Credit Union Geek

Marketing, Strategy, and The Force by Joe Winn

Author: Joe Winn (page 2 of 59)

immersion18: Empowering CUs of Tomorrow, Today

Be sure to read my on-site roundup of conference happenings as a prelude to this article. Additionally, look back to May 10 on my Twitter feed to see live contributions.

“They have hammocks on the beach?” asked one attendee, as another gleefully nodded. They made it to future sessions, worry not.

With the blue-green Atlantic waters as backdrop, the Trellance Immersion18 conference enjoyed a productive debut. Despite the team having hosted an annual event for nearly 30 years, this one was different. It was the first following a name, mission, and organizational change. Remember CSCU? They’re no more. In their place, Trellance, a not-for-profit credit union service organization, or CUSO. As credit unions’ unbiased advocate, their new focus was a perfect fit for the event.

Trellance CEO Tom Davis opened the first morning session surrounded by a technologically-infused dance number, complete with spinning displays and more. Despite being before many attendees’ coffee addictions were satiated, the audience sounded their approval. Then it got exciting. Davis introduced Trellance, lauding its unbiased advocate role as well as its not-for-profit status, and passed the baton to Bill Lehman.  Lehman reviewed how Trellance evolved from CSCU, helping set credit union staff expectations for the days ahead. And if you thought it was thrilling already, the next speaker was downright explosive. David Lott, Federal Reserve Bank of Atlanta, spoke of the newest “trend” to enter this country: Exploding ATMs.

After discussing strategies to diffuse the threat (there’s no one solution, which really should be the theme of the conference), Mollie Bell, CUNA’s Chief Engagement Officer, took the stage with fierce focus. On strategy, that is. CUNA did a great write-up on her talk, which essentially challenged attendees to define who they were and what that meant about their target audience. Then make a plan that rocks your socks off. Ok, she didn’t say that, but she did include a “Big Hairy Audacious Goal” for aspiration.

You won’t need a bigger boat when this shark enters the room. Daymond John, founder of FUBU clothing, Shark Tank star, and more, joined us to share his 5 SHARK points (see picture). More in my other roundup.

A common theme in the conference was fraud and security, both for your institution and members. The latter has become a daunting challenge. Why? In the past, you secured a single path for financial data. Then, members could access it on their computer from home. Now, all financial information is expected to be available from any device (including voice assistants), any where (including that FreeWiFiConnectNowIWontStealYourStuffnetwork down the street), at any time. Many more places for information to be compromised.

A conference-favorite was the Dark Web session. The team from Q6 Cyber hooked up their secured connection, loaded up their Tor browser, and went shopping. For your members’ financial data. Or a hit man. Or an ATM skimmer. All available with Prime shipping! (I kid, but only slightly). Please do not try this at home.

Other criminals use far lower-tech solutions, including one called “friendly fraud”. CUBroadcast spoke with Trellance’s Lou Grilli about this technique, amongst other topics. TL;DR: Fraud comes in a lot of forms. Keeping current on how to detect and minimize them is essential. And you need a WISP (Written Information Security Policy). Embrace your WISP. Update your WISP. When, not if, (according to Michele Cohen) your system is compromised in some way, you’ll be happy there’s a plan. Because restoration will take 4-6x longer than your IT team expects. It’s not a diss, it’s just the reality. The more prepared you are, the sooner you can serve your members at 100%.

My personal favorite session of the conference was hosted by John Best of Best Innovation Group. It discussed that buzzword you keep hearing but just don’t quite understand: Blockchain. Attendees get it. You can, too. Just ask me, or go straight to the source. Everything you think it might be? It’s more. And less. Here’s an overly simplified explanation:

  • Have someone hand another person $1.
  • Observe them doing it.
  • You are the distributed ledger verifying that it happened.
  • Now, put that dollar in an envelope. Boom, it’s encrypted.

Combine this with a decentralized system (meaning, one source broadcasts the same data to many trusted destinations, which all save it independently) and you have the trappings of a revolution! There’s so much more to it, but let me leave you with a mind-blowing possibility blockchain could eventually offer: NO MORE PASSWORDS!

Unfortunately, I can only report on sessions I attended. With more than 20 breakouts, everyone had an opportunity to gain enormous insights. No doubt, there are great ideas being shared by attendees at their credit unions around the country.

