Credit Union 2.0 Podcast 31: Mike Reuter Worldwide Foundation for Credit Unions

Welcome to episode 31 of the CU 2.0 Podcast.

From Ukraine to Ireland and Dominica, this podcast travels the globe with Mike Reuter, executive director of the Worldwide Foundation for Credit Unions, as he shares stories of the challenges faced by credit unions and also the generous willingness of other credit unions executives to help. Exhibit one may be the rebuilding of the Dominica credit union sector after that island’s economy was flattened in a 2017 hurricane.  Credit union execs want to help and they do. It’s an inspiring podcast that shines a light on what’s special about credit unions.

Stay tuned. In a week or two, a second podcast will post with another WOCCU executive as we travel around the world to see the challenges internationally and how the US fits in.

Listen here.cu 2.0 podcast

Check out other podcasts in the series here!

Credit Union 2.0 Podcast 30: Brett King on Banking Tomorrow

Welcome to episode 30 of the CU 2.0 Podcast.

You don’t want to listen to this podcast.

But you need to.

What banking futurist Brett King paints is a dystopian picture of financial services tomorrow where, increasingly, consumers want frictionless money transactions, they don’t give a hoot about banks vs. non-banks, and they have no interest in a relationship with a one-stop financial services provider.

Credit unions still think they are special. Think again, warns King.

What matters today is digital. Period. Sure, King, as the founder of digital bank Moven, has a bias.

But he very probably is right.

Financial institutions are getting left behind as the biggest banks get bigger – lots bigger – and fintechs gobble up profitable slices of the financial services pie.

Along the way in this provocative conversation, King talks about the new Apple credit card, why Apple Pay has stalled, and the inevitability of real-time banking.

It’s a look into tomorrow.

And, yes, it may sound like a horror film.

But at least when you know what’s ahead you can start preparing for it.

Listen here.

Check out other podcasts in the series here!

CU 2.0 Podcast 29: Teresa Freeborn on Open Your Eyes to a Credit Union

Welcome to episode 29 of the Credit Union 2.0 Podcast.

$100 million. That’s the projected three-year budget for the CUNA “Open Your Eyes to a Credit Union” campaign.

Teresa Freeborn, CEO of Xceed Financial Credit Union, chairs the CUNA effort which she – make no mistake – sees as crucial in the long-term survival and prosperity of credit unions.

The campaigns blends research with marketing – much of it online – to reach out to a generation of consumers that simply may not even consider credit unions as a financial services option.

Ouch. It hurts to be ignored. But that is a credit union reality and that also is the why of the CUNA campaign.

A central mission of the campaign: raising consumer awareness of the benefits of credit unions as a different, better category of financial services providers. That’s ambitious. But it just may be critical in the industry’s survival.

In this podcast Freeborn tells the story of the campaign’s launch, it’s current status, and it’s hoped-for future. She also blends in her perspective as the longtime CEO of a large credit union.

Listen up – your survival may depend on it.

Listen here.

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CU 2.0 Podcast 28: Patrick Conway PCUA on Lobbying and Much More

Welcome to episode 28 of the CU 2.0 Podcast.

Consider this podcast a crash course on credit union lobbying, 2019 style. Our instructor: Patrick Conway, CEO of the Pennsylvania Credit Union Association, a very large league with upwards of 370 members.

PCUA lobbies both in Harrisburg, the state capital and in Washington, DC.

A lot of what PCUA does, however, could be considered credit union education. For instance, PCUA has played a lead role in the new Philadelphia ID card – designed to give Philadelphia residents a low-cost ID card. Will it be adequate for opening a new account at a credit union? That’s still being sorted out and PCUA is in the mix, offering education and counsel to its members.

PCUA is doing likewise with cannabis banking, a topic of significant interest to Pennsylvania credit unions.

Along the way we also talk about credit unions haves and the have nots and, in Pennsylvania, assured Conway, the big credit unions offer plenty of assistance to smaller institutions.

Other topics on the agenda: credit union tax exemption, the CUNA-league relationship, and what credit union can do to win greater consumer acceptance.

This is a rich podcast.  Give it several listens.

Listen here.

credit union podcast

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CU 2.0 Fintech Friday: Paerpay

It’s CU 2.0 Fintech Friday! Today, Chris Otey sits down with Paerpay to discuss all things credit union, fintech, and digital innovation.

 

Every now and then, a fintech comes along to disrupt an industry. Paerpay decided to disrupt the industry. That’s right: there’s a new payment system in town for the service industry, and it might be just what we all needed.

