In what is a recurring feature, Finopotamus spotlights innovative women who are positively impacting technology applications in the credit union industry, and beyond. For this issue, we visited with Member Driven Technologies (MDT)’s Vice President of Software and Data Services Jennifer Lee.
By W.B. King
While in elementary school, a local credit union not only visited Jennifer Lee’s classroom but turned the space into a makeshift branch—she was transfixed, eager to learn more.
“The transformation and the experience of filling out a deposit slip fascinated me,” she told Finopotamus. “These early interactions sparked a deep-seated curiosity about financial systems and their workings.”
“This combination of finance and technology naturally led me to pursue college courses in computer science, where I uncovered my passion for coding and problem solving,” said Lee, who studied at Davenport University. In 2009, she began working for MDT and hasn’t looked back.
The Farmington Hills, Mich.-based CUSO hosts the Symitar core processing system from Jack Henry, providing a private cloud alternative for core processing and IT needs for more than 100 credit unions and financial institutions (FIs).
“The dynamic nature of technology, with its constant evolution and potential to solve real-world problems, was incredibly appealing,” she told Finopotamus. “It’s a field where I can leverage technological innovations to enhance member experiences and contribute to the financial well-being of the community.”
Prioritizing Diversity and Inclusion
Over the last 15-plus years, Lee has witnessed certain changes in how technologies are investigated and adopted within an organization. For one, there is more collaboration across departments.
“When I began, tech departments were often siloed, with limited communication between teams. Today, there is a greater emphasis on cross-functional collaboration, Agile methodologies and open communication,” she continued. “Management styles have also evolved from top-down approaches to more participative and empowering leadership. For example, we now see leaders who encourage innovation and support their teams in taking calculated risks.”
Another market change is the number of women working in tech as well as related opportunities for senior leadership roles, she explained. In her view, this is a result of more organizations prioritizing diversity and inclusion initiatives as well championing up-and-comers.
“Mentorship programs and networking groups have also played a significant role in this positive change. Early in my career, I was often one of the few women at tech conferences. Today, it’s encouraging to see more women not only attending but leading discussions and driving innovation,” she continued. “The growing representation of women in tech and leadership roles, along with a stronger focus on diversity and inclusion, have transformed the industry, making it more welcoming and equitable for everyone.”
Whereas women had been historically been underrepresented in leadership roles within credit unions, she added that there’s a “significant increase in the presence of women” in these positions today. “More women are serving as CEOs, board members and in other executive positions compared to the past,” she noted. “It’s a step in the right direction, but there is undoubtedly room for more growth.”
Over the years, Lee has received guidance from women in senior leadership roles, for which she is thankful. Recently, she attended the Women’s Leadership Forum at Harvard Business School where she met over 40 attendees from across the globe.
“They quickly became my newest group of champions,” she shared. “Taking that a step further, my assigned board of advisors from that forum, made up of three incredible women, continues to provide accountability and inspiration.”
At MDT, Lee pays it forward by mentoring young professionals. She often offers guidance and encourages them to pursue their passions. “I also chair a Women in Leadership Community at MDT, bringing together women leaders to discuss relevant topics, inspire each other and reflect on their own goals,” she said. “By fostering a supportive community, I hope to contribute to the growth and success of the next generation of leaders.”
Robotic Process Automation
When Finopotamus asked Lee to share recent tech-related MDT accomplishments, she pointed to robotic process automation (RPA) as well as data analytics and business intelligence.
“RPA is being used to automate repetitive and time-consuming tasks, such as data entry and compliance checks, helping increase efficiency and reduce errors in credit union operations,” she continued. “Enhanced data analytics tools are providing credit unions with deeper insights into member needs and behaviors, ultimately enabling more targeted and effective marketing and service delivery.”
MDT, which supports 155 employees, 118 of whom are tech-facing, remains committed to vetting and then forming partnerships with technology providers for credit unions, Lee explained.
“This is making it easier for our credit union community to navigate the crowded and often confusing fintech ecosystem,” she noted. “We will soon have more preferred partners in these categories to help our credit union clients take advantage of such innovations.”
Exciting tech trends on her radar include the application of artificial intelligence (AI) and machine learning (ML) technologies. AI and ML, she added, are “revolutionizing” various aspects of credit union operations and member services.
“Potential external use cases include leveraging AI/ML to more quickly detect fraudulent transactions, answer member questions via chatbots and approve loans using alternative credit data, while internal use cases could include drafting emails, analyzing data, summarizing meetings, writing code and more,” she continued. “These advancements have the potential to make all of us more agile, responsive and capable of meeting the evolving needs of those we serve.”
The Credit Union Secret Sauce
When it comes to tech, Lee said credit unions are “the cool, friendly neighbor who always looks out for you.” Conversely, other FIs “might be more like the big, impersonal corporate office.” Credit unions, she added, tailor their services for members, thus making them feel like the most valuable players (VIPs).
“Credit unions set themselves apart with their unique blend of technology and personal touch,” Lee said. “They’re the industry’s secret sauce of high-tech innovation mixed with a heartfelt ‘people helping people’ philosophy.”
A stance shared by many of her peers, Lee feels that it’s imperative that credit unions partner with fintechs that understand the ethos and are determined to further the movement.
“Through these partnerships, credit unions can leverage the fintechs’ agility, innovation and specialized expertise, which often complement credit unions’ own strengths. That’s why at MDT we are so passionate about being a navigator for our credit union clients,” she said.
“We guide them through a complex and often overwhelming fintech landscape,” Lee continued. “We are continuously assessing the market, evaluating new vendors and technologies and forming strategic partnerships to ensure credit unions can access leading products that help them stay ahead and grow.”