For credit union executives: timely information on maximizing benefits, reducing risk, and becoming more strategic about your own finances. From Doug English, a former credit union insider and Certified Financial PlannerTM with ACT Advisors.
How Credit Unions Can Use Fintech to Create a Digital-First Organization
When you think of a digital-first organization, you may imagine the opposite of a personalized and thoughtful experience. However, “C.U. on the Show” guest Thomas Novak, vice president and chief digital officer at Visions Federal Credit Union, shares that’s exactly what his team is creating through strategic innovation and a buy, build, or partner approach to fintech.
Tom explains how Visions leverages technology and partners with fintech and other companies to deliver value, support seamless end-to-end member experiences, and augment what the credit union movement represents, from affordable pricing to altruism.
Stream the episode to hear Tom’s insight, recommendations, and notes of caution for other credit unions establishing a digital-first organization.
How Treasury Management Services Can Give Credit Unions a Competitive Advantage
From scalability to increased fee revenue to capturing more non-interest-bearing deposits, there are several reasons credit unions would want to expand their services to business members. However, until recently, big banks cornered the business services area of the market.
“C.U. on the Show” guest John Ballantyne, CEO of Tru Treasury, explains how treasury management solutions give credit unions a competitive advantage in serving business members. John and Doug discuss the benefits of credit unions leveraging treasury management services and which types of credit unions are best suited for the offering.
Stream the episode to learn how treasury management services can add value to your credit union and the businesses in your community.
How Fintech Can Help Credit Unions Stay Competitive
JPMorgan Chase currently invests $12 billion in technology annually, which is nearly twice as much as the IT budget of credit unions nationwide—combined. For this reason, it’s becoming increasingly challenging for credit unions to keep pace with the technology, research, and development of larger financial institutions. To stay relevant and continue improving client experiences and offerings, credit unions must find ways to leverage technology and use emerging trends or disruptions to their advantage. Our "C.U. on the Show" podcast guest describes why fintech partnerships, which integrate financial services and technology to address various needs, prove to be a more efficient credit union solution.
Doug welcomes guest Brian Kaas, president and managing director leading CMFG Ventures, CUNA Mutual Group’s venture capital entity that focuses on strategic, early-stage investments in the credit union, financial services, and insurance industries. Brian shares the trends CMFG is observing, how credit unions can benefit from fintech partnerships to address common and emerging challenges, and what credit unions should do today to prepare for the future.
Stream the episode to learn more.
How Credit Unions Can Develop “Ready-Now” CEO Candidates
Executive succession planning and finding someone to step into a CEO position is a critical role of your credit union's board. When done strategically, this process can help organizations develop internal candidates and position them for a CEO role years before a current leader leaves their position.
On the show, Doug welcomes Deedee Myers of DDJ Myers, a firm specializing in strategic planning support, succession planning, leadership development, and board governance. Focusing on the importance of leadership development, Deedee explains the process she uses when helping credit union boards develop “ready-now” CEO candidates—and it starts a lot earlier than you may expect.
Stream the episode to learn more, plus the proactive steps and tips executives can use to better position themselves for a CEO role.
How Executive Legacy Planning Can Benefit Your Credit Union Today
Legacy planning for executives is the process of identifying and preparing for what’s next following their career, whether that’s retirement, board service, consulting, or another interest. However, many credit union executives focused on day-to-day operations may not prioritize this planning and may be missing unexpected opportunities and insight that could benefit their organizations even before they retire.
On the podcast, Doug welcomes Maurice Smith, CEO of Local Government Federal Credit Union. Also joining the discussion are returning guests Anne Sample and Patty Hamm of Navigate Forward. They talk about Maurice’s journey, the many lessons he learned from his legacy planning coaching, and how he’s using the tools he has gained in his current role before his retirement.
Stream the episode to learn more about why proactive executive planning can benefit your succession and exit planning and offer additional value to your current role, teams, and organization.
Design Elements Credit Unions Can Use to Help Reduce Risk in Split-Dollar Plans
While many credit unions have collateral assignment split-dollar plans as part of their executive benefits mix, it is no secret that these tools are more complex than other benefits. As a result, when designing and implementing a successful plan, credit unions must perform a preliminary and ongoing evaluation of several factors to help reduce the risks credit unions and their executives may assume.
On the show, Doug welcomes Dan Balogh, an executive benefits advisor at SWBC. For over 30 years, Dan has helped credit union boards and management teams develop executive retention and succession plans. Dan and Doug discuss the critical factors credit unions should consider when designing a new split-dollar plan or evaluating an existing one—and why overlooking these factors could cause negative implications and undue burden to the organization and its executives.
Stream the episode to learn more about how to design and stress test your split-dollar plan to help reduce financial risks while developing realistic, sustainable outcomes.
Insightful and actionable!
C.U. on the Show is a great resource for credit union executives! Doug and his expert guests deliver actionable strategies to improve your operations and insights into trends in the industry. Highly recommend listening and subscribing!