MDC’s Kent Zimmer recently attended Finovate Fall 2015 in New York—a conference dedicated to the best and most innovative new technologies in the financial industry. Finovate is a great opportunity for MDC, as well as for our owners, to observe the latest technologies through compact presentations from both new and well-established companies. These presentations are also typically indications of trends that will affect the credit union industry based on consumer demand.

Collaborating With Our Owners

MDC had the chance to share insights taken from Finovate with some of our owners—credit unions in attendance included: Affinity, Alliant, America First, Bethpage, Congressional, Corporate One, and Lake Trust.

David Hufnagel of Congressional Federal Credit Union told us, “The format for Finovate really delivers. I was exposed to more new ideas and innovations than any multi-day conference wandering through a ‘tech expo.’”

Also expressing the value Finovate provides to our credit unions, Danielle Brehmer of Lake Trust Credit Union shared, “I went to Finovate, not to buy another solution, but to spark inspiration. I’m motivated by the pace and scale of what these companies have produced. There’s occasions to learn from them and think about what our most pressing opportunities are.”

From these conversations, it is apparent the platform for thought-leadership that Finovate Fall provided MDC credit unions—elaborating on this Kent said, “The setup of Finovate allowing presenters a maximum of seven minutes on stage to present their ideas, exposes you to over 70 innovative ideas and trends in less than 36 hours… powerful!”

MDC was thrilled to not only be in attendance, but to also share ideas with our owners while experiencing this technology-whirlwind firsthand.

Takeaways

What were our key takeaways from this electrifying event?

  • Technology is moving fast— we need to move faster! After attending the Finovate conference it is clear that the financial industry is moving quickly with these innovations serving as a wake-up call to those in the industry that are lagging behind.
  • Streamlining is becoming increasingly important—whether it be through account opening processes or other existing channels—“reducing friction” is key to a positive member experience.
  • There is a current emphasis on mobile wallet innovation that both established (such as Apple and Google) as well as new businesses (such as Gro Solutions) are operating under— making it important to continue to pay attention to this trend.

MDC regularly attends events such as these to listen, learn, and provide value through ideation for our owners. To stay up to date on what other events our executive team will be attending, be sure to follow us on Twitter. As always, we look forward to continuing conversations such as these with MDC credit unions at future events and owner meetings.