CU 2.0 Podcast Episode 59 Daniel Ford CIO at Jovia CU on Cybersecurity

Can your cybersecurity keep hackers at bay?

Can cybersecurity be used as a marketing tool by a credit union?

Can a banker in fact become a credit union executive?

For answers, listen to this podcast with Daniel Ford, CIO at Jovia, a $3+ billion credit union on Long Island that you probably know as NEFCU.  The rebranding occurred a month ago.

Ford joined NEFCU via First Source Bank in South Bend (IN), where he was  the chief information officer, responsible for infrastructure, cybersecurity, and application development.  We asked him bluntly: can a banker in fact fit into a credit union’s philosophy?  You can guess his answer but give it a full listen. He makes points to remember.

Podcasts in this series that explore bankers and credit unions include Jim BlaineBucky SebastianGary Oakland, and Marc Schaefer

Ford also talks, at length, about what a CIO needs to do to stay on top of cybersecurity and also how to work with vendors.

As for using cybersecurity as a marketing tool, don’t be too quick to say no way. Ford offers a tactic that just might work. Of course you want to hear that.

Listen to the Ford podcast here.

Like what you are hearing? Find out how you can help sponsor this podcast here. Very affordable sponsorship packages are available.

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

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CU 2.0 Podcast Episode 58 Jeff Bender on Digital First Members, Live from DN Intersect

Will your superior teller experiences guarantee your future?

Believe that and – probably – you won’t want to hear this podcast on the rise of the digital first member.  That member may occasionally step into a branch but usually they are unhappy. They would rather interact online.

And their numbers are growing.

Smart institutions know this.  A Chase – in its heart – is now a technology company.  Are you?

In this podcast, Jeff Bender – vice president, digital solutions at Diebold Nixdorf – tells about the future of banking as he sees it. And he sees a lot of digital.

Word of advice: bet now on cardless ATM access. That, says Bender, is the next must offer.

Bender also warns about offering a generic, off the peg digital experience. Do all your competitors offer the same mobile banking app as you? Think again if that’s true.  “Find ways to personalize, to differentiate,” says Bender.

And keep thinking digitally. It is the future and it is now.

Listen to Bender here.

This podcast Bender mentions Partners FCU and its digital journey. For my take on Partners FCU, read this.

This podcast is one of a group of four recorded on site at the Diebold Nixdorf DN Intersect conference in Las Vegas, September 2019.

Like what you are hearing? Find out how you can help sponsor this podcast here. Very affordable sponsorship packages are available.

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 57 Scott Anderson Open Banking, Live from DN Intersect

One site to rule them all.

This is the banking version of the Tolkien quest for the one ring that rules them all.

Call this open banking and remember that phrase. It’s about to get much buzzier and louder over the next year as open banking transforms how US financial institutions interact.

Scott Anderson, brand evangelist at Diebold Nixdorf, sat down at the company’s DN Intersect event to tell us why open banking – a big issue in Europe – is heading your way.  

Imagine one site where your member sees everything financial. Inside the credit union and outside.  Imagine a site where the consumer can decide what to use to pay for this purchase in this moment.

How cool is that?

It’s also potentially frightening to financial institutions.  The institution ceases to be a walled garden and becomes instead an open transit point. Won’t consumers flee?

Why should they? If their needs are getting served.

In many ways Anderson is optimistic about the impacts of open banking – which definitely is coming our way – on smaller FIs such as credit unions.  

One hitch however. How do credit unions get enough data to play meaningfully in this universe?  Anderson sees credit unions working in alliances with fintechs – CUSOs perhaps – to create an even playing field with big banks when it comes to open banking.

Just maybe it’s the biggest FIs that have the most to lose in an open banking universe.

Listen here

Think on that and think about how to win your institution’s share.

This podcast is one of a group of four recorded on site at the Diebold Nixdorf DN Intersect conference in Las Vegas, September 2019.

Like what you are hearing? Find out how you can help sponsor this podcast here. Very affordable sponsorship packages are available.

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

Listening to “CU 2.0 Podcast Episode 55 Richard Crone on Libra, Live from DN Intersect”

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Richard Crone is a longtime payments geek and when it comes to Libra, he has a particular spin.  It boils down to this: forget the talk about crypto currency. Libra fundamentally is a pre-paid account and because it is a Facebook effort, it has reach into some 2.1 billion daily users of Facebook tools (Facebook, Instagram, WhatsApp, Messenger, etc.).

“It’s a prepaid network with global reach – there are also 90 million businesses on Facebook properties,” said Crone.

His blunt message: every credit union needs a Libra strategy and you need it now.

Understand this: Facebook may not be looking to profit off Libra per se. Its strategy seems instead to be to use Libra to drive traffic to Facebook sites and thereby increase advertising revenues.

Which may make Libra yet more attractive to financial institutions.

The conversation includes Heidi Liebenguth, managing partner at Crone Consulting, and it took place in a public space at Caesars Palace, where Crone and Liebenguth were speakers at DN Intersect, the Diebold Nixdorf meeting. There’s minor ambient noise but audio quality of the podcast is good.

Crone finds it “bizarre” that not one FDIC insured institution joined in the launch of Libra.

He also is not deterred by the regulatory scrutiny Libra has won.  In fact he sees it as a competitive advantage because it may deter competitors from plunging in with their own similar products.

Listen to this podcast and you definitely will want to dig into Libra and reach the decisions that are right for your credit union. Inaction is not a strategy.

Don’t miss a related podcast with Diebold Nixdorf executive Douglas Hartung, also on Libra.  

