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The willingness to share knowledge, expertise and resources will play an integral role in helping credit unions continue to grow, innovate and combat issues, such as cybersecurity and evolving needs and wants. The theme of cooperation as a differentiator and strength of credit unions was reinforced by all of the speakers at the 2017 Maine Credit Union League's Management Roundtable held on September 19-20, at the Samoset in Rockport.
In his opening presentation, Todd Mason, President of the Maine Credit Union League, highlighted the need for cooperation and collaboration moving forward. "The Maine CU System has many positives examples of cooperation happening right now, such as in awareness, financial education, convenience with shared branching and Surf, and in advocacy. Our strength is together. The world is too complex to do it alone...you need a strong network of resources to get it done. In order to be at the right place, at the right time, with the right service, we need to work together. That is a strategy that has served us well for decades, and our movement demands cooperation as we face a rapidly changing financial services marketplace." Mason covered a variety of topics in his presentation including some of the opportunities and challenges facing the CU system. Opportunities mentioned included the CU difference and the strength of the member-owner value proposition; new technology to better engage and serve members; and the ability to utilize data to increase member usage. Maine's flat population growth, cybersecurity, regulatory burden and the continued consolidation of the CU system represent potential challenges. "The need for cooperation to face these opportunities and challenges is evident," he added.
The packed audience of credit union leaders from across Maine also heard from other speakers that, directly or indirectly, spoke of the value of cooperation. Former CU CEO turned consultant, Jim Kasch said the fact that credit unions come together at events like the Roundtable highlights the cooperative spirit. "Sharing resources and knowledge to provide a better member experience strengthens the entire system." Kasch urged attendees to find ways to work together to further reinforce cooperation.
"Cybersecurity is one of the biggest threats facing financial services today. Cooperation in sharing information is a necessity," stated Cybersecurity expert, Steve Stasiukonis, President of Secure Network Technoloies, in his presentation at the Roundtable. Attendees heard of the many security risks and dangers that exist in today's world, and called on credit unions to inform and educate their staff and members on how to better protect themselves. "Share information about breaches with each other and other experts."
In his session, Filene Institute's Andrew Downin praised collaborative programs, such as Young & Free Maine, that work to attract and engage the next generation of members. "The cooperative model of credit unions and the principals you stand for are very appealing to young people. Communicating those values and differences is essential because many millennials don't understand how credit unions are different from banks. Through cooperation and collaboration, you can build and strengthen the credit union brand, especially with young people because they are the future of our system." Downin said today's generation is "angry and view debt as a negative. Collaborative efforts, such as some of the programs, products and research being conducted at Filene, are examples of how credit unions can connect with young people."
The Roundtable ended with a presentation from CUNA Mutual Financial Group, a partner of the Maine CU League, and the collaborative efforts that CUNA Mutual is doing on behalf of credit unions when it comes to innovation. Through CMFG Ventures, capital is being invested in products and services in targeted FinTechs that help credit unions serve members through all life stages. "We recognize that most credit unions do not have the financial resources to do the due diligence necessary to determine if a FinTech is a good investment. Our vision is to invest in early-stage FinTech companies that can help credit unions meet the needs of consumers through technology and resources," explained Brian Kaas, VP of Corporate Development for CUNA Mutual Group.
Mason closed the Roundtable with highlighting the "importance of getting involved and collaborating as a system. Our voice and efforts is much louder and stronger together. We will continue to leverage and explore ways in which we can collaborate as a system to help us grow and succeed as we look to the future."