Win against new competitors

An emerging wave of competition is on the horizon. Here are tips for preparing for them.

by: Andrew Tilbury

New technologies–particularly digital wallets and social media–and Millennial preferences and expectations are driving the creation of new business models that represent existential threats to traditional financial institutions. Denying these fundamental shifts is a recipe for failure; credit unions need to evolve their culture, business models, and products or be left behind.

A recently published Bluepoint Solutions report, “Disruption in Financial Services: Threats and Opportunities,” identifies and explains the challenges facing financial services companies today. Here is advice and recommendations for credit unions looking to win against the new competitors.

How can credit unions stay relevant to Millennials, and what are the key service offerings they should be providing to capture this group?

Millennials look for ease of use, convenience and consistency. Because of their strong connection to mobile phones and 24/7 connectivity, Millennials value immediacy and self-service over building relationships with tellers and physically going to a branch to conduct their banking.

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