The discussion highlights the growing ubiquity and significance of Artificial Intelligence (AI) across various sectors. It emphasizes how AI's influence is already evident, citing Nobel Prizes awarded for AI-related breakthroughs like AlphaFold's protein folding prediction. It predicts a transformative shift within financial institutions, moving from technology-centric models to AI-driven operations.

This episode discusses the outdated and inefficient practices often found in current digital account opening processes. It highlights several key areas where improvements are necessary to create a more secure, personalized, and user-friendly experience.
This discussion promotes the adoption of biometrics for enhanced security, personalized approaches to cater to individual needs, and 24/7 support through live chat and chatbots to reduce drop-off rates. Furthermore, it emphasizes the importance of real-time verification instead of archaic penny deposits and seamless integration with digital banking to eliminate redundant data entry. Ultimately, this episode emphasizes that existing solutions are outdated and that a modernized approach is essential for effective digital account opening.

This episode highlights the urgent need to bolster cybersecurity measures across various sectors deemed critical to American infrastructure. It emphasizes that recent cyber breaches, specifically a significant compromise of the U.S. telecom network attributed to China, necessitate a reevaluation of current security standards. Industries like telecom, energy, transportation, medical, manufacturing, and finance, including institutions such as credit unions, are now integral to national defense and must implement robust protections beyond typical fraud prevention. Ultimately, it is stressed in this episode that the "good enough" security threshold is no longer sufficient and requires substantial elevation to safeguard the nation's foundational systems.

This podcast discusses the evolving landscape of cryptocurrency and its implications for credit unions.

Every person isdifferent and therefore every person should have a digital banking experience tailored to them. This sounds good in theory, but in practice it's very complicated and risky. For example, if the credit union personalizes the memberexperience based on a smart but imperfect guess, in most cases it will be a net negative result.
There is a right way and a wrong way to do personalization.
The wrong way is for the credit union to restrict member options or to give members complicated personalizationoptions. The right way is for one click member-choice personalization.
With enough one click member-choicepersonalization options your member is not leaving.

This podcast discusses the importance of aligning a credit union's digital services with the realistic scale of its business members. It highlights how the digital needs of businesses evolve with their size, becoming more complex in areas like accounting access, workflow, cash management, and security. Larger businesses require more sophisticated features, contrasting with the simpler needs of smaller companies that might rely on basic tools like Excel.

If someone robs a branch there is a very good chance it will be reported, the police will diligently try to catch the thief, and the thief will be caught.
Not true for cyberfraud. If someone attempts fraud against online banking, law enforcement has little theycan do, and the fraudster has virtually no risk of getting caught. The fraudster is either, “well that just paid for my next vacation. Wonder who I should target tomorrow for my new car” or, in the worst case, “darn it, I’ll grab a beer and try again tomorrow.”
It’s a no risk and high reward career. Of course it’s a growing problem.
In the absence of risk to the fraudster we are left trying to protect against hundreds of possible attacks and memberswho knowingly or unknowingly cooperate with the fraudster. But the fraudster only needs one weak link, and they can keep trying till they find it.
Law enforcement, even at the local level, needs to spend much more time and money getting smarter and faster about tracking down cyberfraud. And our industry needs to gather the forensics they need to find and arrest criminals.
will hardly happen anytime soon. In the meantime, strive for the best security, not sufficient security.

“If I had asked people what they wanted, they would have said a faster horse.” Attributed to Henry Ford, the founder of Ford Motor company.
It is important to hear the voice of the member but that cannot be the only guide to your roadmap. Nor can it bethe decisive factor in evaluating a new innovation. It will hold back innovation.
It is always possible to find reasons why you shouldn’t try something new. As a student, Fred Smith, the founder ofFedEx, wrote a paper describing FedEx and he received a “C”. It was an idea that would never work.
Our job is to turn short term science fiction into product features used in everyday life. That means taking risks,accepting that not every idea will work, and an eagerness to try new things.When you look at partners look for a track record of innovation.

A few years ago Access Softek did a survey of credit union members and their adult children. It’s a complicated and interesting story but one surprising result was the following:
Family members don’t want to bank together. They actively choose to bank somewhere their parents or childrendo not bank.
This creates many problems, but it also represents an important opportunity for those who can motivate families to bank together.
There are many ways to nudge families to bank together, but the foundation is to allow finances to be shared withvery granular permissions and controls. Joint accounts on the core do not give enough detailed control over who can see what and who can do what.Here are two simple use cases you should be able to handle:     - Your child at college has the ability to spend 50/week without approval and requestapproval for up to another 100/week with a cap after that.- You can manage and pay bills for your senior parent who can view but not use any funds without your approval.If your digital banking solution cannot manage these cases and many more, you can’t support family banking.
If you are interested, let us show you how we do family banking.

This deep dive explores the evolution of digital banking for credit unions, highlighting a significant shift towards cloud-based hosting due to its security, efficiency, and cost benefits. It identifies a growing challenge where the complexity of digital platforms often surpasses the internal resources and expertise credit unions can dedicate. While a traditional model leaves credit unions to manage the product, a managed services approach offers a superior solution. In this model, the product developer partners with the credit union to operate and manage the platform, leading to improved functionality utilization and enhanced member services, a trend anticipated to grow over the next decade.