 Can you see my screen okay? Yes. Thank you all for attending today's webinar on member paths. I'm excited to share with you the member path story, just a point of clarification and Marta's result and opening introduction. I'm not the chief executive officer for CU Ledger. John Ainsworth is that individual for the organization. I'm specifically senior vice president of marketing communications and responsible for all the marketing communications learning events, sale support activities within the organization. I have a full agenda for you today for the next hour. I do want to share a little bit about CU Ledger and the journey that we've been on for the last four years relating to member paths. Kind of talk a little bit about a member path itself and the problems that we're trying to solve for the credit union industry. I'll take you through some user experience screens and videos so you can actually see how member paths works for not only the credit union, but also for the member itself. And then we'll wrap up with some questions. So let's get started. So this is a journey map of where CU Ledger has gone over the last four years now. So CU Ledger began in early 2016 as a research action project in the United States. And this research action project started with a state association, trade association that serves credit unions in three states. Came up with this idea about the time that cryptocurrencies started getting some funds in the marketplace. But the cryptocurrency application was not what the industry was looking to research. It was more the underlying technology that supported that application and the promise that it could deliver on security and privacy benefits that could have an impact on the credit union industry. And so this was probably the smallest research action project that I think was ever funded in blockchain at that point, which is $650,000. And what resulted in that was a working group of concept around utilizing a decentralized identity in the call center environment. And so credit unions are very much like other financial institutions that have many deliveries of services through across many different channels. And I'll talk to that in a little bit. The success of that working group of concept led to the formation of CU Ledger and the organization. We completed a serious round of financing at the end of 2017. We have now 27, I have listed on the slide here but we actually have 28 investors and actually we have over, we have 70 credit unions that have invested in CU Ledger at this point in time. In 2019, we spent a lot of time in testing the user experience of what was called then my CU ID for a decentralized identity project. And we worked with three credit unions on different pilots and the technology itself was already proven in the research action phase. And so we really wanna spend a lot of time and understanding what the experience is from the consumer member perspective. What it would, how it would work, how they would enroll, how it would function, that kind of thing. Because credit unions are financial institutions, we also have some transaction processing system integrations that are required so that it made the usability a lot easier from the employee standpoint. And you'll see some of that in our demo in a few minutes. In 2020 was our breakout year. We did a rebranding of my CU ID to member pass. And that was as a result of some research, some early research that we did among consumers and they really didn't understand my CU ID and what it represented. They wanna call it my Q ID, which is totally not what we expected. And we wanted to call it my CU standing for credit union ID. But they didn't appreciate that as much as we all thought they would. So we made the transition to member pass and we became commercially available for credit unions to offer and that happened in early March of this year. So we've done a lot in the short time, eight months that we've been commercially available and I have some of those results to share with you as well. We are undergoing a corporate rebranding and so we kind of completed our first three years of our initial business plan for the organization at CU Ledger. A lot has changed in the organization from a standpoint of what we originally set out to do and where we are today. And so we'll be announcing some corporate branding in early December. You can watch out for that. And we're also starting our series B round of investments here this month. This is the industry that we serve. We serve the credit union financial cooperative industry. This is a snapshot of what that looks like worldwide. There are over 86,000 credit unions and in some parts of the country, they're not called credit unions. They might be called financial cooperatives. There are 18 different companies and the most important number that is they serve over 291 billion members. In the US, and that's where our focus is at the moment, there are 5,200 credit unions and that represents about 123 billion memberships. So from an organization standpoint, if you look at what we're trying to accomplish as the CU Ledger organizations, there are three distinct components within any type of financial transaction, right? You need to know who you're interacting with. So you need to understand the identity of the consumer that you're interacting with. You need to document that transaction. And then there is some sort of exchange of value that is associated with that. And what CU Ledger is developing and delivering is a peer-to-peer service network to enable verifiable, secure, illegitimate financial transactions. So in the area of understanding who you're interacting with, this is where member passfalls in the digital credential area. In terms of you need to document that transaction, we're looking at trusted information in terms of that exchange. What does that information look like? How can we leverage smart contracts in this perspective? And then of course, digital value, that could be anything. It could be financial. It could be the exchange of loyalty rewards and points. It could be settlement. It could be a lot of different things. And so right now we're very focused on the digital credential space because that's where everything starts, right? You cannot do anything else in that transaction without clearly understanding who you're interacting with. And so that's why the emphasis for CU Ledger has been member pass. And in particular, this is the credit union identity, identification problem. And this was a slide that was taken by, or developed by one of our pilot credit unions. And they did a risk assessment of authentication across every one of