In what is a recurring feature, Finopotamus will profile interesting and intriguing tech professionals who are positively impacting the credit union industry.
For this issue, we visited with White Clay’s Director of Community Solutions Scott Earwood. Since 2006, the Louisville, Ky.-based fintech has provided custom and off-the-shelf, data-driven solutions to regional and community banks and credit unions.
By W.B. King
With a shared interest in gaming and data but no applicable software at the time to bridge the gap, Scott Earwood went analog – keeping handwritten player statistics in a spiral notebook. While in high school, he realized the possibilities of automation, teaching himself Excel.
“My interest in data grew as I learned tools like Structured Query Language (SQL) and discovered how to harness technology to understand numbers. My brother and I even started a business – a Groupon-style company that sent out daily deals,” Earwood told Finopotamus.
“We worked closely with chambers of commerce, using data to determine the best deals, increase spend and track customer engagement through email clicks and heat maps,” he continued. “Ultimately, it was my love for data and understanding of numbers that drove me into technology, rather than a desire to build something from scratch.”
Iterative Approach
With more than 20 years of professional experience under his belt, Earwood said while technology has always been integral to operations, it used to be viewed as more of a support function, not a strategic priority.
“Today, it’s the opposite, especially for financial institutions. Technology now holds a critical seat at the table, on par with operations,” said Earwood, who began his tenure as White Clay’s director of community solutions in 2012. Prior to this role, he had banking experience at both national and community financial institutions as well as entrepreneurial ventures in the technology space.
“Innovations like digital banking, online account opening, and a focus on tech-savvy customers have become central, creating an entirely new line of business that didn’t exist before,” he added.
Currently, White Clay has 31 employees, a diverse team that spans multiple age demographics and approximately a third of the company’s employees are female, he noted.
“While we have dedicated technical staff, given that our focus is on providing usable data to financial institutions, nearly all White Clay employees have a background and/or experience with technology,” he added.
To date, the company has 15 banks and one credit union as clients. When investigating and implementing new technologies, he said the team takes an iterative approach.
“Our goal is to move from point A to point B as quickly as possible, testing, learning and improving with each cycle,” Earwood told Finopotamus. “A great example is our work with artificial intelligence (AI).”
To this end, White Clay has a dedicated team experimenting with AI, which has recently included testing 15 to 20 different iterations of the technology – continually refining the process. “Each time, we bring in fresh perspectives to evaluate what works and what doesn’t,” he said. “Our goal is to continuously find more effective ways to support our financial institution clients.”
As a senior leader in the organization, Earwood believes in giving his team the freedom to explore new ideas and solutions—always geared toward benefiting both clients and the company.
“I encourage them to spot opportunities where we can have an impact and give them the room to test those ideas, without the pressure of perfection. I’ve noticed that this approach sparks ownership, creativity and self-drive,” he said. “By empowering employees to take initiative and think beyond their day-to-day roles, they feel more connected and motivated to contribute in fresh, meaningful ways.”
Improving the Member Experience
Always keen to explore the latest technologies and innovations in the financial services space, Earwood is pleased to see an increasing focus on leveraging data to improve consumer experiences, especially for credit unions and respective membership.
“Many credit unions that once lagged have now caught up and are eager to adopt newer technologies that some smaller community banks still hesitate to explore,” he shared. “This willingness to experiment likely comes from their focus on the member experience and a genuine mission to better serve their communities.”
Compared to a few years ago, Earwood said the company has experienced a notable shift in credit unions open to conversations about building deeper and more profitable relationships with membership.
“Our software provides a complete view of relationships and actionable ways to maximize profitability in daily business decisions. For a long time, the concept of profitability was almost a taboo subject among credit unions,” he said.
“However, as the lines between credit unions and other financial institutions have blurred, there’s been a shift in mindset,” Earwood continued. “We’re seeing more credit unions recognize the need to understand revenue and profitability – not to maximize it, but to ensure they can offer better products and services to their members.”