 

Speaking as a (former) high-end cocktail bartender, I understand the pain points of full-service restaurant servers. Especially in my time at an award-winning bar, the pace of service often went from 0 to 100 real quick. During our busy seasons, we often sat 15–20 tables within minutes of opening. With a good crew, that situation is stressful, but manageable.

 

However, there’s a bottleneck that occurs when tables are ready for the bill. Especially when several tables show up at once, tables often all need to leave at once, too. Unfortunately, there’s no way to expedite the process. There are only so many servers, and there are only so many Points of Sale available. Plus, any party who splits a check just makes the bottleneck worse.

 

Few things frustrate diners more than service that takes too long. Servers also get frustrated, and the time they spend closing tables out actively hampers their ability to tend to their other guests. Finally, restaurants lose out on tables because they can’t efficiently turn them quickly enough.

 

I remember all that, and I really, really don’t miss it one bit.

 

But Paerpay has a solution:

 

Make payment easier.

 

Their platform integrates with various POS systems. Paerpay users can sit down, keep an updated tab on their mobile device, and use the app to split, tip, and manage their bill. Essentially, Paerpay makes dining and dashing a real option.

 

Paerpay has had great initial success in a limited market, and they’re about to go live. Personally, I wish them luck. It will make servers’ jobs less stressful, help restaurants turn tables more efficiently, and ease customer frustrations with slow service or bill paying at the end of a meal.

 

If this sounds like an intriguing fintech, check out the video and Paerpay snapshot below!

 

 

Fintech Snapshot: Paerpay

Top 3 Problems Solved

  1. Restaurant payment
  2. Payment application
  3. Restaurant efficiency

Paerpay Founder: Derek Canton

Paerpay Market Strategy

Full-service restaurants and restaurant patrons

Credit Union Fintech: Paerpay in the News

A better payment system for restaurants and their diners

CEO Derek Canton featured on a “40 under 40” list

Interested in seeing more fintech entrepreneurship? Check out the CU 2.0 fintech infographic, Death by 1,000 Cuts. You can see firsthand the impact fintechs have had on the credit union industry, as well as how fintech innovation can improve your income statement, balance sheet, interest margin, services, and more.

Credit Union 2.0 believes fully in the power of credit union and fintech partnerships. With the shared goal to redefine multifaceted financial services models look like to members, more credit unions are looking to partner with forward-leaning fintechs.

If you want to learn more about credit union–fintech partnerships, click here.

CU 2.0 Podcast 27: Hakan Nordfjell Gemalto on New Account Fraud

Welcome to episode 27 of the CU 2.0 Podcast.

You want to make new account opening easy and fraudsters want to exploit that loophole to rob your credit union.

That is the gist of today’s podcast with Hakan Nordfjell, head of digital banking at Gemalto. He tells about fraudster tricks and also the way financial institutions are fighting back.

He also warns that all your personal information is on the dark web and ready for fraudsters to exploit. PII – personally identifiable information – just isn’t enough to open new accounts securely today. You need more weapons. Nordfjell tells what.

This is information you need to know to protect your institution in what could be called the New Account Opening Wars.

Who’s winning?

Listen here.

Hakan Nordfjell, head of digital banking at Gemalto

Check out other podcasts in the series here!

CU 2.0 Fintech Friday: Everyday Life

It’s CU 2.0 Fintech Friday! Today, Chris Otey sits down with Everyday Life to discuss all things credit union, fintech, and digital innovation.

Everyday Life Insurance is a fintech that provides affordable, appropriate life insurance. Everyday Life Insurance uses AI and machine learning to provide life insurance recommendations. After giving its recommendations, Everyday Life serves as a digital agent, helping people select and purchase plans.

Life insurance is slowly but surely going the way of the dinosaur in the United States. Especially for low- and middle-income families, the premiums associated with life insurance can be prohibitively expensive.

Unfortunately, a lack of life insurance can also be a burden on families. In the last year, there were more than 125,000 GoFundMe campaigns requesting memorial service funds alone. That number doesn’t include other costs, nor does it cover other crowdfunding platforms.

Clearly, life insurance for lower- and middle-income earners is necessary. However, much of the industry in its current form can’t accommodate these demographics.

And then there’s the way that life insurance is frequently sold. First, new tiers of service, additional perks, and complicated upgrades get confusing. Then, insurance salespeople make commissions on their sales, which incentives upselling to policies that people don’t need, while also contributing to higher premiums.

It shouldn’t be so difficult.

