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Financial technology can be complicated stuff- and anyone who claims there are easy answers to the challenges facing credit unions probably hasn’t analyzed the issues closely enough.

In 2008, the market suffered a horrible loss due to mortgages being repackaged that were not worth the amounts they were repackaged for. As a result, many people lost their jobs. At that time, I was working at a large credit union. I woke up one day to discover that we had lost almost 90 million dollars. We didn’t lose that money because we were mismanaged or because we had taken high risks, but because of the environment that we were operating in.

Innovation is one of those somewhat nebulous words that many of us use to describe what we do. Over the years, I’ve been involved in some very innovative creations that never actually went anywhere. It’s not because they weren’t really cool or didn’t have a sustainable business model.