THINK Week in Review: The “Privacy” Issue

Research reveals that most consumers that use fintech app don't know how their personal and financial data is being exploited. This presents a big opportunity for credit unions, who are more trusted than fintechs. Traditional banking providers need to educate consumers and offer alternative solutions. Consumers’ Data Privacy fear may hurt Fintechs, help Credit Unions. “Given how much concern consumers have about the privacy of their personal data, the edge in trust should be a significant advantage for banks and credit unions. More than that, however, consumers expect their primary banking provider to keep their data safe. The report from The Clearing House says that 56% of all the banking users surveyed and 59% of the fintech users say they hold these institutions accountable for the security of their data.” New Accenture Report: Make your wise pivot to the new. “Organizations today are at an inflection point. Business leaders know that thriving in the digital age requires them to take on the disruptive forces changing their industry with speed, confidence and continuous innovation. But the reality is, only 6% of C-level executives say they’ve successfully managed to embrace new businesses activities without hesitation. So what does it take to get there? We call it the Wise Pivot, a strategy fit for the digital age that can help companies pursue new growth opportunities without abandoning their core business. And what’s more: Companies who pivot wisely know how to constantly calibrate their investments and assess their organization’s investment capacity to grow new businesses at precisely the right time.” 5 ways banks can create a digital mindset. “The first step is to understand one important fact: Choosing to remain rooted in the traditional way of thinking is to risk becoming obsolete. A strong digital mindset opens the door to deeper engagement with consumers and a more cost-effective business model. Financial institutions need to establish that mindset to help them grow. The key is to stay focused on the consumer experience through all touchpoints and make sure your services are intuitive, inspired and innovative. More than anything, always solve the problem, no matter what it is, for the consumer.” Finance’s greatest test. “Finance executives that can create principles that help to guide their organization and make effective decisions on the fly without being tied to a specific destination, because I think we all know that those destinations move as we go forward, will have success. It can be around creating culture, creating behaviors within an organization that will allow you to adapt, and then figuring out in a much more accelerated way which technologies fit, in a much more real-time basis.” Intriguing Interactive Experience: The American Nightmare. Ten years ago, the economy was imploding. “In many ways, we had a dual credit market where they were just getting pushed into the riskier side of the market, and a lot of that activity was stemming from mortgage brokers who were pushing loans.”