CU 2.0 Podcast Episode 168 Jake Tyler Finn AI on Conversational Banking 2021 Style

 The future of banking just may be voice - but that will probably mean talking with a computer. Already tens of millions of Bank of America customers use its Erica and that number is growing at a brisk rate.

It should be no surprise.  Siri, Alexa and Google Assistant are part of many of our lives today. We talk with machines. We like talking with machines.

Question: how is a credit union to compete in this sphere.

Enter Finn AI, a conversational banking company formed precisely to address these needs for credit unions and community banks.

Already Finn AI has a couple credit union customers - BECU is one. And it is looking for more.

That's why it has scheduled an October 6 virtual conversational banking summit, a half day devoted to giving credit union and bank execs the information they need to make decisions about AI and conversational banking.

Did I mention it is free for credit union execs.

Link here.

If you can't make the summit, sign up anyway and you'll get a link so you can watch at a time more convenient for you.

Speakers include executives from Amazon, BECU, MX, United Federal Credit Union (also a Finn AI customer), and Kirk Drake, the founder of CU 2.0 and author of a book on AI.  

In this podcast, with Finn AI CEO and co-founder Jake Tyler, you will hear more about the summit but you also will here about Finn AI's tools, its pricing, and why Tyler is persuaded that conversational AI banking just is not a technology that can be ignored.  It's a candid discussion, tightly focused and to the point.

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 167 Nathan Baumeister ZSuite Technologies on Finding Riches in Niches

 Be real - few credit unions can genuinely be all things to all members because how big would the institution have to be?

As you ponder that - really drill into the idea that there can be success in being small - now consider a fintech named ZSuite Technologies.  It has three product lines that it makes available to its financial institution partners: ZRent, aimed at property managers and landlords; ZDeposit, again aimed at property managers and landlords, this tool helps track rental deposits and understand the laws vary by state, sometimes by city; and ZEscrow, which helps escrow account holders - such as lawyers and government agencies - better track and manage those monies.

All niche? You bet but that's the intent.  The initial tools grew out of a Massachusetts community bank which wanted ways to better compete in a marketplace where it sometimes seems that only behemoths thrive. That's when a lightbulb clicked. Property managers and small landlords had lots of problems - how many still keep paper records? - and so computer skills were harnessed to help solve those problems.

And then why not attempt to persuade those property managers and landlords to shift most - maybe all - of their banking to the institution that helps solve their nagging business problems?

The escrow tools - the most recent addition to the portfolio - grew out of the discovery that for many escrow accounts are a real hassle.  But the right computer programming could sole the problems.

All small? You bet. But small can be beautiful.

On the podcast to tell the story of ZSuite is the CEO Nathan Baumeister. He tells about the company's formation, why small is beautiful, and ZSuite's ambitions to offer its tools to more credit unions.

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 166 Jill Nowacki on the Credit Union War for Talent: HR in 2021

 It's tough out there.  That's a paraphrase of how Jill Nowacki, a 20 year veteran of the credit union industry and presently CEO of Humanidei + O'Rourke where she focuses on talent recruitment for credit unions.

When fast food outlets are advertising starting pay at $15 and up per hour in much of the country you get a hint of how tough it is right now to recruit for credit unions.

But the problems aren't limited to entry level jobs.  In this podcast Nowacki talks at length about issues in filling c-suite jobs (even CEO slots) and also the increasing challenges in recruiting new members for the board of directors.

One takeaway from this podcast: start thinking strategically about employees and board members.  Random just isn't going to hack it anymore.

Also focus in on the credit union advantages in hiring - for instance a genuine community focus and a focus not on profits but on doing good.  Many of us - and especially many younger people - put a high priority on those attitudes and credit unions have the right stuff.

Nowacki admits that at senior level jobs banks have a powerful attraction - stock options that can produce personal wealth.  Credit unions do not have options.  Bur they have that powerful draw of a culture committed to doing good. And that will bring in job applicants.

Nowacki does not underplay the difficulties in today's hiring marketplace but she nonetheless is upbeat. That's the attitude that just may prevail in today's talent wars.

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 165 UNest and Smarter Savings for Children

 You know the horror stories - the educational loan burden keeps mounting for many millions and, frankly, the options for lessening that burden are not plentiful.

But there are options. Meet UNest. It's an app and what it does it help set aside money for a child. It's flexible too. The underlying law is the Uniform Transfers to Minors Act which allows an adult to set up a tax advantaged savings plan that benefits a minor and the money can be spent on education, but also on a first car or a wedding or many other things.

Who gives also is flexible. Parents of course but also grandparents, other relatives and just plain friends.

Earnings in the account are tax advantaged.

You never heard of the UTMA? Join the club. It is not widely known legislation. But, executed smartly, it can deliver real benefits to a child.

On the podcast to tell us about UNest are Peter Mansfield, CMO, Erin Matta, VP partnerships, and Alison Silverstein, CEO of KidFund, a savings app that recently was acquired by UNest.

Where do credit unions come in? UNest already is working with one credit union to put the UNest app in the hands of members and it is looking for more credit unions to partner with.

Note, too, UNest sees the real power of its app as best serving the middle class and upper middle class - that is, the credit union membership. The app helps with setting savings goals and the ultimate goal is success.

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 164 Pamela Owens SVP Inclusiv on African American Credit Unions and a Whole Lot More DEI 5 2021

 She's smart. She has around 20 years experience at Inclusiv, the association for community development financial institutions and its predecessor organization. And she has put a lot of attention on African American Credit Unions.  Will they survive? Does it matter?

Meet Pamela Owens, a SVP at Inclusiv and she comes with a lot to tell us.

As for African American credit unions, they will survive and, yes, it definitely matters, says Owens in this podcast.  She tells why.

She also gives a grade for credit union industry efforts regards Diversity, Equity and Inclusion efforts (and know she is not an easy grader).

Along the way we talk about progress African Americans have made in regard to credit union employment - and the progress they need to make in regard to C-suite employment.

Credit unions, unlike banks, are birthed with a moral reason for their existence. Banks exist to profit their shareholders.  Credit unions - especially CDFIs - exist to bring financial services to the underserved and that is indeed a reason to get up in the morning.

If you want to feel good about being in the credit union industry this is the podcast you want to listen.  Of course you will also get some to-do's - but this is work that isn't going to be finished soon.  

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 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

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 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