How Do You Manage the Risk of Getting Run Over by Technology Change? Insights from Becky Reed, COO of BankSocial and Co-Founder & Board Chair of Pure IT

About this episode

In the AI Risk Reward podcast, our host, Alec Crawford (@alec06830), Founder and CEO of Artificial Intelligence Risk, Inc. aicrisk.com, interviews guests about balancing the risk and reward of Artificial Intelligence for you, your business, and society as a whole. Podcast production and sound engineering by Troutman Street Audio. You can find them on LinkedIn.

In this episode, Alec Crawford sits down with Becky Reed, Chief Operating Officer of BankSocial and co-founder and board chair of Pure IT Credit Union Service Organization, to explore the intersection of innovation, technology, and risk in the credit union sector. Becky shares her career journey from operations to CEO, emphasizing the importance of continuous innovation and the adoption of emerging technologies such as cloud computing, blockchain, and stablecoins. She discusses how credit unions can leverage these advancements to remain relevant, warning of the significant risks of not adapting, including potential revenue loss and deposit outflows. The conversation covers best practices in consumer protection, regulatory compliance, and the convergence of AI and blockchain in finance. Becky also offers thoughtful advice for students entering the workforce and provides candid perspectives in a fun lightning round segment.

Summary:

1. Career Innovation: Becky Reed’s journey highlights the shift from traditional operations to technology-driven leadership in credit unions.
2. Blockchain & Stablecoins: The episode details how decentralized finance and stablecoins can disrupt traditional banking models and why credit unions must adapt.
3. Risk of Inaction: Becky stresses that the greatest risk is for credit unions to remain passive, risking lost revenue and deposits as technology evolves rapidly.
4. Regulatory Compliance: She advocates for applying existing consumer protection and privacy regulations to new technologies, ensuring ethical and secure adoption.
5. Humanities in the AI Era: For students and professionals, Becky advises focusing on human-centric skills that AI cannot replicate, emphasizing the importance of adaptability and lifelong learning.

Companies/Organizations:

1. BankSocial
2. Pure IT Credit Union Service Organization
3. Lone Star Credit Union
4. Arlington Federal Credit Union
5. Circle
6. Katena Labs
7. OpenAI
8. Amazon (AWS)
9. Robinhood
10. Coinbase

Books:

1. Credit Unions and DeFi, a Financial Renaissance by Becky Reed

Movies:

1. Barbie

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