Talk to Cathie Mahon and it's a fast ride into what mission makes a credit union special, distinctive and in her mind the answer is clear: serving the underserved and usually that means economically disadvantaged.
She has tantalizing insights too. For instance: she tells why the business model of community development credit unions may in fact be primed for greater success than the model followed by most credit unions.
She also tells how the NCUA handcuffs newly chartered credit unions and this may set some up for failure.
And she has advice on designing a mobile banking app that betters serves the economically disadvantaged.
Listen up, it's a good podcast that just may persuade some struggling conventional credit unions to investigate tweaking their business model and to embrace more community development outreach.
The CU2.0 Podcast: Episode 15
Thursday, December 20, 2018
Thursday, December 13, 2018
CU2.0 Podcast Episode 14 Karan Kashyap Posh Development
Welcome to AI, Part 2 in the CU2.0 Podcast series. Last week our podcast explored email and AI through the eyes of Coalesce, a DCU Fintech Innovation Lab company. This week, in Part 2, we explore voice and AI through Posh Development, another DCU Fintech Innovation Lab company - podcast about that here.
Either way, great stuff is happening that you need to know about to stay current.
B of A is pushing its AI bot Erica hard. But just maybe you can fight back with your own voice bot. That's part of the Posh promise.
It's a good, practical podcast. Listen up here.
This is a podcast you can't miss. AI definitely is the future. It's up to you to understand and control it.
Either way, great stuff is happening that you need to know about to stay current.
B of A is pushing its AI bot Erica hard. But just maybe you can fight back with your own voice bot. That's part of the Posh promise.
It's a good, practical podcast. Listen up here.
This is a podcast you can't miss. AI definitely is the future. It's up to you to understand and control it.
Wednesday, December 5, 2018
CU2.0 Podcast Episode 13 Greg Woolf on AI and Your Credit Union
Welcome to AI, Part 1 in the CU2.0 Podcast series. Next week we'll post AI, Part 2, an exploration of voice and AI. This week looks at a company focused on text and AI. Both are products of the DCU Fintech Innovation Lab in Boston - podcast about that here.
Either way, great stuff is happening that you need to know about to stay current.
Why? It's because a lot of credit union work is mundane, tedious, boring really. It needs doing, no question, but how best?
Enter Coalesce. The company's tagline says it all: "AI software that automates tedious work for financial services."
You're not interested because credit unions are special? Coalesce is in the DCU Fintech Innovation Lab in Boston - hear the podcast about the lab here - and it is already working with Digital Federal Credit Union, BECU,and the NASA credit union, among other financial institutions (including some mega banks). It has a good credit union pedigree.
The Coalesce focus is on automating monotonous, rote work, particularly around handling incoming member emails (70% it turns out can be answered by machines) and also auto loan applications. Hunting for fraud is another, promising avenue for AI. AI, it turns out, is good doing these jobs faster and cheaper than people.
Are the machines taking over? Greg Woolf, the Coalesce founder and CEO, laughed at that. For good reason. The Coalesce version of AI is built around input from people who also are in charge.
Put away those Matrix fears and come for a ride into tomorrow where machines do a lot of the work people honestly don't want to do and the machines are good at it.
The CU2.0 podcast. About credit unions for tomorrow.
Listen to the podcast here.
Either way, great stuff is happening that you need to know about to stay current.
Why? It's because a lot of credit union work is mundane, tedious, boring really. It needs doing, no question, but how best?
Enter Coalesce. The company's tagline says it all: "AI software that automates tedious work for financial services."
You're not interested because credit unions are special? Coalesce is in the DCU Fintech Innovation Lab in Boston - hear the podcast about the lab here - and it is already working with Digital Federal Credit Union, BECU,and the NASA credit union, among other financial institutions (including some mega banks). It has a good credit union pedigree.
The Coalesce focus is on automating monotonous, rote work, particularly around handling incoming member emails (70% it turns out can be answered by machines) and also auto loan applications. Hunting for fraud is another, promising avenue for AI. AI, it turns out, is good doing these jobs faster and cheaper than people.
Are the machines taking over? Greg Woolf, the Coalesce founder and CEO, laughed at that. For good reason. The Coalesce version of AI is built around input from people who also are in charge.
Put away those Matrix fears and come for a ride into tomorrow where machines do a lot of the work people honestly don't want to do and the machines are good at it.
The CU2.0 podcast. About credit unions for tomorrow.
Listen to the podcast here.
Wednesday, November 28, 2018
CU2.0 Podcast Episode 12 Bill Bynum CEO of Hope Credit Union
By Robert McGarvey
Hope. That one word powerfully sums up the mission of Hope Credit Union, a Mississippi delta based community development credit union with more than $280 million in assets. And Hope is bringing financial hope to people across the deep south who may not have had a lot of that.
How does Hope do this and stay solvent? Listen up to what Bill Bynum, Hope’s CEO, has to say on that, as well as his provocative views about the real mission of credit unions in today’s America, the CFPB, and a lot more.
Note: there is a bit of ambient noise in this recording. But it does not hinder listening or comprehension. A small annoyance at worst.
The CU2.0 podcast. About credit unions for tomorrow.
This is a conversation that will rock you.
Listen to the podcast here
Thursday, November 15, 2018
CU2.0 Podcast Episode 11 Jay Murray Vizo Financial
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.
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.
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.
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