their channels. And they took a look at that whether they're an existing member, consumer, or a prospective consumer that wants to be part of the credit union and have an account at the credit union. These are just the top channels. Of course they're gonna have a lot more channels that they interact with. But the bottom line, the result of their research found the same thing is that they had a separate authentication process or method in every single channel that they interacted with their members. And when you have verification that's this inconsistent across channels, it's going to open yourself up for more risk. And the fraudster is going to find the weakest link in order to commit fraud. And so that's the challenge, is that there is inconsistent member experience and the amount of fraud that is starting to occur in those respective channels has been increasing. And now you add COVID to the mix, right? And these are just some of the questions that we ask credit unions that I'm sure that they're asking themselves in their team meetings. That's how are we gonna handle this? So overnight the credit unions just like many other financial institutions went digital overnight. So everything related to their digital transformation plan just went on with a click of the switch. And every interaction that their members had changed. It moves a lot of volume of the branches closed, all of the branches closed, which means that a lot of their volume accelerated in their call center to 100% more calls per day than they normally had ever received before. It pushed their members towards more digital channels. If they have their digital channels available, right? And so with that, of course, the call center volume in particular, that skyrocketed, they created a lot of challenge, a lot more friction in that process because now call times were longer, old times were longer. And in some cases, we heard that some calls unfortunately didn't even get answered at all just because of the sheer volume and the staff that support that. Now as credit evens are starting to open up their branches again, the whole identity problem becomes a little bit more complicated, right? Because now we're dealing with individuals that are wearing masks on their face. And as they're entering into the branches, with half their face cover, it's more difficult than ever to try to reconcile a face with an identity document, right? Even in the drive-up lanes in particular. We've heard a lot of horror stories of what's been happening. We've heard horror stories of individuals coming into the branches with full Halloween masks on like chicken face. And in some states, you cannot tell an individual to take their masks off. We have instances where credit unions are verifying their members identity in the vestibule. So there's like a section in between the front door and where the main lobby is and they're doing verification checks. And during that time, they're asking their members to pull down their masks to verify themselves. And they're very uneasy about that. I mean, it's the public fear for health and safety is at an all-time high. It's making them very, very uncomfortable. In the drive-up lanes, we're seeing that some of the fraudsters are using the furthest drive-up lane to commit fraud because the distance and the mask have making it even more complicated to verify one's identity. So is this the new norm? Is this of what we're gonna expect? And certainly there are gonna be some changes that's gonna impact how credit unions serve their members long-term. No doubt about it. And it's only created a more heightened awareness about the need for a digital identity. So all of this friction in the identification process or method is leading to a lot of consumer frustration. I think consumer frustration overall is at a all-time high. I think we've all felt the stress not only about dealing with COVID in our retrospective countries and things. And in the US, you add the political atmosphere and I'm sure that many other countries have political issues that you're dealing with as well. But from a consumer perspective on privacy and control, it is at an all-time high. The stat that 87% of consumers at data privacy is a human right that came from a study from KPMG recently. And when I take a look at these numbers now compared to before 2020, there's a 10% increase in these statistics. It's at an all-time high and consumers are just fed up, they need more control. And this is why we have member pass. Member pass for credit unions is the simplest, most secure way for credit unions to verify their members across all of their channels. This provides them a seamless opportunity to interact with their members across all of their touch points. And of course, leveraging hyperledric in me has the benefits of what I like to term and a lot of others and I'm sure you might as well like to term it as cryptographic superpowers, right? The combination of cryptography, biometrics and distributed ledger technology is really what sets member pass in other SSI products on hyperledic ledger indie apart from anything else in the marketplace. From a credit union perspective of how they're leveraging member pass, on the left-hand side, I'm sure you've seen this before, the trust triangle, the issuer holder and the verifier. I've just inserted in here the credit union as the issuer of the member pass credentials. The member is the holder of those credentials and stores their credentials inside their member pass app that's available in the Google Play and the Apple stores. And of course, the verifier in this example is actually the credit union. Credit union is acting not only the verifier but also the issuer. And so the members are able to use their member pass to verify themselves whether they walk into the branch, they go into the drive-up plane, they call into the call center, they're using video banking and that's becoming more and more popular because of the pandemic. They're logging into their mobile banking or online banking accounts or actually they're using them at the ATMs. We're working on all these different use cases and there are a lot more too. COVID has accelerated the opportunity to not only use member pass for consumers but also leveraging member pass for employees. And so as more employees start working remotely or started to work remotely, they have to gain critical access to systems in order to serve their members. And so how do you know that that individual is the right individual accessing that account information? And so how can member pass be used in an employee environment for access control and things of that nature? What member