Credit Unions 2030: A Look Way Ahead
Come 2030, credit unions will be in business serving up some kind of financial services, essentially one generation removed from today. However, getting there will be as wrenching—as full of dislocations and pains—as was the shift from 1950s-style credit unions with no share drafts into today’s full-service financial supermarkets.
But experts are on hand with tips for mapping a path to tomorrow.
As for branches, Hollen is adamant that branching will remain integral to credit unions, but it will become very different, very soon. “Branches will look more like Apple Stores,” he said. Tellers will no longer be isolated behind protective barriers; they probably will approach customers with Apple iPad type devices in their hands.
There also will be a lot more self-service. “It will be similar to going into an airline terminal today versus 10 years ago,” said Hollen.