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 has worked in the credit union space for over a decade. She joined CU Times as managing editor in 2015 and was promoted to executive editor in 2019. Before that, she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union) in Los Angeles from 2013-2015, and as a CU Times freelancer from 2011-2013. She has been a professional writer and editor for more than 17 years, specializing in news and lifestyle journalism as well as marketing copywriting for companies in the finance and technology space.

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