15 Insights to make the most out of THINK 18: The Future of Banking (13-15)

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. 13. AI and Machine Learning are hot topics. Why AI is the ‘New Electricity’. “AI is the new electricity,” said Andrew Ng, co-founder of Courseraand an adjunct Stanford professor who founded the Google Brain Deep Learning Project, in a keynote speech at the AI Frontiers conference that was held this past weekend in Silicon Valley. “About 100 years ago, electricity transformed every major industry. AI has advanced to the point where it has the power to transform” every major sector in coming years. And even though there’s a perception that AI was a fairly new development, it has actually been around for decades, he said. But it is taking off now because of the ability to scale data and computation. 14. Digital Transformation should be your #1 Goal. But it’s not everything. Why the Customer Journey in Banking will never be ‘Digital Only’. “Consumers like charting their own journey depending on their comfort with different channels, and the type of product or service they are buying. The journey for paperclips would look a lot different than, say, a new sailboat. Similarly with services, the journey to plan a family vacation would look markedly different than finding a new accountant or hair stylist. The combination and weight of online reviews vs. word-of-mouth referrals will vary greatly. Bank and credit union consumers are no different. Their journey is complex and almost always includes multiple touchpoints. Consumers that start their journey digitally don’t necessarily complete their transaction digitally. In fact, according to the ForeSee Experience Index, Overall, nearly two-thirds (61%) of consumers start their journey in a digital channel when opening a new account, while more than half (58%) of those end up in a branch.’ 15. Last but not least, here’s the reason why everybody is talking about ecosystems: New Banking Ecosystems will use data and collaboration to deliver value.“As banking and lifestyle ecosystems evolve over time into more open, transparent and collaborative landscapes, attitudes and cultures must shift. For banks, these are not things that you can train – it begins with the skill sets you hire for, nurture and build around, and the leadership that inspires and enables it. Look at the makeup of an average bank board and compare it to the leadership at Amazon. The mix of education, employment history and personality types offers an array of thinking, taking in technology, science, psychology, the arts – and entrepreneurialism. So who is better adapted to influence and implement an ecosystem where innovation will thrive?" Join us at THINK 18 for a deep dive into the technology shifts and trends that will impact your credit union.