Today's consumers demand cutting-edge technology for everything from their cars, smartphones, grocery stores (Amazon Go) and yes, even their banks. Major banks are investing heavily in new technology to provide the latest and greatest to their customers, often by partnering with fintechs to provide innovative technology. That could explain why the fintech market is thriving: PricewaterhouseCoopers estimates that cumulative investment in fintech globally could well exceed $150 billion in the next three to five years. We'll see most of the innovation on mobile, since researchers predict that by 2020, smartphone subscriptions are expected to top six billion globally and 81% of adults in the U.S. will be using mobile banking.

Some of the most innovative and largest banks have already taken note, integrating new mobile apps and features to adapt to consumers' mobile-first lives. For example, Citibank's banking app has smartwatch compatibility. And Wells Fargo, USAA and more than a dozen other large banks are using biometrics technology, from voice recognition to eye imaging and fingerprint identification, to authenticate and secure customers using their mobile apps for banking transactions.

With major financial institutions partnering with fintechs to offer their customers the latest technology, do credit unions stand a chance at keeping up with the pace of innovation?