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Inside the Credit Union Managing 50+ Lending Tech Partnerships · Leaders in Lending

• 0:04
  Speaker 1: Hey everyone, and welcome back to another episode of Leaders
• 0:07
  Speaker 1: in Lending. I'm your host Drew Megory, joined today by
• 0:09
  Speaker 1: Bill Clancy, the vice president of consumer Lending at Advia
• 0:13
  Speaker 1: Credit Union, roughly three and a half billion dollar asset
• 0:16
  Speaker 1: size credit union based in Kalamazoo, Michigan. Bill, Welcome to
• 0:20
  Speaker 1: the podcast and thanks for making the time to join
• 0:22
  Speaker 1: me today.
• 0:23
  Speaker 2: Yes, certainly, Drew appreciate the invite.
• 0:25
  Speaker 1: So Bill, to kick things off. I always love to
• 0:27
  Speaker 1: start the podcast with the how did you get their?
• 0:30
  Speaker 1: Type of question, because everyone's path into financial services, of course,
• 0:34
  Speaker 1: is a little bit different. So can you tell us
• 0:37
  Speaker 1: one what first drew it into the financial services space?
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  Speaker 1: And then on top of that, what did the journey
• 0:42
  Speaker 1: look like as you kind of progressed your into your
• 0:45
  Speaker 1: role today at ABA?
• 0:46
  Speaker 2: Sure thing, So a little bit of an interesting story.
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  Speaker 3: I've watched some of the prior Leaders in Lending podcasts
• 0:55
  Speaker 3: and seems like a lot of folks kind of backed
• 0:57
  Speaker 3: into our industry or their role, and that's not the
• 1:01
  Speaker 3: case for me. So growing up, I had parents that
• 1:04
  Speaker 3: were in sales and marketing, and so I always envisioned
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  Speaker 3: myself going into business. And I was also a very
• 1:11
  Speaker 3: curious kid that liked to read a lot because I
• 1:13
  Speaker 3: wanted to know how things fit together. So I would
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  Speaker 3: read the Wall Street Journal, I would read consumer reports.
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  Speaker 3: And you're talking about like being a ten or twelve
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  Speaker 3: year old, right, So I think the business track was
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  Speaker 3: always my path. So I went to college, studied finance
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  Speaker 3: and economics, and upon graduation got into consumer lending. And
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  Speaker 3: twenty five plus years later, it's been a mix of
• 1:38
  Speaker 3: retail delivery and consumer lending. I've always worked with community
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  Speaker 3: financial institutions, either large credit unions or medium sized community banks,
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  Speaker 3: and I've been with Advia now for the last two
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  Speaker 3: years in this role as vice president of Consumer Lending,
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  Speaker 3: which for US represents indirect direct fintech partnerships and the
• 1:59
  Speaker 3: whole amit of consumer lending products heylock, credit card, personal loans,
• 2:04
  Speaker 3: auto loans, etc.
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  Speaker 1: Awesome. Well thanks for that, and yes, you're right that
• 2:08
  Speaker 1: the majority of our guests wanted to be doctors, lawyers,
• 2:11
  Speaker 1: and or firefighters police officers, but for some reason they
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  Speaker 1: decided to go the financial services route. Which I've often
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  Speaker 1: heard too that once you start that route, it's very
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  Speaker 1: hard to get out of it. So once you're in
• 2:23
  Speaker 1: the space you're kind of stuck. But thanks for that. Bill,
• 2:27
  Speaker 1: let's shift gears and kind of really start our conversation
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  Speaker 1: and for the listeners, our conversation today is really more
• 2:34
  Speaker 1: or less around technology at the forefront. It's of course
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  Speaker 1: really no secret that technology is fundamentally changing the way
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  Speaker 1: that we lend, the way that we interact with of
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  Speaker 1: course with our members, and really anymore how we structure
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  Speaker 1: our strategies. Right, So, Bill, from your perspective, one, what's
• 2:52
  Speaker 1: been the biggest technological advancement or shift that's had a
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  Speaker 1: direct impact on your lending strategy today?
