Lisa Kuhn Phillips

Founder & President at inaVision, LLC

Vice President at Allied Payment Network

Indianapolis, Indiana

Lisa Kuhn Philips | LinkedIn Profile

You’ve witnessed the impact of technology and the emergence of digital for the banking space. Do you think banking is capable of transitioning to digital?

I’ve witnessed it and been a part of making a transformation happen, previously hands-on and hands-in the process for a financial institution, for a few decades. The question for me is “Do I believe banking is capable of Transitioning or Transforming?”

These two concepts provide entirely different outcomes for banking. Transition is making digital work, for the sake of having it, yet not fully transforming a company. Transformation is rooted in culture, strategy and the “doing” – people, processes and experiential delivery. It takes time and much effort, given 20^th c beliefs that are still firmly in place in banking structures and old mindsets.

I believe many US financial institutions will Transition only, and eventually have a slow bleed until M&A occurs or customers (or board/executive team) eventually “phase” out.

Transformation, though, is limited to those who grasp and can re-engineer an enterprise. Several of these FI’s – both banks and credit unions – exist today and have been identified by the industry, communities and peers as progressive and ahead of the curve with tech and talent, and who intend to stay there. The “living” legacy is in their succession focus and evolving business model they’ve created. They will compete with the Tech firms vying for the marketplace.

First you were in FinServ, now you’re in FinTech. You currently work for Allied Payment Network, Inc., a payments provider who patented the PicturePay bill process. What have you learned ?

The Lucky7 list:

1. The beauty of building a company from the ground up in a leading edge/fast follower world, rather than simply a mainstream/on the curve environment.
2. Start relationships to build trust and continually sow, not just maintain. Growth follows.
3. Your solution, work ethic and collaborative delivery are appreciated and matter more.
4. Less internal hierarchy, more external network “wirearchy”.
5. “Simplicity is the ultimate sophistication.” – Leo was right.
6. Monthly Recurring Revenue.
7. Investment into value well before valuation.

I’ve also learned the innovative spirit is alive and well in what we call FinTech, and in FI’s who keep pushing the industry forward. What is happening here is also happening in the UK, Australia, China with the same level of commitment.

In my Finserv days, the financial institution where I grew up was in essence a tech company (relevant tech geared toward future). A core group of us made waves. We also had the luxury of established capital, solid ALM, and a nice size captive audience of customers. We became both a tech integrated institution and a known,progressive brand. What we see now is nextLevel tech with integration, more open collaboration, and better design around the “experience”.

Where I keep receiving affirmation is that financial solutions are best developed by “open minded” financial service providers who know technology, regulation and the value of simplicity.

and…. Use Case. Pilot. Prove. Stop chasing bright, shiny objects and provide something (that shines) of value with (very bright) people.

Your previous career at 3Rivers Federal Credit Union spanned 24 years culminating as their COO. **Where were the key changes necessary to move legacy and culture from 20^th century past practices to 21^st century present and future-focused actions?

An awareness that the 20^th c business model and old revenue streams were no longer going to be sustainable in new environment. This overriding awareness will lead to responsive action when people don’t feel rushed or threatened (the burning platform). One simply starts with a business who is trusted to do the right thing for its customers at its core.

Then based on my previous experiences and timeline, it’s the power of 3:

• Talent (a hunger to learn and challenge),
• Technology (integration) and the right
• Timing for progress, both internal and external.

For example: An open architecture move in 2003-04 was critical, the strategic IT project in 2006-07 necessary, and ERM (GRC) in 2008-09 kept financial and operational priorities at the forefront. That led to the creation of a new business model, performance measures and the step-by-step new business model transformation in 2009-2010. What is core is the culture – from people selection (behavior, EQ and IQ) to committed development (a university approach and individual responsibility) and retention (solid benefits, self-balance and compensation. That took patience to build a quality framework and courage to prune. Some of the biggest legacy issues deal with those silo’s and individuals who rest on their laurels and stop keeping pace. That’s why courage to prune dead projects, processes, silo’s, products and non-committed people matter most. 20^th c practices tend to focus on “grandfathering” in many ways. As a business, we have to understand the pace of technology stops or rests for no one.

What are the key relationships that help a company succeed in its role of sustainable success?

Know your customer. Period.

Know your team’s strengths & your competitors’ weaknesses. Capitalize on them.

Know your team’s weaknesses & your competitors’ strengths. Develop into your strengths.

What were yours?

Knew my customers. 24 years in the making.

Knew my team’s strengths and weaknesses. Listen. Guided. Developed. Learned lessons. Ultimately received a real world education and schooling.

Knew my competitors’ weaknesses and strengths. Capitalized on them and became 3^rd in market (behind Chase and Wells) in our region.

You consistently speak to the importance of culture for organizations. Why is this?

