The future of financial services technology

The future of financial services technology

Consider these factors when charting your credit union’s course.

Charting the future of financial services technology is perhaps the challenge of this era for credit unions.

To further underscore that point, Mark Sievewright, founder of Sievewright & Associates, repeated a line from his speech to the co-located CUNA Technology Council and CUNA Operations & Member Experience Council Conferences.

“The pace of change in technology is now as slow as it is going to get,” Sievewright says. “Got that?”

Sievewright’s tips for course-charting include:

Transform your branches. Consider a new look and staffing for branches, he says. The future branch will be tech-abundant, have fewer people, and a smaller footprint.

Redefine the member experience. Cardless ATM transactions, banking via digital voice assistants, and service via artificial intelligence are technologies that “are coming into the mainstream” for consumers, Sievewright says. These tools change the game in terms of member experience.

Follow the payments. The rapid evolution of payments is moving consumers and financial institutions away from plastic cards to devices and even biometric authentication.

Refine marketing. You no longer have to guess—you can know your individual consumer with data and “get to the segment of one,” he says.

Consider your friction rating. Think about how easy you are to do business with. Consider if you can partner with a fintech company to take the friction out of your processes. Fintechs and credit unions have a lot to gain from working together, Sievewright says.

Bring in new talent. Credit unions need to win the war for millennial talent. Link to this generation through your credit union mission, Sievewright advises: “They like companies that do good. And you do good.”


Article source: