The Convenience Economy

Consumer demand for convenience is driving unprecedented advances in technology. Innovation is everywhere, from new devices to start-up ventures. And, most of it aims at helping people manage the technology that keeps them always-on an on-the-go.

In this climate of convenience, businesses that simplify the customer experience are succeeding. For example, the explosion of cable TV providers and channels has made watching television overly complicated. Solutions like Netflix simplify the experience, allowing viewers to watch what they want, when they want. It stands as an example of adapting in today’s convenience economy.

Meeting this ever-growing demand for simplicity is especially important for credit unions. As one industry executive said, “Our real competition is convenience.”

 

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