It is the beginning, middle and lasting, living value of any organization. It determines whether time, money and/or value is an investment or a waste for every client and colleague/coworker. A great idea won’t ever be created and delivered without an engaged, committed culture (team of believers and achievers) and strategy to guide.

You founded inaVision back in 2012. Can you provide a summary of the company?

inaVision is a business strategy~culture consultancy. It guides companies and their leaders through transformation, from the inside out with people, programs and processes. I’m a firm believer if you don’t have a C-level “intrepreneur” who understands 21^st c business strategy + culture, you better have outside guidance to drive change and compete in a digitally connected, culturally in-tune world.

Thru inaVision, a company’s future journey is developed once the vision is defined through a 21st business model and workflow, an inclusive culture, and a results-focused strategy.

The process evolves companies/leaders who don’t want to stagnate in a legacy environment. Ultimately, a company goes through the steps to “re-startup” their company for 21^st c change – by letting go of the old and embracing the new. Sounds easy in print, yet much more difficult to do in real life.

You are an active member of the FTM and an active FinTech voice in Social Media. What motivates you to contribute to these channels? Do you believe it can drive change in the industry?

What motivates me to contribute? The desire to learn from others and vice versa. Meeting new friends, peers and sharing thoughts and truth – to find my voice in an ‘inclusive instead of exclusive’, traditional industry – is refreshing. Of course I believe it can drive change. One voice – credible confident, and courageous – can change a mind, inspire thought and influence action. Who else speaks to US FI culture, transformation in the FinServ and FinTech world? Let alone a female who has lived the FI culture since 1987 and helped evolve it before several concepts/theories became buzz-worthiness/buzzwords. How many women at my age are tech savvy to some degree (no coding for me), operationally astute, and Gen C connected? I’m certainly not a marketer, yet have learned from several smart individuals in my circles.

Who do you consider to be strong women leaders in the FinTech + FinServ space?

I’ve been duly impressed with most of the ladies you’ve covered in your series, Sam.

Since the original power women list came out in June 2015, I’ve been slowly, yet surely, getting to know them via their work and workstyles. So thank you and Christine DuHaime for pioneering the whitepaper and compiling the list. One that comes to mind and is now on my watch list is Katryna Dow and her company, Meeco.

Prior to that list, I would have been hard-pressed to identify any women, as we simply are not known in the space, nor were written about or seen in publications, on panels, as key-noters, or as resources in the industry.

I knew some from social media, made some calls or introduced myself to a few who I value their insights greatly – Kelli Shultz, Duena Blomstrom, Jill Castilla, Ghela Boskovich, Ginger Schmeltzer, et al. I also listen and learn from Sallie Krawcheck (Ellevest), Céline Schillinger (Sanofi Pasteur), Jennifer Tescher (CSFI), Stessa Cohen (Gartner), et al. Several, too, who lead our industry as great journalists, as Mary Wisniewski (BankThink/American Banker), Sarah Snell Cooke (CU Times) and Devie Mohan (BankNXT,etc).

What do you see as the 3 leading future trends for FinTech?

1. Smarter Data analytics + actions = better end-user solutions Data is where we find the trends and create better FinTech solutions. Love what is happening in the space and what is yet to be with contextual interactions and messaging, machine learning, and choices offered. I like the purpose and premise that we can impact better financial decisions for those on-the-go and who strive to be in-the-know on wiser choices. What Moven, Geezeo and others are creating is good for our industry’s trust and relevancy.

2. Moving to FinTech + FinServ = better collaboration and speed to market.

I call it Legacy vs. Digital becoming “Living” Legacy and Digital in short run, especially in U.S.

The give will be on both sides – Finserv and Fintech, who will need to work in tandem with technology, operational effectiveness and that huge branch footprint in the mix. Onus for all to build awareness, mobile education ease, and incentive (gamification perhaps). FinTech is realizing the sheer quantity of customers who aren’t mobile yet, as FinServ/Banks hold their deposits, maintain their transactions and keep a stronger (a “perceived” stable) position for them. Banks, too, are evolving their workforce, workflows and structures for a digital world – I’m keeping my eye on Santander, Wells, and Umpqua (notably with their Pivotus Ventures, Inc. announcement).

And the best for last… because a global culture tends to be slow moving…

3. Diversity and Conscious inclusion in the FinTech + FinServ space = better performance results, solutions and talent across generations. Numerous white papers, reports and findings keep proving diverse companies outperform their counterparts. Through 2015, women in banking, GirlsWhoCode, and Femtech are gaining traction and industry coverage.

Conscious Inclusion for all levels will be in many board room discussions and executive plans for the true progressives. Industry and startups will recognize consumer-centricity requires it. Walk the walk, not from a ‘charitable’ perspective but a truly invested one in half the population. And yes, the US election year will give spotlight to women, as well as expose US lag compared to other developed nations.