Mark Wormgoor - AI in the Board Room

Harnessing the Power of Personal Stories in Credit Unions

Summary In this insightful interview, Andy Janning shares his expertise on storytelling within the credit union industry, emphasizing the importance of authentic narratives, organizational humility, and strategic storytelling frameworks like the Story Score. Discover how compelling stories can differentiate credit unions, build trust, and deepen member relationships. Andy Janning is a nationally-recognized keynote speaker and storyteller who has served the credit union industry for over 25 years. He's the author of the books “Heroes, Villains, and Drunk Old Men” and “The Breast Cancer Portrait Project”, a national award winner for overall excellence in talent development, a faculty member of America’s Credit Unions Management School, and the producer of one of the largest documentary storytelling projects in credit union industry history. He’s the creator of StoryScore, the first-ever systematic methodology that helps credit unions measure and improve their storytelling efforts. Andy is also the founder of Life Over Debt, an international award-winning alliance of credit unions helping members heal from the financial trauma of cancer. Takeaways: The financial services industry, particularly credit unions, faces significant challenges in storytelling that must be addressed to better connect with members. The COVID-19 pandemic shifted priorities for many, including the necessity to understand and address the financial crises associated with serious health issues like cancer. Effective storytelling in the credit union sector requires a focus on personal narratives that highlight the impact of services on individual lives, not just operational successes. There exists a critical need for credit unions to differentiate themselves by sharing authentic stories that resonate with their communities and reflect the real human experiences of their members. Links referenced in this episode: makegreatstories.com [http://makegreatstories.com] Companies mentioned in this episode: Forum Credit Union National Credit Union Foundation Idaho Central Credit Union St. Cloud Financial Credit Union Triunity Foundation

Decoupling Legacy Systems: A Strategic Approach for Credit Unions

Amber Harson, the Vice President of Credit Unions at Mambu, articulates the pressing need for credit unions to modernize their core banking systems to facilitate growth and better serve their members. The conversation delves into the challenges posed by legacy systems that inhibit innovation and integration, emphasizing the importance of adopting composable core solutions. Harson shares how Mambu's approach allows financial institutions to decouple their core functionalities, thereby enhancing flexibility and enabling the integration of tailored fintech solutions. Furthermore, the discussion highlights the critical role of education and collaboration among credit unions to navigate the complexities of modernization effectively. As the financial landscape continues to evolve, this episode serves as a clarion call for credit unions to embrace change and leverage technology to uplift their communities. Amber Harsin is the Vice President of Credit Unions at Mambu, where she leads the organization’s efforts to modernize North American credit unions through composable banking. With nearly 30 years of experience in the financial technology sector, she is a recognized expert in helping financial institutions move away from legacy core systems to embrace scalable, cloud-native infrastructure. Before joining Mambu, Amber served as the CEO of Prodigy, a credit union service organization (CUSO). During her tenure, she famously led the company from 27 years of unprofitability to its first-ever profitable run, culminating in a successful acquisition in 2024. Her career began on the front lines as a credit union teller, and she has since held nearly every role in the industry—from loan officer to conversion specialist to Chief Product Officer. A passionate advocate for the credit union mission of "people helping people," Amber is a Credit Union Development Educator (CUDE) and serves as the Utah Chapter Chair for the Global Women’s Leadership Network. She is a frequent speaker on digital transformation, the importance of true SaaS in banking, and creating community impact through financial literacy and local job growth. Takeaways: * The transition towards composable core banking systems allows credit unions to modernize incrementally rather than engaging in disruptive, large-scale core replacements. * Credit unions face significant challenges with legacy systems that hinder their growth and ability to innovate in the digital banking space. * The importance of understanding and negotiating core vendor contracts cannot be overstated, as they often dictate the limitations on operational flexibility and modernization efforts. * Embracing technology requires credit unions to rethink their operational strategies and how they engage with fintech solutions for better service delivery. * The journey of modernization in credit unions is not uniform; each institution must assess its unique circumstances and strategic goals to determine the best path forward. * A collaborative approach among credit unions can foster shared technology resources, leading to cost efficiencies and enhanced service offerings for their members. credit unions, core banking systems, digital banking solutions, fintech innovations, composable core technology, credit union technology, core conversion strategies, API integration in banking, legacy system challenges, credit union modernization, financial technology trends, member engagement strategies, digital transformation in banking, credit union mergers, financial services digitalization, next generation core banking, banking industry trends, technology in credit unions, improving member experience, financial inclusion strategies

