By Forum 2023 YP Crashers
To foster growth and career progression, Catalyst Corporate invited five young professionals (YPs) to participate as “crashers” at this year's Economic & Payments Forum in Plano, Texas. Following the Forum, Catalyst asked the crashers to share their conference takeaways. Here are a few of their comments:
Payments in focus
Forum 2023 included a pre-conference bonus session on faster payments. YP crasher Nikki Johnson, a consumer lending officer from CSE FCU, shared insights on how the new FedNow® Service provides a competitive edge, cost savings and enhanced payment service.
“Offering real-time payments through the FedNow Service can give credit unions a competitive edge in attracting and retaining members,” said Johnson, “It aligns with the evolving preferences of consumers who value instant and convenient services.”
Johnson noted that pricing for the FedNow Service through Catalyst proves more cost-effective than maintaining a blockchain node.
“The FedNow Service can potentially help credit unions reduce the costs associated with traditional payment methods,” said Johnson.
Thinking long-term with investment strategies
Michelle Bees, Operations Manager at UPS Employees FCU, emphasized the significance of adopting a long-term perspective.
“The sooner we acknowledge thinking long-term,” said YP Crasher Bees, “the sooner we can provide members with competitive products. This approach also helps us set goals to maintain liquidity and a steady loans-to-assets ratio."
At Forum 2023, subject-matter experts addressed liquidity management and the strategic planning considerations associated with subordinated debt.
“Steven Houle stressed that the importance of liquidity planning is to avoid significant losses.” Bees added, “Mark DeBree spoke on the importance of thinking long-term by using sub debt.”
Technology advancements
Branch Manager Kyle Williams from CSE FCU heard loud and clear that credit unions must stay current with technology to be competitive.
“The Forum helps credit unions effectively understand and utilize electronic payments, including the historical context of those advancements,” said Williams, who indicated the Forum encouraged him to return to school for an additional degree.
“Technology is changing the future for credit unions and Catalyst is advancing just as fast,” Bees added. Catalyst’s CU LoanPay and connection to the FedNow Service are examples of how credit unions can provide a way for members to complete transactions without having to be at a branch.
Leadership in the work environment
Lastly, strong leadership is a cornerstone of credit union success, guiding organizations through challenges and towards growth. Leadership expert Sara Ross encouraged attendees to contemplate the potential impact of actions and words before proceeding.
“This reflective approach can prevent hasty decisions and promote responsible leadership,” said Williams about Ross’ presentation. “Her insights on work-life balance added substantial value to Catalyst’s Forum.”
At the Forum, all five YPs gained access to the latest information on payments, investments, technology and leadership to take back to their credit unions and continue to grow. Tray Braud, Business Lending Officer from CSE FCU, and Cynthia Cowan, from Pampa Teachers FCU, expressed gratitude for the opportunity to attend Forum.
“The insights and information shared were incredibly informative and valuable,” said Braud.
“Being able to leave my small town and talk to employees at larger credit unions helps me to see our future,” added Cowan.
Payments. Investments. Technology. Leadership – this year’s YP crashers gathered worthy takeaways for growth and career advancement. We hope to see them again at the 2024 Economic & Payments Forum!