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Guess What? You're Being Disrupted!

March 18, 2017

Right now, there are over 6,000 financial technology start-up companies actively targeting small pieces of profitable credit unions’ business. John Best, founder of Best Innovation Group calls this current environment, “Death by 6,000 cuts."

 

Well, the good news is that knowledge is a super power.  Credit unions have the data that tells them who is currently disrupting them and with that, they can use this knowledge to create strategies to help combat this force.

(And, yes THRIVE offers a disruptor analysis…Definitely a great starting point)

 

Disruption as a larger trend is important, says a recent report by PWC on disruption in the financial sector.

 

While a few of these are not new, it does provide clarity to how the future is shaping up. Here are few trends worth watching:

 

#2. The sharing economy will be embedded in every part of the financial system.

This has many possible outcomes, such as new and different delivery channels and member service to how will auto loans look when the demand for ride sharing increases?

 

#5. “Customer intelligence” will be the most important predictor of revenue growth and profitability. Credit unions currently sit on amazing amounts of data, so Whoo hoo!  is the official response.The strategic response is to begin creating a Business Intelligence or Member Intelligence strategy. This is critical to future success. 

 

#10. Regulators will turn to tech... too.

This one is to be embraced. When the regulators are working on current tech systems and not legacy systems, this should have a positive effect on regulatory process and actions… hopefully.

 

The point here is that disruption is all around your credit union, either disrupt yourself, or (gulp) let someone else disrupt you!

 

 

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