What started out as a simple interview for a written article ended up becoming a great TechSolutions4CUs episode.

Podcast host John San Filippo recently sat down (virtually, of course!) with the ever-insightful Lee Wetherington, Senior Director of Corporate Strategy at Jack Henry. They were chatting about Jack Henry's brand new "2025 Strategy Benchmark" research, which, as you might guess, polls bank and credit union CEOs on their big priorities. Lee kicked things off by saying the top-line takeaway for everyone rolling into 2025 is a fierce focus on boosting operational efficiency. Apparently, 2024 was a bit rough with downward pressure on net income due to rising costs (think staff, talent, and loan loss provisions), so everyone's looking to tighten things up.

Naturally, this conversation quickly veered into how tech like artificial intelligence (AI), machine learning, and even newer "agentic models" (more on that later!) can help. But Lee, being a pragmatist, pointed out a major "blind spot": Many institutions might not have the data infrastructure ready to actually leverage these cool tools for efficiency gains. He also touched on other big priorities: Banks are all about growing deposits, while credit unions are doubling down on growing loans and, no surprise here, attracting younger members. Lee made a strong case that all paths to growthlead through Gen Z.

Here are some of the top takeaways from their discussion:

• Efficiency is King, But Data is the Kingdom: The top priority across the board is improving operational efficiency. AI and automation are seen as key enablers, but their effectiveness hinges on having clean, accessible, and comprehensive data – a major hurdle many still face.
• All Roads Lead to Gen Z: Whether it's growing deposits or acquiring new members, understanding and attracting Gen Z is paramount. This means seamless mobile account opening (under three minutes!), divorcing account opening from immediate funding, and recognizing Gen Z's unique expectations.
• The "War" for Data: Ask First, Ask Best: With data  so fragmented, Lee emphasized that there's a "war," not just a race, for financial institutions to become the primary data aggregator for their accountholders. This means proactively asking members for permission to consolidate their financial data (with clear benefits like better fraud detection and personalized advice) before competitors do.
• Branches Aren't Dead, They're Evolving: Despite the digital focus, physical branches still matter, even to Gen Z. Younger generations want the option of in-person help for complex issues or advice, making it a "both/and" scenario rather than an "either/or" with digital channels.
• Agentic AI and the Mind-Blowing Future: Lee got pretty jazzed about "agentic AI" – essentially AI models that can not only analyze but also act on information and coordinate with other models. He also touched on the rapidly expanding "context windows" of AI, predicting that within three years, institutions will be able to feed all their data into a model, leading to "speech-to-action" or "text-to-action" capabilities where you can simply tell the AI what you need, and it gets done.

Lee wrapped up by stressing that amidst all the regulatory upheaval and economic uncertainty, financial institutions need to stick to first principles. That means truly knowing your member, which requires data. He urged credit unions to leverage the trust they've built to "ask first and best" for permission to aggregate member data, because you can't be a "fast follower" in the AI game if you don't have the data fuel. 

In this  episode of TechSolutions4CUs, host John San Filippo talks with Chris Cox from Apiture to explore the evolving landscape of digital banking for credit unions.

Chris delves into Apiture's five primary solution sets:

1. Consumer banking services
2. Business banking services
3. Digital account opening,
4. Data intelligence
5. API banking

He emphasizes the increasing importance of a credit union's digital banking platform, suggesting it's now as critical as the core platform itself. The conversation highlights how digital channels are the most significant touchpoint for members today.

A key focus of the discussion is the strategic advantage of integrating digital account opening with the overall digital banking platform. Chris explains how this creates a seamless experience for new members, allowing them to establish credentials for all services from the outset and providing valuable data for tracking marketing effectiveness.

