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CUNA Research Reports

CU Snapshot

 Jun '17May '17
# of CUs5,911 5,922
Members
(millions)
111.7111.2
Total Assets
($ billions)
$1,378.8$1,369.6
Total Savings
($ billions)
$1,172.6$1,156.8
Net Cap.
Assets
10.6%10.6%
Loans to Savings79.6%79.9%
Loan Delinq.0.7%0.7%

         Credit Union Indicators

The new normal in consumer expectations

Technology drives key trends in relationship banking.

The relationship between credit union and member will look very different in the coming years, says Neff Hudson, vice president of corporate development, USAA. He addressed the AXFI Conference in Minneapolis.

Some of the key trends in consumer interactions, according to Hudson, include:

Personalization: Users are in control and their preferences are respected. This helps them make better decisions.

Embedded experiences: Context is king. Experiences are greater than products. Partnerships are critical in this regard.

Conversational user interfaces: Interfaces use natural language and are powered by artificial intelligence. They're hardware-independent.

Hudson rolled through some of the reasons for these trends, including:

The unbundling of financial services. Fintech companies can focus on only one thing at a time, while traditional financial institutions focus on dozens. They raise the game on what consumers expect.

Changes in distribution channels. The pace of change in channels has been "really crazy." And it is not good enough to be good on one channel—you must work across all channels.

Digital assistants. A confluence of advances in many technologies—cloud, mobile, and voice—have enabled this phenomenon.

The rise of bots. A lot of companies are diving into bots. They're becoming very useful and human-like. You can see them being used for influencer marketing, transferring funds, and insurance sales.

(Via news.cuna.org)