ATLANTIC CITY, N.J. — The smartphone and tablet are morecritical than most people think, according to Max Wolff, chiefeconomist and senior analyst with GreenCrest Capital.

During a morning session of the CU Reality Check conference hereon Tuesday, he asserted that mobile is the ATM of 15 years ago.

“The new technologies are still disruptive. We still don't haveleaders across the board, Wolff said.

But, he added, one thing is certain regarding social media andother developments: “This new technology can help you leverage orit can level you if you're a laggard.”

“Because the economy has been so disruptive, the disruptivetechnologies have been difficult for people to grasp,” Wolffsaid.

However, social and disruptive startups are not a passing fad.“This is a mature market that is disruptive that is makingchanges,” according to Wolff.

A key point that can be missed is as it applies to financialinstitutions is that mobile banking is not necessarily a commodity.

“Social is real interpersonal interaction that's machinemediated,” Wolff emphasized. It's the new word-of-mouth marketing,and as people expect more through mobile the models arechanging.

Now, one in three married couples self-reported that they mettheir spouse online, Wolff pointed out, which means they trusthighly personal relationships, such as banking, in the onlineworld.

Social media outlets are looking to become financialintermediaries. “They will be in the payment space if they aren'talready, and they're going to double down,” the economistadvised.

“Facebook is the No. 1 time spend for people under 30,” Wolffsaid. TV and movies will come through this medium, hepredicted.

But social media outlets aren't the only ones. Apple and Androidown 80% of the market and investing in financial services everyday, he added.

“Your smartphone is your keys and your wallet, and your creditunion better live in there,” Wolff said.

The good news is that credit unions already possess thecharacteristics that are necessary to succeed online and in mobile.“What resonates online is real message, social values anduniqueness. Credit unions already have this,” Wolff said.

The venture capitalist added, “(The new technologies are) apotential leverage of great value to you to compete with the biggerplayers with the biggest bucks.”

Credit unions also have members' trust and are cooperatives,which is attractive to many consumers. They also stand forsomething, he said. Credit unions have an audience but they must beengaged.

“Public awareness of credit unions isn't what it needs to be,”Wolff said was their one drawback.

When people don't understand you, he said, they avoid you orthink there must be something wrong with them or something wrongwith you. He suggested that Twitter has become the de factonewsfeed of reporters so being active on Twitter can help get theword out.