pass also does is create this omni-channel experience. Omni-channel is kind of the latest buzzword in financial services. But this is where the member controls that experience. And member pass is the conduit, it's the foundation that enables the member of the omni-channel experience for the consumer because they can authenticate themselves in one simple and seamless way no matter how they interact with their members. Now these are traditional channels that you see today but they're gonna be a lot more in the future. And so regardless of products and services that credit unions can add today or add today or tomorrow, they'll have a consistent way of authenticating with their members to access the services. And that is really the most important thing here is that consistency and provides the single source of truth in that process. And then we look at how member pass can be used outside of the ecosystem. And these are just a few examples that we're working on in terms of creating additional value of the member pass brand, the member pass service. And so adding more credentials that consumers can have access to inside the member pass wallet and integrating with different partners that can provide a value to their own customers with member pass, leveraging member pass as their authentication tool for their respective services. So there's a lot of opportunities here. All of these things are ones that we are very focused on and are active in development with. We'll be making some announcements after the first of the year. Remote online notary, as an example in the States has become very popular because again of COVID branches are being closed. And so how do you, how can you provide notary services? Consumers still need that critical service. And so that will be another, a key area that we'll be focusing on. And many States and the US are also accepting digital notary services as an acceptable means of notarizing individuals. The call center in particular is one area that we started our pilots and our implementations or deployments, simply because the current way that we authenticate in the call center is broken. I'm sure if you've all experienced that yourselves in your own situations, you know that when you call in you're usually met with a bunch of knowledge-based questions, right, that answers are now all over the place on social media and on the internet. And it's very difficult to secure the authentication process that way because you're not feeling face to face. And what we, some of the results that we anticipate we haven't been able to validate at this early stage of our juncture, we anticipate that we are able to see a lot of these results for the credit union. We have been able to validate that we are taking a call center authentication from anywhere from 90 to more than three minutes typically to 15 seconds or less. That we know is very strong and very consistent. And we can, we've been measuring that all along. The result of that, and this is data for credit union that has 130 call center representatives in their call center. So large credit union, large financial institution. We could repurpose five FTEs as a result of that. So add capacity or reduce staff or move individuals from one area to another that's needed as a result of that. Broad, of course, is another attribute of results. We anticipate in using some industry averages that we could save credit unions nearly $150,000 a year in fraud just in the call center alone. This is not looking at any other channels. And the payback of their investment can be made in less than a year. And this has been very consistent. We have, and we've developed ROI miles that we share with the credit unions that they can plug in their own numbers to see what kind of ROI results they can achieve. And again, we have to emphasize this is just one channel. So this is not the result that they can see in their branch, their lobby experiences, their mobile banking and online banking experiences. This is just one channel can pay for a number pass in and of itself. We've had some additional deployments in outside of just a single use channel, unified financial credit union in California, expanded their member pass deployment outside of call center into the branches. And the results have exceeded everybody's expectations. And so they went in with a goal in July of having 5,000 consumer member enrollments. That was their goal to achieve at the end of October. And actually, end of September, excuse me. And in five weeks, in five short weeks, they exceeded that goal and more than double their enrollments. But the exciting part of that in five weeks, they showed that there was usage of the member pass credentials. So for over 40% close enrollment authentications, that's huge. And not only that, of those authentications, 22% of those were cross channel, meaning they use their member pass credentials, not only in the call center, but also in the branch as well. This was done very systematically in terms of how they reach out to the membership and how they train their staff. They did a very proactive approach in training their staff and didn't do any mass promotion on member pass and all to the membership. And they have well over 100,000 members. And this approach went very, very well in that they gave their staff and their tellers an opportunity to share some information, some good news of a service that they can offer to their membership at a time when they need it the most. And the feedback has been very positive, very high energy. And most importantly from the consumer side, they feel at ease. There's some peace of mind that happens that has been established as a result of member pass. And many of them wanna share this with their family and their friends. I wanna quickly share with you now a short video that was created by one of our credit unions to promote member pass to the members. It doesn't financial, we understand that when life is busy, every minute counts. Member pass is a quick and safe way to identify yourself when calling Desert Financial instead of answering the standard personal identity questions. Member pass uses a secure mobile app to quickly verify your identity using your face, fingerprint, or six digit pin code. Here's how to get started. When you call Desert Financial and ask about enrolling in member pass, we'll walk you through how to download the free member pass mobile app onto your personal smartphone. It only takes about a minute. Next, we'll help you securely connect your member pass profile to your Desert Financial member account. And finally, your secure digital ID will be stored on your phone. So the next time