What’s the Future… of Financial Services?

Ben Metz – Chief Technology Officer and Chief Digital Officer, Jack Henry

This talk examined the convergent future of technology and self-service demand via the internet as a lens for financial services. Metz reviewed the developing technology landscape and fintech ecosystems, as well as the disruption happening and began to define the massive opportunity community financial institutions have over the next 5-10 years.

As Chief Technology Officer and Chief Digital Officer of Monett, Missouri-based Jack Henry & Associates® (NASDAQ: JKHY), Metz leads technology, strategy and direction for new platforms as well as digital for the organization and has more than 20+ years of experience in building technology, large scale systems and best in class digital experiences.

Metz is a frequently sought after speaker and presenter to financial technology groups on several high demand topics, including current state of technology in financial services, artificial intelligence, cloud computing, open banking with a focus on how community financial institutions can succeed with new digital experiences for their accountholders.

The Future of Credit Unions in a Digital Age

David Allison, Founder of The Valuegraphics Project and Author of The Death of Demographics

Connecting Hearts, Not Just Accounts:  In an era increasingly dominated by digital banking and online financial options, credit unions face a unique challenge: how to compete effectively while staying true to their core principles of community and member-centric service. Allison, the world-renowned human values expert and founder of The Valuegraphics Project, brought groundbreaking insights to the Synergent Connect Conference 2024.

Leveraging custom research and insights derived from nearly a million surveys, Allison unveiled the shared values of individuals contemplating the switch to credit unions: potential members in credit unions’ communities who just need to hear the right message. This compelling keynote dissected the psychological barriers and motivations at play, offering credit unions a blueprint for action grounded in deep human values rather than fleeting consumer trends. Allison explained that demographic groups are only about 10% similar in a given way. Valuegraphic groups are far more effective, achieving 89% similarity. By understanding and appealing to these shared values, credit unions can forge a competitive edge that digital platforms and national banks can’t replicate: genuine human connection.

Allison mapped out a future where credit unions thrive by doing what they do best: valuing people over profits. He selected three “power values” specific to the Connect audience: Personal Responsibility, Loyalty, and Experiences. Exploring each of these, he provided strategies and led micro-workshops for attendees. He closed with three transformational truths:

1. You are not your demographics.
2. You are not your psychographics.
3. You are your values.

“Our values will unite us,” shared Allison. “And we will change the world.”

After decades of helping big brands engage people, Allison recognized that demographics weren’t working like before. He launched the Valuegraphics Project to turn human values into data and created a revolutionary new approach to inspiring action – with the enormous power of shared human values.

Today, after nearly a million surveys in 152 languages, Allison is the world’s foremost human values expert, with two best-selling books and an international speaking career. Innovative organizations like PayPal, Lululemon, and the United Nations Foundation have used David’s data to connect with people in new, more profound ways – by honoring what they value. He coined the term valuegraphics to describe his unique approach to understanding people, which now appears next to demographics in textbooks used on campuses worldwide. Valuegraphics have been featured in Forbes, INC Magazine, and the Harvard Business Review.

How AI, Deepfakes, Voice Cloning and ChatGPT Are Transforming Cybercrime – And How to Future-Proof Yourself and Your Business Now

Theresa Payton, President/CEO, Fortalice Solutions 

With the ability to access potent AI algorithms, voice-cloning and other deepfake capabilities, and the widespread availability of ChatGPT, cybercriminals now possess formidable tools at their disposal. These AI advancements have fundamentally reshaped the landscape of criminal operations, offering novel challenges and prospects for the cybersecurity realm. But Theresa Payton showed that it’s possible to turn the tables on cybercriminals. It starts with human-centered design, an approach she started focusing on during her time as CIO for the White House. Privacy, security, and data encryption are critical in a world with staggering online activity, but that has to be balanced with staff policies that are clear and easy-to-follow. To illustrate a fraction of today’s internet traffic, Payton shared numerous eye-opening internet usage stats of the moment, including:

• ChatGPT: 6,944 prompts every minute
• Google: 6.3 million search requests every minute
• X: 360,000 posts per minute
• Spotify: 24,000 hours of music (equivalent) streamed every minute
• Instagram: 694,000 reels posted each minute
• Streamed TV, all combined, each minute: equivalent of 40 years of TV being watched

In this keynote, she took a deep dive into real-world cases and provided live AI demonstrations that showed how criminals attack, including how to spot generative AI voice cloning and video deepfakes. She highlighted that 85% of cybersecurity professionals attributed the acceleration of cybercrime in the last 12 months to bad actors using generative AI and provided a five-step framework for the governance of AI:

• The Human User Story
• Establish Safe AI Team
• Create Pilot – Test – Learn
• Trust but Verify
• Deployment

Attendees walked away empowered by clear strategies to future-proof their credit unions from attacks and thrive in today’s digital landscape.