Everyday Life Insurance aims to make the process of purchasing life insurance easier. By using AI and machine learning, they can quickly determine the best policies for people. By using these new technologies—and by refusing sales commissions—they can often recommend life insurance plans that can save 80% off the cost of traditional policies.

If this sounds like an intriguing credit union–fintech partnership, check out the video and Everyday Life snapshot below!

Credit Union Fintech Snapshot: Everyday Life

Top 3 Problems Solved

  1. Life insurance recommendations
  2. Life insurance purchasing
  3. Life insurance advocacy

Everyday Life Founder: Jake Tamarkin and Dipali Trivedi

Everyday Life Market Strategy: Individual consumers and credit unions

Credit Union Fintech: Everyday Life in the News

What’s wrong with life insurance?

What kind of life insurance do you need?

Interested in seeing more fintech entrepreneurship? Check out the CU 2.0 fintech infographic, Death by 1,000 Cuts. You can see firsthand the impact fintechs have had on the credit union industry, as well as how fintech innovation can improve your income statement, balance sheet, interest margin, services, and more.

Credit Union 2.0 believes fully in the power of credit union and fintech partnerships. With the shared goal to redefine multifaceted financial services models look like to members, more credit unions are looking to partner with forward-leaning fintechs.

If you want to learn more about credit union–fintech partnerships, click here.

CU 2.0 Podcast 26: Carl Memnon, COO Grain Technology on an End to Overdraft Fees

Welcome to episode 26 of the CU 2.0 Podcast.

Just say no more to overdraft fees. And make this decision good for your members and also good for your credit union. You may even grab a few customers away from Chase and the other money center banks.

That’s the promise of fintech startup Grain Technology.

In this podcast Grain co-founder and COO Carl Memnon tells about the company’s proprietary algorithm that lets it devise strategies for making fast loans to users who are about to trigger an overdraft charge and to also help those users find easy ways to start saving.

The latter is the why behind the company’s name – users will see their assets and their credit score grow “grain by grain,” said Memnon.

Memnon also talks about being in the Arizona fintech sandbox and the benefits for a small startup in playing in this sandbox.

Grain is actively seeking to align with credit unions that want to offer its overdraft protection service to members. In the podcast, Memnon tells about the benefits to credit unions but a big plus is having cool technology that in effect lets the member know they will see no more overdraft fees.

Listen up, you’ll find plenty of interest in this podcast.

Listen here.

BTW, the sirens you’ll hear are ambient noise in New York where Memnon was during the call.  If you’ve spent any time in New York you won’t even hear the siren. I couldn’t scrub it out so decided just to enjoy the New York moments.

 

Check out other podcasts in the series here!

CU 2.0 Fintech Friday: CU Student Choice

It’s CU 2.0 Fintech Friday! Today, Chris Otey sits down with CU Student Choice to discuss all things credit union, fintech, and digital innovation.

CU Student Choice works with credit unions to provide prospective university students with student loans. Their goal is to simplify the college loan process for students. This simplification, they hope, will help students find good-value educational loans to finance their education. They also make it so that the borrower doesn’t have to reapply for loans each year.

For all of us who have taken out federal student loans at some point—that setup sounds like a breath of fresh air. Nobody likes filling out FAFSA forms year after year.

It sounds even better for those of us who took out private student loans. The interest rates on those often exceed any reasonable boundaries.

The current loan landscape is fraught with difficult decisions. CU Student Choice wants to help make those decisions easier. To that end, they look to partner not only with credit unions, but with other fintechs as well. For example, they work with Edmit to streamline the college search as well as the finance journey.

If this sounds like an intriguing credit union–fintech partnership, check out the video and CU Student Choice snapshot below!

Credit Union Fintech Snapshot: CU Student Choice

Top 3 Problems Solved

  1. Student loans
  2. Student loan refinancing
  3. Finance for students

CU Student Choice Founder: Scott Patterson

CU Student Choice Market Strategy: Credit unions and fintechs

Credit Union Fintech: CU Student Choice in the News

CU Student Choice provides student borrowers with new loan options

CU Student Choice partners with FutureFuel.io to assist with student loan repayment

Interested in seeing more fintech entrepreneurship? Check out the CU 2.0 fintech infographic, Death by 1,000 Cuts. You can see firsthand the impact fintechs have had on the credit union industry, as well as how fintech innovation can improve your income statement, balance sheet, interest margin, services, and more.

Credit Union 2.0 believes fully in the power of credit union and fintech partnerships. With the shared goal to redefine multifaceted financial services models look like to members, more credit unions are looking to partner with forward-leaning fintechs.

If you want to learn more about credit union–fintech partnerships, click here.