Keeping up with fintech never ends
Credit unions are devoting a substantial portion of their operational budgets keeping up with financial technology. At last month’s CU Leadership Convention in Las Vegas, Credit Union Journal asked attendees two questions: What will be your next big fintech purchase in the coming one year to five years? And, if you had an unlimited budget, what fintech tool would you buy for the credit union?
Doug Hallstrom, president and CEO of $315 million-asset Minnco CU in Cambridge, Minn.
With an unlimited budget I would get biometrics, especially facial recognition. It would be great to have a system that is unobtrusive, but when the member walks up to the counter we know them.
Michael Filla, president and CEO of $100 million-asset First Financial CU in Skokie, Ill.
I am relatively new to credit unions – about five years now – and what I have discovered is there is no such thing as a core operating system. By that I mean what I have a vision for is not offered by anyone. The core system needs to be more comprehensive. I should be able to do so much more. For example, collectors’ notes and tellers’ notes are not in the same place. They should be.
Doris Richardson, president and CEO of $50 million-asset Baton Rouge City Parish FCU in Baton Rouge, La.
If I could get anything I would get automation for the tellers. I still want tellers so we can have a personal touch, but sometimes tellers need help with tasks such as balancing.
Thad Angelle, president and CEO of $301 million-asset MCT Credit Union, Port Neches, Texas
I already look at technology as if I have an unlimited budget. If I am going to stay viable, I have to stay up to date. And, we have to protect the members’ information.
Regina Colbert, president and CEO of $320 million-asset Otero FCU in Alamogordo, N.M.
If I had an unlimited budget I would buy technology that would help us with disaster recovery.
Dan Wollin, president and CEO of $275 million-asset PCM Credit Union, Green Bay, Wis.
With an unlimited budget I would buy technology that would 100% ensure us from having fraud losses.