Think corporate credit unions died? Think again. Jay Murray, CEO of Vizo,a large corporate that's the product of a merger between Mid Atlantic and First Carolina, is bullish on the future of corporate credit unions and he thinks they just may be essential to the survival of many thousands of small credit unions.
He's probably right.
But Jay has more to say. He talks about Vizo's push into offering cooperative backoffice technology solutions, at affordable rates, to hundreds of small credit unions. He's attacking the hegemony of for profit vendors and that just may be a very cool thing.
Murray also has profound thoughts about the importance of cooperatives cooperating with other cooperatives, for mutual benefit. That means looking for ways to work with, say, rural electric cooperatives, food cooperatives, and just about every other kind of cooperative. What cooperatives are you working with?
This is a good podcast with plenty of insights into what tomorrow might look like for small credit unions and it may be more cheerful than you think. Are small credit unions dead men walking? Murray says no way and he tells why he is optimistic.
The CU2.0 podcast. About credit unions for tomorrow.
Listen to the podcast here.
Thursday, November 15, 2018
Friday, November 9, 2018
CU2.0 Podcast Episode 10 Amy McGraw, Tropical Financial on the Student Loan Crisis
Here's a terrifying number: Total outstanding student loan debt is $1.5 trillion. With a t. Trillion.
The average student leaves college owing north of $28,000.
Talk about dream crushing.
Talking about downscaling.
Enter ChangEd. It’s an app that says it can help graduates pay off debts faster by harnessing their pocket change. Automatically. Pretty much painlessly.
Tropical Financial, the Florida credit union, is in a pilot program to show the power of pocket change.
That’s what Tropical Financial vice president Amy McGraw tells us about in this podcast.
Student loans already are impacting the ability of many credit unions to make loans to debt burdened would be borrowers. That can put home purchases on hold. Ditto cars.
So finding a way out is critical.
ChangEd just may be the path.
At Tropical Financial, the hope is that by helping student loan holders pay off their debts faster, and with little pain, the credit union will gain visibility with Millennials in particular.
But, mainly, it's also just about walking the credit union talk which means helping members live better financial lives.
The CU2.0 podcast. About credit unions for tomorrow. Listen in to this uplifting podcast here.
The CU2.0 podcast. About credit unions for tomorrow. Listen in to this uplifting podcast here.
Tuesday, November 6, 2018
CU2.0 Podcast Episode 9 Tanan Miles Ent Credit Union
Do you dream of being in control of your credit union's digital presence?
Stop dreaming, start doing. Find out how in this podcast as Ent vice president Tanan Miles explains how the Colorado institution has full control of the UI of its digital presence.
How cool is that when the most important branch for most credit unions is online and mobile access?
Ent, by the way, has compelling numbers to show the emerging dominance of mobile. 34% of its members are mobile exclusive - that is their only way to access the institution. And 75% of the online sessions now are mobile.
Which means you want to start controlling your institution's digital presence.
Like right now.
Find out how in this podcast, in the CU2.0 Podcast series.
Listen here.
Stop dreaming, start doing. Find out how in this podcast as Ent vice president Tanan Miles explains how the Colorado institution has full control of the UI of its digital presence.
How cool is that when the most important branch for most credit unions is online and mobile access?
Ent, by the way, has compelling numbers to show the emerging dominance of mobile. 34% of its members are mobile exclusive - that is their only way to access the institution. And 75% of the online sessions now are mobile.
Which means you want to start controlling your institution's digital presence.
Like right now.
Find out how in this podcast, in the CU2.0 Podcast series.
Listen here.
Thursday, October 25, 2018
CU2.0 Podcast - Episode 8 - Scott Budde, Maine Harvest
It has taken some years but finally Maine Harvest may be in the final lap before gaining an official credit union charter. That's because it's met its fundraising goal, $2.4 million, with last monies ponied up by the Maine Credit Union League and what's remarkable is that just about the whole credit union movement in the state has supported formation of this novel credit union.
So, too, do the states two U.S. Senators and two House members.
Maybe 30 credit unions have been chartered by NCUA in the past decade. So this is a big deal.
We first covered the Maine Harvest story in 2015.
We picked it up again in 2017.
And in 2019 we may be covering the official opening.
What's special about Maine Harvest is that it intends to follow a specific, narrow business plan where it makes loans to small farmers - for land purchase, equipment purchase, and similar.
No checking. In fact no cash in the till.
No other institutions crave that loan business. But small farming is seen as very important to Maine's future.
Also essential to the business plan is that essentially all the back office will be provided by Synergent, a subsidiary of the Maine League.
That lets the start up focus on finding borrowers and making sound loans.
Why do many credit unions fail? They don't serve a clear need.
