Day 2 at CUNATech 2023

The pulse of innovation was palpable during the second day of #CUNATech2023. From vendor demos to strategic insights, the day was filled with enlightening sessions that showcased the transformative power of fintech in today's financial landscape.

The day began with our team attending a vendor demo session focused on new fintech solutions for digitizing and streamlining financial services. Throughout this session, we saw demos from 10 leading fintech providers showcasing their latest offerings.

Here are some highlights from AM Speed Rounds:

#Blend - Blend is transforming the lending experience with an end-to-end digital platform. Their solution provides a fast and easy borrower experience while giving lenders tools to reduce costs and gain efficiencies. I thought their demo was a breath of fresh air to lending.

#Effectiv - Effectiv uses AI to automate compliance processes like KYC and transaction monitoring. This can help financial institutions improve efficiency, reduce risk, and enhance customer experience.

#DirectLink - DirectLink offers omnichannel conversational banking to enable personalized interactions across all channels. Their virtual assistants and AI technology simplify customer support.  It's nice to see companies offering platforms to train data in a secure way.

#Finalytics.ai - Finalytics provides a customer data platform to help financial institutions deliver personalized digital experiences. Their AI-powered platform increases engagement and reduces churn.

#Mantl - Mantl has built an account opening platform to simplify and accelerate the process. Their solution automates over 90% of account opening decisions to reduce manual work.

#Rivial Data Security - Rivial quantifies cyber risk and automates compliance to help organizations make data-driven security decisions. Their platform provides a holistic view of security posture.

#LinkLive - LinkLive enables seamless customer engagement across physical and digital channels. Their unified communications platform improves customer service and productivity.

#MahaloBanking - Mahalo offers an Epic user-driven digital banking platform tailored for credit unions. Their solution provides robust features that you won't find anywhere else on the planet.  Super impressed with the thoughtfulness that went into it's awesome design.

#PortX - PortX provides an integration platform to help financial institutions connect systems, automate processes, and accelerate innovation. Their pre-built connectors simplify integration.  I'm most impressed with the ability to orchestrate API's and transform the data using the platform. 

#TTECDigital - TTEC Digital partners with organizations to orchestrate exceptional customer experiences. They combine technology and human insight to drive customer satisfaction.

The next session I attended was Driving Digital Adoption at Financial Institutions: A shift in focus brought us to the importance of digital adoption in financial institutions.

Financial institutions today are focused on digitally transforming the customer experience. However, simply launching new mobile apps, web portals, AI chatbots, and other digital capabilities is not enough. The key is driving customer adoption and engagement of these new technologies.

Here are some highlights from the Driving Digital Adoption at Financial Institutions:

Don’t Assume Adoption – Educate for Engagement

“If you build it, they might not come,” said one speaker. Financial institutions often assume that if they build a great new digital feature, customers will flock to it. However, you need a thoughtful adoption strategy. This includes educating customers on new capabilities and persuading them to use digital channels versus branches and call centers.

You want to motivate engagement, not just adoption. Adoption means a customer signs up for online banking. Engagement means they regularly use features like bill pay, check deposit, and account alerts.

Understand Your “Why”

Financial institutions need clearly define their objectives for digital adoption. Why do you want customers to bank digitally? Some common goals are reducing branch traffic, lowering call volume, or cross-selling additional products. With a clear purpose, you can craft targeted promotions and messaging.

Make Digital Customers First-Class

Don’t treat digital customers like second-class citizens. If online and mobile tools lack key features or robust support, customers will get frustrated. Set a high bar for self-service tools and assistance channels tailored to digital users.

Human Touch Remains Critical

Even as financial institutions encourage digital shift, the human touch remains vital – especially for complex issues or important financial decisions. Train staff to educate customers on digital capabilities through all interactions.

Getting Employees on Board        

Some financial institutions require employees to open digital accounts themselves. This gives them firsthand experience to better assist customers. You can also conduct focus groups with employees of different ages to identify adoption barriers.        

