At MDC, it is very important for us to attend leading conferences focused on the progress and changes in our industry and outside. That’s why we sent our Digital Marketing & Communications Specialist, Krista Boyum, to FinovateSpring 2016 in San Jose—to learn about the newest fin-tech disruptors, chat with our owners at the event, and add her own insight.
Let’s take a look at some key takeaways:
Top of Mind for Credit Unions
As a part of attending this event, we wanted to make note of which presenters at FinovateSpring were critical to the credit union landscape. And we saw a couple themes take place in this space:
- Mobile-friendly—Almost all presenters used their mobile device while demoing their company’s ideas. Mobile capabilities have already become a consumer expectation and it is important for our credit unions to keep up with these demands. Mobile capabilities add an extra convenience value to products that can be used at almost any time or place, which is important given the everyday hustle and bustle life of an American consumer.
- Real-time—Consumers, specifically millennials, want to see results and progress instantaneously when handling their finances. The days of waiting three weeks to hear about the status of your mortgage application are over—people are demanding information throughout the process and want convenience at the same time.
- Streamlined—All of this is irrelevant if the information is not streamlined. Simplicity and ease of use are of upmost importance for new products. Make things easy, be explicit and to-the-point, and keep your design modern and sleek to the eye.
These themes are critical to our owners—as consumer expectations shift, so do the “must-haves” of financial products.
Our Owners Weigh In
While Krista was in San Jose, she made sure to link up with our owners that were also in attendance at Finovate. We wanted to hear their insights, concerns, and thoughts. This is incredibly valuable and meaningful for MDC’s strategy and direction—after all, collaboration is key to the credit union industry. Our owners weighed in on the value of attending Finovate:
- “As a first-time Finovate attendee not knowing what to expect, my head was spinning from the succession of rapid-fire demos given in Shark Tank style. But the tempo and the content kept me engaged. There was no shortage of out-of-the-box thinking to provide solutions to the multi-dimensional needs of financial institutions in today’s economy. I recommend this event to any credit union enthusiast curious about anticipating what’s ahead for fin-tech.” –Kathy Palmer, Vantage Credit Union
- “Finovate is an incredibly valuable and meaningful way to assess what is happening in the credit union fin-tech space. I appreciate the demo format and the networking opportunities that this event provide and look forward to it every year.” –Brice Mindrum, America First Credit Union
It’s vital to us at MDC to have the rest of our owners aware of these fin-tech ideas. That is why we invited three presenters from FinovateFall 2015 in New York to speak at our most recent Winter Owner Meeting in February. Given the overwhelmingly positive feedback from meeting attendees, we plan to continue to leverage this opportunity at future Winter Owner Meetings. We are also looking for opportunities to partner with emerging fin-tech developers on projects, identify leading consumer trends, and sharing with our credit union owners the latest and greatest in credit union fin-tech developments.
Please contact Krista Boyum if you want to learn more about MDC’s plans to stay on top of the fin-tech space.