The episode also sheds light on the nuances of business banking, an area where Apiture has a long-standing presence. Chris points out the distinct needs of business members, such as complex payment options (ACH, wires) and sophisticated entitlement structures for employees, which differ significantly from consumer banking. He notes the growing trend of credit unions focusing more on serving businesses, recognizing the opportunity for new loan types and member growth, and solidifying their role as community anchors. The discussion also touches on identifying business accounts that might be currently operating under consumer account profiles.

Looking ahead, Chris discusses the transformative potential of artificial intelligence (AI) in digital banking. He outlines two dimensions: leveraging AI to improve software development processes internally and incorporating AI into client-facing solutions. Examples include a "data explorer" capability allowing natural language queries of data and the future possibility of highly personalized banking experiences and even "prompt-based banking," where members interact with their finances through simple language commands.

Ultimately, Chris envisions a future where credit unions can offer "super personalized experiences" to individual members, leveraging data and AI to truly understand and cater to their financial needs, thereby strengthening their unique position in the market. He concludes by expressing his excitement about the capabilities Apiture has built to support the business of credit unions.

In this episode, Paul Provenzano, VP of Market Development at ebankIT, discusses the significant opportunity for credit unions in the Small and Medium-sized Business (SMB) digital banking sector. He notes that many SMBs are currently dissatisfied with their banking technology and are seeking better tools to manage their businesses, creating an opening for credit unions.

Key takeaways from the discussion include:

• Market Need: SMBs require more than just basic transaction capabilities; they need tools for invoicing, expense management, payroll, and cash flow analysis. Simply offering a retail digital banking platform is often insufficient and risky, as business needs differ significantly from consumer needs.
• ebankIT's Solution: ebankIT provides a comprehensive digital banking platform that supports various business lines, including consumer, small business, and corporate accounts. Their platform can be deployed specifically for business banking, even if a credit union retains a different provider for consumer accounts. A key feature is the ability to offer a single login for members to access both personal and multiple business accounts, improving user experience.
• Strategic Approach: Provenzano emphasizes a "platform" approach over a simple "service," advocating for flexible, open API systems that allow integration with various third-party fintechs catering to specific business needs (like onboarding or specialized payments). He stresses that technology should empower the credit union's business strategy, not limit it.
• Market Segmentation: Credit unions should segment the business market (e.g., by size, industry) and tailor digital offerings to the specific banking requirements of each segment.
• Revenue & Value: Business banking offers fee income opportunities, potentially through tiered or subscription-based models providing access to more advanced tools. The goal is to become the "digital front door" for a business's financial operations, increasing stickiness.
• Implementation: Successfully entering or expanding SMB banking requires not just technology but also a potential cultural shift and clear business strategy within the credit union.
• Future Trends: The future involves leveraging data for predictive analytics, such as cash flow forecasting, to provide deeper business insights directly within the digital banking platform.

Overall, the episode argues that with the right strategy and technology platform, credit unions are well-positioned to capture a larger share of the profitable SMB market by offering tailored, technologically advanced digital banking solutions.

Har Rai Khalsa, CEO and co-founder of Swaystack, joins TechSolutions4CUs to discuss how his company is tackling the challenge of inactive accounts at credit unions.  A surprising number of new accounts go dormant quickly, and Swaystack's gamified onboarding platform aims to keep members engaged and active. 

Har Rai explains the reasons behind account dormancy, highlighting the difficulty of switching banking relationships and the lack of guidance provided by many financial institutions. He details how Swaystack works for both indirect auto loan members and new checking account holders, among other use cases, emphasizing personalized communication, automated loan payment setup, and seamless integration with digital banking platforms.  

Har Rai also dives into the technology behind Swaystack, its integration process, and how it provides value for various departments within the credit union.  He also discusses the company's scalability and plans for future growth.

In this episode of TechSolutions4CUs, Ed Vincent, CEO of SRA Watchtower, discusses the company's evolution from a risk management consulting firm to a SaaS provider.  He emphasizes their focus on providing a "holistic" risk management platform, meaning it aggregates data from various sources and departments within a financial institution, rather than just focusing on isolated risk areas.  This allows for a broader, top-down view of risk and helps inform strategic decision-making.

