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Earning Trust to Serve Members Better: Onsite at REACH

An expert on disruption discusses open banking, open data and what they mean for trust.

Business advisor and investor Louise Belmont. Business advisor and investor Louise Belmont.

MONTEREY, Calif. – Today’s biggest disruptors, such as Uber and Lyft, have a few things in common – all of their users’ data is collected and managed in an open, accessible manner, and the companies have trained their users to expect better, more personalized service. And if credit unions want to provide better, more personalized service to their members – the same consumers being targeted by large disruptors – they must earn their members’ trust and embrace the idea of open banking.

That’s according to Louise Belmont, a U.K.-based business advisor and investor, who addressed attendees of the California and Nevada Credit Union Leagues’ REACH conference Oct. 29. She explained open banking is the idea of laying a trail of member data that the credit union can use for its benefit, and noted credit unions are not making the best use of their data. “Financial institutions have done this with their data – hidden it, hoarded it and never used it,” she said.

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Natasha Chilingerian

Natasha Chilingerian

Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.

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