How will autonomous vehicles impact your credit union?

Few would claim that they could have predicted the impact a technology company (Uber) would have on credit union balance sheets.  If you envisioned this future – well played!  For the rest of us, it was a surprise as Uber took off and destroyed value in taxicab medallions, a hit credit unions took on the chin.  The biggest one, Melrose Credit Union – a $1.7B (yes billion) dollar credit union, was conserved in February of 2017 because of the valuation problems with their taxicab medallion loans.

Recently, I sat down with some of the credit union industries brightest to have a mastermind session and explore all things technology and credit union – Two of my favorite subjects!  During the meeting, we began discussing autonomous vehicles. As a supreme hater of traffic and the father of twin 6 year-olds and a 7-year-old, I cannot wait to have a car that drives itself. I think just like smart phones changed us overnight, mainstream self-driving cars will prove rapidly adopted. The amount of productive time we will gain back is potentially huge. Plus, it affords the added bonus of relieving any worry of my kids driving at the young age of 16. I feel justified and compelled to make the purchase immediately for just these two reasons! It’s not a question of if it will happen, it’s a question of when.

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