Episode description
On this episode, host Vince Passione is joined by Dr. Brandi Stankovic, a strategic advisor to credit unions, focusing on risk, growth, profitability and leadership. The no-holds-barred conversation challenges credit union leaders to look internally first, for everything from fintech and innovation to leadership succession and their institutional strategies to achieve long-term financial sustainability.
Key takeaways:
(1:38) Credit unions don’t have the luxury of ignoring the fintech market, competition and consumers demand innovation.
(2:06) As much as credit unions need to innovate, there’s also a need for core service providers to undertake digital transformation.
(4:38) Even with 26,000 fintech to work with, credit unions need to do a better job working with their existing partners and giving them a chance to improve and upskill their services.
(8:05) Credit unions need to focus on the behavioral habits of their members, and those change by age and demographic.
(9:45) There’s a balance to be struck between serving existing members and innovating to attract and engage new members.
(12.51) Despite credit unions focusing on securing newer, younger members, only 3% participate in student lending.
(16:05) Credit unions need a clear vision of the need they’re solving. They can’t be all things to all people.
(18:48) Retiring credit union leaders should retire now and give internal candidates a chance to learn on the job.
(20:28) The three things credit unions should be optimistic about for the last half of 2024.
Resources Mentioned:
- https://www.cuna.org/about/cuna-system-providers/governmental-affairs-conference-sponsorships.html GAC (Governmental Affairs Conference)
- http://mitchellstankovic.org/innovate/#underground Mitchell Stankovic Underground
- https://www.lendkey.com/lend/ Student Lending
- https://www.sofi.com/ SoFi
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#CreditUnions #Lending #CDFI #PeopleHelpingPeople #Fintech #Leadership