ATLANTIC CITY, N.J. – New Jersey Credit Union League President/CEO and Reality Check Master of Ceremonies Paul Gentile kicked off the exciting 2012 Credit Union Reality Check this morning at the conference’s Welcome Address.
NJCUL President/CEO Paul Gentile kicks off Reality Check.
At Reality Check, each attendee recieves a remote transponder, allowing them to answer poll questions presented throughout the day. Gentile warmed up the crowd with a couple sample questions regarding social media and NCUA. An overwhelming majority chose “NCUA is out of touch” when asked about their opinion of the regulator.
Gentile then turned it over to the conference’s first speaker, Fiserv President of Credit Union Solutions Mark Sievewright, who opened the conference with his session “The Digital Transformation of Financial Services—Competing in a New Era”.
Fiserv's Mark Sievewright opens the conference with his presentation on the digital transformation of the industry.
In his presentation, Sievewright pointed out trends that are reshaping the world of financial services and the technology trends that credit unions must embrace in order to stay current and viable. He used companies such as Blockbuster and Kodak to prove the point that companies, and credit unions alike, must keep up with the digital movement.
Sievewright also spoke about the impact of social media (posing an audience poll question about their use of social media) on the industry as well the changing dynamics of potential members, focusing on the millennials. To keep up the changing demand of younger members, credit unions must open themselves up to world of “mobile”, said Sievewright. Debit cards and online bill pay are must-haves to attract and retain younger members.
Sievewright believes going “mobile” is a revenue opportunity for financial institutions. He used the example of mobile and Web site payments, which can include a charge for certain transactions.