5 Lessons Learned from AXFI 2018

This week I had the honor of speaking at the 2018 AXFI (Analytics and Financial Innovation) Conference for Credit Unions in Minneapolis. I spoke on the Credit Union 2.0 DREAM methodology. First off, this is a great event that attracts an abundant group of Credit Union thinkers, innovators, and has truly great content. Here are the top five takeaways that I learned at this event!

  1. Artificial Intelligence is coming. We cannot hide from this. There were several great presenters including Lendified and Active.AI. We are starting to see a large number of ANI (artificial narrow intelligence) solutions hit the ground on things like small business loan underwriting, assessing credit risk, and chatbots that communicate with your members in their language.
  2. Rate Reset’s new product “Knock Knock” is winning solution competitions at tons of shows. After taking the NACUSO Next Big Idea award 6 weeks ago, Rate Reset wowed the Killer Fintech Speed Rounds at AXFI with its ability to retain existing members and products while also providing a great digital engagement experience for new member product offers.
  3. John Best of BIG demonstrated and taught how to use CU Ledger. Credit Union programmers went through two workshops and got to see firsthand how block chain technology can help credit unions secure their member identities while providing a better experience.
  4. The OnApproach Data Analytics platform is really driving innovation. There were numerous sessions where data scientists showcased great collaborative solutions for problems from CECL, member profitability, Data Lakes, to when members might be leaving. Both the collaborative environment as well as the large number of solution providers on the platform really showcased the power of CUSOs and teamwork.
  5. Analytics has a role in Cyber Security as well. Bob Miles, CISO Practice Manager, from Ongoing Operations, LLC, demonstrated key strategies and tools to find key member information on your platform, measure the risk, and help quantify and prioritize cyber tasks so that your Credit Union can minimize any potential impact from a hack or cyber event.

Overall, the AXFI conference is a terrific conference that delivers key technology strategy with hands on tactics for the industry. It attracts innovative thinkers in the industry and provides cutting edge content.

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