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What will Banking look like in 10 years? How will money be moved, and how will credit unions succeed? We start this week’s THINK in Review by answering those questions.

Glimpse into the future: What banking looks like 10 years from now. “Banks and credit unions have a real, but limited opportunity to put into place plans to ensure they thrive in the next decade. They must not forget their advantage in this rapidly evolving environment, namely the trust consumers have in financial institutions because of strict industry regulations and the secure manner in which they treat the valuable data they hold. Leveraging this advantage and partnering with the right technology providers to overcome legacy challenges will allow those institutions to succeed.”

THINK 18 speaker Chris Skinner on Fintech 3.0: “Banks should feel duly threatened by FinTech 3.0 because they are control freaks by nature, who partner with no one unless they have to. For a big bank to about face and start to become an open market collaborator is a huge cultural change and, in the meantime, the challenger banks are actively building their ecosystems. FinTech 3.0, which starts around now and will play through 2025, will be the most interesting of these three phases as yes, it truly does disrupt banking.”

Digital Transformation: are your people just paying lip service? “A digital transformation initiative starts with a strategic intent based on a vision of the desired performance – a sense of where the company is heading in creating new value for customers and ecosystem partners and creating new competitive positioning. Part of the problem that leads to leaders’ lip service is that digital transformation is a multi-year journey, and many details are unknown at the outset. You will know the direction your company wants to head, yet not know precisely where it will land, how long it will take to get there, how much it will cost, or what resources the journey will require.”

The role of a manager has to change in 5 key ways. “We want managers to become truly human again: to be people who love to learn and love to teach, who liberate and innovate, who include others in the process of thinking imaginatively, and who challenge everyone around them to create a better business and a better world. This will ensure that organizations do more than simply update old ways of doing things with new technology, and find ways to do entirely new things going forward.”

THINK 18 speaker Brian Solis: We have the power to make social media an instrument for positive change. “The good news is that we do have a voice. The same networks that are used to spread lies, to divide us and to distract us for hours at a time can be used to bring people together, to build movements and create meaningful change.

The real currency of social media is our action and our voice. By being consistent in our messaging, we can develop trust and build relationships; By controlling the narrative, we can become beacons for truth. We’ve been seduced, but now it’s time to wise up. In a world with so much misinformation and so much vanity, someone has to speak the truth.”

The 3 psychological reasons we cling to conventional wisdom (and how to break free). “In our work, we simply can’t afford to make decisions when we feel helpless, nervous, or mindless, at least not if we hope to push beyond conventional thinking to be more creative. These three psychological barriers explain our tendency to cling to the general wisdom and favor absolutes, rather than act as we should: like investigators. The change is simple to read but hard to execute: To make better decisions, we need to ask better questions. Because remember: Finding best practices isn’t the goal. Finding the best approach for you is.”