“Teach your employees: When in doubt, check it out,” advised Payton.

An inventor and visionary in the digital world, a U.S. patent holder, and the first female White House CIO, a two-time company founder and CEO, Theresa Payton, was named one of the “Top 50 Women in Tech” by Award Magazine in 2021. She captivates audiences by drawing on her unmatched knowledge and expertise to help business, association and government audiences safely navigate a rapidly changing digital future.

In presentations that masterfully blend stories from the trenches with cutting-edge insights (and all the flair she was known for as co-star on the CBS hit series Hunted), Theresa helps audiences understand the current impact and future applications of AI, Quantum Computing, Blockchain, Web 3.0/the Metaverse, the Internet of Things, and Big Data for their business. A trusted advisor to companies and governments, Theresa helps organizations of every size balance the risks and the enormous promise of emerging technologies for business transformation and growth.

Before serving as White House CIO, Payton was a technology leader in the banking and finance sector. She went on to co-found Dark3, a company later acquired by Celerium. Today she is the founder and CEO at Fortalice Solutions, a world-class consulting firm recently named to the lists of “The Global Hot 150 Cybersecurity Companies,” by Cybersecurity Ventures, and “The Top 5 Most Innovative Cybersecurity Companies” in the Washington, D.C. area. Her work in the field of fighting crime earned her the FBI Director’s Community Leadership Award. Theresa is a member of the Cyber Defenders Council, a group of 50 preeminent leaders from the public and private sectors who promote cross-sector collaboration and proactive cyber deterrence, and she sits on several advisory boards for innovative global technology firms.

equipifi: Supercharging Your Banking Experience with Buy Now, Pay Later

Bryce Deeney | CEO & Co-Founder, Equipfi

Why are 20% of credit unions launching Buy Now, Pay Later (BNPL) in 2024? Consumers are looking for timely access to purchase financing to stretch their budget, and today most are getting this from 3rd-party BNPL providers. However, 70% of BNPL users prefer the service from their financial institution who can provide a safer, easier, and more personalized solution. Bryce Deeney, CEO and cofounder of equipifi, shared the following during this breakout session:

• How consumer expectations have changed for digital payments and banking
• What CU BNPL looks like and how it elevates member experience
• Who are the greatest threats to the CU wallet share and member relationship

Superior IRA & HSA Company Overview

Kevin Boyles | President and Managing Partner, Superior IRA & HSA
Ryan Shearer | SVP Sales and Managing Partner, Superior IRA & HSA

During this informative session, Superior IRA & HSA provided information about the marketplace and solutions available. With the future of IRA and HSA services already here, Superior has revolutionized the way that IRAs and HSAs are supported by developing a cutting-edge, fintech platform paired with an outstanding and reimagined service model to better support credit unions. We are staffed by industry veterans with an average IRA/HSA experience of over 18 years, providing exceptional support to credit unions. Other IRA solutions in the marketplace are leveraging processes and technology that is over 20 years old. Superior is bringing the IRA and HSA world into the 21^st Century.

Industry Challenges and Opportunities in an Evolving Economy

Bill Handel | Chief Economist & General Manager Raddon, a Fiserv Company

Bill Handel. Chief Economist at Raddon, discussed the state of the economy and other industry developments, detailed the implications for the credit union industry, and laid out a roadmap for success for the credit union industry. He discussed the dramatic change is the hallmark of the financial services industry in the wake of COVID, emerging new competition, the renaissance of the large banks, and new technologies. Rising interest rates have undeniably altered the market for loans and deposits, and shifting demography have created significant opportunities as well as challenges. The largest banks are more effective in the consumer marketplace than they have ever been.  Credit unions can survive and thrive in this evolving environment, but the industry needs to focus on the key things that make it unique in the financial services space.

Credit Union Roadmap to Successful Fintech Partnerships

Brian Bodell | Managing Director, Fintech Solutions, TruStage 

Strategic fintech partnerships can open the door for credit union growth like increased loan volume, accelerated time to market, enhanced member experience, improved productivity, and more. However, finding and vetting the right partner for your credit union requires significant effort and diligence. This session provided tips for building and maintaining successful fintech partnerships.