Redefining Innovation for Financial Institutions in 2024

From AI and analytics to culture and more, tune in for an in-depth look at how financial institutions can innovate to keep up with the latest trends. Allied Solutions' EVP and Chief Growth Officer Mark Bugalski joins us for an insightful discussion on growth and innovation strategies in the financial services industry. 

 

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In this episode…

 

[1:03] Meet Mark Bugalski

[5:51] Allied’s focus in 2024

[6:48] In terms of technology and data, we’re probably going to spend about $75M in 2024

[7:31] We can’t lose sight of helping our clients maximize non-interest income

[10:00] Another area I think is a theme for our clients is ROA management, expense control, and operation efficiency

[11:58] Delinquency rates have always been an indicator of upcoming repossession activity and foreclosure activity

[13:50] GenZ, that demographic is pretty powerful

[15:37] When we think about innovation organizationally, we lump it into three groups

[18:31] Technology is awesome, AI is awesome, but you do run the risk of privacy violations, fraud…

[20:28] A hot topic for 2024 is….

[22:29] (AI) The impact has been profound, but there’s so much more

[25:44] There’s a difference in sounding great and deploying it to the real world

[28:00 ] From a credit union perspective, in a lot of cases when it comes to technology, tend to be a little bit more nimble

[30:33] “Innovators are thought leaders and thought leaders innovate” — what does that mean?