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  Speaker 3: Yeah, it's really interesting. So my journey I mentioned, I've
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  Speaker 3: been doing this for twenty five plus years, and as
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  Speaker 3: technology has evolved in all aspects of our lives, but
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  Speaker 3: specifically in financial services, I feel like today we've almost
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  Speaker 3: become these aggregators or curators of technology platforms. So ADVIA,
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  Speaker 3: just on the consumer lending side, we have roughly fifty
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  Speaker 3: different technology systems and partners that we have and that's
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  Speaker 3: just in lending, So you across the entire org, there's
• 3:30
  Speaker 3: one hundred plus different technology services and platforms. And I
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  Speaker 3: think that's really interesting because if you were to ask
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  Speaker 3: the consumer, you know who they bank with and who
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  Speaker 3: provides their technology. For folks that our clients here, they
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  Speaker 3: think it's advia. They don't realize that there's all these
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  Speaker 3: partners on the back end, like an upstart or Jack
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  Speaker 3: Henry or five Serve. And so I think, first and foremost,
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  Speaker 3: it's understanding that our role has evolved in terms of
• 3:57
  Speaker 3: being a credit union and being able to curate that
• 4:02
  Speaker 3: member experience and how can we reduce friction. So I
• 4:07
  Speaker 3: think to sum it up or to answer your question,
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  Speaker 3: i'd say, you know, it's about being very smart and
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  Speaker 3: intentional in terms of the products, the systems, and the processes.
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  Speaker 3: Because the consumer expectation has changed today and a lot
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  Speaker 3: of that is due to the fang companies Facebook, Apple, Amazon, Netflix, Google,
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  Speaker 3: right like, there is the expectation of twenty four to
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  Speaker 3: seven availability, low friction, what I want, when I want it,
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  Speaker 3: the way I want it delivered, and so expectations are
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  Speaker 3: high and we need to raise our game to that standard.
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  Speaker 3: So for me, for us, it's being thoughtful and intentional
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  Speaker 3: again about the partners that we choose and then also
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  Speaker 3: trying to integrate those so that it's low friction and
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  Speaker 3: a great number experience.
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  Speaker 1: Yeah, that's let's kind of build off that, Like you
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  Speaker 1: already outlined, consumer expectations of course have evolved alongside you know,
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  Speaker 1: many different innovations. They don't really know that advia has
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  Speaker 1: a lot of stuff in the background. Members want that
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  Speaker 1: twenty four to seven type of access digital experience. Don't
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  Speaker 1: want to go into a branch as much. They want
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  Speaker 1: to click some buttons and really simplicity across almost every
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  Speaker 1: touch point as it pertains to lending and then of
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  Speaker 1: course on deposit side, so on and so forth. But
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  Speaker 1: how has advia responded one to these trends and like
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  Speaker 1: what types of strategies have you implemented and or found
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  Speaker 1: most effective in kind of meeting those rising expectations.
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  Speaker 2: Yeah, it's a mix.
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  Speaker 3: It's it's realizing that for as much as technology now
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  Speaker 3: integrates all aspects of all our lives, you know, relationships
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  Speaker 3: still matter. I just saw yesterday there's an article about
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  Speaker 3: Wells Fargo is kind of leaning back into a branch
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  Speaker 3: expansion because they realize they need to be present, they
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  Speaker 3: need to build the relationships. And there's certain transaction types
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  Speaker 3: and certain demographs that still want the face to face
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  Speaker 3: and they want to be walked through the process. They
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  Speaker 3: expect that they need that, and so you know, if
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  Speaker 3: you want to call that high tech, high touch brick
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  Speaker 3: and click like, you know, however you want to describe
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  Speaker 3: it like, that's paramount for us in terms of well
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  Speaker 3: slick online digital experience is a must, but you also
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  Speaker 3: need to have the high touch service as a must
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  Speaker 3: as well. So there's so many different ways that can present,
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  Speaker 3: you know, in terms of well staying mindful of geographic
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  Speaker 3: proximity to your members and what's the experience when they
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  Speaker 3: go in person and making sure that it's unique and
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  Speaker 3: memorable and differentiates from the competition, and that also has
• 6:47
  Speaker 3: to be present on the digital side as well. So again,
• 6:50
  Speaker 3: expectations are higher than ever and we need to raise
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  Speaker 3: raise our game to meet those expectations.
