In this episode of the Digital Banking Podcast, you’ll hear from John San Filippo, the co-founder of Finopotamus. Finopotamus is a digital magazine for credit unions providing the latest fintech news from the industry. John has been in the credit union industry for over 30 years and has fulfilled a range of roles in different organizations. As a proud co-founder of a credit union blog, John now delivers useful tips and tricks to credit unions and technology companies that service credit unions.
Josh DeTar, host of the Digital Banking Podcast, and John San Filippo lead you through a brief history of the credit union, its development, and digital evolution. The two highlight events which have sparked significant changes to credit unions – especially in a year with a pandemic. John touches upon online banking, user experience, API integration, and the role of technology in the modern era.
The conversation also dives deeper into the difference between generations and what that means for handling transactions within a modern banking environment. And, lastly, the two explore how credit unions can compete with all the new fintechs and “Venmos” of the world.
⚡ Consistent and customized user experience: Digital credit union platforms should be user-oriented, which requires an advanced technological implementation of an open ecosystem. These aspects improve the interaction between users and the financial institution, making credit unions more popular among members. The implementation of an omnichannel experience involves “[…] the idea that you could be halfway through a process on your phone, leave off and pick it up later on your laptop.”
⚡ Artificial intelligence improves the member experience: Big banks aren’t the only competitors of credit unions, there are other technology companies in the mix, too. New “fintech” platforms have a well-developed foundation in technology and artificial intelligence – allowing for more seamless communication, user-friendly transactions, and a secure environment. But is the elderly population ready to recognize Facebook as their bank? Or Amazon? Or Venmo?
⚡ Long-term changes in the ways of banking: COVID has had a significant impact on the way we communicate, changing the way we send and receive funds. “What do you think happens as the younger generations never even step foot in a branch?” The ability to do everything with your phone, right from the comfort of your home has encouraged young generations to start digital relationships and create contracts with banks and credit unions without meeting them physically. Will it encourage more traditional professionals to use platforms to deposit paper checks or will folks keep depositing them in an old-fashioned way?