Banking and financial services are becoming purely digital. Already, nearly everything your members engage with at your credit union is a digital service. Cash handling has dropped dramatically over recent years. Member finances, mortgages and accounts exist as digital entries in large databases. For a few more years members will be willing to deal with a tangible pile of cards, but this won’t last. By 2025, the majority of cards or the credentials they represent will be stored and accessed through a mobile device. Transforming banking into a purely digital business translates into convenience and accessibility for your members. For credit unions, online distribution models drive efficiency. Disruption fueled by digitization Kodak, Blockbuster, Tower Records, traditional taxi services – what do they have in common? They went out of business or were severely disrupted because one or more new entrants were able to meet a consumer need better than the incumbents.
- Digital cameras made capturing a moment more convenient and cheaper than traditional cameras did.
- Netflix offered a more convenient way to access entertainment, as did Spotify and the iTunes store.
- Uber transformed the dependent taxi customer into an empowered Uber customer.