Mitchell Stankovic Leads Initiative to Unshackle CUs From Legacy Tech
New core and sandbox of connected solutions to be announced at Oct. 26 UNDERGROUND event at Money 20/20
July 15, 2024
Boulder City, NV—Mitchell Stankovic and Associates (MSA) has courageously taken on the challenge of unshackling credit unions from the burden of legacy technology so they can move forward the industry vision for excellence in member experience in a big way. The results of this effort will be announced on Oct. 26 at the UNDERGROUND event at Money 20/20 in Las Vegas. Get more information and register here.
Most industry executives know there is a fundamental problem when core systems are 50 years old, antiquated and even if they have migrated to the cloud, their underbelly is still obsolete technology.
“Without the resources and talent to tackle the issue, the industry does research, talks about how it won’t work and then initiatives stall. Why? It’s complicated. Besides limited resources, there are long-term contracts that are difficult to unwind,” said Susan Mitchell, CEO of Mitchell Stankovic and Associates.
“Our vision is to ensure the unique ‘people helping people’ philosophy is sustainable, not vulnerable to bad guys so credit unions can safely serve consumers with the tools they need to do it. We formalized an UNDERGROUND working group to design a modernized core, a sandbox of tech add-ons, plus support services to help credit unions make this critical change. A credit union in a box.”
With the UNDERGROUND Credit Union Shared Services™ or “CUSS” working group, MSA has brought together technology experts and credit union industry leaders to define a native language. cloud-based core and sandbox of additional solutions that will effectively serve small, boutique, de novo and large CUs; be scalable; have a reasonable initial and ongoing cost; and be accompanied by strategic advisory services designed to help credit unions embrace the new offerings and benefit deeply from converting.
“Mambu supports financial institutions worldwide, including the credit union space in Canada,” said Fernando Zandona, CEO of the leading SaaS cloud banking platform, Mambu. “Earlier this year, I attended the Underground event in Washington, D.C., where I met with many executives who lead U.S. credit unions. It was clear to me that Mambu’s values align with the industry’s mission and focus on its members and community. We, therefore, enthusiastically offered to join and support the Credit Union Shared Services working group as it takes the credit union industry forward.”
Mitchell noted that 2024 presents a key window of opportunity for credit unions to overcome this core challenge, as major corporations are partnering with MSA to bring global expertise and system architecture to the credit union sector. “There are many skeptics and folks that say they will retire before ever doing a core conversion and then there are others who emphatically declare that it’s been tried before and hasn’t worked,” Mitchell commented, “I get it, but that was then and this is now. It is no longer acceptable to kick the can down the road. Too much is at stake.”
Learn more about this exciting initiative, its early results and the vision for its next steps by attending the Oct. 26 UNDERGROUND event.
About Mitchell Stankovic and Associates
Located in Boulder City, Nevada, Mitchell, Stankovic & Associates (MSA) stands up for issues that will make a difference to a diverse world of people and the bottom line for credit unions, changing member lives globally. Clients glow when asked about MSA because they know what a partnership truly means—working together to achieve financial access to all. Led by CEO Susan Mitchell, MSA believes that credit unions have a social purpose, and its consulting services emphasize doing the right thing as good business, garnering sustainable growth and relevance within the market. From CEO leadership transitions to strategic planning to modernizing board governance, MSA consulting has 25-year clients who have become champions to encourage new clients from all over the world. Serial entrepreneurs, MSA consultants have founded industry initiatives like the UNDERGROUND Movement, Global Women’s Leadership Network, CU Pride and HRD Network. They volunteer on governing bodies of Worldwide Foundation and the Credit Union DEI Collective. Follow MSA on Website Facebook LinkedIn Twitter
About The UNDERGROUND Community
The UNDERGROUND Community, founded by Susan Mitchell of Mitchell, Stankovic & Associates, questions the divisive rhetoric that has both engaged and enraged us. We drive change, encourage diverse opinions, and force off-record discussions to become on-record initiatives. The hundreds of UNDERGROUND Colliders believe through incremental, grassroots change, credit unions can become consumers’ financial services providers of choice by applying modern thinking and credit unions’ classic principle: people helping people.