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  Speaker 1: On that too. Like you think about there's different persona,
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  Speaker 1: there's different age segmentation. Have you really seen an adoption
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  Speaker 1: whether it be by either of those two examples of
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  Speaker 1: like specific tools that your members are using to have
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  Speaker 1: the more digital type experience. Are you seeing more of
• 7:15
  Speaker 1: the larger or the older age segmentation kind of shift
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  Speaker 1: more to a digital type of experience, or is there
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  Speaker 1: anything that's really like stood out. That's outline. You know,
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  Speaker 1: success in this type of measurement, no.
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  Speaker 2: Good question, fair question.
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  Speaker 3: And I think are our data reveals what you would
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  Speaker 3: intuitively think in terms of the younger folks are going
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  Speaker 3: to figure it out on their own and adopt it
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  Speaker 3: more quickly and need less help. Yeah, I think what's
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  Speaker 3: less intuitive is some of the older demographics they want
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  Speaker 3: to use these services, but they need help understanding it
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  Speaker 3: right because they're used to calling their grandchild and having
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  Speaker 3: them you know, walk them through it or you know,
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  Speaker 3: set it up for them when they're visiting their grandkids,
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  Speaker 3: but they can't constantly do that. So you know, we've
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  Speaker 3: seen success with having our financial services specialists in our branches,
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  Speaker 3: you know, walk folks through establishing mobile banking and doing
• 8:17
  Speaker 3: mobile check deposit for the first time, accessing their credit
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  Speaker 3: report through our Savvy Money partnership, and it's almost this
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  Speaker 3: light bulb moment of hey, I can do it on
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  Speaker 3: my own. They realize that, but they need to be
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  Speaker 3: shown or they want to be shown the first time,
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  Speaker 3: and so that's a key realization for us. And then
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  Speaker 3: it's trying to tailor the message to that user and
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  Speaker 3: make sure they know that that is available to them
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  Speaker 3: and that increases engagement.
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  Speaker 1: So would you classify that your overall digital engagement has increased,
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  Speaker 1: whether age segmentation is a derivative of the maybe not
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  Speaker 1: adoption of it, or if you're kind of seeing kind
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  Speaker 1: of a flatline and adoption of digital versus non digital.
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  Speaker 3: No, adoption continues to grow, but there's there's less room
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  Speaker 3: for it to grow in the younger demographics. So we're
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  Speaker 3: seeing bigger pickups in the older demographics, but only because
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  Speaker 3: there was more opportunity there.
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  Speaker 1: So, thinking about just technology from a holistic view, I
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  Speaker 1: assume everyone listening into this podcast is leveraging technology and
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  Speaker 1: some facet as part of their lending strategy, part of
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  Speaker 1: their personal life. Right, But technology, I don't know next year,
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  Speaker 1: five years, ten years, I don't know what the what
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  Speaker 1: the age gap here is is going to continue to evolve,
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  Speaker 1: Like you think about what the iPhone is today compared
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  Speaker 1: to what it was in six and seven. In your view,
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  Speaker 1: do you have any sense of what the biggest trends
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  Speaker 1: or innovations are on the horizon in the next five
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  Speaker 1: ten years and how it pertains to the lending space.