you call us, we can verify your identity in seconds using the member pass mobile app. In short, member pass is a quick and hassle-free way to prove your identity when calling Desert Financial while protecting your personal information. It's just one more way that Desert Financial is offering our members more convenience. All right, so that's just one example of how credit unions are promoting member pass on their membership. I just want to make sure we understand that when life is busy, every minute counts member pass is a quick and safe way to identify yourself. There we go. So in terms of how does member pass work, these are very easy, simple steps the consumer itself goes through. Of course, they first download the member pass wallet from the Google Play and Apple stores and they secure that using the biometrics that are associated with their smartphone, either face ID or touch ID. And then they also establish a passcode just in case biometrics fail. And you all know that when you have a mask on that's kind of demonstrated the use of the backup passcode because when you have a mask on the face ID doesn't necessarily work, especially on my phone. Then you establish a securing cryptic connection between the credit union and the member. And this happens one time. It exists for as long as those credentials are active. And then the member pass credentials are shared and they're stored inside them, the member pass wallet on the consumer member phone. So each time that the member interacts with the credit union, the credit union initiates a verification request. And this is in the form of the member pass app notification. They click on that notification and they are greeted with a verification question. Are you on the phone with so and so at the credit union? And the responses are simple. Yes, I am or no, I'm not. The credit union has the capability of customizing and putting their own branding in this portion. They can customize the questions. Of course, they can customize their credit union name and logo on the screen and they can actually customize the response system cells. So in 15 seconds or less, it's pretty easy for them to verify, not only the authenticity of the members but also detect any type of fraudulent transaction, potential fraudulent transaction at the same time. I have another quick video that walks you through that verification process. And so on the right hand side, you see what the member service representative or the teller screen would look like when they're interacting with their member and the left hand side is the members phone itself. So I'm gonna run this real quick. Let's look at the branch authentication process. The credit union teller will initiate a verification request to the member by selecting authenticate using member pass from the teller screen. The member will receive a push notification from the app stating that their credit union is asking a security question to verify his identity. By securely opening the member pass app, the member confirms his identity by responding yes to the verification request question. If the person at the branch is not who they claim to be, the verification request will be sent to the actual member's phone. By responding no to the question, a notification will be sent to the teller indicating a possible fraudulent attempt being made to access that member's account. Member pass makes it quicker and easier than ever before to authenticate at the branch, identify fraud attempts and protect member privacy. Member pass revolutionizing hello and banking. All right, so that's how quick and easy it is for the, not only the credit union staff, but also the members themselves to verify themselves. We say that we're revolutioning hello and banking because this is the new way of identifying consumers inside the credit union space. And actually credit unions are getting very creative in how they can position member pass as a value added service as well. So I mentioned earlier about some of the fraud activities. So inside the branch credit unions, some credit unions are putting in a special member pass link inside their branches for expedited transactions. So think of it much like a Disney fast pass experience where you have these fast pass to get in front of the line. That's a similar type of experience that they're wanting to have with member pass inside the branch. I also mentioned in the drive up lane where the furthest driver drive through lane is being used sometimes to commit fraud. That lane is now the member pass lane. So it's a member pass only lane that members can use to conduct their transactions in the drive up. So we recently did some survey research among consumers just to further validate our initial research that we did in 2017. And it's exciting to see that from a nationwide perspective, the need for a member pass is very, very strong. Among 70% of respondents agree that member pass addresses a security concern that they have when identifying themselves. I'm not gonna read through all of these but I wanna point out a couple of them. As it relates to how they changed their way of interacting with their financial institution this year. Well, half of respondents reported that they did have to make that change. And further that, those that identified that they did make a change in how they interact with their financial institution. There is a very strong connection with desirability for member pass. Also, as you would expect, and there was a third that experienced identity theft or debit or credit card fraud in the last six months. Two thirds in the last year experienced either one or the other or both. And of those that responded with that type of experience said that they would sign up for member pass today. There was an immediate need among that group for member pass as a way to take back that control of digital privacy and security back where it belongs. From a traction. So, Sue Ledger has been offering member pass SSI identity through Hyperledger Indie for quite some time, one of the early adopters in this space. And I mentioned that we have 70 credit unions that are investors. We are a credit union owned service organization. And we were designated as a QSO inside the industry. And that's what that means. It's owned by one or more credit unions itself. So it's not outside investments of the industry. We have 12 credit unions that are in active deployments or have implementation schedules. So we have two that have multiple use cases that are being deployed right now and members are being enrolled into member pass. We had four credit unions that deployed member pass in a single channel last month in