When I finally retire from credit union land I always thought that I’d volunteer. I’ve always been inspired by our volunteer board of directors. For the most part the people that are elected to a credit union have little knowledge about how to run a cooperative financial institution but they have a servant’s heart and a desire to help. Many of them come from being loyal members and know what it’s like to be a member, which is super important. I have worked with some pretty impressive boards of directors at high tech credit unions that are able to draw upon their field of membership expertise and recruit CPAs, HR professionals, Technology experts, etc. Not all are that fortunate, but it’s up to us to cultivate the best talent, give them guidance and the education necessary to make solid decisions.
Rather than wait for retirement I recently was presented with the opportunity to volunteer to fight fires and provide emergency medical services for our tiny remote town of 589 residents. We were in danger of losing our ambulance and fire truck because we did not have enough residents that were volunteers. At first I thought I might be too old. Turns out I’m more around the average age of our volunteers. Then there’s the training. I will begin formal EMT Basic training winter term at the local community college. In the meantime, a lot of this is “on the job” training. Or as I like to think of it – in the truck training.
Banks and credit unions are fascinated and threatened by the success of FinTech lenders. Through technology and innovative credit worthiness indicators, FinTech lenders have created a new set of borrower expectations. The convenience and speed of the application, approval and funding process is extraordinary when compared to the traditional process for banks and credit unions. Borrowers of all ages are attracted to FinTech, millennials in particular. They don’t mind paying a higher interest rate for the more favorable experience. Did I mention that millennials are entering the prime lending years?
