By Susan Mitchell, Mitchell Stankovic and Associates, founder of the Underground

After much anticipation and curiosity about why we are colliding with Money 2020, thought leaders came together to demonstrate the power of people. Through a worldwide system, credit unions touch over a billion people from 118 countries and 6 continents and that is why we held our Collision at a conference that favors the high-tech and venture capitalists. Mitchell Stankovic wanted to build attendance and demonstrate that credit unions deserve a seat at the table when the future of money is being discussed. Anecdotally, some regular, long-time attendees of Money 2020 said there was more credit union representation at Money 2020 this year than ever before. (Probably doesn’t surprise you that the password into the Underground speakeasy at the Mob Museum was #CUMoney!)

Learn more about the Underground Collision here!

For those who were there, what were the highlights for you? Here are a few from us:

1. “You don’t know when you plant a seed where it will grow.” – Susan Mitchell on the proliferation of diversity and inclusion initiatives, cannabis do’s and don’ts, financial inclusion, social disaster recovery and other raw subjects since Mitchell, Stankovic and Associates began the Underground intimate discussions three years ago. “Every year we select locations based upon what is real and what subjects need to move from the water cooler to the stage.”
2. “Working with a fintech as a large, matured industry is like an elephant trying to dance with a mouse.” – Shazia Manus, chief strategy officer at CUNA Mutual Group for AdvantEdge Analytics.
3. “We can misinterpret data because of our inherent biases. We must look at data through the lens of culture.” – Eric Hansing, CUNA Mutual Group vice president of corporate strategy, explaining why it’s important for businesses to have diverse teams.
4. “The influx of technology has changed how businesses have access to consumers, and it’s grown exponentially. Some fintechs wanted to work with traditional financial institutions while others wanted to disrupt. Learn into it.” – Sam Das, principal at CMFG Ventures, on the impact of fintech.
5. “We need to meet members where they are. One in three loans to Gen Z were via mobile versus one in five to millennials.” – Micheal Herman, CUNA Mutual Group vice president of innovation, on how quickly mobile is being adopted by younger consumers.
6. “Cash, Cannabis and Car loan disruption is the reality for credit unions today and consumers will drive us into the future.” – Shana Richardson, CEO, Ser Technology
7. “We opened our first cannabis account in 1996 and it was no problem. Santa Cruz Community CU has a philosophy of serving everyone, no matter who that is…(But especially when serving cannabis businesses), they have got to do the right things, and they have to be 100% compliant.” – Santa Cruz Community Credit Union President/CEO Beth Carr on how the credit union originally got into banking cannabis.
8. “We handle $300 million per month in deposits, and we have another 100 cannabis businesses on a waiting list. Thank you to CUNA Mutual for being a valued partner and insuring us.” – Katrina Skinner, president/general counsel of Safe Harbor Services, illustrating the cannabis businesses’ demand for banking services.

   The vast majority of credit union leaders attending the Underground Collision raised their hands when asked whether credit unions should be serving the cannabis business.

9. “Electric cars will reach parity with ICE (internal combustion engine) in the next few years.” Brian Hamilton, CU Direct’s vice president of innovation, on one of the trends affecting auto lending.
10. “We’re using data to drive our decisions. We want our members and our staff to experience digital.” – Warner Down, vice president of operations at Partners Credit Union, on creating a good experience when your FOM is Disney.
11. “Our vision for growth is to build members financial health and wellbeing, so we’re redesigning our products and our brand. We made early investments in fintechs to not only get the technology, but also to learn from them.” – Patelco Credit Union President/CEO Erin Mendez.
12. “Payment cards account for 25% to 50% of credit union’s noninterest income. They’re a real time interaction and the center of the trust circle for credit unions. Credit union have a lot to learn in the customer experience area of payments.” – CO-OP Financial Services President/CEO Todd Clark.

Very few attendees raise their hands when asked if they’d run any specials to try to get their payments cards to the top of the digital wallet, such as Amazon and Uber accounts.

