Future Banking

This podcast discusses the challenges and strategies for moving beyond traditional passwords in financial institutions. It highlights that user habits make the transition away from passwords difficult, despite more secure and convenient biometric options being available. Here are two approaches to eliminate passwords: 1. Implementing biometric login across all banking channels 2. Creating an image...

This podcast discusses a critical flaw in traditional Request for Proposal (RFP) processes. It highlights how RFPs, despite their thoroughness, often overlook innovative solutions because they are limited to pre-defined questions. This limitation can prevent organizations, such as credit unions, from discovering potentially transformative features that they haven't yet considered or asked about. T...

This episode explores the eventual obsolescence of QuickBooks, mirroring the earlier decline of Quicken as online banking evolved. Business banking platforms will progressively incorporate features currently offered by QuickBooks, ultimately making a separate accounting software redundant. This podcast highlights invoicing as the next crucial feature for business banking to integrate, which would...

This podcast examines the impact of technological advancements on credit unions, highlighting a common pattern where initial rapid improvement eventually stabilizes until the next significant breakthrough. It draws parallels between past innovations, like the iPhone and early mobile banking applications, and the current rapid evolution of artificial intelligence (AI) and large language models (LLM...

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 operatio...

This episode discusses the outdated and inefficient practices often found in current digital account opening processes.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...

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,...

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....

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 sma...

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. Wond...

“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 someth...

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 motiva...

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 mana...

This podcast explores the inherent advantages smaller entities possess when challenging established giants, particularly within the financial sector. It highlights the vast disparity in scale, using the example of a credit union against JP Morgan Chase, and questions how smaller firms can contend with the technological investments of larger competitors. The podcast draws parallels to historical in...

This episode proposes an innovative approach for credit unions to manage loan risk and support members, moving beyond traditional underwriting methods. It highlights that common causes of bankruptcy like job loss, medical expenses, and divorce are poorly predicted by current loan criteria. Instead of solely relying on repossession, the author suggests credit unions could proactively assist members...

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...

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 Soft...

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 unio...

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 an...

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 priorit...