Thanks to MDC’s amazing owners, sponsors, and speakers, we just had our most successful owner meeting yet! Last week our largest-ever crowd of 187 participants gathered in Miami with representatives from 51 out of 52 MDC owners, and everyone brought fantastic ideas, a lust for creating solutions for their organizations and members, and a great attitude for having fun while discussing serious issues. At 98% owner participation, this really was another MDC record to put in the books!
This season’s meeting began with MDC’s Innovation Council (IC) gathering to put the finishing touches on their presentations for the general meeting. IC is made up of our owners’ brightest thinkers and innovators. They help the MDC community explore topics and ideas that matter to our owners and assess whether MDC should explore them further, partner with subject matter experts, and begin pilots to build out the idea and make it scalable. Last week IC members spoke about research they’ve performed since they met in August, presenting five innovative ideas to our full owner meeting.
Building on last August’s theme, “Looking into the Future,” this meeting’s theme was “The World Is About to Change Even Faster.” MDC has embraced the role of being both our owners’ prognosticator of things to come and playmaker when it comes to responding to the rapid changes we keep experiencing in our industry. We centered this meeting’s focus on how our owners can effectively respond to rapidly evolving technology and consumer expectations in today’s marketplace.
Right off the bat on Tuesday morning the two Deep Dive sessions focused on this theme. These sessions are exclusive opportunities for our owners to hear from thought leaders and experts regarding the evolving business climate in which CUs operate and how they can respond and remain competitive. In one session we heard from Baker Tilly on how CUs can use advanced analytics and predictive modelling to achieve greater effectiveness with member campaigns. In the other, futurethink shared tools our owners can use to foster greater innovation within their organizations. Both events enjoyed enthusiastic participation and discussion and gave each attendee the time to really learn something new and useful for their business.
After our Deep Dive sessions, Lisa Bodell, CEO of futurethink, delivered the meeting’s keynote address, preaching the value of simplicity in organizations. Do you ever feel like much of your working day is wasted on meetings you didn’t need to have or making decisions someone else could have made without putting them on your desk? Do your members demand simplicity and ease when interacting with your organization’s services, employees, and processes? MDC knows you and they both do, and we invited Lisa to share easy ways our owners can make their internal business operations less complex in order to create efficiency, win member loyalty, empower workers, and give leadership more time to focus on strategy and the issues for which their attention is really needed.
Lisa’s combination of gravitas regarding what she knows about effective business practices and humor really set the tone for this meeting’s combination of work and fun. As an added bonus, the futurethink team even distributed free copies of Lisa’s book, WHY simple WINS, to attendees.
Hitting this season’s theme in stride, we also heard about exciting ideas in motion on:
- robotics process automation to create efficiencies in CU data management and processing, maximizing member loyalty and satisfaction;
- how CUs can address the student loan debt crisis and help their members manage their student loan debt;
- how CUs can adapt to the ever increasingly integrated Internet of Things and compete in the era of voice commerce (Hey Siri, move $500 from savings to checking!);
- the potential benefits of using third-party data (e.g. from social media) to tailor marketing and personalize communications targeting your members; and
- why CUs must focus their business models not just on the services they provide but also on the experience members have accessing those services.
One special highlight from the meeting was the announcement of the strategic partnership between MDC and Constellation, which grew out of a prior MDC project. Constellation is a secure, open-development platform designed exclusively for credit unions, allowing them and fintech developers to access a marketplace and complete suite of financial services. Nine of MDC’s owners are also owners of Constellation, and Kris Kovacs, Constellation’s CEO, is a veteran of several MDC owner meeting and project teams.
Once again we’d like to thank all of our owners, sponsors, and speakers for making this such a successful meeting. You can follow news and messages regarding our owner meetings using #MDCOwnerMeeting on both Twitter and LinkedIn.
Finally, please save the date for our Summer 2018 Owner Meeting in Chicago! We will be at the Langham Hotel in downtown Chicago on August 1-2. We can’t wait to see you there!