Carrie Chi - Advantage Rewards

Summary In this conversation, Carrie Chi, Chief Human Resources Officer for First Advantage Federal Credit Union and President and CEO of Advantage Rewards, discusses the various services offered by Advantage Rewards, including HR consulting, benefits brokerage, and PEO services. She shares insights on the local HR landscape, the importance of collaboration among credit unions, and the challenges of recruiting quality candidates in today's economic climate. The discussion also touches on the integration of AI in HR practices and the common mistakes organizations make in their HR strategies. For more information check out: https://www.1stadvantage.org/business/hr-benefits-consulting/ https://www.linkedin.com/in/carrie-chi-mba-shrm-scp-00806411/ Takeaways Advantage Rewards provides HR consulting, benefits brokerage, and PEO services. Collaboration among credit unions is essential for sharing best practices. Understanding local HR needs led to the establishment of Advantage Rewards. AI is becoming increasingly important in HR practices. Recruitment challenges are influenced by economic uncertainty and demographic shifts. Organizations should focus on hiring for aptitude and training. Employers need to evaluate their benefits strategies to retain employees. The fastest growing segment of the workforce is those over age 75. Efficiency in processes can enhance employee satisfaction. Personal interest from leaders can significantly impact employee morale. Sound Bites "Credit unions are collaborative." "Employers need to be willing to hire for aptitude." "It's about doing more with the same." Chapters 00:00 Introduction to Advantage Rewards 02:21 Understanding PEOs and Their Benefits 05:14 Identifying Local Needs and Establishing Advantage Rewards 08:24 Target Audience and Ideal Clients 11:25 Collaboration with Local Credit Unions 14:10 Future Plans and AI Integration 17:09 Challenges in Human Resources 20:25 Common Mistakes in HR 23:30 Recruitment Challenges and Strategies 26:27 The Importance of Efficiency in HR 29:17 Conclusion and Future Engagements Keywords HR consulting, Advantage Rewards, credit unions, PEO services, employee benefits, AI in HR, recruitment challenges, human resources, local businesses, workforce development

Mark Wormgoor - AI in the Board Room

SUMMARY In this conversation, Jason Tilley and Mark Wormgoor discuss the transformative potential of AI in business, the challenges of navigating boardroom expectations, and the importance of compliance in regulated industries. Mark emphasizes the need for a strategic approach to AI deployment, focusing on solving business problems rather than succumbing to the allure of technology for its own sake. They explore the ethical implications of AI data usage, the evolving landscape of AI regulations, and the role of major cloud providers in facilitating AI solutions. The discussion also touches on payment innovations in Europe and the future of AI in content creation. 👋 Hi, my name is Mark Wormgoor. I'm a tech strategist and executive coach. Over the past 30 years, I've consulted for industry leaders, led large global IT teams, and coached high-profile tech executives. Throughout my career, I've enjoyed working with renowned organizations including: Lipton, CRH, Jacobs Douwe Egberts, Accenture, Shell, ING, ABN Amro, Van Lanschot, and KLM Air France. Today, I run Tairi. We deliver tech strategy, software development, and executive coaching to tech leaders. Throughout my career, I've seen and worked for too many companies where IT is a supporting function. As AI and tech rapidly evolve, businesses that prioritize strategic tech leadership at the executive level will drive exceptional growth and impact. My mission is to place tech leadership at every boardroom table. By making technology and AI integral to strategic decision-making, we create lasting impact for business leaders, their teams, and their customers alike. https://themaverickcto.com/goal-setting TAKEAWAYS AI is a tool that should solve business problems. CIOs face pressure from boards to implement AI without clear direction. Effective AI deployment requires understanding business needs. Pilot programs can validate AI use cases before large investments. Compliance is crucial when using AI in regulated industries. Human oversight is necessary for AI decision-making. AI models can produce biased outcomes if not carefully managed. Partnerships with established vendors can mitigate compliance risks. Major cloud providers dominate the AI service market. The future of payments is evolving rapidly in Europe. SOUND BITES "AI is a cool tool, but just a tool." "You can't ignore this board question." "You need to define the actual problem." CHAPTERS Add 2:00 for Intro 00:00 Introduction to Mark Wormgoor 01:10 AI in the Boardroom: Starting the Conversation 04:41 Managing Board Expectations on AI Implementation 07:46 Pilot Programs: Proving AI's Value 09:59 Effective AI Use Cases in Organizations 12:26 Navigating Compliance in AI Usage 15:44 The Role of Human Oversight in AI Decisions 19:38 Ethical Considerations in AI Decision Making 23:55 Trusting Third-Party AI Vendors 25:44 Navigating Compliance in AI Solutions 28:00 The Microsoft-OpenAI Relationship: Ethical Concerns 32:18 The Cooperative Nature of Credit Unions 37:06 Market Positioning of Major Cloud Providers 40:39 Amazon and Apple's Potential in AI 44:59 Payment Innovations: A Global Perspective

