CUES Podcast 164: What It Takes To Be a Great CEO

In this CUES Podcast episode, host Carla Kalogeridis welcomes guests Deedee Myers, Ph.D., CEO of DDJ Myers, and Peter Myers, Senior Vice President at DDJ Myers, to discuss what it takes to be a great CEO in the credit union industry.

The conversation covers several key aspects of CEO selection, onboarding, and performance. You’ll discover:

• The process of finding and selecting a CEO, including vetting internal vs. external candidates
• Differences in interviewing internal and external candidates
• The importance of a robust onboarding process for new CEOs
• Characteristics that distinguish good CEOs from great ones
• Regular practices that high-performing CEOs engage in

Deedee and Peter share insights on:

• The evolving landscape of CEO searches
• The importance of emotional intelligence and strategic thinking for CEOs
• How boards can prepare for CEO transitions years in advance
• The critical first 90-120 days for a new CEO and building relationships with staff, board members, and the community
• Five key characteristics of exceptional CEOs, including having a clear vision and putting "points on the board"
• Regular practices CEOs should engage in, such as semi-annual development conversations with executives and regular strategy deep-dives

"Never stop learning. Always be curious. Be open. Be hungry," Deedee advises aspiring and current CEOs.

This episode provides valuable insights for credit union professionals interested in leadership development, board members involved in CEO succession planning, and current CEOs looking to enhance their performance.

Links for this show:

• Transcript
• DDJ Myers

In this episode of the CUES Podcast, guest Lee Wetherington, senior director of corporate strategy at CUES Supplier member Jack Henry, discusses the impact that artificial intelligence is already having on credit unions. Two areas that will be improved by AI are member experience and service and fraud mitigation, he says.

“The top two use cases are member service—specifically, in short to mid-term, generative AI assist technologies to real people in the credit union who are fielding members’ moments of need in real-time through digital channels through the mobile app, etc,” Wetherington says. “The number two use case … is the application of machine learning to fraud detection, fraud prevention and fraud mitigation. Using new generative AI pattern detection technologies is being brought to bear and that space in more new and powerful ways.”

Lee is the senior director of corporate strategy at CUES Supplier member Jack Henry. He directs the development of actionable insights, forecasts and strategy for Jack Henry and the financial services industry at large. To this end, he guides a team of analysts who track the trends and implications of the emerging technologies disrupting and transforming the banking industry. You may have seen Lee at a conference as he delivers keynotes nationwide, focusing on opportunities and challenges in fintech, payments and digital banking.

In the show, Wetherington also discusses:

• What are the top use cases for AI right now?
• Where should credit unions start to dip their toes into using AI?
• What are the potential cost savings and revenue-generating opportunities for credit unions through AI adoption?
• Are credit union employees going to lose their jobs to AI?

“I see generative AI … as more of a leveler of the playing field, between credit unions and the biggest banks in the country,” he says.

Links for this show

• Transcript
• Jack Henry’s 2024 Strategy Benchmark
• Making AI Work for You: 10 Steps for an Organizational Approach
• Lee Wetherington’s LinkedIn profile
• What Is ChatGPT Doing ... and Why Does It Work? by author Stephen Wolfram
• jackhenry.com

In this episode of the CUES podcast we talk about payment trends and strategies with guest Tede Forman, president of payment solutions at CUES Supplier member Jack Henry. He leads the company’s strategy and solutions for payments and spoke about why Jack Henry actively participated with the Federal Reserve to help develop its real-time payments network, FedNow.

“We wanted to offer this opportunity to all of our community financial institutions (and) specifically credit unions right from the start to give them the horsepower to drive innovation,” Forman says. “We also saw this as the foundation for meeting current needs, but also building future payment solutions.

“There's going to be a lot of innovation and transformation with instant payments, from P2P to business. … (We knew) getting in on the front end would help the credit union understand the operational processes and also (help) think through use cases that could be leveraged in the credit union space with instant payments.

“Probably around 30-33% of all the FIs that are live on the FedNow rail are actually a Jack Henry client,” he adds.

In the show Forman also discusses:

• the most common questions about FedNow;
• common risks or barriers that make credit unions hesitant to implement instant payments;
• data about the use of and demand for instant payments;
• how instant payments can help credit union members improve their financial health;
• a vision for the future of instant payments;
• and much more.

Links for this show:

• Transcript
• Email Tede Forman
• Jack Henry: Payments Trends and Strategies
• The Faster Payments Council’s Operational Considerations for Instant Payments Receive-Side Primer