CU 2.0 Podcast Episode 84 Kevin Langford on Remote Workers and Cyber Insecurities in the Age of Coronavirus

Suddenly credit unions across the nation are ordering employees home, as part of the response to the coronavirus pandemic.  And that is triggering a tidal wave of worries about the possible cyber insecurities that will result as newly empowered employees log into the credit union networks.

Hitherto, at many credit unions, the workers who had home access to the network were mainly senior, experienced, and both well trained and well equipped.

Today’s newly drafted home workers often lack the right equipment and their training may have been brisk.

Global cyber criminals are said to be eyeing these workers the way a hungry lioness eyes a slow wildebeest in the Serengeti.

 That’s why you want to hear from Kevin Langford, chief information officer at $140 million Georgetown Kraft Credit Union in South Carolina.

Langford has trained many workers in the secrets of safe cyber work at home and here he tells what every credit union needs to be doing.

This topic is so big that next week we will post another podcast on the same theme with Shane Butcher, senior solutions and security architect at CUSO Ongoing Operations. 

You need to listen to both.  The risks are extraordinary today and here are solid suggestions for navigating turbulence securely.

The UPS scam info is here.

The dropped USB drive info is here.

Listen to this podcast here.  

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

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 83 Ron Shevlin, Again, on How to Win in Financial Services

Who will win: community banks or credit unions?

War on.

A keen observer is Ron Shevlin, diretor of research at Cornerstone Advisors and author of a new report, What’s Going on in Banking 2020.  It’s a data rich report. Download it, read it.

Shevlin was an early guest on the CU2.0 Podcast – Episode 21 – and he’s back in this wide ranging conversation about credit unions, technology, and ways to win.

For instance: can community banks regain a hold on retail banking, a niche they ceded to credit unions some years ago?

Can credit unions succeed at taking business banking from community banks?

A growing trend, per Shevlin, is that consumers have multiple checking account relationships that they seek to optimize – and a key is how easy it is to quickly move money around today.  What does your institution know about this?

A credit union failing is a persistent belief that “our success is our people,” said Shevlin.

Millennials are more focused on technology.

“It is not about people, it’s about meeting members’ needs,” said Shevlin.

He also gives a formula for succeeding in financial services today. It comes near the end of the podcast. Listen up.

There’s a reference to Bill Bynum, CEO of Hope Credit Union. Hear his podcast here.

Listen to the Shevlin 2 podcast here.

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

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 82 Jon Ogden MX on the Future of Banking

Does your credit union have a future?

There’s the blunt question.

Welcome to the CU2.0 Podcast with your host Robert McGarvey. Today’s guest Jon Ogden, head of strategic content at digital firm MX which has recently released two provocative reports, The Ultimate Guide to the Future of Banking and the Ultimate Guide to Digital Transformation.

Read them, they are free.

But know they may keep you up at night.

That’s because many, many institutions – thousands of credit union among them – just don’t get it. They cling to an analog, physical world where consumers – most of them and more daily – crave better digital experiences.

The MX reports – filled with consumer research – prove this.  Today 86% of us say our primary contacts with our FI are mobile and online. Just 14% say it’s via branch or ATM.

59% of us say we would take a loan from a tech company.

49% of us predict “far fewer branches.”

This is a fast ride through lots of numbers but the bracing take away from the numbers is that now is the time to transform – or perish.

In this podcast Ogden talks about work MX has done for credit union giant BECU.  Hear our podcast with retired CEO Gary Oakland.

Know that some of the opinions in the reports come from banking futurist Chris Skinner.  Hear our podcast with Skinner.

Listen here

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

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 81 Keith Leggett and Bank-Credit Union Mergers and Dancing with the Devil

by Robert McGarvey

When a credit union buys a community bank is that dancing with the devil?

Welcome to the CU2.0 podcast with your host Robert McGarvey. Today’s guest Keith Leggett, now retired Chief Economist with the American Bankers Association who still actively writes his blog, Credit Union Watch.

The topic of the talk: bank – credit union mergers.

Some banking experts are up in arms about these mergers.  Not Leggett.  He says community banks that are up for sale generally are looking for the best valuation and credit unions, in some cases, are exactly that as they seek to add new business capabilities – especially in business lending – and a fast route to that capability is buying the right community bank and retaining key staff.

On that note. listen to the CU 2.0 podcast with retired SECU CEO Jim Blaine, whose ideas are referenced by Leggett. We also discuss Maine Harvest, a new charter, and Leggett points to research on credit union bank mergers via Filene, also the St. Louis Fed.

Numbers to remember. In the past two years there have been around 400 bank – bank mergers. There have been around 20 bank – credit union deals.

Meantime, Leggett tempers his positive perspective on bank – credit union deals by saying there needs to be a two way street, that is, the regulator needs to lighten up about credit unions selling out to banks.

Why do bankers so often loudly scream about bank mergers with credit unions? A lot has to do with association politics, says Leggett, who adds that there’s always a stronger response when a wolf is said to be at the door.

Listen here

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

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 79 Dan Mayfield LeveragePoint on Cannabis and Credit Unions

Welcome to Up in Smoke, Part 4 – credit unions and weed.

Buckle up. Dan Mayfield, public affairs director at LeveragePoint, a strategic communications firm in Albuquerque NM, will be our guide in this podcast to the cannabis business in New Mexico. 

Cash, public safety, and a $130 million dollar annual business take. That’s legal marijuana in New Mexico — and right now credit unions are scrambling to help serve this market.

LeveragePoint has a ringside seat and that’s because it is wholly owned by the Credit Union Association of New Mexico.

You heard that right.

That also means it’s playing a key role in setting up the CU Cannabiz show in Chicago in April and Mayfield offers more details on that in this podcast.

