Airbnb, Uber, Snapchat: What we can learn from 2016 disruptors

We’ve all heard of the FinTech revolution, right? At this stage in the game, if you haven’t heard of it, head on over to Google. I’ll wait. But the bigger question is – have you taken a closer look at disruptors other than FinTech to see how they might be affecting the financial industry? To clarify exactly who we’re talking about, here is CNBC’s description of these disruptors: “…the most innovative private companies in the world that are shaking up industries and creating major paradigm shifts that affect every corner of society.” CNBC ranks disruptors every year and compiles a Buzzfeed-worthy top 50 list.

CUNA certainly has their finger on the pulse, as the 2016-17 CUNA Escan lists the top two credit union industry trends as Transformation (#1) and The FinTech Revolution (#2). At the intersection of those two trends sits the top 50 disruptors.

Let’s take a closer look…

According to CNBC, the world’s top 50 disruptors hold a market valuation of $242 billion. A few recognizable names on the list, Airbnb, Uber, and Snapchat collectively hold $111 billion, and are still growing. That means they must be doing something right.

Here are a few things these disruptors have in common:

• They employ an innovation-first strategy
• They predict what consumers want, before they even want it
• They’re scalable
• They often create new markets
• The create value

Now let’s take a look at how credit unions can take a page from the disruptor book…

• Innovation-first strategy
  • Focus on Mobile
  • Develop an Omni Channel User Experience
  • Branch of the Future
  • Gamification
• Predict what consumers want
  • Mobile-First
  • Interactive Teller Machines
  • Utilize Big Data
  • Beacon Technology
  • CRM/MCIF – Predictive Analytics
• Scalable
  • Upgrade systems (LOS, Core, Online banking)
  • Increase efficiencies
  • Process Improvement
  • Rethink Business Models
  • Employee Empowerment
• Creates new markets
  • Payment Systems
  • Insurance Products
  • CUSOs
  • Rethink Product Offerings
  • Field of Membership
• Create Value
  • Brand Development
  • Member Relationship Strategies
  • Give-Back
  • Business Model Transformation
  • Pricing Structure

Still not sure which direction to take? Better decide quickly because Uber is gearing up to place $2 billion worth of auto loans in to the market – without help from credit unions. What was once a clear line drawn in the sand between industries is now a blurred one. Credit Unions need to transform their way of thinking now before it’s too late.