Derrick Van Mell - Navigating the Chaos of Management

SUMMARY In this conversation, Jason Tilley interviews Derrick Van Mell, the principal at the Center for Management Terms and Practices. They discuss the chaotic nature of management, the importance of establishing standards, and the need for competent managers in today's world. Derrick shares insights on identifying bad bosses, transitioning from individual contributor roles to management, and the skills necessary for new managers. They also explore continuous improvement for managers and the shift in focus required when moving from management to executive roles. The conversation concludes with Derrick's personal productivity tips and a question for the next guest. Derrick Van Mell is the founder and Principal of The Center for Management Terms & Practices, the standards body for general management. His personal mission is to build a world community of caring leaders who live by the highest standards of ethics and competence. Everyone deserves a boss that makes them feel safe, appreciated, and proud. Everyone should have a boss who runs great meetings, provides clear direction and plans, and who helps people accomplish great things. He’s worked with leaders around the world in every size and type organization, and he’s the author of three books, including "Atoms & Orchestras: The Case for Standards-Based Management." ." Derrick has a BA in Economics, an MBA, and a Masters in English. Derrick has spoken in the US, Europe, and Asia to help leaders see management as a calling, an opportunity to serve others. To access these free standards of ethics and competence, listeners can visit THEINDEX.NET. Derrick's Website [https://www.theindex.net] The Center for Management Terms & Practices: www.theindex.net [https://www.theindex.net/] Ethics standard: The Pledge of Managerial Power (see About) Competence standard and self-assessment: The Milwaukee Model (see about) Blog post for new managers: https://theindex.net/new-manager-30-day-quick-start-checklist/ [https://theindex.net/new-manager-30-day-quick-start-checklist/] Contact Derrick Van Mell for assistance: See Contact TAKEAWAYS Management lacks a standard foundation, leading to chaos. The need for good managers is increasing due to global challenges. Management is fundamentally a caring profession. Identifying bad bosses involves understanding ethics and power dynamics. Transitioning from individual contributor to manager requires self-reflection. New managers should focus on communication and personal development skills. Continuous improvement is essential for managers to stay effective. Executives must understand data and its implications for decision-making. Delegation is key for effective management at the executive level. Modeling positive behaviors can inspire others in the workplace. SOUND BITES "Management is a caring profession." "You have to have domain knowledge." "Who is your favorite boss and why?" Chapters (add about 2:30 for the intro) 00:00 Introduction to Management Standards 02:11 The Importance of Defining Management 05:17 The Role of Ethics in Management 08:18 Identifying Good and Bad Bosses 11:19 The Journey from Individual Contributor to Manager 14:00 The Role of Domain Knowledge in Management 17:12 The Evolution of Management Skills 19:56 The Spiritual Aspect of Management 22:50 The Need for Generalist Managers 25:57 Conclusion and Future of Management Standards 35:49 Understanding Management Strengths and Weaknesses 37:25 Skills for Transitioning to Management 39:53 The Milwaukee Model of Management Competence 43:10 Continuous Improvement for Managers 47:39 Essential Tools for New Managers 49:58 Transitioning from Manager to Executive 55:14 The Shift in Perspective from Manager to Executive 01:00:45 Lessons from Effective Leadership