Behind the Vault

Financial institutions worldwide will spend over $9 billion on digital banking solutions this year, yet more than half of these initiatives fail to meet expectations. In this episode of Behind the Vault, we explore why this happens and how community banks and credit unions can build better digital experiences through design thinking.Key topics from our conversation:Why digital transformation often falls shortHow design thinking applies to bankingCreating low-fidelity prototypes to test ideasBalancing customer needs with regulatory requirementsBuilding differentiated value in digital experiencesActionable takeaways from this episode:Building systematic customer observation practicesCreating frameworks for capturing insightsEvaluating digital initiatives against strategic differentiationPractical steps to start implementing todayWhether you're a banking executive, digital transformation leader, or technology decision-maker, this episode provides practical frameworks for making smarter technology investments that truly serve your community.For more info:Design thinking overview: Standford d.School toolkitDesign of Everyday Things: Beyond GoodIDEO Finance Services case studiesGartner survey of digital transformation

In this episode, we hear from Jody Guetter, Chief Marketing Officer at Nymbus, about the lessons learned in consumer engagement from a career in consumer brand marketing, community banking, and fintech. Jody shares insights on the evolution of marketing roles in community banking, the importance of data-driven strategies for growth, and the often missed uses of technology in marketing. She delves into the verticalization strategy, illustrating how narrowing focus can expand market reach and improve service offerings. This episode offers valuable lessons on balancing risk, optimizing growth strategies, and leveraging data and technology for financial institutions.Key topics from our conversation:Transforming marketing from cost center to growth driverUsing data to understand and reach specific market segmentsHow vertical strategies can expand rather than limit growthBuilding effective marketing technology stacksMeasuring marketing ROI in financial servicesWhether you're a bank executive, credit union leader, or marketing professional, this episode offers valuable insights on creating focused growth strategies that deliver results.For more info:Nymbus LabsJody's LinkedIn Profile

In this episode of Behind the Vault, we hear from Randell Leach, CEO of Beneficial State Bank. Beneficial State Bank is proving that banks can be profitable and purposeful. It has grown into a $1.5 billion CDFI while staying disciplined in the business it pursues and avoids and focused on accessibility to underserved communities in the US Northwest.Key highlights from our conversation:How Beneficial State Bank measures success through a triple-bottom-line approachThe unique challenges and opportunities of operating a mission-driven bankTheir approach to unionization effortsCreating profitable growth while prioritizing community impactThis episode challenges conventional wisdom about banking and provides a blueprint for how financial institutions can drive positive change while maintaining strong financial performance.Tune in to learn about:Why they are structured as a for-profit bank owned by a nonprofit foundationBalancing profitability with community development goalsHow technology investments support both efficiency and accessibilityMeasuring success beyond traditional banking metricsLinks:Beneficial State BankBeneficial State FoundationRandell's LinkedIn Profile

In this episode, Mike Daum, Chief Marketing Officer of Golden 1 Credit Union, shares his fresh perspective on driving change at one of America's largest credit unions. As a recent addition to the $20B+ institution, Mike offers unique insights on modernizing a 91-year-old organization while preserving its core values.Key topics from our conversation:Transitioning from traditional banks to the credit union marketThe shared vision and mission of serving the community and meeting financial needsModernizing marketing functions and the martech stackBalancing change and modernization with the Golden 1's legacyThe critical role of data strategy and personalizationListen in to learn:Navigating alignment and the interconnected roles within larger organizationsThe strategic effort to evolve marketing technology with a focus on speed, efficiency, and impactful data insightsStrategic approach to physical branch expansion in a digital ageWhether you're in financial services or interested in modern marketing strategies, this episode provides valuable perspectives on managing change in today's market.For more info:Golden 1 CUMike's LinkedIn Profile

In this episode of Behind the Vault, Phil Suckow, VP of Innovation at IncredibleBank, challenges that assumption by sharing how a 60-year-old Wisconsin community bank transformed itself into a digital banking pioneer.Key highlights from our conversation:IncredibleBank's journey from traditional community bank to digital innovatorBuilding and launching digital brands without massive development teamsDeveloping a framework for innovationStrategic partnerships with fintechs and core providersPractical approaches to innovation with limited resourcesThis episode demonstrates how community banks can compete and win in today's digital landscape through strategic focus and deliberate execution.Listen in to learn:How to drive digital transformation in a community bank settingStrategies for successful fintech partnerships and vendor relationshipsWays to deliver exceptional digital experiences without huge budgetsThe areas ripe for innovation in banking todayWhether you're a community bank leader looking to innovate, a fintech professional seeking partnership insights, or simply interested in the future of community banking, this episode offers valuable perspectives on bringing big ideas to life in smaller institutions.Links:IncredibleBankBankTech VenturesPhil's LinkedIn profile

