When you’ve been interviewing industry experts for more than a decade, you get a view like no other of the industry’s evolution. That’s the vantage from which Mike Lawson, host of CU Broadcast, has watched for nearly 13 years.
Lawson has seen data analytics transform from banter for computer nerds in the IT department to a priority for every member of an institution’s C-suite as it fuels the drive towards hyper-personalization. He’s watched as long-established executives have retired, making way for a new generation of tech-savvy leaders. And he’s seen enough to offer some well-informed predictions about where the industry is headed.
These are just a few of the topics Lawson discussed with host Josh DeTar on the latest episode of The Digital Banking Podcast.
⚡Data Analytics: The Fuel for Personalized Services in Credit Unions: Lawson emphasized the importance of data analytics in shaping personalized services for credit unions. He suggested that data analytics allow credit unions to understand their members on an individual level, which in turn enables them to develop or source products or services that meet specific needs. Lawson also noted the shift in the importance of data over the past decade — shifting from a topic for discussion in the IT department to a top-of-mind concern for the entire C-suite.
⚡Leadership Transitions and the Fintech Explosion: Lawson discussed the changing dynamics in credit unions as established CEOs retire, making way for a new generation of leaders. These leaders are not only adapting to their new roles but also dealing with the explosion of fintech. Lawson pointed to Becky Reid, CEO at Lone Star Credit Union ($166 million, 10,000 members), as an example of a transformational leader who has embraced cryptocurrency — not for its investment potential, but for its practical applications in areas like payments, lending, and digital identification.
⚡Automation: A Solution to Labor Market Challenges: Lawson identified the labor market as a significant challenge for credit unions, particularly in terms of gaining and retaining top talent. He suggested that automation is a solution to this problem, allowing credit unions to offload certain tasks and make their labor force more efficient and effective. This frees up human resources from mundane work to focus on more strategic tasks, which of course in turn leads to a better accountholder experience..