October. We have three more credit unions that are deploying in first quarter next year. Plus we have another credit union service organization that does a lot of after hour or overload call center support. And that QSO very large QSO credit union service organization and work with like 8,000 credit unions. And we are announcing an integration with that organization early next year. And also in Q2 next year, we have three more deployments so far that's planned including the fifth largest credit union in the US that has well over a million members in their membership. So very excited about that, excited for the traction. There's a whole lot of activity going on with member pass right now. As more and more credit unions are experiencing higher fraud and a lot of member frustration over the friction in their user experiences. So far we have approximately 10,000 member pass credentials issued to consumers. And that number continues to grow every single day. So we're still early. So our first real active deployment in July but we could see the amount of traction that has taken place since we became commercially available in early March. So just to summarize some of the benefits that we promote to credit unions in terms of the timing. The timing for this can't be any better right now. And as credit unions start to look at their projects and prioritizing them for next year, oftentimes they prioritize their projects based on whether or not it's a compliance requirement. If it relates to security, if it relates to the member experience, well, member pass affects all three of those. And it can provide a lot of agility into their projects in the future because the authentication capability is already taken care of for the member or for the credit union and the member. So it will be much easier for them to add more projects, add more services for the members in the future. So from a member experience, what they get is they provide the simplest seamless authentication experience across all channels. And we emphasize that heavily. It's not a single, it's not a call center thing. Oftentimes they'll put band-aids on, you know, security and privacy related to one channel that asks more costs to that channel. And that all can be eliminated by the use of member pass. It protects the members against identity theft, addresses their fears for personal health and safety today. And, you know, of course, the benefits, the main benefit of SSI is the ability to control, to own and control the personal information. For credit unions, why should they implement because it creates this on the channel experience? It reduces fraud, it's safer for their employees and their members because it's contact less. It reduces time and money in the member experience or in the authentication process. And most importantly, it builds trust with their members. So credit unions have always had a historical trusted relationship with the consumers that they interact with. They're very personal organizations. A lot of high touch, high interaction, a lot of face-to-face interaction. They are created with an association base, whether that is an employee base or a community or an association. And so they've always experienced a high level of satisfaction and trust among consumers. Now that they, now that consumers have shifted their interactions to some extent into digital channels, that creates a different type of relationship. It's a digitally trusted relationship because now you're not interacting as much face-to-face as you once did before. And so MemberPass offers that opportunity to bridge that gap, to provide an opportunity to create a higher level of digital trust for the members. Thank you so much for your time and attention today for this webinar. I appreciate your being on here and hearing more about MemberPass and what we do for credit unions. And Marta, I think at this time I'm ready to answer any questions that might be out there. Wonderful, thank you. Well, so I haven't seen any questions in the Q&A yet, but I would encourage everyone on this call to either raise your hand or type it into the chat. We would love to talk with you. I have a question of my own. Could you talk a bit about why did you choose Indy and not say fabric that has a much more established or mature code-based, some say? And what was your experience working with the community? I know that HCU Ledger is a steward of sovereign as well. So could you talk a bit more about that? Yeah, sure. So the reason why we chose the path of Indy was through the partnerships that we established early on in this journey of ours. So we were one of the first to deploy using Avernem and the sovereign foundation, which of course has a very strong connection to Hyperledger Indy in that regard. And so that seemed like a no-brainer for us. And being a steward on the sovereign network was another no-brainer that we felt was important. Having that representation of credit unions at the table of the sovereign foundation was huge. Credit unions have a voice in that ecosystem now. And so that was one of the reasons why it was important. And just because of where we are in our development and creating our peer-to-peer network and our beginning of focusing on decentralized identities is why we chose Hyperledger Indy to start with. As we expand into trusted data value exchange, we'll be able to interact with other Hyperledger projects in the future and other platforms as well. Thank you. Vikesh, let me allow you to talk. I think we can hear you. We should be able to hear you now. You just have to unmute yourself. Let's see. While Vikesh is figuring out his Zoom, another question that I had for you is, how much the performance was of importance to you? So people are talking constantly about TPS and if it's enough TPS, because you seem to have a massive system with a lot of participants in it, but it doesn't seem like it's such a big deal if it's 1,000 TPS or 10,000 or something. It may not be a big deal today as we start deploying credentials into the credit union industry, but it will be a big deal in the not too distant future. And in fact, that's kind of where our focus is right now, is high availability and making sure that we have, not only from a network standpoint, infrastructure standpoint, but also from a support standpoint of making sure that we have everything established, so that we can support a very large volume. We're anticipating that the adoption, especially with some of the credit unions that were deploying going into 2021, it will be a requirement for those credit unions and we wanna make sure that we have the right pieces in place to support that. Right.