The future of credit unions

Posted by Tomorrow Team

Oct 29, 2020 12:00:00 AM



The pandemic has accelerated the digital reinvention of the world, but now is the time to make bold decisions to transform your organization into the 21st Century. Future-focused credit union leaders can explore how artificial intelligence (AI) will change interactions, interfaces, and identity — for both members and business partner relationships.

That was the message from keynote speaker Mike Walsh, CEO of Tomorrow, a global consultancy on designing companies for the future. Walsh spoke during the final day of Virtual REACH 2020’s first week (Oct. 29). He advises leaders on how to thrive in the current era of disruptive technological change.

“If you want to anticipate what consumers want and need financially before they even realize they want it, you have to look at where AI and other systems intersect,” Walsh said.

Futurists like Walsh underestimated the capacity of an “external event” like the COVID-19 pandemic. But even in a time of crisis and incredible transformation and change, it’s human beings that really matter, he said.

“As leaders in the credit union community, what will you need to do to bring your organization into the 21st Century as we leave this crisis?,” he asked attendees.

Walsh said there is no such thing as “digital disruption” anymore, just “digital delivery.” The business and consumer world has been through an amazing last decade where it has seen the likes of innovative companies and technologies such as Airbnb, Uber and so many others.

Individuals and experts used to talk about these “disruptors” like there was something special about them. Then they discovered that nearly all organizations and businesses need to be “disruptors” within their own industries. Digital disruption is now the price of entry — what we’ve had to do to simply function, Walsh said.

He added: “The question I want to ask you is, What is now possible in a new age of smart machines that wasn’t possible before as we come out of this pandemic and crisis? The next big wave of innovation will require radical new thinking about what it takes to reinvent the financial services experience for your members in the future.”


This article appeared originally in the California Credit Union League News

Topics: United States, Events