HIGHTSTOWN, N.J. – On Tuesday, March 12th, League Director of Education and Training Barbara Agin welcomed attendees at the League office for the first Executive Leadership Series (ELS) session of the year. She then turned the meeting over to speaker Mark Sievewright, President, Credit Union Solutions, at Fiserv.
The session focused on technology, payments, regulations, and trends. Sievewright shared stories of companies struggling to remain relevant in the changing market such as Kodak and Barnes and Noble.
Fiserv's Mark Sievewright outlines business realities credit union leaders are facing.
Financial institutions have not been on the forefront of innovations with payments, Sievewright pointed out. He feels we are too busy faced with the challenges of today. As leaders, we don’t spend enough time thinking about the future. The companies that innovate are those that have time to think.
Statistics show that technology is a loyalty builder. Credit unions in general are doing a fairly good job with online banking and mobile banking, he pointed out. Mobile transactions are lagging behind right now but with evolution, will pick up and exceed online banking. Sievewright stated that there was even more good news. With all of the technology available, you would think that interactions with a financial institution would decrease but that is not happening. Interactions actually increase, though some face-to-face will be replaced with technology.
The large group of credit union executives at the first ELS session of the New Year.
One telling statement was, with the evolution of technology, depositing checks via smartphones for some credit unions is ground breaking while for others it is "yesterday".
Sievewright went on to talk about how credit unions can use technology to gain revenue by charging small fees for things like expedited online transactions.
He discussed digital DNA and how we don’t capitalize on the information our members provide us with in terms of cross-selling and making referrals.
This session was very engaging, thought provoking, and timely.