In what is a recurring feature, Finopotamus profiles interesting and intriguing tech professionals who are positively impacting the credit union industry. For this issue, we visited with Addition Financial Credit Union’s CIO Kevin Wright.
By W.B. King
Like so many technologists, the doors of perception were opened for Kevin Wright when, as a kid, a Tandy 1000 SX personal computer arrived at his home.
“My father was always into technology, he bought our first real computer, and we bonded in exploring all that it could do,” Wright told Finopotamus. As he advanced in school, and later joined the workforce, he developed an interest in electronics, especially computer-aided design (CAD).
“It was during that time that an IT manager and I bonded as I would help out upgrading the CAD machines and software after hours and help setup the network connections," he continued. "I made an impression and had to make a choice if I wanted to continue going down the CAD engineer route or switch to the IT side. I decided the IT side was the side for me.”
Before joining the $2.9 billion Lake Mary, Fla.-based Addition Financial Credit Union in 2007, Wright held several technology-related roles, including a nine-year post as vice president of operations for Atlantis Systems Group, an IT consulting firm.
“When I first started my career, the internet was just becoming a thing for businesses, IT staff were generalists and learning as we went,” he noted. “Today, as technology reaches into every area of the operation and people demand faster results, there are far more specialists—we live in a world of same-day delivery and instant gratification.”
Honesty and Integrity
As Addition Financial CU’s CIO, Wright is responsible for all technology operations in the organization, including the credit union’s digital banking platforms, network, and cyber-security—all of which supports 183,000 members in 26 traditional branches and 11 high school branches.
The credit union also employees 500 people, 37 of whom are tech or business intelligence facing. “I have a mix of ages throughout my areas and with this type of work it’s still more male dominated. Of the 37 people, I have eight females, 29 males and a mix of Gen X, millennials and Gen Z,” he said. “More millennials than any other group.”
Explaining that his management style isn’t akin to “win one for the Gipper,” he focuses on honesty and integrity and adheres to the golden rule: Treat people the way you want to be treated.
“My staff knows I wouldn’t ask them to do something I wouldn’t do myself. I’ve spent plenty of time on the ground wiring up a desk in a branch because one more set of hands means we all get to go home a little earlier,” he told Finopotamus. “I give honest feedback, and I genuinely try to listen to staff and hear what they say and where appropriate, incorporate those suggestions.”
Wright offers advice when asked, and encouragement where appropriate. “Early on [after a new employee is hired], I sit with team members and ask them where they want to be future-career wise and what steps they have planned to help them get there,” he said.
Stack Ranking
When Wright is investigating new technologies, he always seeks answers to the following five questions:
Does it fit within our strategic plan?
Does it help us meet our mission?
What does the return on investment (ROI) look like, and is it financial or member service based?
Is this about gaining efficiency or is this a net new thing (product, service)?
What will the impact of doing this mean to the credit union and its members?
“Once I’ve determined the need to move forward, I begin the research online by looking for solutions that meet the criteria I’ve lined up. I then review who the leaders are in the sector as well as the up-and-comers,” he continued. “I review what the capabilities are, strengths and weaknesses and then try to align with the original scope to see which are the best fit and stack rank them.”
The next step in his process is reaching out to the vendors and scheduling demos to see firsthand if the tech solutions meet with what has been advertised.
“I also get answers to deeper questions that may not have published answers. We then stack rank again based on the demos,” he said. “Finally, I negotiate with top couple choices and again review all information and pick the best solution for us.”
Among leading tech trends on his radar is generative artificial intelligence that is “proliferating in various formats” within the industry.
“This technology makes a lot of sense in many areas which I’m excited about, in a time where efficiency gains are desperately needed to help with certain tasks and skills the generative ai based solutions are a welcome sight,” he noted. “Smart contracts leveraging block chain are starting to really catch on and that to me was always one of the strengths behind block chain.”
Adopting a More Collaborative Strategy
In Wright’s view, credit unions and other financial institutions are similar in terms of core functionality. The biggest way credit unions differ, he noted, is that “we are more likely to work with one another versus feeling like we are competitors.”
While there has been a growing number of credit unions and fintech partnerships in recent years, Wright contends that credit unions were always open to this type of partnership but were waiting for fintechs to adopt a more collaborative ethos.
“I believe credit unions have always wanted to work with fintechs as partners, but I also believe a few years ago fintechs didn’t want partners, they wanted investment or acquisition, and I’m not sure they really thought about credit unions being able to compete,” he told Finopotamus.
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