Leverage Videos, Chatbots and Other Tactics

Short video tutorials and AI chatbots can provide customers with on-demand learning about digital capabilities. Some financial institutions use these tools prominently on their website and in mobile apps.

Take a Holistic Approach

A cross-functional team should coordinate digital adoption activities spanning marketing, customer service, IT, and branch staff. This ensures alignment on objectives and consistent customer experiences.

Fine Tune and Innovate Continuously

Digital adoption requires ongoing optimization and innovation. Study usage metrics to identify opportunities. Regularly refresh features and enhance self-service tools to match consumer expectations.

By taking a thoughtful, holistic approach to adoption, financial institutions can truly realize the benefits of digital transformation in serving customers better and more efficiently.

The next session was Using Tech to Create a Frictionless Experience

Here are some of the highlights:

Avoid These Friction Points

The speakers highlighted several practices that hinder seamless experiences:

- Relying on instant messaging for handoffs between tellers and member service reps. This adds delays versus integrated systems.

- Printing and screening documents that could be handled digitally. This adds clutter and is not eco-friendly.

- Having the back office handle key steps in loan or account opening applications. This can stall in-branch progress.

- Creating centralized lending teams that are difficult for branches to collaborate with. A unified view of the member is essential.

- Assuming members don’t want or need robust self-service. Usage continues to grow as consumers want speed and convenience.

Don’t Wait to Innovate

Leading credit unions adopt innovations early before falling behind member expectations. You can’t simply “launch it and they will come.” Proactively promote new capabilities and educate members.

Reduce Friction Through:

- Video banking for remote consultations and assistance.

- Appointment setting software like #CoconutSoftware to eliminate lobby wait times.

- Expanded self-service options across channels.

- Cross-trained staff in branches to serve members seamlessly.

- Omnichannel contact options like chat for quick inquiries.

- Focusing retail staff on relationships versus transactions.

The credit unions emphasized that convenience and personalization are key to wowing members today. Eliminating friction should be an ongoing quest as consumer expectations evolve. Credit unions must continually assess the member journey and find new ways to enhance experiences across channels.

The Final Session of the day was Speed Rounds PM Session:

Here are some of the vendors that presented:

#Spinwheel - Spinwheel partners with apps and services to help Americans pay down debt faster. Their API infrastructure enables innovative debt management solutions.

#Withclutch - Withclutch provides an integrated cross-sell solution for financial institutions to increase loan volume. Their technology makes personalized loan offers easy.

#Trellance - Trellance offers data analytics and business intelligence solutions tailored for credit unions. Their services help credit unions gain insights and drive growth.

#Apiture - Apiture provides a customizable digital banking platform with robust features for account management, payments, lending, and more. Their solutions empower community banks and credit unions.

#Spiral - Spiral offers an Impact-as-a-Service platform to help banks and credit unions embed social impact and ESG into their business. This attracts values-driven customers.

#zLinq - zLinq optimizes the lifecycle management of voice and data assets for enterprises. Their expertise reduces telecom costs and builds efficiency.

#CoNetrix - CoNetrix delivers integrated networking, software, and security solutions to protect data and ensure compliance. Their managed services safeguard financial institutions.

#PoshAI - Posh provides conversational AI solutions to automate and enhance customer interactions for financial services firms. Their technology improves service and efficiency.

#AccessSoftek - Access Softek develops digital banking platforms tailored for banks and credit unions. Their conversational Account Opening Demo was one of my favorites.

#LemonadeLXP - LemonadeLXP helps financial institutions empower staff, support digital customers, and accelerate growth through digital adoption. Their platform maximizes technology ROI.  I LOVED their gamification platform.  Gamification is something near and dear to my heart and I celebrate the efficacy.

The PM session provided a great overview of how fintech innovations are driving new opportunities in areas like customer engagement, data analytics, digital transformation, and more.

In conclusion, Day 2 of CUNATech 2023 was an enlightening journey through the vast and varied world of Credit Unions and Fintech. The sessions provided not only a glimpse into the future of financial services but also underscored the importance of adaptability, innovation, and customer-centricity in this ever-evolving domain.