In this episode of Behind the Vault, we hear from Ben Maxim, the Chief Innovation Officer of Michigan State University Federal Credit Union. While every innovation discussion inevitably touches AI, we hear Ben's perspective on the misses and hits the CU, and its wholly owned CUSO, The Reseda Group, has had to get real returns from AI in its operations.Key highlights from our conversation:The real-world applications that have and haven't made an impactThe role partnerships play in composing successful solutionsWhere Ben sees BaaS and embedded payments headed in the futureHow credit unions can balance innovation with traditional service valuesThis episode provides a practical roadmap for financial institutions leveraging AI and fintech partnerships to enhance member experiences.Listen in to learn:Embracing innovation in a traditional member experience first culturePractical applications of AI for personalized member experiencesStrategic approaches to fintech partnerships and experimental projectsMeasuring ROI on technology investments in fintechLinks:* Our previous episode with MSUFCU CEO April Clobes* the lab at MSUFCU* The Reseda Group* Ben's LinkedIn Profile

In this episode of Behind the Vault, we look at the inside vs. outside innovation options with Ted Coy, founder of Valiify, a CUSO dedicated to serving smaller banks and credit unions. Ted's journey from Alabama Credit Union to entrepreneurship offers a unique perspective on the challenges and opportunities in this often overlooked sector.Major points from the episode:Ted's career path and the experiences that led to founding ValiifyThe unique needs of small financial institutions and why they're underservedTackling digital account opening for community banks and credit unionsOvercoming the technology adoption bottleneck in smaller institutionsThe build vs. buy dilemma and how it can spark innovationThis episode provides invaluable insights for anyone interested in fintech, credit unions, and the digital transformation of community financial services.Listen in to learn:Barriers to innovation for smaller financial institutionsApproaches the "build vs. buy" dilemma for community FIsStrategies for competing with neobanks and fintechs on a limited budgetThe importance of a consultative approach in serving both small and large institutionsLinks discussed:ValiifyTed's LinkedIn Profile

In this episode of Behind the Vault, we explore the complex world of open banking with Lisa Arthur, US Director and Global Chief Marketing Officer for Sensedia. As regulatory pressures mount and consumer expectations evolve, understanding the impacts of open banking is crucial for community financial institutions.Key highlights from our conversation:Decoding open banking and its impact on community financial institutionsNavigating the challenges and opportunities presented by CFPB's Rule 1033Strategies for leveraging open banking to enhance customer experience and drive growthGlobal perspectives and case studies on successful open banking implementationsThe future of open banking and its potential to reshape financial servicesLisa brings her extensive background in developing solutions for banks and credit unions to provide practical insights for community banks and credit unions facing this new frontier.Listen in to gain:A clear understanding of open banking and its implications for your institutionStrategies to turn regulatory pressures into competitive advantagesInsights on balancing data portability with security and customer trustPractical approaches to implementing open banking initiatives, regardless of your institution's sizeLinks discussed:Sensedia's Guide to Open BankingLisa's LinkedIn Profile

In this episode of Behind the Vault, we sit down with Kevin Brauer, CEO of Affinity Federal Credit Union, to explore innovative strategies for deepening member relationships and community engagement in the financial sector.Key highlights from our conversation:Kevin's journey to becoming CEO and taking over when his predecessor was in the role for 27 years The credit union's wellbeing program and its holistic approach to member supportStrategies for engaging younger demographics through targeted financial education initiativesHow surveys play a critical role in Affinity's ability to tailor services and address critical community needsAffinity's 90-year evolution and its renewed focus on local community impactThis discussion offers valuable insights for credit union leaders, community banking professionals, and anyone interested in the future of member-centric financial services.Listen in to learn:Implementing cultural shifts to foster deeper member relationshipsHow partnerships can unlock insights and drive more relevant and impactful offeringsStrategies for staying relevant in a changing financial landscapeBalancing technological advancements with personalized member careWhether you're a credit union executive, a community banking professional, or simply interested in how financial institutions can make a meaningful impact in their communities, this episode provides thought-provoking perspectives on member-focused growth and community engagement.Links discussed:Affinity Federal Credit UnionAffinity's Wellbeing programKevin's LinkedIn profile

In this episode of Behind the Vault, we explore the world of credit union and bank mergers with industry expert Michael Bell of law firm Honigman. M&A remains high on the list of growth (and exit) strategies for both banks and credit unions, and Michael shares his perspective and experience on what good deals look like and what a successful buyer and seller.Key topics covered in our discussion:* The origins and evolution of credit unions acquiring banks* Navigating the complex regulatory landscape of cross-type financial institution M&A* Trends driving record growth in the number and size of transactions* Strategic benefits and challenges of these unique acquisitions* Impact on small community institutions and the broader financial ecosystemMichael provides a comprehensive overview of this niche yet increasingly important area of financial strategy, offering insights valuable to professionals across the banking and credit union sectors.Listen in to gain:* A perspective on how these mergers became possible* The regulatory hurdles and market dynamics at play* Insights into valuation processes and factors contributing to deal success* A look at the type and stage of both Credit Unions and Community Banks that makes sense for these dealsLinks discussed:* Honigman's Financial Institution practice* Michael's LinkedIn profile

