Pitch Perfect
The World Credit Union Conference in Boston gathered leaders from across the sector and across the globe to discuss the latest and greatest in technology. That turned out to be the harmony of man and machine.
The sound of a flute is a beautiful thing. Same with the violin, the clarinet, the piano, the harp, the contrabassoon, the timpani, the crwth, the Wagner tuba—pick your instrument.
Now harmonize them altogether and you create a symphony that truly illustrates how the sum of the parts is greater than the whole.
Such is the case with credit unions.
When viewed individually, they are amazing entities supporting specific interests, which makes them vital to their members.
But collectively they make the communities in which they work better by bolstering local economies, creating jobs, supporting business owners – resonating at national levels with seriously beneficial macroeconomic implications. Such was the takeaway at the World Credit Union Conference (WCUC) in Boston last week where hundreds of industry executives from around the globe gathered to explore the vast opportunities that stem from collaboration and innovation and how technology is at the core of their business strategies.
All would agree that innovation, modernization, disruption—however you brand it—is seriously enabling credit unions to enhance their member experiences.
Yet, amidst discussions of cutting-edge tools like AI and data analytics, another recurring theme emerged at WCUC—the human experience is irreplaceable. While technology can streamline operations and reduce costs, it’s the human touch, that irreplaceable seasoned expertise, that truly bonds credit unions with members.
In an ever-evolving digital landscape, success story after success story shows the most fruitful credit unions are those who leverage technology – not as a replacement for human interaction, but as a tool to enhance it.
Technology can empower a credit union to improve its origination, collection and recovery processes. It can improve customer onboarding, and it can give a lender the agility and flexibility to customize its offerings.
Times to market improve, times to revenue improve, costs fall, and members become noticeably more satisfied with the services they receive. Even security and compliance become more efficient.
Still, it takes time-tested experience in the trenches working with borrowers to really know what people in a particular market need and how to deliver to them.
Don’t take my word for it.
At one breakout session, participants discussed how to juggle managing expenses, changing consumer behaviors and innovative technologies all while communicating with members via web, chat, the phone and even AI. The whole discussion centered around the notion that it takes a human to relate to a human more than ever these days amid such a flurry of convenience.
Other breakout sessions saw conference attendees discussing the dangers that arise when you shift focus to profit and do not dedicate attention to what credit unions are born to serve—the community. All the technological tools in the world won’t help credit unions finance community businesses if the community in question lives in economic decline.
Investments in digital cores and solutions must coexist with investments in youth programs, cultural programs, community-enrichment projects, ESG initiatives, member initiatives and their employees themselves.
Would you submit a report written by AI to a superior without giving it a read and an edit first?
Would you greenlight a loan approved by AI to a member without reviewing the vetting process first?
Thought as much. The human touch matters. The human touch is not letting technology take center stage. Rather, technology is thrusting the human touch into the spotlight.
And as a result, everyone can enjoy a most perfect symphony.
Temenos was proud to participate at the WCUC. Our team was present in full force at our booth, during our Lunch-and-Learn session, and throughout the event’s cocktail circuit, exchanging ideas and observations on the role modern solutions play in community lending and economic development.
Stronger credit unions create broader and deeper pools of credit. When individuals and small businesses gain access to new credit sources, they strengthen the foundations of their local economies, especially considering how small businesses account for most job creation in the U.S. and Canada.
When that happens, community, regional and national economies are stronger as a result.