Get ready to do business in a fundamentally different way
Make sure your strategy for the next decade of trust-based competition, financial health platforms and life-event subscriptions.
The next decade is poised to deliver an exponential rate of change in consumer financial services. As described below and in the EY report, NextWave Consumer Financial Services Insights, the key drivers of exponential industry change will include competition based on consumer trust, artificial intelligence-driven financial health platforms and subscription-based consumer financial services. More than just bolt-on products to existing infrastructure, these trends represent fundamentally different ways of doing business.
To thrive in the coming decade, credit unions will need to embark upon strategic planning that integrates NextWave concepts into a comprehensive value creation model that prioritizes innovation, agility and scalability.
A New Approach to Trust
Although consumers trust their credit unions, the financial services industry suffers from a trust gap. According to the 2019 Edelman Trust Barometer, financial services is the least trusted industry among those surveyed. The top-ranked technology sector will surely seek to exploit their advantage through services that encroach upon financial services.
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