In this episode of Behind the Vault, we explore the crucial intersection of architectural design and customer experience in community banking. Our guest, Diana Melichar, owner and principal of Melichar Architects, shares her expertise creating spaces that build trust and enhance customer relationships.Key topics covered in this 25-minute conversation:-How thoughtful design influences customer trust and experience-Balancing modern banking needs with historic aesthetics-Integrating local culture and hospitality elements into bank designs-Best practices for selecting an architect for your institutionDiana offers insights from real-world case studies, including projects with WinTrust and McHenry Bank, demonstrating how design principles translate into successful banking spaces.Whether you're planning a branch expansion, considering a renovation, or simply interested in the impact of physical spaces on banking relationships, this episode provides valuable perspectives on creating welcoming and secure environments that resonate with your community.For more information and insights:-Melichar Architects-Diana's article for the ABA on design principles

In this episode of the Behind the Vault podcast, we explore the intersection of creativity and finance with Jonathan Taylor, MBA, CEO of CU Sol, a Credit Union Service Organization (CUSO). JT shares his journey from the world of media, music, and arts, the impact on credit union innovation, and the unlikely partnership that led to CU Sol's creation.Key highlights from our discussion:JT's unique background and transition into the credit union movementThe role and impact of CUSOs in modernizing financial servicesCU Sol's innovative approach to serving credit unions and their membersThe CU SAFE initiative: A groundbreaking program supporting domestic violence survivorsListen to the full episode to gain insights into:Creative strategies for credit union growth and member engagementHow mission-driven initiatives can create lasting impact and member loyaltyHow the evolving business model of CUSOs points to untapped areas for innovation and growth in community FIs.For more on JT, CU Soul, and their CU SAFE offering:CU SolCU SAFEJT's LinkedIn profile

In an era where fintech startups often dominate headlines, Vantage West Credit Union proves that established financial institutions can innovate too. Their new digital brand, HUSTL, is reimagining financial services for freelancers and gig workers.In this episode of Behind the Vault, we speak with Rob Hoyle, CIO of Vantage West Credit Union, about the journey of creating HUSTL. This conversation offers valuable insights for financial leaders considering new ways to serve niche markets.Key points from our discussion with Rob:* The rationale behind creating a separate brand for freelancers* Challenges faced in launching a digital brand within a traditional credit union* Strategies for measuring success in a new market segment* How HUSTL's development is informing future innovation at Vantage WestThis 30-minute episode provides a candid look at how a $3B credit union approached innovation, offering lessons applicable to financial institutions of all sizes.For more on Rob, HUSTL, and Vantage West CU:* HUSTL Financial * Vantage West Credit Union* Rob's LinkedIn

In this episode, we hear the story of the turnaround of a 100+ year-old institution with Dave Lamb, Chairman, President, and CEO of Michigan's Oxford Bank. Dave shares his background and how it prepared him for his role in leading a struggling community bank, operating under a consent decree, into a growing and thriving institution. The Oxford Bank story demonstrates the overwhelming importance of culture, especially when faced with an existential threat. Dave shares his experience of coming in as an outsider in the middle of a crisis and the path Oxford took through a turnaround and into growth, including the process of discovering the right products and services needed by their customers. Oxford Bank provides a valuable case study for what's required to change the trajectory of a faltering organization.Highlights:00:00 Dave's journey to Oxford04:00 Executing a turnaround at a community banks14:22 Managing culture during new technology adoption22:09 Expanding into commercial finance30:41 Future options in non-traditional servicesFor more on Dave and Oxford Bank:* Oxfordbank.com* Dave's LinkedIn

Join us for a special conversation with James Robert Lay, founder and CEO of the Digital Growth Institute and author of Banking on Digital Growth and Banking on Change. In this episode, James Robert shares:* Why consumer behavior is driving financial services transformation* The importance of continuous reinvention in the face of exponential change* How to overcome resistance to change within your organization* The power of shorter time periods for driving progressWhether you're a community bank, credit union, or fintech leader, this episode offers invaluable insights on positioning your organization for success in a rapidly evolving landscape. Listen to learn how to cultivate a culture of continuous improvement and innovation that will keep your institution relevant in the years to come.01:27 James Robert's Journey into Financial Services 03:43 The Evolution of Consumer Behavior in Financial Services 12:30 Opportunities and Examples of Industry Transformation 26:13 The 90-Day Growth Method 32:13 Advice for the Frustrated 36:29 Resources For more information, and for James Roberts' books:https://www.jamesrobertlay.com https://www.bankingonchange.com

