This passage explores the historical development of digital banking, noting its origins in providing users with basic account information and bill payment functionalities, which initially led to the success of financial software like Quicken. While digital banking has seen continuous improvement over time by adding more features, the podcast suggests this progress has been somewhat limited by its original focus. Given current technological capabilities, there is a call to fundamentally reconsider the purpose of digital banking to serve a broader role in helping individuals manage the often complex details of their financial lives, moving beyond just transactions and balances to become a system for organization. The discussion comes to the conclusion that reimagined digital banking could better assist people in connecting financial activities with important life events and associated documentation.

For many years, out-of-wallet questions were the standard for digital account opening. It was an important innovation that allowed fully automated digital account opening. Limitations and problems quickly emerged, too many people fail who should not and too many people pass who should not. Despite these problems and others, out-of-wallet questions are still commonly used today. In 2015 Access Softek was the first to release a biometric replacement for out-of-wallet questions in digital account opening. The applicant takes a selfie and a picture of their driver's license. We compare the two images. Access Softek's clients report this approach effectively eliminates fraudulent digital account opening.What’s interesting is that here we are ten years later and not everyone has switched to biometrics.Fora long term viability credit unions need to, at least, do an annual self-assessment of how well they innovate and what organizational roadblocks are preventing more rapid innovation. Pick thirty important digital innovations in the last 3 years and check off how many have been implemented. Then take a deep dive into why not more.

These episode discusses how credit unions can better serve small and medium-sized businesses (SMBs) by extending their offerings beyond just invoice payment processing. The discussion highlights the SMB money cycle, illustrating that current banking solutions address only a fraction of this process. Providing a more comprehensive suite of tools, such as direct invoicing capabilities, would help credit unions retain assets and members who might otherwise turn to fintech companies. By supporting the entire cycle from invoicing to payment receipt, credit unions can become the primary financial institution for their business members and gain a deeper understanding of their financial needs. This approach offers benefits for both the business members and the credit unions, potentially leading to greater member satisfaction and profitability.

This podcast discusses how credit unions can better serve small and medium-sized businesses (SMBs) by extending their offerings beyond just invoice payment processing. The podcast discusses SMB money cycle, illustrating that current banking solutions address only a fraction of this process. Providing a more comprehensive suite of tools, such as direct invoicing capabilities, would help credit unions retain assets and members who might otherwise turn to fintech companies. By supporting the entire cycle from invoicing to payment receipt, credit unions can become the primary financial institution for their business members and gain a deeper understanding of their financial needs. This approach offers benefits for both the business members and the credit unions, potentially leading to greater member satisfaction and profitability.

This podcast discusses the importance of credit unions offering invoicing capabilities within their digital banking platforms for small business members. It highlights the challenge credit unions face in securing business deposits when payments are received through external services like QuickBooks or Stripe. To ensure these funds flow into the credit union, the businesses need to send invoices and accept payments directly through digital banking. This functionality is presented as the business equivalent of direct deposit for individual members, crucial for maintaining the credit union as the primary financial institution.

This podcast is about the challenge of managing product roadmaps for a large number of credit unions, each with their own unique needs and preferences. It highlights how standard solutions and customization tools are commonly used but argues that the most valuable—and often overlooked—approach is building a collaborative community. By bringing credit unions together to discuss and align on priorities, digital banking providers can help create more innovative and effective solutions. The podcastemphasizes the provider’s role as a facilitator in this process.