You want more? How about the sweet rock music anthems for every speaker and gathering (thanks to Lou Grilli for the playlists)? Or that time when Davis became the pistil of a dance troupe’s flower? Perhaps the living statue who could make the fountain come out her fingers? Or the walking tree? Oh, I see, you want to know about the extra-tall LED-lighted robot dancers at the final party. Sorry, what happens at the after-party stays at the after-party.

I’d like to thank the entire team at Trellance as well as all speakers for producing a memorable event stuffed to the gills with useful take-home info.

About Trellance:
Born out of nearly 30 years of payments experience and a passion for the credit union movement, Trellance is committed to providing innovative yet simple solutions to help credit unions adapt and thrive in a complex and competitive landscape. Together we can build and implement strategies to seize the exciting future of our industry.

Learn more about us at Trellance.com, visit us at thepaymentsreview.com for industry insights and our perspective on the future, or follow us on LinkedIn, Facebook, and Twitter @Trellance.

Image description: Attendees receiving their Exceptional Member Initiative Awards. Credit: Me.

Immersed in immersion18

What’s better than blue-green waves lapping on a sandy beach? Experiencing it all with a dedicated group of credit union professionals!

I’m here on Ft. Lauderdale beach (the Marriott Harbor Beach, to be precise) with the Trellance team as hosts to immersion18, their newly (re)launched conference. Is their new name resonating with credit union attendees? Well, they’re absolutely immersed and excitedly sharing their experiences, challenges, and solutions. So, yeah, it’s going just fine.

And it’s not just CU people who shared their wisdom. Ever watch that little show called “Shark Tank”? The People’s Shark, Daymond John himself told an audio/video story of his life, from the lowest lows to where he is today. It wasn’t all “destiny”, “right place at the right time”, or any of that. He put in the work. He put in the time. And he learned about his target audience before offering anything to them. I’m sure credit unions have nothing to learn from that experience.

Attendees locked down their devices as Theresa Payton, former White House CIO and current star of CBS show “Hunted”, explained the challenges of cyber security. I’m sure she used our friend’s friend to figure out our security questions, anyway. Bottom line: Security is hard. And there’s a lot of ways to improve it for your own organization as well as for your users (read: members).

Other topics discussed? Blockchain (no, it’s not Bitcoin). Digital media marketing. Dark web (let’s say they “shined the light” into that part of the internet…I crack myself up). Much more.

I’ll provide a complete roundup after the conference completes. Now, I’ve got to get back for the big celebration! Last year, they had a mind reader. What’s going to be the surprise tonight?

A Little Intelligence On Artificial Intelligence

A few months back, I shared my first audio post.  It was incredibly well received.  In that I enjoyed it and other people (probably) listened to it.  With such a successful start, how could I go wrong returning to the medium?

I read a lot of industry publications.  Probably too many.  But that means a win for you, my reader, since you glean the best of that time spent!  If trending articles don’t mention Millennials or how to maximize your social media presence, they’re discussing the brave new world of AI, Artificial Intelligence.  Even on my blog, the 2nd most popular post is about AI.  Here’s the degree of impact it stands to make for the industry: Everything you research or decide with a person will be done, faster, more reliably, with a computer system.  So, a big deal.

We’re not talking T-1000s in your branches (though they would be formidable security guards).  Nor does it have anything to do with the AI advances you hear Elon Musk warning us against.  For financial institutions, AI is simply a software system that can dive into a ton of data (that you already have) and make accurate risk and other determinations.  It’s nothing new for your credit union, only doing the same thing better and faster.  While serving your members anywhere, on their terms.

Of course, since this is an audio post, stop reading and just push play!

If, after listening, you have more questions about AI (which you should), feel free to leave them in the comments below or contact me directly.  I can provide a number of references to companies doing all of these things today within the financial world.  Are they a fit for your institution?  That’s for you to decide.  But I will say one thing with certainty: AI technologies will become the de-facto determination platforms for most company decisions in the near future.

PS – AI isn’t just for financial institutions.  It’s going beyond and helping serve the unbanked around the world.  Here’s an example of a company seeking to provide credit for the developing world.  Their system uses 10,000 data points on each person, collected by their phone app only (texts, contacts, and much more) to determine if they are credit worthy in 10 minutes or less.  No credit bureau, no credit risk agent, nothing.  Can your credit union do that?  Because if not, there’s an AI tech which might be a fit (Disclosure: I’ve interacted with one of their team members).

Image credit: Giphy (Terminator 2, but you, an honorable geek, already knew that!)

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