“Talent is critical – it’s the lifeblood of everything we do,” said Summit emcee and Catalyst Executive Vice President of Member Relations Greg Moore emphasizing the importance of a fresh perspective within the credit union industry during his opening comments.
Catalyst’s 2024 Strategic Summit was packed with engaging sessions, talented and insightful speakers and forward-thinking strategies designed to help credit unions tackle today’s challenges. In the heart of the Texas Hill Country at the La Cantera Resort & Spa, Catalyst welcomed credit union leaders, young professionals and industry experts from Origence®, OrboGraph and the Federal Reserve to share knowledge and explore the future of financial services.
Fireside strategy
This year’s opening session featured a fireside chat with three members of Catalyst’s executive team as they discussed strategies for overcoming challenges and identifying key initiatives for future success.
Moore asked the team what strategies are essential to helping credit unions thrive in 2025 and beyond – an easy question for Catalyst Chief Technology Officer Diana Hennel. “I would be lying to you if I didn’t say AI,” she stated.
When asked, “What keeps you up at night?” Chief Investment Officer Mike McGinnis replied, “Where the credit union movement stands today.” Adding that the credit union industry has thrived because of the emphasis and importance placed on strong member relations. He encouraged the audience to remain diligent in growing the movement.
For Chief Operating Officer Brad Ganey, collaboration, efficiency and member relations keep him awake at night – or better yet, make him binge ice-cream.
Future payments and economic trends
Catalyst’s Vice President of Advisory Services Steven Houle shared his economic review and provided strategic considerations for the years ahead.
Houle emphasized the Fed’s summary of economic projections showed revisions in the forecast for 2025 and 2026, with a significant reduction in expected rates.
Erik Van Bramer, of the Federal Reserve, gave a status update on the FedNow® Service, highlighting various ways credit unions can capitalize on this evolving technology.
“Customers don’t ask for instant payments – they expect them,” said Van Bramer.
Van Bramer also provided insights into the adoption trends and future roadmap of instant payments while encouraging credit unions to be a part of the growing network – which has now reached over 1,000 live participants.
Steve Rick, returning speaker and TruStage Chief Economist, delivered his always insightful take on the macroeconomic environment, tying in the Fed's recent rate cuts and how they could impact credit unions moving forward.
AI and the power of collaboration
The exploration of Artificial Intelligence (AI) in the financial landscape was a leading topic of discussion at the Strategic Summit. “As AI continues to supercharge credit union success,” noted computer scientist and University of Maryland professor Dr. Jennifer Golbeck, “it’s important for employees to build trust between themselves and AI to unlock its full potential.”
Business growth expert Jeff Havens captivated the audience with his unique blend of comedy and business advice. With humor and insights, he shared the importance of leveraging team collaboration and how to be innovative, leaving attendees both informed and entertained.
“Being innovative is not just a business strategy; not just good for your bottom line... it’s at the heart of moving forward in a productive way,” he said.
Keynote speaker and Shark Tank star Barbara Corcoran shared her inspiring life story as well as strategies for building a thriving team.
Attendees gained valuable advice on leadership and creating long-term success through adaptability and simply “having fun.” The real estate mogul also emphasized the importance of creativity and resilience, particularly during economic downturns.
“The best successes always have failure,” she added.
Looking ahead to 2025
With discussions on AI, payments and economics, this year’s event not only celebrated the strides the industry has made but also set the stage for future success. Strategic Summit 2025 will take place next fall in Austin, Texas. Be sure to sign up for advanced notifications and be the first to know more about next year’s topics and amazing venue!