Digital Banking Podcast

Today’s credit unions are faced with a balancing act. On one side is the high-touch, member-focused, “people helping people” ethos. On the other side is the need to embrace digital, with all its benefits and all its shortcomings.

In this episode of the Digital Banking podcast, host Josh DeTar, welcomed Brian Alfano, the COO of Oregon Community Credit Union. They discussed how core values can guide you in the right direction, why credit unions need to put their members first, and how you can leverage digitization to improve services.

Digital tools are increasingly critical to any community financial; institution’s marketing program. However, with so many options literally at one’s fingertips, it can be difficult to create a cohesive, effective digital marketing strategy. That said, the starting point is always a careful consideration of the institution’s culture.

In this episode of the Digital Banking podcast, host Josh DeTar welcomed Kristin Harrison, the Director of Business Development at Web Strategies. The two discussed the importance of thinking outside the box in digital marketing (especially in the financial space), how to stand out in today's competitive market, and why you need to be progressive if you want to succeed in such a crowded space.

While most new credit union members are middle-aged men and women, credit unions, like so many other organizations, want to pursue the millennial market. That apparent disconnect creates quite a challenge for growth-minded credit unions.

In the latest episode of the Digital Banking Podcast, host Josh DeTar welcomes Michael Murdoch, the marketing manager at Wauna Credit Union. The two get into what credit unions should do to attract younger members, why credit union executives should include their entire teams in the decision-making process, and how the appropriate use of data, technology, and diversity can help credit unions grow.

Technology is constantly changing, so what constitutes good due diligence today may not be good enough tomorrow. Many FIs neglect the importance of doing proper due diligence based on current technbology in order to find a vendor that best meets their current and future needs. 

In this episode of the Digital Banking Podcast, we heard from Shaun Murray, CEO of Enhanced Software Products, Inc. Shaun and our host Josh DeTar discussed the importance of practicing due diligence when choosing a new digital banking solution and how this can lead to long-term, mutually beneficial partnerships. 

Customers expect perfection from financial institutions. And when money and personal information are at stake, there's nothing unusual about that expectation. But striving for perfection and being perfect are not the same thing. Companies that strive for perfection in banking actually strive for constant improvement. 

In this episode of the Digital Banking Podcast, our host Josh DeTar welcomed Joel Morehouse, a Strategic Solutions Project Manager at DaLand CUSO. They got into the concept of imperfection in banking and why it helps build customer relationships and improve internal processes. They also talked about the role of technology and how FIs can live up to customers' digital expectations.

Credit unions use technology and a personalized approach to ensure the best member experience. Even with this winning combination, it’s still a challenge to stand out in a market where major banks dominate. 

In this episode of the Digital Banking Podcast, host Josh DeTar welcomed Shannon Ellis-Brock, the COO at Puget Sound Cooperative Credit Union. Shannon and Josh discussed why innovation and development are such powerful ideas in their industry, how satisfied employees lead to happy members, and why credit unions should partner with companies open to members' complaints and ideas. 

For financial institutions to evolve and improve member experiences, it’s important to introduce new technologies. However, it’s important to consider new technologies from a strategic perspective as well. 

Too often, FIs jump to implement the latest new feature. And organizations chase after new “shiny objects” hoping to meet the requirements of members. In the rush, FIs fail to negotiate contracts effectively and potentially cost their organizations millions of dollars during the course of a contract.

In this episode of the Digital Banking Podcast, host Josh DeTar sits down with Mike Crofts, President at vendor management consultant Maple Street, Inc., to uncover the secrets to negotiating favorable vendor contracts for your financial institution. Mike introduces key concepts in vendor negotiations, including establishing a clear understanding upfront and identifying ways to reduce costs when renewing contracts.

Geoff Knapp, Chief Growth Officer at Allied Payment Network, argues that community FIs are hanging onto a life ring, fighting for their lives in the golden age of opportunity.

In this episode of the Digital Banking Podcast, host Josh DeTar sits down with Geoff to talk about how younger clients are disrupting the banking industry by opting for megabanks for traditional banking needs because of their digital presence, and choosing fintech for niche services. Geoff says community FIs need to niche down by identifying who they want to target as customers and then taking risks to bring them in.

Listen to learn more about community FI tech opportunities, the importance of being the local coffee shop of banking, and taking risks.

Our guest, Dion Lisle, bills himself as the Rosetta Stone between FinTechs and Legacy FIs. He says FinTechs and banks operate at different speeds, and like gears, they need a transmission or a translation to be able to work together effectively. 

In this episode, he talks with host Josh DeTar about some of the current challenges community FIs face and what's at stake if they fail to listen to their customers more closely in the coming years. 

There was a time when most banking business was conducted at the branch. The interaction with the same people week after week made for a warm, personal experience. 

Thanks to technology, we wait longer to use the ATM so that we don't have to talk to anyone. As a result, that warm, personal experience is at risk of going the way of the dodo bird.

Joel Schwartz, Founder and co-CEO of DoubleCheck Solutions LLC, joins our host Josh DeTar to discuss how fintech and digitized banking can actually make for a warmer, more personalized experience that your parents might remember.