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Can Credit Unions Break the 4 Minute Mile?

Can Credit Unions Break the 4 Minute Mile?
Posted: Jun 8, 2017
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Author: Paul Castner

Google's Loren Hudziak says look at what's possible and then go beyond that.

“To make technological break-throughs, we need to reconstruct the mental model we have about technology. We can’t look at technology based on how it affects what we do, in our daily lives or in the credit union industry. There are concepts people have heard of, understand somewhat, but still view them through today’s lenses, instead of a view to the future.” Google Solutions Architect Loren Hudziak gave a historic example of this concept to the 350+ credit union attendees during the 2017 CSCU annual conference.

“Medical student Roger Bannister was the first person in recorded history to run the mile in under four minutes. Up until he did it in 1954, most people thought the four-minute mark was impossible to break. They thought the human body couldn’t physically go that fast – that it would collapse under the pressure. They thought ‘No-one could run a mile in less than four minutes.’ ‘It was impossible.’ It was a physical feat for Roger, but more importantly it broke a mental model that this was impossible. Once it was recognized that a four-minute mile was possible, Roger’s record was broken 49 days later, and now it is expected of even high school runners.”

A specific example Hudziak gave is the way people view the cloud. “5% of all organizations are on the cloud today. We have a mental model about how we manage IT, and the cloud is a new and different model for computing. Benefits include paying only for what you need, and the ability to expand as needed. Another benefit is security. Some people still naively think that having systems in-house is safer than processing in the cloud. But the truth is that most individual IT systems are far less protected than that provided by cloud vendors. Ransomware and malware are becoming rampant in in-house IT systems, but cloud vendors have multiple methods to thwart these types of attacks.”

Hudziak pointed out, “The cloud changes everything because of the amount of data that now exists. There’s a lot that the cloud industry changes in payments, in lending, and in providing banking services. And, by the way, there’s no such thing as the cloud. There’s not one cloud, since shared computing/processing resources exist through Google, Amazon, Microsoft and many others.”

The lesson Hudziak provided to the audience is to not constrain yourself by the mental model about how things work today and the way they should work, but rather look at what is possible, and then look beyond that. Trust that the technology will be there to help you achieve any of that. Just because you got to where you are using technology of today, don’t assume those same things are going to work for you 5, 10, 15 years into the future, particularly as people’s expectations of the technology, including your members’ expectations, and the delivery of services evolve faster and faster.

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Paul Castner

Paul CastnerPaul Castner

Paul is Director of Marketing and Managing Director of The Payments Review and is responsible for the production, writing and editing of the website’s timely and relevant content on the ever-changing world of payments.

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