The CU2.0 Podcast

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Kirk Kordeleski, onetime CEO at Bethpage Federal Credit Union, said it and his endorsement in a Credit Union Times article was so glowing that I knew I had to talk with Austin Wentzlaff, CEO of startup Nook.  said Kordeleski: “I firmly believe that Nook is at the forefront of something truly exceptional for the credit union industry. Drawing from my experience as a former credit union CEO, I can attest that every credit union grapples with similar challenges related to member loyalty and engagement – precisely the issues that Nook was established to address.”  

Just what is Nook?  It’s a content serving platform that helps credit unions build closer relationships - and maybe sell more pertinent products to - select consumer groups.

Once upon a time credit unions had intimate ties with members and genuinely knew a lot about them.  When every member - and board member - worked at XYZ factory or newspaper or school it was rather easy to know them.

Nowadays, as more credit unions have community charters and the SEG based institutions often have dozens of very different SEGs it’s gotten harder to know thy members.

The degree of difficulty has escalated further as financial services have transitioned from in person transactions to remote, digital interactions.

Nook’s aim is to use digital tools to build the same kind of strong ties credit unions used to have.

Nook’s current clients include Dort Financial Credit Union ($1.6 billion, Grand Blanc, Mich.) and TopLine Financial Credit Union ($792 million, Maple Grove, Minn.)

And it’s looking for more.

Listen up.

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Find out more about CU2.0 and the digital transformation of credit unions here. It's a journey every credit union needs to take. Pronto

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The Callahan report on credit union financial performance in 2023 exploded like a bomb.  Credit Union Times shrieked: “Credit Union Earnings Fell to Record Low in 2023, Callahan Data Shows.” 

The publication added a kick with its subhead: “But CU results are even worse when the most recent three months are extracted for earnings and originations.”

Had the sky in fact fallen?

Then I saw a post on LinkedIn by Kirk Kordeleski, the onetime CEO of Bethpage Federal Credit Union, where he sought to add context to what Callahan had reported and what it in fact means for credit unions.

I immediately contacted him and said we have to do a podcast.

In this show, Kordeleski emphatically says the sky hasn’t fallen for credit unions, nor is it about to fall. In fact he remains very optimistic about the future for the credit unions who in fact comprehend the competitive landscape.

This is not to say all is rosy for all.

The podcast begins with thoughts about the many recent c-suite terminations and the moral of that story is that now, probably for the first time ever, many credit union boards are using competitive performance data to grade their institution’s performance - and they are firing CEOs who don’t measure up.

That’s a tectonic shift for credit union leadership.  Kordeleski tells how this came about.

But know this: as I said Kordeleski is very optimistic about the future. In the show he tells what a credit union CEO needs to be doing to succeed in today’s changing universe.

Listen up.  

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Maybe 15 to 20 percent of your members have a neurodiverse condition - anything from dyslexia to color blindness - and, surprise, that means they will face big challenges everytime they log into a mobile banking app because that technology just isn’t designed with such conditions in mind.  

Enter Mahalo with its Thoughtful Banking mobile app which features a neurodiversity module. Mahalo elaborated on what this means: “Among the platform's new features are left and right-hand use modes, font color options for those with Dyslexia or visual impairments, and the ability to disable animations for individuals affected by Epilepsy.”

On the show today to talk about neurodiversity and mobile banking are Denny Howell of Mahalo Banking and Tanya Holland of Park View Federal Credit Union, a $366 million institution in Virginia.

It’s a provocative discussion and it leaves one wondering: why haven’t a lot more credit unions jumped aboard this neurodiversity issue?

But understand this: the show is about a bigger issue which is how a credit union and a technology provider can collaborate to help solve a problem that impacts a lot of members and still wind up friends.  

Listen up.

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Do we still need to pay attention to a credit union’s core system?

You bet you do.

On the show today is Shanon McLachlan, president of Credit Union Solutions at Jack Henry and - honestly - he draws a picture of core systems that are genuinely exciting, that will grow with a credit union as its tech needs grow.

Regular listeners know that usually when I mention core systems it’s wrapped in what some call sneer quotes.

Mclachlan is determined to prove I’m wrong, that cores can and should be the brains of a thriving credit union.

Is he right?

Listen up for this perspective on a vital 21st century core.

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You’re a credit union, therefore you want more business members. Business members bring a lot of revenue into an institution. 

Many credit unions in recent years have made a push for more small business members.  Many have fallen well short of their goals.

There are many reasons why but there also is a big reality: most credit unions need outside help to achieve those goals. They need to work with outsiders who truly get what building relationships with small businesses is all about.

Enter Crux Analytics.  They tell their story on their website: “We started Crux because we believe in the power of small business. We have experienced first-hand the challenges owners face and understand the role they serve in our lives and our economy. We have seen the current systems driving small business banking fall short for both owners and financial institutions. Small businesses need access to relevant, quality banking services to thrive. Financial institutions want to be able to engage more with small businesses, who are loyal, valuable, long-term customers. Crux is bridging the gap.”

On the show today is Jacob Bennett, a Crux Analytics co-founder, who tells why Crux Analytics just may be what your credit union needs to really master how to serve small businesses - and, while doing that, genuinely benefiting your community because, honestly, much of America revolves around healthy small businesses.

