TechSolutions4CUs

With Finopotamus Co-Founder John San Filippo

This is the official Finopotamus podcast. It focuses on credit unions and how they have leveraged technology to solve problems, enhance the member experience and drive growth. TechSolutions4CUs features working credit union technologists, as well as industry experts from around the globe.

  1. Alicia Disantis of 38th & Kip Studio Talks Branding and PR

    AUG 13

    Alicia Disantis of 38th & Kip Studio Talks Branding and PR

    In this episode of TechSolutions4CUs, host John San Filippo welcomes marketing expert Alicia Disantis to discuss foundational marketing strategies for small organizations, including fintechs and credit unions, operating on a shoestring budget. Alicia challenges the "Field of Dreams" mentality, where good products are expected to sell themselves. She emphasizes that in today's crowded market, consistent messaging and strategic outreach are crucial. Key takeaways from their conversation include: Building Trust as a Core Principle: Alicia highlights recent data showing trust in an organization and its information as the number one buying factor, surpassing convenience and price.The Four Pillars of Marketing Success: She outlines four essential, low-cost strategies:Define Your Brand Voice: Understand and consistently project your brand's personality across all platforms to build credibility.Survey Your Audience: Utilize simple, open-ended surveys to gain insights into how customers perceive your brand, why they choose you, and where you can improve.Invest in a Quality Website: A professional and user-friendly website is non-negotiable for establishing credibility and avoiding distrust.Leverage Partnerships: Collaborate with trusted organizations to expand your reach and build credibility through association.The Intangible Value of Marketing: Both John and Alicia discuss the challenge of measuring marketing ROI, agreeing that not all impactful marketing efforts can be immediately quantified. They also touch upon the evolving landscape of PR, emphasizing the importance of relationships and consistent effort.Navigating Generational Differences: The conversation touches on how different generations interact with technology and financial services, from millennials' preference for digital interactions to Gen Z's reliance on social media and the growing use of "buy now, pay later" services.The Enduring Importance of Human Connection: Despite technological advancements, both agree that in-person interactions and reliable human support remain vital for building and maintaining customer trust, particularly during critical moments.This episode offers actionable advice for small financial institutions looking to enhance their marketing efforts without breaking the bank.

    46 min
  2. Unlocking Unstructured Data: A Conversation with VisionFi's Ronny Chapman

    JUL 24

    Unlocking Unstructured Data: A Conversation with VisionFi's Ronny Chapman

    In this episode of Tech Solutions for CUs, host John San Filippo interviews Ronny Chapman about his new company, VisionFI. Chapman explains that VisionFI is not a standalone product but a component that plugs into other solutions like loan origination systems (LOS) or new account opening platforms, and even Microsoft Office. VisionFI's core function is to use multimodal AI to read images, photos, and documents, taking unstructured data and bringing structure to it. Chapman provides an example of its original use case: taking a picture of a car's VIN through the windshield to extract the VIN, eliminating manual input. The technology has since evolved to process various documents such as tax returns, operating agreements, and auto loan packages. A significant use case in auto lending involves members bringing paperwork from a car dealer to the credit union. VisionFI can process this paperwork, like retail installment contracts and buyer's orders, by simply taking a photo, converting what would be a 30-minute manual entry process into an automated input for the LOS. This effectively turns a dealer-financed loan into a direct loan or refinance for the credit union. Chapman also discusses how VisionFI can be used for loan quality checks, aiming for 100% accuracy rather than sample checks. He emphasizes that VisionFI doesn't add judgment or decisioning but reads information faster than a human, allowing employees to focus on higher-value tasks. Regarding pricing, VisionFI charges per 1 million "tokens," which represent computational thought and are a measure of AI consumption. Chapman estimates that humans process around 500 tokens per minute, while VisionFI achieves about 26,000 tokens per minute. He suggests that a human's token processing can cost $300-$700 per million tokens, while VisionFI could be $50-$60 per million tokens, demonstrating a significant ROI. Chapman shares an aspirational use case where VisionFI could allow members to simply send documents like tax returns, pay stubs, or W2s, and the system would automatically convert and input the data into an application, eliminating the need for manual keying and enhancing member service. He also predicts a future where personal consumer tools, like Apple iCloud or Google accounts, will be more integrated with financial services for seamless document sharing and online banking logins. Credit union executives interested in learning more can contact Ronny Chapman at rc@visionfi.ai or visit visionfi.ai. He welcomes discussions on potential use cases and opportunities to improve member experience.