In this episode, Andrew Sagliocca, CEO of Esquire Bank, shares the unique journey of building a specialized bank focused on serving a narrowly defined customer. Andrew shares the challenges and strategies involved in differentiating their unique offerings and go-to-market strategy, including overcoming regulatory hurdles to develop tailored technology solutions. He provides insights into the bank's approach to understanding its target market, building trust with clients, and leveraging fintech partnerships to enhance its services.Highlights/Topics:Esquire Bank's origin and focus on the litigation verticalChallenges in valuing and lending against contingent legal assetsThe importance of understanding the legal industry's specific needsThe non-obvious expansion into merchant services and why it made perfect senseThe role of technology and customization in serving niche marketsApproach to fintech partnerships and cooperation vs. competitionStrategies for building trust and providing value beyond traditional banking servicesLinks discussed:* Esquire Bank* The group's investor relations and reports* Andrew Sagliocca's LinkedIn profile* Eric Bader's LinkedIn profile

Orange County's Credit Union is much more than the municipality of its namesake. In the past five years, the Credit Union has undertaken a growth strategy, vastly expanding its Southern California presence and adopting a nationwide membership field for its digital banking channels. Kathy Jumper, President and CEO, shares with us the approach they are taking and how her wide and varied background in banking and credit unions informs their execution.This episode is for anyone looking to understand the strategies driving growth in modern community financial institutions.Highlights from our discussion:* From municipal employee credit union to a nationwide field of membership* Commercial real estate and business lending as a differentiator* The relative role digital plays in growth plans* The linchpin of digital account opening and self-service* A unique career spanning community and large banks and credit unions* The questions that will impact future successFor more info: -Orange County's Credit Union-Kathy's LinkedIn

Join us for a masterclass in innovation with April Clobes, CEO of Michigan State University Federal Credit Union (MSUFCU). In this episode, April reveals:* MSUFCU's journey from buying fintech solutions to creating their own* The secret sauce behind their successful fintech acquisitions* How they formed Reseda Group, a credit union service organization (CUSO), to sell solutions to other institutions* Their venture into investing in fintech startupsKey takeaways:* The critical importance of board alignment in driving innovation* How MSUFCU leverages its "Labs" sub-brand for pilot testing* Strategies for measuring success across diverse initiatives* The untapped potential of collaboration in the credit union industryWhether you're in fintech, banking, or any industry facing digital transformation, this episode offers invaluable insights on reinventing business models and managing innovation.Listen to learn how even a staid institution like a university credit union can reshape the future of finance.For more info: -https://www.msufcu.org -https://www.resedagroup.com -https://resedasummit.com

When big regional banks stumbled last year, many customers were left out in the cold. In this episode, we talk with DJ Kurtze, SVP and San Francisco Bay Area Regional President for Five Star Bank, about how Five Star is stepping in to fill that gap. DJ shares his firsthand experience of customer dissatisfaction and the Sacramento bank's strategic move into the Bay Area. Discover how their relationship-driven approach is winning customers in a unique competitive landscape. This episode is a must-listen for anyone interested in the dynamics of regional banking, especially in a post-crisis environment. DJ provides valuable insights into strategic growth, customer acquisition, and expanding into markets, even if it's just down the road.Topics we cover:* DJ's extensive background at Wells Fargo and Signature Bank* Five Star Bank's history and the signals that prompted their expansion into the Bay Area* The new competitive landscape post-SVB collapse and JPMC's acquisition of First Republic* Tactics behind Five Star's successful personal approach to banking* The critical role of recruiting in their strategy* Future outlook for the Bay Area and potential impacts of the CRE marketFor more info: DJ's LinkedIn profile Five Star Bank's website

Rationalizing effort and investment in how and where you serve clients is difficult to get right. It is trickier still to do so with the resources of the community FI. In this episode, we talk with Chris Turnley, EVP of Member Experience at University Federal Credit Union (UFCU) in Austin, Texas. Chris shares how his background in consumer services and fintech has helped shape a winning strategy for UFCU. Chris shares his insights on the evolution of financial services, the fallacy of all or nothing in digital transformation, and the balancing act creating a standout member experience requires. Topics we dig into:* Coming to a credit union from a tech background* Balancing technology and trust in member experience* Reframing the purpose of branches in member service* The impact of Texas's economy and geography on opportunity* The key skills and capabilities for relevance today and tomorrowContact Chris via his LinkedIn profile: https://www.linkedin.com/in/christurnley/Or, visit UFCU at https://ufcu.org/