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For the first time ever, the annual Management Roundtable merged with Synergent’s 2022 Connect Conference, allowing for an even more comprehensive experience for the nearly 120 registrants who came together at the Samoset Resort. League and Synergent staff were excited to gather in-person to welcome industry-renowned guest speakers, as well as credit union staff from across Maine and the country.
Sessions and Speakers
The conference covered a variety of topic areas, including leadership, planning, decision-making, financial ecosystem disruptions, and breakout sessions. Scott Johnsen, Chief Relationship Officer for the League and Synergent, opened the event before turning it over to President/CEO Todd Mason for an overview of what to expect throughout the conference. He also shared how important it was to be coming together as an industry to advance the credit union movement.
The Evolution of Leadership
Laurie J. Maddalena, MBA, CSP, CPCC, CEO – Envision Excellence
It has never been more challenging to be a leader than it is today. With so many generations in the workplace, employee expectations have evolved. The leadership practices of just a couple of decades ago are now deemed outdated and ineffective. Employees have different values and expectations for work than previous generations, and organizations that want to attract and retain the best employees need to shift their leadership approach. This impactful session explored the most important elements of successful leadership, along with the common behaviors and actions that can hold leaders back from success, including:
- The three pillars of exceptional leadership
- How leadership has evolved over the past two decades
- The residual impact of COVID on employees, and one important area senior leaders should focus on to ensure employee engagement now and in the future
“Different generations have different expectations,” explained Maddalena. “There are five generations in the workplace. The traditional way of work no longer makes sense.”
Carpe Diem: Seize the Opportunity – Credit Union Strategy in 2022 and Beyond
Employee Attraction and Retention in the Shadow of COVID-19
Paul Dionne, Research Director – Filene Research Institute
Paul expertly delivered back-to-back sessions at the 2022 Connect Conference. In the first, he urged credit unions to seize the opportunity in their strategy for 2022 and beyond. He explained that the competitive landscape for credit unions is changing, and pressure is mounting on the traditional credit union business model. He outlined the Filene Research Institute’s new credit union playbook to follow, including the 5 Es for future growth: Earnings, Expenses, Experiences, Employees, and Ecosystems.
In his second session, Paul provided insights for how credit unions can better attract and retain staff, lay the groundwork for success, and upgrade senior leadership/board capacity to address the needs of the future, all in the shadow of the COVID-19 pandemic.
“Change the ‘great resignation’ to the ‘great recalibration,’” advised Dionne. “Corporate social responsibility efforts are a great recruitment tool, especially for younger candidates.”
He also highlighted the importance of addressing employee financial wellbeing. With more than 50% of workers experiencing financial stress, he emphasized the importance of checking in with credit union staff, similarly to how staff check in with members. Paul’s session provided a perfect complement to Maddalena’s remarks.
The Threat & Opportunity of Financial Fragmentation
Lee Wetherington, Senior Director of Corporate Strategy – Jack Henry
Lee Wetherington provided an overview of the ecosystem disruption that continues. With consumers pursuing more and more in terms of convenience in their financial lives, they have unintentionally made their finances more complex to manage. In a shocking statistic, it is not uncommon for young couples to do business with 30 to 40 financial service providers! The good news is that credit unions are well-positioned to solve financial fragmentation, to simplify accountholders’ financial lives, all while achieving first-app status in the process.
“The future will be open, composable, secure, fluid, and fast…so must you be,” concluded Wetherington. “Bridging centralized and decentralized monetary networks will be the biggest trend shaping the future of payments and financial services.”
Digital Card Services
Wes Suter, Director of Product Solutions – Ondot Systems, Fiserv
In his presentation, Wes urged credit unions to continue to rethink and evolve their delivery models to accommodate today’s member needs for digital financial service experiences where credit and debit programs lead the way. Beginning with card controls and alerts, credit unions have already successfully deployed an array of consumer tools that are finding marketplace success. Now, credit unions should be planning for a second wave of tools with additional capabilities to provide members with a rich and reliable experience that speeds transaction flows, provides analytic insights, and improves the safety and security of payments. This session will provide tips on empowering members to control their credit and debit cards, clearly see their spending, and use their cards more easily.
Cryptocurrencies & Decentralized Finance – Threat or Opportunity
Larry Pruss, Senior Vice President – Strategic Resource Management
Cryptocurrency is much discussed in the financial services industry. Cryptocurrencies and Decentralized Finance (DeFi) capabilities have loomed large on the fintech horizon lately, but, as Larry asked, what does this mean for the financial service providers of tomorrow? This presentation offered an overview of cryptocurrencies, decentralized finances, and emerging use cases for banking.
- Defining Cryptocurrencies & Decentralized Finance (DeFi)
- Specific examples showing how financial institutions can leverage cryptocurrencies
- Updates on the regulatory environment and the foreseeable impacts
Cryptocurrency and DeFi Panel Discussion
Larry Pruss, SVP, Strategic Resource Management
Lee Wetherington, Senior Director of Corporate Strategy, Jack Henry
Ellen Parent, Regulatory & Legislative Advocacy Coordinator, Maine Credit Union League
Luke Labbe, President/CEO, PeoplesChoice Credit Union
Moderator: Jeff Will, AVP – Product Development, Synergent
In this final group session before breakout sessions, the discussion highlighted one credit union’s journey of piloting a crypto solution for members, the legal and regulatory consideration for credit unions with crypto, and the opportunities that blockchain technology and Decentralized Finance (DeFi) present to credit unions.
The League and Synergent would like to thank everyone who journeyed to Rockport for two exciting days of education, networking, and idea sharing. We look forward to making additional in-person connections in the weeks and months ahead to advance the credit union movement in Maine.