Like what you are hearing? Find out how you can help sponsor this podcast here. Very affordable sponsorship packages are available.

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

Listening to “CU2.0 Podcast Episode 54 Douglas Hartung on Libra, Live From DN Intersect “

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Buckle up for big, explosive ideas.  That’s what Douglas Hartung – senior director, business development & alliances at Diebold Nixdorf – specializes in and in this podcast he discusses Libra, bringing financial services to the globe’s underbanked and unbanked, and the exciting idea that just maybe all a person needs to send money anywhere on the planet is a smart phone.

How cool is that?

Know that just may be Libra’s promise.

While some scoff at the prospects of Libra – the Facebook backed new-style currency – Hartung believes that the sheer magnitude of the Facebook family of properties user base makes this a financial play that demands attention.

He also likes the idea of in-app payments – so in Facebook, for instance, what if you can without friction send $10 to a friend in Bali. With just a click. Without leaving the Facebook app.

Is Libra just another Bitcoin variant? Hartung says nope.  He tells why in the podcast.

A bottomline here is: pay attention to Libra.  You may regret it if you don’t.

Incidentally you will hear some taps interspersed throughout the podcast. That’s Hartung animatedly tapping on a table to emphasize his point. Get into his spirit, let the taps animate you too.

This podcast is one of a group of four recorded on site at the Diebold Nixdorf DN Intersect conference in Las Vegas, September 2019.

Don’t miss a related podcast with industry analyst Richard Crone, also on Libra. 

Like what you are hearing? Find out how you can help sponsor this podcast here. Very affordable sponsorship packages are available.

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

Listening to “CU 2.0 Podcast Episode 52 David Deckelmann LiveSurvey”

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What are your members thinking about you? Say you don’t know and you are setting yourself up for failure. Say you do know and, no, you haven’t asked them because you, well, just know and you are on the fast track to extinction.

If you want to know what your members think and need, ask them.

That’s where LiveSurvey comes in.  A credit union owned CUSO – developed by MAPS Credit Union in Oregon – LiveSurvey’s mission is providing realtime, instant feedback from members that lets credit unions better chart their next actions to better serve members.

When is the last time your credit union surveyed members? How many responded? Did you get anything useful?

LiveSurvey grew out of MAPS own needs.  The credit union faced the horns of a dilemma.  On one side were very pricey, consultant driven survey products. On the other side, there are inexpensive – even free – Internet tools.  Neither gave MAPS the solution it wanted and out of that grew LiveSurvey.

About 25 credit unions now use LiveSurvey which gives them the ability to query members as they wish and on whatever topic they choose.

Prices range from $500 to $1000 monthly.

Who better to help you take the next steps to grow your credit union than existing members – who when asked right will tell you what they like and what they don’t. 

MAPS make it easy and inexpensive to know.

Every credit union needs to be doing this or similar.  It’s a competitive world out there and this is crucial intel.  And it’s yours to gather if you just ask for it.

LiveSurvey CEO David Deckelmann tells all abut it in this brisk podcast.

Like what you are hearing? Find out how you can help sponsor this podcast here. Very affordable sponsorship packages are available.

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

Listening to “CU 2.0 Podcast Episode 51 Marc Schaefer Truliant”

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Can a credit union serve more than one employer group? You know what today’s answer is of course. But to know the history you need to talk with Marc Schafer, CEO of Truliant, a Winston Salem credit union.

That’s because Truliant was sued by a banker’s group in the mid 1990s that claimed it was illegal for a credit union to serve more than one employer group.  And the bankers won in the Supreme Court!

So how is it now legal? Listen to Schaefer and his tale of how HR 1151 became law – that’s the legislation that made multiple SEGs legal.

Along the way you will hear a great personal credit union success story. Schafer became CEO of the tiny FDIC credit union when he was 34 in 1986.  In 1995 he moved to Truliant which then was a $400 million credit union.

Truliant now is a $2.5 billion credit union.

That’s a remarkable growth story and of course you want to hear it.

Why is Schafer telling his story now? He retires at year end.

His is a terrific story of how to make credit unions work better, for more people.

Related podcasts in this series include Bucky Sebastian (who tells his take on HR 1151), Gary OaklandJim Blaine, and Teresa Freeborn.

As for Blaine, the retired CEO of SECU in North Carolina, he too has a story of being sued over multiple SEGs.  In an email he wrote this: “few know that the “original” FOM law suit was filed against SECU in state court (SECU is state-chartered) in 1977 by the NC Bankers Association when SECU added small city/county local govts to our FOM. The bankers beat us in the NC Supreme Court (on a split decision with the Chief Justice writing an ‘icy’ dissent!) and we had to divest about 9,000 local govt employees who had joined. We did so – being the ornery, stubborn folks we were! – by forming a federal credit union (today’s Local Government FCU @$2.5 billion) which immediately contracted for all services through SECU. LGFCU had a board and staff of 1, but immediately had a full array of services and about 50 branches at that time!  Needless to say our state bankers were ‘not pleased’ and sued in federal court (we forced it out of our state courts since LGFCU was federally chartered!). LGFCU/SECU won on appeal in the 3rd District (Richmond) and the bankers decided not to appeal to the US Supreme Court. When they later came gunning for Marc, the bankers made sure it got heard in the 4th District (DC) which is far more ‘business friendly’ – the 4th ruled in favor of the banks, which led to the adverse Supreme Court decision, the Campaign for Consumer Choice, and HR 1151.”