Ask Larry Nichols, CEO of Member Driven Technologies, a Michigan based CUSO, what’s in the future for credit unions and he has a one word answer: Digital.
Actually, that oversimplifies the answer because in this podcast Nichols and I talk for about 40 minutes about what’s next and he in fact ticks off four basic themes:
* Digital banking – by which he means many, many things besides mobile and online banking. E-signatures for instance. Also digital account opening. Digital is the future of banking.
* The evolution of the branch
* The new need for business continuity planning
* The need to find new ways credit unions can support their communities in this time of need.
Along the way, Nichols evangelizes for cloud based core systems, the central MDT focus. Around 106 credit unions are MDT core customers and, Nichols says, this is a way to have the latest technologies – but to leave the hefty lifting to professionals.
He’s probably right. Many credit unions would benefit from turning their cores over to a third party to manage in the cloud.
There are explanations about why that is so in this podcast.
The podcast starts with the question: How many member owners are there for your CUSO? The answer will surprise you.
A technical matter: after the podcast was recorded, Nichols emailed to say he had misremembered the date when MDT first offered mobile banking. That wrong date has been erased and, in my voice, you will hear the right date, 2008. Larry’s voice did not inexplicably change. It’s my voice.
Also for the record, the Apple iPhone was introduced in 2007.
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