Crux is seeking credit unions to join a pilot.  Hear how towards the end of the show.

This is  a show that will leave you feeling optimistic.

Listen up

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Welcome to the CU 2.0 Podcast Greatest Hits Show, episode the second.

This show is with Peter Duffy on credit union - credit union mergers, show #274. Consider it a bookend with the first Great Hits show with Michael Bell on credit union - bank mergers.

The reality is that mergers just are in the 2024 air as more credit unions face up to the reality that they need to bulk up to compete.

Meantime, other credit unions are struggling in today’s tougher banking environment where it’s just harder to prosper as loan defaults multiply, new loans are hard to issue, and some fee income (NSF charges for instance) is under attack. Merger just may be an escape route for a struggling credit union.

In this show Duffy tells what he tells credit union board members at retreats. It’s straight talk.

Listen up

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There’s no charge to you or to your member - and yet both will get money out of the deal.

In one case a member bought a $1000 CVS gift card and got an extra $80 in cash back.  How cool is that.

Of course you want to hear more.

On the show today is David Metz, CEO of Prizeout and a past guest on the show.  (Stay tuned: that episode will soon post as Greatest Hits # 3.)

Today Metz is talking about Cashback+, a white label tool that puts money back in a member’s pocket with a debit card transaction.  Note that: this works with debit cards, unlike most cashback which rides on a credit card.  And that debit focus works well for credit unions where many members make heavy use of debit cards and that is especially true of younger members.

Where does the cashback come from? Merchants who see the program as a customer acquisition tactic.  

And there’s no charge to the credit union or the member.

Listen up.

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Find out more about CU2.0 and the digital transformation of credit unions here. It's a journey every credit union needs to take. Pronto

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Hero or villain? It’s your choice.  When a member writes a check, or swipes a debit card, but lacks the funds for the transaction a credit union has a choice: it can play the part of the villain and slap a big fee on the member or the credit union could use the patented toolset from DoubleCheck to resolve the situation in ways that can benefit both the member and the credit union.

Face facts: you may not have long to decide what to do.  The two dozen biggest credit unions - ones with assets over $10 billion - already are confronting a CFPB that seems to determined to change how they handle overdrafts.

A bigger bomb dropped when NCUA weighed in with its idea to supervise how overdrafts are handled at credit unions with assets of $1 billion or more.  That impacts some 500 credit unions.

A revolution is afoot regarding overdrafts.  Credit unions simply have to accept that changes are coming.

That’s where DoubleCheck comes in.

On the show today is Joel Schwartz, founder and Co CEO of DoubleCheck.  He tells all you need to know about what’s happening in the world of overdrafts and how DoubleCheck can help credit unions who want to manage these changes in ways that will benefit members and the credit unions and satisfy regulators.  

Schwartz has been on the show twice before - in February 2022 and earlier in February 2021.  He’s a good, lively guest and he knows this overdraft world.

You need to know about it too.

Listen up,

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Find out more about CU2.0 and the digital transformation of credit unions here. It's a journey every credit union needs to take. Pronto

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What’s your mother’s maiden name? Your first car’s make? Your zip code?

Face facts: it’s tedious at best to positively identify members who contact the credit union and, worse, scammers know the protocols and in some cases have masqueraded as credit union employees and gotten the answers from members so they could impersonate them.

Nobody like the way this is now done at most FIs, except maybe a few scammers.

There has to be a better way and there is: IDgo which uses biometrics to identify the member.

On the show today is Rocky Scales, CEO of IDgo, who tells how the tool works and - importantly - says the implementation is very fast and effortless on the part of the credit union.

But don’t take his word for it. Also on the show is Trisha Preston at $2.4 billion Corning Credit Union headquartered in New York State.  She offers an on the ground perspective into how IDgo really works for members and a credit union’s employees.  

Listen up

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Find out more about CU2.0 and the digital transformation of credit unions here. It's a journey every credit union needs to take. Pronto

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Welcome to the CU 2.0 Podcast Greatest Hits show.

There are over 300 shows in the library and yet a reality in the podcast business is that few of us ever even look at more than maybe the half dozen most recent shows.

That’s why we are going to resurface some of the best and most popular shows as Greatest Hits,

The first Greatest Hit - originally #277 - is with Michael Bell, the attorney who has been key in credit union - bank mergers. You probably are much more familiar with credit union - credit union mergers.

But Bell believes - he explains in the show - that there are excellent reasons for a credit union to look at banks as merger partners. And know that many community banks - possibly most - are keen to get bought.

This show is what you need to know.

And the reason we are posting this show to kick off our Greatest Hits is this headline from a recent American Banker: “Midwest deal marks fifth credit union - bank combination of 2024.”  The date on that story: February 7, 2024. That’s a merger a week.

Will the pace continue?

Listen up.

Like what you are hearing? Find out how you can help sponsor this podcast here. Very affordable sponsorship packages are available. Email [email protected]
 

And like this podcast on whatever service you use to stream it. That matters.
 

Find out more about CU2.0 and the digital transformation of credit unions here. It's a journey every credit union needs to take