How to prevent your credit union from becoming a commodity by 2025

A 49-page report released by the Filene Research Institute predicts what credit unions will look like in 2025: “In the year 2025 credit unions will operate on a financial landscape that bears little resemblance to the system of today. Technological disruption, increased regulation, changing consumer behaviors, and asset growth will all contribute to the reshaping of the global financial ecosystem.”*

For many financial institutions, the future doesn’t look friendly. Perhaps the greatest threat faced by credit unions is the threat of becoming a commodity as technology devalues physical branches and enables all banking to be done digitally. We currently have a client undergoing a credit union website design who told me his concerns about this threat. Read our conversation below.

 

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