14. I loved the Vegas Underground because it was The Who’s who of the CUSO movement...those leaders with a cooperative heart combined with a shrewd business mind living the 6th cooperative principle: cooperation among cooperatives - doesn’t get any better than that!” – Denise Wymore, membership and advocacy development officer for NACUSO.
15. “When I’m running up hill, I don’t keep my focus on the horizon. I glance up at it, but mostly I stare at the little pebbles passing under my feet and it makes me feel like I’m going faster.” – Sarah Snell Cooke, principal at Cooke Consulting Solutions, drawing an analogy about not getting overwhelmed and giving up in debate with Randy Karnes about the value of thought leadership.
16. “What is the theme of thought leaders? They create frantic emotions; is that what thought leaders wanted or intended? Back up a bit. Take the frantic out of the conversation.” Randy Karnes, President CEO of CU*Answers, opening up his side of the debate.
17. “Walking down Fremont Street in Las Vegas gives you an off-planet perspective that might be helpful as you look to the future,” Frank Diekmann, Collaborator in Chief, CUToday, quipped.
18. “In Ukraine, people turn to the credit union in their communities to get crops in the field and to get capital to small businesses to keep people employed.” – Brian Branch, president/CEO of the World Council, on the impact of credit unions that understand their members and follow the mission.
19. “Brian Branch spoke eloquently on the ways cooperatives find solutions in communities on the way to building community financial institutions. Rebuild trust around needs met, etc. What might look like a social cause to some is the investment to rally people to a community focused on financial health as the foundation for better lives. While an option in US communities, it’s a requirement in some countries.” CU*Answers CEO Randy Karnes’ observation of the immigration panel.
20. “Latinos don’t trust financial institutions. We had to go to the fields and educate them on how to use a debit card, and through that, we gained trust.” – Roxy Ostrem, vice chair of Ventura County Credit Union, detailing the credit union’s efforts to reach the undocumented and unbanked.
21. “They’re getting taken advantage of by payday lenders, check cashing centers and even local liquor stores that may cash their check for them for $35 each. When I was asked to be part of this panel, I did my research and learned we can serve immigrants and it led me to ask why we aren’t doing more. ” – California Credit Union President/CEO Todd Lane on the need to serve undocumented workers and those who carry a matricula consular card.
22. “Future generations will be activating their relationships through cell phones, thumbs or wristwatches, are credit unions prepared?” – Jeremiah Lotz, managing vice president, Digital Experience & Payment Products, PSCU
23. Checks, mobile, cards, it’s the consumer choice. “One card to buy and get cash anywhere in the world. We will need our technology partners to collaborate.” – Chris Danvers, VP Digital Strategy & Payments, American Airlines FCU
24. “Why do we call it a checking account anymore? We need to anticipate the future needs of our members and deliver member value. As my personal focus group (6 children), cards will go away because kids want to use their devices.” – Carol Galizia, President/CEO of LA Financial Credit Union.
25. Kim Reedy, EVP and CFO of OneAZ Credit Union noted, “Our core values remain the same and are founded on our three pillars no matter the delivery channel we will be there. It is all for the member.”
26. “The underground uncovers moments of social injustice, financial inequity. We even talked about Marijuana Related Businesses bringing boxes of cash. Wait a minute- isn’t that how all CUs began? 
    Eres el jefe. You are the boss. It’s time to #StandUp. It’s time to build access, trust and relevancy. It’s time to kick some a**. – Brandi Stankovic, Chief Strategy Officer, CU Solutions Group
27. “Be part of the local, national and global system of credit union cooperatives and give generously as we all come together to change lives.” – Steve Stapp, Chair, World Council of Credit Unions and CEO/President of Unitus Credit Union.

“Doing the right thing is good business!” Sue Mitchell noted in her closing comments from the WoW stage. So much more went on Oct. 26 at the Underground Collision, from passionate pleas to data-driven support for steps the credit union community can take as the 24/7/360 but we just wanted to get these tidbits out to you fast! Keep in mind, unless you attend the events, you won’t really get a feel for the passion and engagement in the room, all in support of credit unions! We’ll have more to come from the event over the coming weeks so stay tuned for more #CUMoney! Imagine the world without credit unions…