    32 min
  3. Smarter SMB Lending, with Alex McLeod of Parlay Finance

    JUN 14

    Smarter SMB Lending, with Alex McLeod of Parlay Finance

    On this episode of TechSolutions4CUs, Alex McLeod, CEO of Parlay Finance, discusses how credit unions can enhance their small business lending through Parlay's loan intelligence system. According to McLeod, more and more credit unions are recognizing the opportunities in serving small businesses, and lending is a critical component. Parlay Finance offers a front-end intake system, which they call a loan intelligence system (LIS), designed to help credit unions approve more small business loans faster. The system features a small business portal where members can submit inquiries. Using AI, the LIS processes inquiries in 10 seconds or less, with a mission to help small businesses access capital and improve their readiness for loans, while also making the process more efficient for lenders. McLeod states that a small business can submit an inquiry in 15 minutes or less, and a lender can review it in 10 seconds or less. This significantly cuts down on manual work, enabling credit unions to better assist members seeking affordable products to grow their businesses. McLeod explains that Parlay's LIS is a unique solution addressing the difficulties in small business lending. Historically, lenders have relied on loan origination systems (LOS), which often involve manual and static workflows not well-suited for the flexible needs of small businesses. The LIS acts as an "orchestration layer" that gathers information, identifies optimal product fits, and directs data to the appropriate systems of record, such as the LOS. This automation eliminates much of the initial triage work often done manually via email, phone, or even paper. The LIS integrates with a credit union's existing tech stack, primarily the LOS, by seamlessly sending information via API. The system ingests core data blocks for every small business loan request, including information on the business owner, the business itself, and the intended use of funds. It also incorporates validation data such as financials and tax returns. Data enters the system through user contributions and user-permitted pulls, such as credit scores (FICO, SBSS), Know Your Customer (KYC), Know Your Business (KYB) permissions, and tax forms. McLeod highlights that the LIS automates these data pulls, streamlining the process for both small businesses and lenders by reducing the need for manual data collection from multiple sources. Credit unions often seek Parlay when they recognize an "intake problem"—the inability to provide small businesses with quick, digital answers regarding loan qualifications. McLeod emphasizes that small businesses now expect instant online applications or immediate qualification answers, a standard set by online lenders. Implementing an LIS allows credit unions to meet these expectations, offering a faster and easier experience than traditional manual processes. For credit union employees, an LIS transforms their work from hours of manual follow-ups to quickly reviewing processed inquiries, saving time and enabling them to focus on relationship building and providing guidance. McLeod notes that Parlay typically serves credit unions in the $1 billion to $6 billion asset range, but can support both larger and smaller institutions. The decision to adopt such a system often depends on whether small business lending is a high priority for the credit union's growth strategy. McLeod believes that within the next two years, the challenge of quantifying small business creditworthiness will be "radically changing" due to advancements in AI, which can handle the vast and varied data points involved.

    37 min
  4. TechSolutions4CUs Special! Jack Henry's Lee Wetherington Talks Tech

    MAY 22

    TechSolutions4CUs Special! Jack Henry's Lee Wetherington Talks Tech

    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.

    55 min
  5. Navigating the Digital Frontier with Apiture's Chris Cox

    MAY 17

    Navigating the Digital Frontier with Apiture's Chris Cox

    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: Consumer banking servicesBusiness banking servicesDigital account opening,Data intelligenceAPI bankingHe 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.

    32 min
  6. ebankIT's Paul Provenzano Talks SMBs and the Business Banking Opportunity for Credit Unions

    MAY 7

    ebankIT's Paul Provenzano Talks SMBs and the Business Banking Opportunity for 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.

    30 min

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About

This is the official Finopotamus podcast. It focuses on credit unions and how they have leveraged technology to solve problems, enhance the member experience and drive growth. TechSolutions4CUs features working credit union technologists, as well as industry experts from around the globe.