by Ron Daly
Let's face it - Googling stuff is fun. It has been from the very beginning and it's still a hoot.
Sometimes, Google can show you the future. I decided to put Google's "crystal ball" capabilities to the test and see what 2014 had in store for the industry. I simply put
- "In 2014, credit unions will *"
- "In 2014, credit unions must *"
- "In 2014, credit unions should *"
into the search bar and hit return. And voila! all the interesting tidbits about what the industry should focus on this year. Some highlights:
"[Credit Unions] must focus on enhancing members’ cross-channel experiences, says Belinda Caillouet, chair of the CUNA Technology Council..."
"Charting Your Course Through 2014", creditunionsmagazine.com
Agreed. Members are leaning hard on technology and demanding more channels that work well with one another. That includes mobile apps, online banking and ATM/branch services that all play well together and stay up-to-date and easy-to-use.
"Financial marketers will be accountable for analyzing the real results of content marketing strategies in 2014. Because every channel ultimately affects all of the others, attribution modeling allows marketers to credit a specific ad or touch point along a sales funnel rather than just the last material viewed or clicked."
"Digital Marketing Trends for Banks and Credit Unions in 2014", TheFinancialBrand.com
Yep, right on the money. The technology we're using to sell to members is getting better and we can start making sense of data and offering products and services that make the most sense for each individual member.
“In the next 12 months, mobile will overtake online in terms of number of users. It already has more transactions."
"5 Mobile Trends to Watch in 2014", cutimes.com
I'll be interested to see the outcome of this one. Mobile's a big part of people's lives, but can credit unions rise to that challenge and create great mobile app experiences in the space of a year? A year, mind you, that's already down to eleven months as of Saturday of this week?
"In 2014, the trusted role of banks and credit unions as the collector of funds, provider of loans, processor of payments and advisor of financial relationships will continue to come under fire from non-traditional players including new financial organizations (neobanks), hardware providers, third party payment processors, and mobile app developers that merchants and consumers are using to chip away at the traditional financial services model."
"Top Ten Banking Trends for 2014", bai.org
More sharks in a still-pretty-small tank? This is the moment CUs have been waiting for — the moment to set themselves apart from the upstarts and prove they can be valued, trusted financial partners by offering sensible services and can't-be-beat member interactions.
"To experience loan growth in 2014, credit unions will need to originate significantly more consumer loans to offset the expected declines in mortgage originations."
"Marketing Overview and Data Report", catalyststrategic.org
I'm really curious about what kinds of loans credit unions will be promoting in place of mortgages (assuming they cut back on mortgage promotions, which some won't). Credit cards? Student loans? Where's the "heat" in lending in 2014?
“Looking ahead to 2014, credit unions can expect to see the CFPB expand its fair lending focus,” said Bundy. “The CFPB’s regulatory agenda unmistakably signals that fair lending will be a focal point of new rule making starting in 2014.”
"CUNA Mutual Group Anticipates Broader Regulatory Focus in 2014", cunamutual.com
"...The CFPB has the luxury in 2014 to move on to topics other than mortgages, such as overdraft, prepaid cards, Reg CC disclosures, and debt collection. To keep track of all of it, take advantage of various resources out there—besides NAFCU, and the CFPB, many law firms have compliance blogs and news alerts you can subscribe to for free. Knowledge is power, so grab on!"
"Credit union industry experts: What’s in store for 2014", cuinsight.com
I bundled those together for a reason: the CFPB will be stepping up its game in 2014. Credit unions will need to arm themselves with information, as mentioned in the second story. There are plenty of great resources out there, both free and paid.
Any other big predictions for this year? Leave them in the comments section.