er and chief product officer,
• Open API will be a focused topic. Expect a shift from accessing
data to distribution. Fintech vendors want access to real, live customers. Credit unions will and
should play a critical role in this
Mickey Goldwasser, vice
president of marketing,
• The credit union industry prepares for growth in all aspects of
the payments experience. Members believe technology should
simplify or eliminate mundane
aspects of their lives. Credit
unions must address this cultural
“do it for me” expectation by providing smarter digital payment
Gary Singh, vice president of
marketing, Ondot Systems,
• Consumers demand more control and protection of their data.
Credit unions will need to provide card controls in 2018 to
give members the ability to stop
fraudulent activity immediately,
control spending and have a tool
to weather the data breaches as
Kristopher Bishop, founder
and president, Integrated
• Credit union acquisitions of
banks has risen consistently from
only one transaction in 2012 to
five transactions in 2017. Acquiring a bank can be a lucrative
strategy for credit unions as it
allows for an increase in the asset base and membership field
while spreading out regulatory
Michael Ball, vice president
of markets and strategy, IMM:
• Credit unions have to adapt and
evolve to provide a more modern, digital experience with simplified and convenient engagement. Delivering digital tools and
services will be a priority in 2018,
enabling credit unions to better
engage with members.
Larry Nichols, president/
• Credit unions advance how they
leverage digital channels such as
implementing AI to automatically present cross-sale opportunities to members. Mobile apps
become more sophisticated, encapsulating everything a member wants and needs such as
retail coupons, shopping news,
restaurant deals, etc.
Mark Vipond, president/CEO,
• More credit unions will try to
consolidate individual point solutions to streamline operations,
improve members’ experience
and lower overhead associated
with managing IT environments.
Savvy credit unions will lay the
foundation for a digital banking
platform strategy built on API-driven architectures, allowing
them to bring new innovations to
the market quickly.
John Waupsh, chief innovation
• Increasing core deposits will be
top of mind in 2018, especially for
credit unions, but we anticipate
big challenges ahead in doing so.
The marketing tactics historically
leveraged to acquire core deposits and increase market share
are no longer effective. Instead,
credit unions will look to data-cleansing and enriching processes, paired with data-driven
acquisition and retention strategies, and supported by marketing
Joe Salesky, CEO, CRMNEXT,
• Investment ensures digital capabilities in financial and call centers also work for credit union
staff and allows them to focus on
consultative member conversations. Personal financial management will turn from a member self-service experience to a
collaborative focus for financial
health discussions and member
Brad Downs, CEO, Strategic
• More credit unions will seek to
Ted Bilke, president, Symitar:
augment and automate the re-
quirements associated with
managing and negotiating ven-
dor contracts, utilizing bench-
marks to ascertain if the deal
they are getting is above, at or
below market. This will be espe-
cially true in the payments space
where network brands have got-
ten increasingly aggressive in es-
tablishing their brand footprint.
• Urgency around branch transformation and digital banking will
push credit unions to advance
technologies like AI, bots and
• Credit unions will embrace more
fintech partnerships to speed
new product development and
differentiate digital services.
• Internal processes and organizational design will also formalize
cultures of innovation and intelligence via specialty positions.
• The call to outsource IT will become more about strategically
dedicating resources to focus on
emerging critical trends.
David Eads, founder/CEO,
• We will continue to see the evolution of the mobile/digital channel as a catalyst for credit unions’
growth. This includes highly
targeted, relevant marketing
campaigns to existing and prospective members to more cost-effectively expand their footprint.
Mark Anderson, CEO, Banc
• Credit unions will primarily focus on how they can improve
their bottom line by reducing
expenditures and streamlining
operations internally. Operational technologies, whether an
employee intranet, customer
onboarding system or new loan
origination system, will become
an integral part of a credit union’s
efforts to further minimize expenses and drive long-term
Tim Keith, co-founder and
chief strategy officer, Infusion
• Rate-based competition for de-
Suzi McNicholas, vice presi-
posit dollars will accelerate faster
than anticipated. As strong lend-
ing companies have become
hungrier for deposits, aggressive
deposit rate offers have begun to
appear. Deposit rate pricing de-
ployed through strategic market-
ing offers credit unions a unique
dent of marketing, Source
• Consumers will expect greater
levels of continuity between digital channels and the branch experience. Credit unions will shift
toward implementing in-branch
technology that can bridge the
gap in these channels, transform
branches into more high value,
advisory-based centers, and leverage self-service technology.
Scott Hess, VP of user experi-
ence, consulting and innova-
• The fast pace of change in mobile
payments will intensify, driven
by advances in technology and
changing consumer habits.
• As consumers become more
comfortable with voice-enabled
technology, they will begin using
it for financial interactions.
• Faster payments will continue as
a priority across payment types.
Paying others digitally becomes
the familiar and preferred option.
Chad Conley, senior product
strategist, retail banking,
• Financial institutions try to balance high-tech innovations with
well-timed human interactions.
• AI is set to enhance capabilities
such as fraud detection and customer support.
Matt Wilcox, SVP, marketing,
strategy and innovation, digi-
tal banking, Fiserv:
• Digital banking developments
using a variety of innovations –
including analytics, voice banking, facial recognition and biometric capabilities will help
make the experience more compelling and intuitive.
Jack Henry & Associates:
• The Clearing House’s Real-time
Payment system nears the point
of critical mass.
• Real-time payments will achieve
significant progress toward ubiq-uity within the next two years.
• Deposit disintermediation will
continue to increase. Money
previously stored in regulated
deposit accounts is becoming
scattered among prepaid cards,
mobile wallets and even in P2P
• Consumer debt is returning to
pre-recession levels. Financial
institutions develop strategies to
Matt Honea, director of cyber,
• Cybersecurity budgets will continue to grow, but executives will
be more strategic with how they
tailor budgets to address modern
• Crypto-ransomware will be a
major threat to companies in
• As autonomous vehicles and
transportation systems become
increasingly digital, they also become attractive targets for cyber-attacks and vulnerabilities.
Mike Massaro, CEO, Flywire:
• Cross-border payments become
optimized for a specific set of
customers and requirements
such as type of transaction, specific industry regulations, connected accounts, international
requirements or payment-relat-ed customer support needs.
• Different countries collaborate
more closely to create more predictability in their markets, and
protect their common interests.
• Different players in the international payments and receivables
processing realm will increasingly incorporate AI and machine
Tom Donlea, vice president
of global marketing, Whitep-
• Identity verification will become
a part of the regulations and compliance for lending, payments
and other online businesses.
• The combination of machine
learning and quality data will
require any serious lender to
make sophisticated decisions in
the fast-moving online banking
• Larger online lenders will bring
fraud fighting in-house rather
than rely on a third-party platform. They’ll trade out rules-only
decisioning platforms in favor of
a hybrid platform that also uses
• Blockchain for Identity will finally move beyond prototype. The
first deployment will occur with
high value financial industries
and for health-related data. n
CONT. FROM PAGE 1
Y Credit union leaders should expect members
demanding a better mobile experience.
Y Artificial Intelligence will make great strides
for better member experience.
Y API-driven architecture is predicted to help
consolidate digital solutions.