This one knows its need and has a plan for filling it.
Other states would do well to look into similar efforts.
Hear the podcast with Budde about the history, present and future of Maine Harvest here.
The CU2.0 podcast. About credit unions for tomorrow.
So, too, do the states two U.S. Senators and two House members.
Maybe 30 credit unions have been chartered by NCUA in the past decade. So this is a big deal.
We first covered the Maine Harvest story in 2015.
We picked it up again in 2017.
And in 2019 we may be covering the official opening.
What's special about Maine Harvest is that it intends to follow a specific, narrow business plan where it makes loans to small farmers - for land purchase, equipment purchase, and similar.
No checking. In fact no cash in the till.
No other institutions crave that loan business. But small farming is seen as very important to Maine's future.
Also essential to the business plan is that essentially all the back office will be provided by Synergent, a subsidiary of the Maine League.
That lets the start up focus on finding borrowers and making sound loans.
Why do many credit unions fail? They don't serve a clear need.
This one knows its need and has a plan for filling it.
Other states would do well to look into similar efforts.
Hear the podcast with Budde about the history, present and future of Maine Harvest here.
The CU2.0 podcast. About credit unions for tomorrow.
Thursday, October 18, 2018
CU2.0 Podcast - Episode 7 - Vasilios Roussos, DCU Fintech Innovation Center
Welcome to the CU2.0 Podcast with your host Robert McGarvey. In every episode we probe the massive digital transformation that now is remaking the nation’s credit unions and today’s guest is Vasilios Roussos, executive director of the DCU Fintech Innovation Center in Boston.
The what? You're right: this is a major departure for a credit union and in this podcast you'll find out why DCU launched a fintech incubator, how this is very cool for the industry and what other credit unions can do to achieve similar outcomes.
How can credit unions level the technology playing field with mega banks and giant fintechs? DCU may well be showing the way in Boston.
One more thing: tune into the last bit of this podcast to learn about special sponsorship opportunities. You’ll want to hear about this.
Find out more about CU2.0 here.
The what? You're right: this is a major departure for a credit union and in this podcast you'll find out why DCU launched a fintech incubator, how this is very cool for the industry and what other credit unions can do to achieve similar outcomes.
How can credit unions level the technology playing field with mega banks and giant fintechs? DCU may well be showing the way in Boston.
One more thing: tune into the last bit of this podcast to learn about special sponsorship opportunities. You’ll want to hear about this.
Find out more about CU2.0 here.
Hear the Podcast here.
Thursday, October 11, 2018
CU2.0 Podcast - Episode 6 - Trudy Soucoup, Board Member WSECU
Welcome to the CU2.0 Podcast with your host Robert McGarvey. In every episode we probe the massive digital transformation that now is remaking the nation’s credit unions and today’s guest is Trudy Soucoup, a member of the board of directors at Washing State Employees Credit Union, a top 100 institution with about $2.8 billion in assets.
Trudy’s day job is as CEO of Homes First!, a non profit focused on low income housing in Washington.
The focus of this podcast: what’s it like to be a board member in 2018, a time of enormous flux for most credit unions.
Hint: it’s a lot of work.
You’ll hear about that and also a slightly embarrassing introduction to MRDC in this podcast.
Board members are critical to the success of credit unions. But rarely are they heard from. So listen up.
One more thing: tune into the last bit of this podcast to learn about special sponsorship opportunities. You’ll want to hear about this.
The CU2.0 podcast. About credit unions for tomorrow.
Hear the Podcast here.
Trudy’s day job is as CEO of Homes First!, a non profit focused on low income housing in Washington.
The focus of this podcast: what’s it like to be a board member in 2018, a time of enormous flux for most credit unions.
Hint: it’s a lot of work.
You’ll hear about that and also a slightly embarrassing introduction to MRDC in this podcast.
Board members are critical to the success of credit unions. But rarely are they heard from. So listen up.
One more thing: tune into the last bit of this podcast to learn about special sponsorship opportunities. You’ll want to hear about this.
The CU2.0 podcast. About credit unions for tomorrow.
Hear the Podcast here.
Thursday, October 4, 2018
CU2.0 Podcast - Episode 5 - Geoff Caras
Welcome to the CU2.0 Podcast with your host Robert McGarvey. In every episode we probe the massive digital transformation that now is remaking the nation’s credit unions and today’s guest is Geoff Caras, COO of CU2.0 and a tech executive whose resume sports stints as CTO at leading credit unions.
Geoff has worked inside and out and so he knows this territory.
He also offers credit unions a fractional CTO service and, for many buying fractional talent is a smart way to bring in strong talent at prices that work even for modest institutions.
It’s a trend that just may catch on at a lot of credit unions.
Hear the Caras Podcast here.
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