggerated suggests Ammon and in this podcast she offers an arsenal of evidence to show the contrary.

She even tells about Symitar's work to integrate a Fiserv tool and, yes, that sounds like the Hatfields and McCoys making nice - but she insists it is true and it is part of Symitar's push to integrate into its cores the tools that will enable credit unions to compete more effectively.  Even if that means cooperating with a competitor.

I will be honest, I went into this session thinking it would be as captivating as a talk on what makes a classic Singer sewing machine special.

Ammon proved my preconceptions wrong.

Listen up to find ways to get more value out of that core system in your institution.

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CU 2.0 Podcast Episode 184 Saroop Bharwani, Founder/CEO Senso - AI That Builds Member Relations

 Can AI - artificial intelligence - be harnessed to build and strength member relations, indeed to know what this member is likely to do right now?

That is the guiding belief at Senso, a Canada based AI company that now is expanding into the US market with a specific focus on credit unions.

It is no secret. The credit union share of the home mortgage market has steadily eroded, as nimble fintechs grab more business. Smart AI just may give credit unions an edge in recapturing marketshare.

The Senso promise is intriguing. When an institution has the right data it can predict with significant accuracy when a member is about to shift from being a home looker to a buyer.

The answer is in the data, says Saroop Bharwani, Senso's founder/CEO.

Right now the Senso focus is on home mortgages but, he says, the same tools will work on car loans, credit card balance transfers and more.

Here is how Senso describes its approach: "Senso creates connected and contextual lending experiences, powered by predictive intelligence.

We enable enterprise customers to identify and engage borrowers with personalized proactive experiences.

We empower consumers with rich insights & experiences to help them make smart decisions through their home finance journey."

Integration of Senso tools - which are available white labeled - is comparatively quick and easy through the leading online banking platforms. 

Right now, the primary Senso aim is at institutions with a billion in assets - but if a smaller institution is using an online banking platform that Senso already has integration tools for, the company wants to talk, says Bharwani.

Listen up.

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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 183 Jonathan Taylor CEO CU Sol CUSO on Innovative, Soulful Solutions

 The name is pronounced CU Soul and know that the CUSO's focus under CEO Jonathan Taylor is indeed on soulful solutions to member problems.

You almost want to cue up "Soul Man" and break out in song.  

But these are very serious, thoughtful and - yes - quirky solutions that are getting cooked up at the Albuquerque-based CUSO, formed in 2019 and owned by four credit unions located in New Mexico, Washington DC and Guam. They range in size from well over $1 billion to around $30 millon.

The owners did not create CU Sol to provide cookie cutter products.

Nope.

These are products that are unique and they also are laser focused.  

Consider CU SAFE: "CU SAFE is an indirect lending solution created by CU Sol that supports survivors of domestic violence. Its mission is to provide a hand up for survivors of domestic violence in providing both credit and financial counselling as well as lending options by pairing organizations that support survivors of domestic violence with partnering credit unions,"spells out a press release.  

Another product is Accelewage which starts with the building block that each day an employee works he/she has earned money. Now what if that employee needs a fast $300 - perhaps for an emergency car repair - but doesn't have available credit?  He could go to a payday lender.

But isn't the better choice simply to make the employee a cash advance against accrued earnings?

Taylor sees Accelewage rolling out initially to credit unions themselves where many employees live paycheck to paycheck.

But then the tool can also be offered to business members too and that could be a powerful persuader in getting new business accounts.

Taylor also has a range of ideas about innovative insurance products to be offered through the CUSO.

Nowadays the talk is how CUSOs have to be highly focused - and, yes, original - to survive.  CU Soul is definitely both

Listen up.

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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 182 SRM's Larry Pruss on What You Need to Know - and Do - About Crypto Currencies

Crypto is now, it is happening.

Happy New Year!

Our first show in 2022 is about a topic that you will likely will be hearing a lot about this year: Crypto currencies. And what you may not realize is that with crypto in play the financial institution stranglehold on wire transfers may slip. Even worse, credit card interchange may vanish.

Now do we have your attention?

Crypto brings risks but also possible rewards for smart players.

On today's show is Larry Pruss, crypto lead at consulting firm SRM (Strategic Resource Management). and, says Pruss, crypto is streaming at you at full speed

Proof is that NCUA in December offered guidance about how credit unions should interact with crypto vendors.

Maybe the biggest risk to credit unions is that evidence mounts that many members will leave a financial institution that doesn't offer crypto related services for one that does.  At the very least they will move money out of your credit union into an institution that trades in crypto.

We may well be at a perilous moment for traditional FIs as DeFi (decentralized finance) moves onto center stage.

How to get involved in crypto with minimal risk? Pruss offers suggestions in the podcast and, from my perspective, the easiest way to stick a toe into these digital waters is by offering crypto rewards.  More institutions - Venmo for instance - already are on this but there remains running room for credit unions that want to play.

And Pruss has other suggestions.

This is a fast paced podcast. Inside 40 minutes you will hear what you need to know to play in crypto. Smartly.

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