Core Dissatisfaction, Back-out Plans & Choosing Cybersecurity Vendors
Grow Your Credit Union
The podcast where credit union leaders gather, learn, and grow.
Welcome to The CU Leadership Mixtape, the newsletter serving up insights and takeaways from our Grow Your Credit Union podcast. Here, you'll discover fresh perspectives and practical tips from leaders in the credit union movement. Join the community to learn, grow, and stay ahead.
Listen To The Episode
Can Credit Unions Overcome Core Technology Limitations to Stay Competitive?
In the world of credit unions, where loyalty and community spirit reign supreme, there’s an uncomfortable truth emerging: legacy core systems are holding back progress.?
No one knows this better than Matthew Fehrmann, CIO of Kohler Credit Union. Despite recently upgrading their core system, Fehrmann admitted, "We were still fighting the same challenges that we were fighting in the previous core."
It’s a statement that should send a shiver down the spine of any credit union executive.
It’s time to ask the hard questions and, if necessary, make the harder choices to ensure your core technology is not a relic of the past but a catalyst for the future.
Takeaways
Why You Need A Strong Back-Out Plan in Fintech Partnerships
When credit unions partner with fintech startups, it’s a high-stakes game balancing innovation with risk management.
Becky Reed , COO at BankSocial , explains her no-nonsense approach to a strong, rehearsed back-out plan saying, "It should be so ingrained in your team that when something happens, they should be able to enact the plan and start moving together towards the resolution."
This isn’t about having a document collecting dust in a file; it’s about running drills and practicing responses as routinely as you would for physical security. A proactive plan ensures your credit union can pivot seamlessly, maintaining member trust and service quality when the unexpected happens.
Takeaways
Your Company’s Banner Here!
Visit growyourcreditunion.com to learn about the benefits of sponsoring Grow Your Credit Union By supporting the show, you will help us continue our mission to build a community for credit union leaders where they can gather, learn, and grow.
Behind The Data
Behind The Data is our new podcast segment brought to you by Filene Research Institute. It offers exclusive access to Filene’s groundbreaking research, providing credit union leaders with actionable insights to anticipate trends and drive growth.
What Does The Open Banking Rule Really Mean For Credit Union leaders?
The Consumer Financial Protection Bureau 's finalized Personal Financial Data Rights Rule, aka Section 1033 or “open banking,” is set to shake up the financial landscape with compliance deadlines stretching from 2027 to 2030.?
While initial estimates from Filene suggest only 11% of credit unions will be directly impacted, that 11% holds nearly 80% of all assets and over 75% of members.
The story behind the data?
The big players are on the hook, but the ripple effect will pressure smaller credit unions to adapt or risk falling behind.
Expect tighter competition, new tech requirements, and a shift in how members engage with their credit unions. Core tech providers and partners will be pivotal in navigating this new era.
How Do Credit Union Leaders Find The Right Cyber Security Vendors?
Picking the right cybersecurity vendor isn’t a box-checking exercise—it’s survival.?
Matthew puts it bluntly, "I don't just want that phone call at three o'clock in the morning. I want a cybersecurity vendor that can actually do something about it.?"
Partner with vendors who don’t just monitor threats but actively respond to them, minimizing potential damage and downtime.
Becky’s warning should echo in every boardroom:
The existing Web 2 infrastructure is already compromised to the point where it really can't continue into the future safely much longer.
Credit unions need to think beyond today’s systems and start exploring Web 3.0 technologies, which bring decentralized solutions capable of better protecting member data.
Takeaways
?? Check out the latest episode of Grow Your Credit Union on Apple, Spotify, or Amazon Music
?? Want to come on the podcast? Visit growyourcreditunion.com for details.
?? Interested in sponsoring the podcast?
Artificially Intelligent Jokes
PROMPT: if I don't update my core, whats the worst that could happen?
AI:
Love The CU Leadership Mixtape?
Subscribe and share it with your friends - we’ll be back in two weeks to bring you more on how to grow your credit union. Grow with us!
?? Which Credit Union Leadership topics would you like us to cover?
Tell us in the comments.