Eric Weatherly, SVP Loan Administration at VyStar Credit Union (AKUVO investor), Jim Hunsanger, Chief Risk Officer at MSU Federal Credit Union (AKUVO investor), and Steve Castagna, COO at AKUVO, all joined us on the show to share their insights and experiences on today's state of delinquency and why credit unions need to be proactive in this area using data and technology.

Steve, Eric, and Jim started the conversation discussing the state of delinquency today -- as we never really saw the expected delinquency tidal wave during the pandemic. But, with today’s inflation, stimulus money ending, and next year's possible recession, these reasons and more may finally bring it on.

All three talked about how credit unions can be proactive and leverage data and today’s technology to get ahead of this looming trend -- and why it is significant for credit unions to be proactive in this area. (Jim and Eric provided examples of how they are being proactive -- as well as results from these efforts.)

We wrapped up this intriguing conversation with their thoughts on delinquency in 2023 and how they preparing for next year in this area.

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

President of NCR Digital Banking Doug Brown joined us on the show to share NCR's "Perspective on Banking Trends for 2023" that credit unions need to watch for heading into next year.

We conducting a kind of rapid fire interview with Doug on each of the trends and here is what we covered:

1. Data and AI
(Credit unions will make more progress in transforming data into action through leveraging sophisticated AI)

2. Evolving payments
(Providing more comprehensive payments capabilities will be critical to competing with a broadening and intensifying competitive landscape)
 
3. Digital-first branch and banking
(The trajectory of branch reductions will flatten after several years of significant change. Priority will be placed on transforming and optimizing physical touch points, infusing digital elements.)
 
4. Voice banking
(A customer’s ability to use their voice instead of a keyboard will see a significant resurgence — esp. w/ chatbots and virtual assistants) 

5. Focus on security
(Security will continue to take center stage, as advanced biometrics and AI become mainstream to better protect the end user)
 
A few of the other trends NCR provided but didn't make it into the discussion:

Brand reach and branch experiences trending to outweigh branch reduction efforts
(The trajectory of branch reductions will flatten after several years of significant change.)
 
A continued shift to consumer-directed money movement and payment methods
(Integrated, one-touch solutions are winning over “new to wallet” or “new to phone” offerings.)

Changing Demand Deposit Accounts (DDA) propositions have issuers revisiting existing customer development
(Integrated, one-touch solutions are winning over “new to wallet” or “new to phone” offerings.)

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

Think|Stack’s Director of Cybersecurity Michael Seidelman stopped by the show to share some training tips to help combat cyber threats not only this holiday season but heading into 2023, as well.

Our talk focused on protecting credit union members and staff to stay one or two steps ahead of the fraudsters out there -- especially since ransomware attacks on FIs climbed by a staggering 1,318% last year (according to Micro Trend) and, more recently, 5.4 million Twitter users' stolen data leaked online.

Here are some of Michael's stated threats and tips to combat:

Strong Passwords -- It can be a real challenge creating new passwords, and with so many devices and apps requiring them, it can be difficult remembering them all. Strong passwords, however, are vital in protecting personal and professional data and devices.

Michael discusses one threat in this area called password or credential stuffing. It is a cyberattack that tries “stuffing” already comprised usernames and passwords from one site into another site in hopes that the user uses the same login information across platforms.

Antivirus Protection -- Do all devices have anti-virus software installed? Do your employees and members have anti-virus software on home computers, phones and tablets? Just as important, are all devices up-to-date and regularly scanned for potential threats?

Phishing Attacks -- Phishing attacks are fake messages from a seemingly trusted or reputable source designed to convince you to reveal information, give unauthorized access to a system, or click on a link. These can come through emails, text messages, phone calls or social media messages.

Other things to do:

• Update your software and OS
• Use multi-factor authentication
• Develop an awareness campaign for both staff and members
• Host cyber events to educate members and staff
• Geomatching

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

Resources (security and other) mentioned in our talk:
Think|Stack cyber resource library
KnowBe4
ZeroFOX

Edgar Hernandez, CUNA Mutual Group Sr. Manager, Multicultural Business Strategy, joined us on the show to share key takeaways from CUNA Mutual Group’s 2022 "What Matters Now" research that focused on the multicultural and multigenerational consumer lens.

In case you haven't heard of the organization's “What Matters Now” research, Edgar provides a quick backgrounder on the annual report they have been conducting for the last seven years.

Edgar shared key findings and takeaways in 2022's report:

• What worries these consumers?
• What products are most important to them?
• What does this consumer block want from a financial institution?

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

QCash Financial President/CEO Seth Brickman and Peoples Advantage Credit Union President/CEO Amanda Habansky stopped by the show to share how their small-dollar loan option ("Fast Cash"), implemented by QCash, helps members not only avoid predatory lending but helps build their credit, as well.

Here are some of the items we discussed:

• members are going somewhere for their small dollar needs – why not go to the credit union
• implementation process
• how Fast Cash has been received by members
• member stories where Fast Cash has made a difference in their lives
• members building good credit with Fast Cash
• target audience for Fast Cash
• decrease in payday loan usage since launching Fast Cash
• employees using Fast Cash
• specialty loans offering over the holidays – with impressive results
• greatest concerns offering a small dollar loan option
• advice for peers who are considering offering an automated small dollar loan option

Very informative and inspiring discussion here with Amanda and Seth on literally changing members' lives and adding a ton of value to the credit union. Check it out and let us know your thoughts. And be sure to watch the entire episode below for all the details.