Behind the Vault

In this episode of Behind the Vault, Phil Suckow, VP of Innovation at IncredibleBank, challenges that assumption by sharing how a 60-year-old Wisconsin community bank transformed itself into a digital banking pioneer.

Key highlights from our conversation:

• IncredibleBank's journey from traditional community bank to digital innovator
• Building and launching digital brands without massive development teams
• Developing a framework for innovation
• Strategic partnerships with fintechs and core providers
• Practical approaches to innovation with limited resources

This episode demonstrates how community banks can compete and win in today's digital landscape through strategic focus and deliberate execution.

Listen in to learn:

• How to drive digital transformation in a community bank setting
• Strategies for successful fintech partnerships and vendor relationships
• Ways to deliver exceptional digital experiences without huge budgets
• The areas ripe for innovation in banking today

Whether you're a community bank leader looking to innovate, a fintech professional seeking partnership insights, or simply interested in the future of community banking, this episode offers valuable perspectives on bringing big ideas to life in smaller institutions.

Links:

• IncredibleBank
• BankTech Ventures
• Phil's LinkedIn profile

In this episode of Behind the Vault, we hear from Ben Maxim, the Chief Innovation Officer of Michigan State University Federal Credit Union. While every innovation discussion inevitably touches AI, we hear Ben's perspective on the misses and hits the CU, and its wholly owned CUSO, The Reseda Group, has had to get real returns from AI in its operations.

Key highlights from our conversation:

• The real-world applications that have and haven't made an impact
• The role partnerships play in composing successful solutions
• Where Ben sees BaaS and embedded payments headed in the future
• How credit unions can balance innovation with traditional service values

This episode provides a practical roadmap for financial institutions leveraging AI and fintech partnerships to enhance member experiences.

Listen in to learn:

• Embracing innovation in a traditional member experience first culture
• Practical applications of AI for personalized member experiences
• Strategic approaches to fintech partnerships and experimental projects
• Measuring ROI on technology investments in fintech

Links:

* Our previous episode with MSUFCU CEO April Clobes

* the lab at MSUFCU

* The Reseda Group

* Ben's LinkedIn Profile

In this episode of Behind the Vault, we look at the inside vs. outside innovation options with Ted Coy, founder of Valiify, a CUSO dedicated to serving smaller banks and credit unions. Ted's journey from Alabama Credit Union to entrepreneurship offers a unique perspective on the challenges and opportunities in this often overlooked sector.

Major points from the episode:

• Ted's career path and the experiences that led to founding Valiify
• The unique needs of small financial institutions and why they're underserved
• Tackling digital account opening for community banks and credit unions
• Overcoming the technology adoption bottleneck in smaller institutions
• The build vs. buy dilemma and how it can spark innovation

This episode provides invaluable insights for anyone interested in fintech, credit unions, and the digital transformation of community financial services.

Listen in to learn:

• Barriers to innovation for smaller financial institutions
• Approaches the "build vs. buy" dilemma for community FIs
• Strategies for competing with neobanks and fintechs on a limited budget
• The importance of a consultative approach in serving both small and large institutions

Links discussed:

• Valiify
• Ted's LinkedIn Profile

In this episode of Behind the Vault, we explore the complex world of open banking with Lisa Arthur, US Director and Global Chief Marketing Officer for Sensedia. As regulatory pressures mount and consumer expectations evolve, understanding the impacts of open banking is crucial for community financial institutions.

Key highlights from our conversation:

• Decoding open banking and its impact on community financial institutions
• Navigating the challenges and opportunities presented by CFPB's Rule 1033
• Strategies for leveraging open banking to enhance customer experience and drive growth
• Global perspectives and case studies on successful open banking implementations
• The future of open banking and its potential to reshape financial services

Lisa brings her extensive background in developing solutions for banks and credit unions to provide practical insights for community banks and credit unions facing this new frontier.

Listen in to gain:

• A clear understanding of open banking and its implications for your institution
• Strategies to turn regulatory pressures into competitive advantages
• Insights on balancing data portability with security and customer trust
• Practical approaches to implementing open banking initiatives, regardless of your institution's size

Links discussed:

• Sensedia's Guide to Open Banking
• Lisa's LinkedIn Profile

In this episode of Behind the Vault, we sit down with Kevin Brauer, CEO of Affinity Federal Credit Union, to explore innovative strategies for deepening member relationships and community engagement in the financial sector.

Key highlights from our conversation:

• Kevin's journey to becoming CEO and taking over when his predecessor was in the role for 27 years
• The credit union's wellbeing program and its holistic approach to member support
• Strategies for engaging younger demographics through targeted financial education initiatives
• How surveys play a critical role in Affinity's ability to tailor services and address critical community needs
• Affinity's 90-year evolution and its renewed focus on local community impact

This discussion offers valuable insights for credit union leaders, community banking professionals, and anyone interested in the future of member-centric financial services.