Vincent explains that SRA Watchtower doesn't replace existing point solutions like fraud detection or vendor management systems. Instead, it integrates with these systems, pulling the data into a central location for analysis and reporting. This allows institutions to move beyond manual data aggregation in spreadsheets and towards a more scalable, automated approach.

The company’s target audience has expanded. Initially focused on Chief Risk Officers, SRA Watchtower now recognizes the need for everyone from front-line staff to board members to have access to risk data and analytics presented in a digestible format. They've also created a streamlined version of the platform to serve smaller institutions.

Looking forward, Vincent believes that the effective use of data will be critical for success. He points to AI, M&A activity, and the rise of fintechs  as significant factors impacting the financial landscape. SRA Watchtower is actively incorporating AI into its operations and product roadmap, using it for tasks like generating risk descriptions and identifying emerging trends.  Ultimately, the goal is to help financial institutions not only collect and analyze data, but to actually extract actionable insights and create value. He sees credit unions, smaller institutions, and those involved in M&A as key growth areas for his company.

In this episode of TechSolutions4CUs, host John San Filippo interviews Chris Turnley, EVP of Member Experience at University Federal Credit Union (UFCU), about his career path and UFCU's approach to member experience.  Turnley, with a background in startups and growth-focused businesses, transitioned to the credit union industry six years ago.  Intrigued by the potential for positive social impact, he joined UFCU and initially served as Chief Retail Officer before moving to his current role.

Turnley discusses the increasing importance of member experience in the financial services industry, emphasizing that personalized experiences are key to differentiation.  He outlines UFCU's strategy of increasing the value of every member interaction by leveraging data and understanding individual needs. This approach spans all products and channels, aiming for a seamless, unified experience.  He details the organizational structure at UFCU, where lending, retail, and marketing all report to him, ensuring an integrated approach to member experience.

UFCU's willingness to embrace change and invest in technology, like their recent implementation of the Backbase digital banking platform, is highlighted.  Turnley also underscores the importance of developing member personas to understand member needs and tailor offerings accordingly.  While acknowledging traditional metrics like member growth and ROA, Turnley prefers focusing on product utilization and understanding member journeys as key indicators of success. He advises credit unions to start prioritizing member experience to focus on understanding their members’ needs and friction points.  Finally, Turnley predicts a growing divide between credit unions that adapt to the changing economic landscape and those that cling to outdated models.

In this episode of TechSolutions4CUs, Finopotamus publisher John San Filippo interviews fintech legend Paul Fiore, tracing his career from the early days of online banking to his current work in wealth management technology. The conversation begins with the founding of Digital Insight, a pivotal moment in the evolution of financial services.

 Fiore recalls the limitations of PC banking in the mid-90s: expensive dial-up, cumbersome software updates, and complex distribution. He had an epiphany when he first saw a web browser, recognizing its potential to revolutionize banking. While at XP Systems, he secured funding to launch Digital Insight, a company dedicated to browser-based banking.

 A crucial aspect of Digital Insight’s strategy was partnering with competitors. Fiore recounts the story of securing a deal with Symitar, a major competitor to XP Systems. He strategically leveraged a key client to get a foot in the door and ultimately convinced Symitar’s leadership that partnering was in their best interest. This partnership proved vital for Digital Insight’s widespread adoption within the credit union space.

 Beyond Digital Insight, Fiore has explored diverse ventures, including restaurant investment and film financing. He briefly touches upon these experiences before shifting to his current focus: CU WealthNext.

 CU WealthNext is a collaborative platform designed to empower credit unions in the world of wealth management technology. Fiore explains the challenges credit unions face:

• Vendor Selection: Choosing from a multitude of fintech providers can be overwhelming.
• Integration: Piecing together disparate solutions can create complexity.
• Member Needs: Keeping pace with the evolving demands of younger demographics requires constant innovation.

