TECHNOLOGY TRENDS FINANCE PROS SHOULD WATCH, PER TOP CREDIT UNION FUTURIST

03 Aug TECHNOLOGY TRENDS FINANCE PROS SHOULD WATCH, PER TOP CREDIT UNION FUTURIST

Posted at 13:54h in Uncategorized by

Credit union futurist consultants and keynote speakers often talk about emerging future trends and new technology innovations. However, not all of us get to attend their live or virtual online speaking presentations, making it hard to capture the full range of emerging developments that we should be watching. While it certainly helps to swing by for a presentation, as credit union futurists, we thought it might help to break down a number of technological innovations that are likely to impact financial institutions in the future:

  • Digital banking – More advanced mobile and online banking platforms with personalized insights and services will be critical to attracting younger members.
  • Open banking – Credit unions adopting open API infrastructure will enable more financial data sharing and integration with third-party apps – a big topic of discussion among credit union futurists and keynote speakers lately.
  • Blockchain – Distributed ledger technology like blockchain may allow credit unions to modernize payments, lending, identity verification and security.
  • AI and automation – Automated tools for personalized recommendations, predictive analytics and automated advisory services will enhance offerings.
  • Biometrics – Use of biometric authentication like fingerprints or facial recognition can bolster identity verification and security for members which should help cybersecurity in credit union futurists’ minds.
  • Chatbots – Intelligent chatbots can provide 24/7 customer service support and transaction assistance across channels.
  • 5G connectivity – The high speeds and low latency of 5G networks will power seamless real-time banking capabilities.
  • Internet of Things – Integration of internet-connected devices will enable more contextualized financial services.
  • Immersive interfaces – AR/VR may allow credit unions to provide engaging, interactive experiences for members.
  • Cybersecurity – Advanced encryption, behavioral analytics and threat intelligence will be imperative for preventing fraud and hacking.

 

Like credit union futurists conclude, adoption of these emerging technologies paired with a human touch could help credit unions stay competitive while retaining their personalized member service.