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CU Snapshot

 September '18August '18
# of CUs5,6535,686
Total Assets
($ billions)
Total Savings
($ billions)
Net Cap.
Loans to Savings85.5%84.5%
Loan Delinq.0.7%0.7%

         Credit Union Indicators

What's Next in Tech?

An expert panel lists important technologies for CUs to watch.

Virtual reality, augmented reality, headless software, and block chain innovations are among the next cool technologies, according to a panel of technology experts at the CUNA Marketing & Business Development Council Conference.

It might be too soon to jump into major investments in virtual reality, but the technology is buzzing in the tech world at conferences such as SXSW. Initially, people will leverage virtual reality for education, says Jose Resendiz, general manager for Digital Insight, a CUNA Strategic Services alliance provider.

Augmented reality has a lot of promise, notes Neff Hudson, USAA assistant vice president of emerging channels. The technology, which overlaps information onto the real world through a phone's camera or other devices, helps consumers make smarter spending decisions.

In the future, members will bank via a virtual computer assistant—like movie superhero Iron Man's Jarvis. Current examples include Microsoft's Cortana, Apple's Siri, and Amazon's Alexa.

This headless software—software capable of working on a device without a graphical user interface—will get better and better, says John Best, president/CEO of Best Innovation Group, a CUNA consulting partner supporting CUNA's efforts in advocacy, compliance, and payments information to credit unions.

Block chain technology will be transformative, Hudson says. Block chain is the infrastructure in which digital currency, such as bitcoin, is exchanged.

But you can use block chain to exchange anything. Hudson says in the next 10 to 15 years, block chain will lead to a fundamental transformation of the back office and data transaction on the Internet.

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