 CU WealthNext addresses these challenges by aggregating a curated collection of wealth management fintech products. This simplifies vendor selection and streamlines integration for credit unions. Fiore also highlights CU WealthNext’s focus on financial literacy and incorporating safeguards into the offered products, particularly for crypto, recognizing that not all members are sophisticated investors.

 Fiore then analyzes the broader competitive landscape, noting the shift from banks as primary competitors to fintechs targeting consumers directly. This presents a new set of challenges for credit unions, demanding agility and a deep understanding of member needs. He offers key takeaways for credit union leaders:

•  Leverage CUSOs: Collaborate with credit union service organizations to gain access to technology and share the burden of due diligence.
• Understand Younger Members: Focus on attracting and retaining younger members by understanding their tech needs and preferences.
• Embrace Fintech Partnerships: Partner with fintech entrepreneurs to access innovation and expertise.

 Fiore’s insights provide a valuable perspective on the challenges and opportunities facing credit unions in the rapidly evolving financial technology landscape. He stresses the importance of adaptation, collaboration, and a constant focus on meeting the diverse and ever-changing needs of their members.

The term "big data" is nearly 30 years old. And throughout those 30 years, credit unions have been lectured to, schooled on, and advised about the tremendous treasure trove of data they have locked in their various computer systems. Yet, to this day, turning all this data into actionable initiatives remains a challenge. 

While artificial intelligence is no silver bullet, it can help credit unions take a giant step forward in making use of all that data. Our guest on this episode, Mitch Rutledge from Vertice AI, is here to talk about how AI can help drive member growth. Perhaps even more important is the scalability of the Vertice platform. Rutledge says his company serves credit unions ranging from $30 million in assets to more than $5 billion.

Listen in if you want to turn your data into member growth.

AI-powered chatbots are great for member self-service, but they "can't sell sh!t." That's according to Appli CEO and co-founder Tim Pranger. This sad state of affairs was the impetus behind the creation of Appli, a suite of smart financial calculators designed to drive member engagement. In this episode of TechSolutions4CUs, Tim explains some of the finer points of Appli, while sharing some of the insights he's gained over his first 20 years in fintech.

This episode of TechSolutions4CUs features host John San Filippo interviewing CU Lift Fund's President Paul Rindone about LIFT's FastPass platform, a new solution for credit unions to increase their auto loan volume. Rindone explains that credit unions struggle to compete with dealerships’ in-house financing, resulting in members often choosing the path of least resistance even if they prefer their credit union.  FastPass aims to solve this problem by creating a "hybrid channel," combining the best aspects of direct and indirect lending. It offers credit unions the control and transparency of direct lending with the speed and convenience of indirect lending.

FastPass integrates with dealer inventory systems, giving members the ability to search for cars they can afford based on their pre-approved loan amount through the credit union.  This "finance-first" approach allows members to shop confidently, knowing they qualify for financing on the vehicles they’re considering.  Through an anonymous chat feature within the app, members can communicate with dealers and ultimately share a “FastPass Code” which confirms their pre-approval and allows the dealer to prepare the final paperwork in advance.  This code streamlines the process, significantly reducing the time spent at the dealership.  

Unlike other online auto buying sites, FastPass doesn’t sell member leads to dealerships. Instead, it provides value to dealers by connecting them with pre-approved buyers. This model prioritizes the member relationship with the credit union.  

Rindone also discusses a developing partnership with Reseda Group to provide instant funding to dealers, making the process even more attractive. He emphasizes the importance of credit unions educating their members about this new, streamlined process.  Rindone predicts that credit unions using solutions like FastPass will regain lost auto loan market share throughout 2025.  He advises credit unions to analyze their potential auto loan opportunity and track how many members purchase vehicles using financing elsewhere, then develop targeted programs to capture that business.