Up in Smoke Part 1 here, Part 2 here, Part 3 here.

Part 3 is a podcast with Paul Stull, CEO of the Credit Union Association of New Mexico.

What’s important here is that cannabis is a potentially huge market for credit unions. It has risks, sure.

But it has a grand upside.

Here all about all sides in this podcast.  It’s a fast ride.

Listen here

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

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 78 Paul Stull on Cannabis and Credit Unions, Up in Smoke 3

Toke up – the CU2.0 Podcast is back with another look at cannabis and credit unions, a topic we last looked at a year ago in a two part podcast. Part 1 here, Part 2 here.

Welcome to Part 3, 2020 edition of Up in Smoke, credit union style.

Today’s guest is Paul Stull CEO of the Credit Union Association of New Mexico, which is sponsoring the Credit Union Cannabiz Conference, April 5-8 in Chicago.

What this is about is the business of banking cannabis companies, said Stull.  And he fervently believes that cannabis – so far an untouchable for the big national banks – is a prime opportunity for credit unions to build dynamic and profitable business account relationships that involve both deposits and lending.

And this is business that right now the national banks won’t take on.

About two in every three states presently has legal marijuana in some form (medical, recreational or both).

Said Stull: “Most credit unions are involved in banking marijuana money whether they know it or not.”

His argument: do this openly, consciously, charge accordingly and it’s a win win, for the credit union, also for the marijuana business.

In the podcast, Stull offers a deep dive into why cannabis banking also benefits local communities – meaning this is a solid credit union business direction.

The opportunities with cannabis for credit unions right now looks immense.

Stay tuned because in a few weeks another cannabis themed podcast will drop.

Listen here

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

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

CU2.0 Podcast Episode 77 Shondell Varcianna on the Content You Need to Grow

Want to grow your member base? Want to target particular kinds of members?

Content is your friend, says Shondell Varcianna, a financial services veteran who nowadays focuses on providing select financial institutions with finely targeted digital content – blog posts – for distribution via the credit union website, also social media.

Her driving point: content works when it is written to meet the specific needs of a targeted group.  It can’t be all things to all people.

She especially recommends financial education content.  Millennials, for instance, want info on home buying.  Give it to them and you just may get the mortgage.

The key: have a strategy about what groups you want and what you want to sell them. The content will follow.

This is an informative podcast about a topic that usually is treated superficially. This is a deeper dive and it’s worth it because this is how to supercharge member growth.

Listen here

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

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

CU2.0 Podcast Episode 76 Matt Johnner BankLabs on Commercial Lending and Your Credit Union

It just may be topic one in credit union c suites – how do we make more profitable loans?

Matt Johnner of BankLabs – a developer of cloud based technology solutions for financial institutions – has a suggestion: Go after lending to two of the country’s biggest industrial segments, agriculture and construction.

And fast track this by using your present member base to segue into commercial lending into those segments.

A good car loan experience for a farmer’s wife, or a home builder’s husband, just may lead to a 7 figure commercial loan – for the credit union that is thinking that way.

So Johnner likes the “law of attraction,” which essentially says that what we focus on comes into our life.

Start thinking on construction and ag loans and they just may happen for you.

His company also is a provider of mobile tools that automate lending and loan management and, he says, many lenders are still rooted in legacy technology (spreadsheets). A newcomer to the field who has the right technology in place just may start closing deals.

What will the regulator say? Johnner addresses that in this podcast.

He also talks about buying a community bank to accelerate success in commercial lending – but stresses there are other ways.

If you want more high profit loans this is a must podcast.

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

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 75 Milind Borkar Illuma Labs

Passwords are broken. You know that.

But do you know call centers are heading that way?

Call centers are under attack by criminals. Smart criminals. And they are targeting credit unions.

Credit unions are responding by asking more members ever harder questions. Just one problem. As the questions get more obscure – what was the make of the second car you owned – more members give wrong answers.

Fraudsters incidentally often can perform quite well on these tests because they have amassed data via the dark web.

They probably know the name of that kindergarten teacher that you have forgotten.

Tough questions are no cure.

The better solution is to implement biometric authentication that eliminates the need for answering a series of obscure questions. Enter Illuma Labs which is focused on helping small and mid sized financial institutions – that means you, credit unions – implement passive voice recognition.

As for what passive recognition means it’s that it happens in the background, the member needs do nothing special. In a matter of quick seconds he/she is authenticated and you can get down to business.

That means quicker call times, lower costs, happier members and happier call center staff.

This podcast is a guided tour into how voice rec works, how to implement it quickly and at low costs, and why this is the 21st century solution to a lot of the fraud credit union call centers are experiencing.

Listen here

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

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 74 Blesson Abraham of Cambio and 2nd Chances at Financial Services

Every day people – maybe thousands of them – are turned away by financial institutions, credit unions included.  These people, by necessity, utilize the periphery of financial services such as payday lenders and bill pay via pricey money orders.

It’s expensive to be poor.

Wouldn’t it be nice if credit unions could do more to help these people get back on a healthy financial path?

It could in fact be life changing.

CU2.0

Enter Cambio, an app that gamifies finance and, along the way, gives its users a debit card and also rewards them for their smart financial behaviors such as paying an electric bill on time.

Along the way, Cambio is working with the Illinois Credit Union League and Cambio founder Blesson Abraham said that he envisions significant roles for credit unions with Cambio.  Case in point: credit unions may want to get dibs on Cambio users that have successfully turned around their financial behavior.

Just that is exactly what Cambio is about: helping consumers change their behavior around money.

Many credit unions want to do more on that theme in their community.  So check out Cambio.

Listen to the 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