Attending THINK might be one of the best things you can do for your credit union. You’ll learn about industry trends, gain new skills, and make all kinds of new connections. But all these insights, sessions, speeches and conversations can also be overwhelming. To make your THINK experience even more valuable, we are sharing 15 insights that will be referenced and quoted at THINK 18. And, we will continue to share those insights throughout the year as THINK is your connection to insights that affect the credit union industry. Here are the first three:
- Why the “Race to Excellence?” Because everybody is participating: How Digital Banking can protect against the Big Tech Invasion. As succinctly stated in the Bain research report, “If banks don’t reorient their approach and radically accelerate their rate of progress, loyalty will suffer, and they will watch technology firms poach more business. Meanwhile, their economics will erode as too many routine transactions continue to flow through expensive branch and call-center networks.”
There is a great advantage in the customer and member insights that traditional financial institutions possess. The key is to apply these insights in ways that directly and positively impact the digital experience, similar to how large tech firms currently improve shopping, social, search and payments.
- Our Power Sprints are designed around the idea that credit unions need to take action now: How banks can transform from digital laggards to digital leaders. “Digital maturity is a moving target. The most successful banks understand where emerging technologies support strategic objectives and don’t get caught up in the hype about new, unproven technology. The marks of a true digital leader are organizational flexibility and agility. Banks need to demonstrate to supervisors (and other stakeholders) that they understand the risks associated with new technologies and pursue innovation in a way that enhances – or at least maintains – operational and financial resiliency.”
- One of our major focus is around Payments. And for good reason: 2018: The year of the mobile wallet reset. “As wallets, they’ve been presented to consumers as the way to make checkout easier — convenient, fast, efficient. That doesn’t seem to be enough. In our own recent studies of mobile wallet adoption, we’ve started to see a slight uptick in concerns over security by the large majority of consumers who don’t use them. That’s a change from where we were two years ago. In a world where the certainty of a consumer’s identity and her authorized use of those credentials is essential to building trust in a world where the consumer and her credentials become more and more intangible, he who cracks the authentication code will take payments and commerce to its full, digital potential. And even become the tailwind that moves identity and authentication beyond the retail payments use cases we speak about today.”
Join us at THINK 18 for a deep dive into the technology shifts and trends that will impact your credit union.