Listen in to learn:

• Implementing cultural shifts to foster deeper member relationships
• How partnerships can unlock insights and drive more relevant and impactful offerings
• Strategies for staying relevant in a changing financial landscape
• Balancing technological advancements with personalized member care

Whether you're a credit union executive, a community banking professional, or simply interested in how financial institutions can make a meaningful impact in their communities, this episode provides thought-provoking perspectives on member-focused growth and community engagement.

Links discussed:

• Affinity Federal Credit Union
• Affinity's Wellbeing program
• Kevin's LinkedIn profile

In this episode of Behind the Vault, we explore the world of credit union and bank mergers with industry expert Michael Bell of law firm Honigman. M&A remains high on the list of growth (and exit) strategies for both banks and credit unions, and Michael shares his perspective and experience on what good deals look like and what a successful buyer and seller.

Key topics covered in our discussion:

* The origins and evolution of credit unions acquiring banks

* Navigating the complex regulatory landscape of cross-type financial institution M&A

* Trends driving record growth in the number and size of transactions

* Strategic benefits and challenges of these unique acquisitions

* Impact on small community institutions and the broader financial ecosystem

Michael provides a comprehensive overview of this niche yet increasingly important area of financial strategy, offering insights valuable to professionals across the banking and credit union sectors.

Listen in to gain:

* A perspective on how these mergers became possible

* The regulatory hurdles and market dynamics at play

* Insights into valuation processes and factors contributing to deal success

* A look at the type and stage of both Credit Unions and Community Banks that makes sense for these deals

Links discussed:

* Honigman's Financial Institution practice

* Michael's LinkedIn profile

In this episode of Behind the Vault, we explore the crucial intersection of architectural design and customer experience in community banking. Our guest, Diana Melichar, owner and principal of Melichar Architects, shares her expertise creating spaces that build trust and enhance customer relationships.

Key topics covered in this 25-minute conversation:

-How thoughtful design influences customer trust and experience

-Balancing modern banking needs with historic aesthetics

-Integrating local culture and hospitality elements into bank designs

-Best practices for selecting an architect for your institution

Diana offers insights from real-world case studies, including projects with WinTrust and McHenry Bank, demonstrating how design principles translate into successful banking spaces.

Whether you're planning a branch expansion, considering a renovation, or simply interested in the impact of physical spaces on banking relationships, this episode provides valuable perspectives on creating welcoming and secure environments that resonate with your community.

For more information and insights:

-Melichar Architects

-Diana's article for the ABA on design principles

In this episode of the Behind the Vault podcast, we explore the intersection of creativity and finance with Jonathan Taylor, MBA, CEO of CU Sol, a Credit Union Service Organization (CUSO). JT shares his journey from the world of media, music, and arts, the impact on credit union innovation, and the unlikely partnership that led to CU Sol's creation.

Key highlights from our discussion:

• JT's unique background and transition into the credit union movement
• The role and impact of CUSOs in modernizing financial services
• CU Sol's innovative approach to serving credit unions and their members
• The CU SAFE initiative: A groundbreaking program supporting domestic violence survivors

Listen to the full episode to gain insights into:

• Creative strategies for credit union growth and member engagement
• How mission-driven initiatives can create lasting impact and member loyalty
• How the evolving business model of CUSOs points to untapped areas for innovation and growth in community FIs.

For more on JT, CU Soul, and their CU SAFE offering:

• CU Sol
• CU SAFE
• JT's LinkedIn profile

In an era where fintech startups often dominate headlines, Vantage West Credit Union proves that established financial institutions can innovate too. Their new digital brand, HUSTL, is reimagining financial services for freelancers and gig workers.

In this episode of Behind the Vault, we speak with Rob Hoyle, CIO of Vantage West Credit Union, about the journey of creating HUSTL. This conversation offers valuable insights for financial leaders considering new ways to serve niche markets.

Key points from our discussion with Rob:

* The rationale behind creating a separate brand for freelancers

* Challenges faced in launching a digital brand within a traditional credit union

* Strategies for measuring success in a new market segment

* How HUSTL's development is informing future innovation at Vantage West

This 30-minute episode provides a candid look at how a $3B credit union approached innovation, offering lessons applicable to financial institutions of all sizes.

For more on Rob, HUSTL, and Vantage West CU:

* HUSTL Financial

* Vantage West Credit Union

* Rob's LinkedIn

In this episode, we hear the story of the turnaround of a 100+ year-old institution with Dave Lamb, Chairman, President, and CEO of Michigan's Oxford Bank. Dave shares his background and how it prepared him for his role in leading a struggling community bank, operating under a consent decree, into a growing and thriving institution. The Oxford Bank story demonstrates the overwhelming importance of culture, especially when faced with an existential threat. Dave shares his experience of coming in as an outsider in the middle of a crisis and the path Oxford took through a turnaround and into growth, including the process of discovering the right products and services needed by their customers. Oxford Bank provides a valuable case study for what's required to change the trajectory of a faltering organization.

Highlights:

00:00 Dave's journey to Oxford

04:00 Executing a turnaround at a community banks

14:22 Managing culture during new technology adoption

22:09 Expanding into commercial finance

30:41 Future options in non-traditional services

For more on Dave and Oxford Bank:

* Oxfordbank.com

* Dave's LinkedIn