The Intelligent FI Podcast Episode 3
What Do Fintechs Misunderstand About Credit Unions/ Community FIs?
Featuring guest, Chad Williams, CEO of GHS Federal Credit Union and host Gopal Swamy, CEO of Conductiv
Why did it take nine months to find out it wasn’t working?
Chad Williams, CEO of GHS Federal Credit Union, has seen it happen. A credit union signs with a fintech, goes quiet, and checks in with the people using the system nine months later, only to hear it never did what was promised. His question for credit union leaders is why nobody asked sooner.
Chad began his career as a software and computer engineer, so he hears vendor pitches with a different ear from most credit union CEOs. In this episode, he and Conductiv CEO Gopal Swamy talk candidly about what fintechs misunderstand about credit unions, and where credit unions make partnerships harder for themselves.
They get into why Gopal stopped opening sales conversations with ROI, why Chad always asks for two references (one recent, one that has been live for a year), what an executive sponsor owes a project once it gets uncomfortable, and what one lending team did with the hours they got back.
Chad’s advice for the next 90 days is the simplest thing said in the episode, and probably the hardest to make time for.
In this episode:
What fintechs misunderstand about credit unions and community FIs
Listening before prescribing a solution
Why leading with ROI can miss the mark
Co-owning technology, process and culture change
The role of an internal executive sponsor
Why references matter so much in the credit union space
Balancing risk and innovation
What teams do with the time technology gives back
Being an active partner after the contract is signed
Chad’s one move for the next 90 days