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  Speaker 3: That's a deep question, and you know what I wish
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  Speaker 3: I could I could predict that with accuracy. But you know,
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  Speaker 3: we think about that, we talk about that, and I
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  Speaker 3: think the trends and if you look at consumer expectation
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  Speaker 3: and demand for low friction experience and digital and then
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  Speaker 3: you also look at just the prolification of data that's
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  Speaker 3: available on us today. I mean, you could go out
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  Speaker 3: drough and google yourself and you may be surprised how
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  Speaker 3: easy it is to find out so much about you
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  Speaker 3: within a matter of a few seconds. And so from
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  Speaker 3: the lending side, at what point do we or how
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  Speaker 3: long does it take to get to the point where
• 10:39
  Speaker 3: load applications are essentially a thing of the past because
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  Speaker 3: identity verification, income verification, asset verification, all these things are
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  Speaker 3: going to be automated in instant where it's almost gonna
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  Speaker 3: be like placing a fast food order through an app. Right,
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  Speaker 3: I mean, you need a loan, I'm sure there'll be
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  Speaker 3: some type of platform you go in, you know, scan
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  Speaker 3: your finger or scan your retina or some voice biometric
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  Speaker 3: and it's gonna instantly share your information with a pool
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  Speaker 3: lenders and within seconds you'll have a preapproved loan offer,
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  Speaker 3: whether it's for a credit card auto loan, So I
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  Speaker 3: we're gonna get there. And all these tools separately exist today,
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  Speaker 3: but like who's going to pull them together, and how's
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  Speaker 3: that going to get pulled together, and how are the
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  Speaker 3: lenders going to compete on those platforms? So I can
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  Speaker 3: envision that happening within the next five years where it's
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  Speaker 3: less and less of a one to one relationship, but
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  Speaker 3: it's it's more just consumer goes out, clicks a button,
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  Speaker 3: I want a loan, and instantly they have four or
• 11:40
  Speaker 3: five six offers and they really don't have to provide
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  Speaker 3: any documents or do any work for that to come
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  Speaker 3: to them.
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  Speaker 1: Yeah, that would be amazing. I don't know about retina
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  Speaker 1: scan timing. That would be an interesting, interesting way of verification,
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  Speaker 1: but I mean you already do it when you go
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  Speaker 1: through an airport, so it's not something off the table.
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  Speaker 1: Thinking about though, of technology that is available today that
• 12:01
  Speaker 1: is small in nature from an adoption perspective, thinking of chat, GPT,
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  Speaker 1: thinking of gen AI type of solutions, Do you have
• 12:09
  Speaker 1: any consensus of how these types of AI tools and
• 12:13
  Speaker 1: technology are going to be integrated not only within lending,
• 12:16
  Speaker 1: but maybe within your organization, your personal space, so on,
• 12:19
  Speaker 1: and so forth to make things more efficient on top
• 12:21
  Speaker 1: of kind of the verification stuff that you outlined in
• 12:23
  Speaker 1: the you know, the further advancement of the approval process.
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  Speaker 3: Yeah, short answers, No, we don't. But another topic we're
• 12:31
  Speaker 3: frequently thinking about talking about, you know, for us today,
• 12:35
  Speaker 3: we're we're more recently getting into AI decisioning for all
• 12:41
  Speaker 3: the loans that we do. You know, that's something that
• 12:42
  Speaker 3: Upstart does. It is an expert with and we appreciate
• 12:47
  Speaker 3: that expertise that we can lean into as we design
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  Speaker 3: our strategies around it. But we're we're getting into that ourselves.
• 12:53
  Speaker 3: But bigger picture, when you start to talk about AI,
• 12:57
  Speaker 3: all the use cases aren't defined yet within our space,
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  Speaker 3: and so we're figuring we're still trying to define and
• 13:02
  Speaker 3: figure out what are those risks, what are those use cases,
• 13:07
  Speaker 3: how can we gain benefits? What's the ROI in terms
• 13:10
  Speaker 3: of focusing effort in particular areas. So we've got our
• 13:14
  Speaker 3: toes in the shallow end in several different areas. Right,
• 13:17
  Speaker 3: So we're starting to do more with our phone systems
• 13:21
  Speaker 3: and whether it's voice authentication or having AI agents that
• 13:26
  Speaker 3: can provide twenty four to seven availability via phone for
• 13:30
  Speaker 3: phone banking type tasks of checking balances, seeing if checks
• 13:33
  Speaker 3: have cleared. That's a that's low hanging fruit, right, that's
• 13:37
  Speaker 3: a pretty easy one. Or how can we use AI
• 13:40
  Speaker 3: to automate some data entry tasks that relate to indirect
• 13:45
  Speaker 3: loan funding. So there's there's a lot of small steps
• 13:49
  Speaker 3: that we're taking, but we're going into this eyes wide
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  Speaker 3: open in terms of well, what's the industry going to
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  Speaker 3: push towards, move towards? And then all are our regulators
• 14:01
  Speaker 3: going to view all this as well?
