Under 1% of Credit Unions Could Run an Agent on Their Data

Yeah,

it's very interesting.

It's almost, if you were to start a new credit union, you'd have an easier time because you could pick some of the newer besting breed players to slot in for your core, for your LOS.

for your CRM, et cetera.

But if you have run a credit union for a long time, you largely have a lot of incumbent, maybe more legacy vendors.

And it's very hard to change those operations overnight.

It does require a lot of change management, like you're saying, Garrett.

And so that's very hard to do because you don't want to go and You can't put a pause on your current operations and you don't want to go and disrupt present operations by doing some sort of rip and replace.

And so you're almost having to perform open heart surgery while still keeping the patient alive, making sure nothing goes wrong.

It's very, very difficult, very challenging to do.

But at the same time, one of the things we always hear is that if you don't get your data house in order.

you really can't maximally get value from AI.

And one of my concerns, and I would love to hear your thoughts on this, is that the fintechs are coming into the space that don't have incumbent or legacy vendors in the mix.

They're able to, from first principles, build out more modern financial operations, and therefore they have an easier time adopting AI.

And in some ways, that speed is going to allow them to potentially grow more quickly and take a market share away.

And so I think the big problem, big challenge we have on all of our plates is how do we transform the operations across credit unions while making sure that the kind of the incumbent legacy vendors that are part of the mix, that they're addressed adequately.

You related it to like a open heart surgery.

I would argue it's a step further.

It's like voluntary surgery.

uh, open heart surgery, like choosing, like, yeah, you're not going to have a little bit better heart.

So I'm going to go ahead and do that as opposed to like waiting till, uh, you're, you're on your deathbed.

Yeah.

That's a grim, dark thing to talk about right now, but nevertheless, yeah, it's, it's like voluntary open heart surgery and it's a lot.

And there are a lot of fintechs that are figuring out how to use and leverage artificial intelligence.

Um, the depth of which though is limited by the data strategy.

Yeah,

it's very interesting.

It's almost, if you were to start a new credit union, you'd have an easier time because you could pick some of the newer besting breed players to slot in for your core, for your LOS.

for your CRM, et cetera.

But if you have run a credit union for a long time, you largely have a lot of incumbent, maybe more legacy vendors.

And it's very hard to change those operations overnight.

It does require a lot of change management, like you're saying, Garrett.

And so that's very hard to do because you don't want to go and You can't put a pause on your current operations and you don't want to go and disrupt present operations by doing some sort of rip and replace.

And so you're almost having to perform open heart surgery while still keeping the patient alive, making sure nothing goes wrong.

It's very, very difficult, very challenging to do.

But at the same time, one of the things we always hear is that if you don't get your data house in order.

you really can't maximally get value from AI.

And one of my concerns, and I would love to hear your thoughts on this, is that the fintechs are coming into the space that don't have incumbent or legacy vendors in the mix.

They're able to, from first principles, build out more modern financial operations, and therefore they have an easier time adopting AI.

And in some ways, that speed is going to allow them to potentially grow more quickly and take a market share away.

And so I think the big problem, big challenge we have on all of our plates is how do we transform the operations across credit unions while making sure that the kind of the incumbent legacy vendors that are part of the mix, that they're addressed adequately.

You related it to like a open heart surgery.

I would argue it's a step further.

It's like voluntary surgery.

uh, open heart surgery, like choosing, like, yeah, you're not going to have a little bit better heart.

So I'm going to go ahead and do that as opposed to like waiting till, uh, you're, you're on your deathbed.

Yeah.

That's a grim, dark thing to talk about right now, but nevertheless, yeah, it's, it's like voluntary open heart surgery and it's a lot.

And there are a lot of fintechs that are figuring out how to use and leverage artificial intelligence.

Um, the depth of which though is limited by the data strategy.