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.
Get your FREE ticket to the December 9th CU2.0 Fintech Mastermind Presents Showcase Day 2020. This is the first of its kind event where CU 2.0 has brought together the industries' top leaders form well known Credit Unions and paired them up with top Fintech experts in one place! Our subject matter expert will help you and your organization tackle the top issues we face today with unique master classes, tailored for folks just like you.
Get your ticket at Eventbrite. Click here.
Like what you are hearing? Find out how you can help sponsor this podcast here. Very affordable sponsorship packages are available. Email firstname.lastname@example.org
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