• 14:02
  Speaker 2: What are they going to let us continue to do
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  Speaker 2: and what are they not going to let us do?
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  Speaker 1: What I'm curious on your thoughts of the member experience
• 14:10
  Speaker 1: of leveraging agents, chatbots, so on and so forth. I
• 14:13
  Speaker 1: know most companies, even outside of the financial services space,
• 14:18
  Speaker 1: have some realm of that today. I know that I
• 14:22
  Speaker 1: use them. I often get angry at them and then
• 14:23
  Speaker 1: want to talk to a person. But you think about
• 14:25
  Speaker 1: the advancement of that. Do you think that there's still
• 14:28
  Speaker 1: going to be a disconnect between a live individual looking
• 14:31
  Speaker 1: to seek answers questions get something out of it, or
• 14:34
  Speaker 1: do you think that the adoption from the actual individual
• 14:38
  Speaker 1: with these bots and agents, is going to progress or
• 14:41
  Speaker 1: any type of risk that you could all land there
• 14:44
  Speaker 1: that you're thinking of.
• 14:45
  Speaker 3: Yes, so we all have those examples where we've used it,
• 14:49
  Speaker 3: we've become frustrated with it, so that the technology is
• 14:52
  Speaker 3: not there today. It's simply not. So it can handle
• 14:57
  Speaker 3: a lot of things well, but sometimes you ask a
• 14:59
  Speaker 3: very basic task and it puts you in this loop
• 15:02
  Speaker 3: where you get stock and you can't get out of.
• 15:04
  Speaker 3: So I'd say, you know, it gets back to being
• 15:09
  Speaker 3: very intentional and thoughtful and not trying to have a
• 15:13
  Speaker 3: one size fits all solution for your members. So like
• 15:17
  Speaker 3: using the AI agent for telephone banking, example, present that
• 15:22
  Speaker 3: up front to folks and say hey, you have this option,
• 15:25
  Speaker 3: but if you prefer not to use it, press this
• 15:29
  Speaker 3: button or say this and I'll put you in the queue. Right, Like,
• 15:31
  Speaker 3: give people options and then they're choosing their path to
• 15:35
  Speaker 3: success in what they want. And I think that's what
• 15:38
  Speaker 3: members want. Again, It's about engagement, So engage them and
• 15:41
  Speaker 3: treat them the way they want to be treated through
• 15:43
  Speaker 3: these paths that we've already set and approved. So that's
• 15:47
  Speaker 3: one simple example, but it's how we're trying to think
• 15:50
  Speaker 3: about the use of AI in terms of gaining efficiencies
• 15:53
  Speaker 3: and improving the experience for those that want to use it,
• 15:57
  Speaker 3: but not forcing everybody down that path because the technology
• 16:00
  Speaker 3: simply is not there yet.
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  Speaker 1: Now I would I would agree with that. I know
• 16:04
  Speaker 1: there's other companies that don't adopt that same mentality, but
• 16:08
  Speaker 1: we'll leave those companies out for discussion for another day. Well,
• 16:13
  Speaker 1: Bill thinks those are all the questions that I had
• 16:15
  Speaker 1: for you. I think this is a good transition spot.
• 16:18
  Speaker 1: As you know, I always like to close the podcast
• 16:20
  Speaker 1: out with three kind of off the wall type of questions.
• 16:23
  Speaker 1: Rapid fire number one on the same theme of kind
• 16:28
  Speaker 1: of technology. What's the latest and greatest app or technology
• 16:31
  Speaker 1: gadget that you cannot live without?
• 16:32
  Speaker 2: Yeah, we've been talking about it today. You brought it up.
