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#3358: Why Credit Unions Need a Robust Data Foundation Before Approaching Generative AI...

2/29/2024

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Gordon Flammer, CEO at Datava, and David Flammer, Chief Technology Officer at Datava, and George Estrada, Principal-CUs at Amazon Web Services (AWS), all stopped by the show for an extended conversation -- but necessary -- on the importance of credit unions having a robust data foundation before they could achieve the highly-sought-after generative AI capabilities.

Here are some of the items George, Gordon, and David addressed:

What a "robust data foundation" means in the context of credit unions and generative AI capabilities
Common hurdles credit unions face when trying to establish a robust data foundation
How the quality of data impacts the effectiveness of generative AI algorithms within credit unions
Role data governance plays in ensuring the integrity and reliability of the data used for generative AI applications
Examples of how credit unions can leverage generative AI once they have a strong data foundation in place
Steps credit unions should prioritize to strengthen their data infrastructure and prepare for generative AI adoption?
Potential risks associated with deploying generative AI in credit unions — and how these risks can be mitigated through data management practices
Anticipated trends shaping the intersection of data management, AI, and credit union operations in the coming years

As you can see, this was a robust conversation on data and generative AI -- one every credit union needs to be aware of as they approach this game-changing technology. Check it out and let us know your thoughts. And be sure to watch the entire episode below for all the details.

#3357: What 'Financial Portability' Means for the Future of Credit Unions and Members...

2/29/2024

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Ascent Platform’s Head of Customer Glen Fossella stopped by the show to discuss the pros and cons of "financial portability" and what it means for the future of credit unions (financial institutions in general) and members. In addition, Glen talked about how the CFPB hopes that Rule 1033 will enable (among other things) "more seamless consumer switching and greater competitive intensity.”

(Section 1033 requires financial services providers to make available to consumers – and representatives acting on their behalf – certain information in those providers' control. This can include information like a consumer's transactions or the balance in their financial account.)

Glen discussed the correlation between “financial portability” and Rule 1033 (open banking rule) — as well as CFPB’s hopes in this area. How would Rule 1033 work, enabling more portability?

We also addressed the fact this is somewhat happening already with younger generations having five or six accounts and various financial institutions and fintechs to manage their money. How would Rule 1033 impact this movement -- if at all?

And, lastly, what Ascent’s role in all of this, as well.

Check it out and let us know your thoughts. And be sure to watch the entire episode below for all the details.

#3356: YMC's Frank Allgood Intros New Immersive Membership Experience Training...

2/29/2024

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Your Marketing Company’s (YMC) Vice President of Brand Experience Frank Allgood stopped by the show to introduce YMC's new Training for Immersive Member experiences.

Frank provided a quick overview of YMC’s training for immersive member experiences, how it works, what sparked the idea, and how he sees it benefiting credit unions in the long run -- specifically connecting the disconnect between the member experience, marketing, and branding.

He also explains the training's ultimate goal, helping credit unions remain relevant – even vibrant, polishing and shining their member service efforts.

Check it out and let us know your thoughts. And be sure to watch the entire episode below for all the details.

#3355: CUDX's Adam Wright Talks Security and Governance for the New Credit Union Data Exchange...

2/29/2024

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Credit Union Data Exchange’s (CUDX) Managing Director Adam Wright joined us on the show to share the security and governance aspects of CUDX.

In particular, Adam discussed how CUDX keeps credit unions’ data safe -- not only today, but how it will keep credit unions’ data safe in the future, as technology and credit union needs evolve.

As CUDX continues to grow, he shared how a credit union can get involved with CUDX, or even join a council. If you are interested, here is Adam's email to contact him directly: [email protected].

Check it out and let us know your thoughts. And be sure to watch the entire episode below for all the details.

#3354: 2024 BAI Banking Trends Reports Generational Shift in Banking Attitudes...

2/27/2024

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Isio Nelson, Managing Director of Research at BAI, joined us on the show to share highlights from the 2024 Banking Trends from BAI. Here are some of the items we discussed:

Biggest priorities for financial services leaders in 2024
Important things to consider when creating a strategy to increase member acquisition
Important elements of member experience from the perspective of the member
Digital banking continues to be a priority for both Financial Service Leaders and Members, how can digital capabilities be improved?
Additional aspects of digital banking/member experience that FI leaders should be prioritizing that they aren’t currently
Consumer attitudes about banking are shifting by generation

A wealth of information and takeaways in this talk with Isio. Check it out and let us know your thoughts. And be sure to watch the entire episode below for all the details.

<<Previous

#3358: Why Credit Unions Need a Robust Data Foundation Before Approaching Generative AI...

#3357: What 'Financial Portability' Means for the Future of Credit Unions and Members...

#3356: YMC's Frank Allgood Intros New Immersive Membership Experience Training...

#3355: CUDX's Adam Wright Talks Security and Governance for the New Credit Union Data Exchange...

#3354: 2024 BAI Banking Trends Reports Generational Shift in Banking Attitudes...

Mike Lawson, Host

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