• 16:34
  Speaker 3: It's chat GPT, So I can't claim that it's the latest,
• 16:38
  Speaker 3: but it's so convenient. So I found myself recently like
• 16:43
  Speaker 3: making dinner and looking up recipes for it. We're currently
• 16:46
  Speaker 3: planning one of my kids high school graduation open houses,
• 16:50
  Speaker 3: and so even coming up with some themes or different
• 16:52
  Speaker 3: things to do there.
• 16:53
  Speaker 2: I've used it there.
• 16:55
  Speaker 3: And then just last week my wife and I put
• 16:58
  Speaker 3: in pictures of our house and we ask for it
• 17:01
  Speaker 3: to give us some ideas of renovations to like a
• 17:04
  Speaker 3: modern farmhouse look, and it comes back instantly with all
• 17:07
  Speaker 3: these different designs for landscaping and outdoor reno. So it's fun,
• 17:13
  Speaker 3: it's useful, and it's becoming ubiquitous. So everybody needs to
• 17:16
  Speaker 3: get out now.
• 17:17
  Speaker 1: I couldn't agree more. I leveraged chat GBT now more
• 17:20
  Speaker 1: than I ever thought I would, almost to the point
• 17:23
  Speaker 1: where like I don't go to Google search anymore, but
• 17:26
  Speaker 1: I would agree with you. Question number two, If you
• 17:30
  Speaker 1: could switch jobs with anyone for a day, who would
• 17:33
  Speaker 1: it be and why?
• 17:33
  Speaker 3: I would say my wife. She is an elementary school teacher,
• 17:39
  Speaker 3: so we work in very different fields, and I think
• 17:42
  Speaker 3: that would be very intriguing and very enlightening to me
• 17:46
  Speaker 3: to walk a day in her shoes, so to speak.
• 17:48
  Speaker 2: So yeah, my.
• 17:49
  Speaker 1: Wife, that is a great answer. I give huge kudo,
• 17:54
  Speaker 1: says I have young children to elementary school teachers and
• 17:57
  Speaker 1: all that they do for our kids. Interesting, interesting answer.
• 18:01
  Speaker 1: And then last question and you can't tell me, Retina
• 18:05
  Speaker 1: scanning for approval odds on loans, But what is what
• 18:07
  Speaker 1: is one bold prediction for the future?
• 18:10
  Speaker 3: One bold prediction to How about two bold predictions, Drue. First,
• 18:16
  Speaker 3: I'm going to say our main regulators within community, within banking,
• 18:23
  Speaker 3: FDIC and NCUA, they are going to consolidate within the
• 18:26
  Speaker 3: next two years. That's sorry, the next ten years, ten years.
• 18:31
  Speaker 3: I can foresee that happening, especially in light of what
• 18:35
  Speaker 3: we've seen recently in current administration directives. Second, for those
• 18:41
  Speaker 3: that don't know, I'm a big Notre Dame football fan,
• 18:45
  Speaker 3: and they had a great season this past year. I
• 18:48
  Speaker 3: really like the new head coach, newer head coach. So
• 18:51
  Speaker 3: let's say Notre Dame is going to win the national
• 18:52
  Speaker 3: championship in football within the next ten years as well,
• 18:55
  Speaker 3: and we'll aft which of my predictions comes true.
• 18:58
  Speaker 1: First, I like how you throughout the next ten years,
• 19:02
  Speaker 1: not this this coming year, giving yourself some some wiggle
• 19:05
  Speaker 1: room there. Yeah, we'll have to come back in the
• 19:09
  Speaker 1: next decade and see if if that happens. It's of
• 19:11
  Speaker 1: course been been quite some time, but Bill, this has
• 19:14
  Speaker 1: been such an insightful conversation. Uh again, thanks so much
• 19:18
  Speaker 1: for you know, sharing your experiences and your perspective. As always,
• 19:22
  Speaker 1: to our listeners, thank you for tuning in. If you
• 19:24
  Speaker 1: enjoyed today's episode, be sure to subscribe and of course
• 19:27
  Speaker 1: share with a colleague or friend in the industry. Until
• 19:30
  Speaker 1: next time, keep innovating, stay curious, and thanks again for
• 19:33
  Speaker 1: being part of our conversation.