It will be an exciting 2018 for credit unions if just apercentage of the industry forecasts prove foretelling. However,expect continued cybersecurity incidents and threats to steal someattention.

Here is a sample of some pertinent 2018 predictions offered byindustry experts and technology companies.

Symitar, Ted Bilke, president:

More credit unions will advance artificial intelligence from the considerationand planning stage to deployment. Engaging with members in a moremeaningful way may lead this effort as a revenue driver. Fraudprevention will lead the way from a cost savings perspective.

Fiserv, Scott Hess, vice president of user experience,consulting and innovation:

The fast pace of change in mobile payments will intensify, driven byadvances in technology and changing consumer habits.

Capgemini:

Voice payments will become a standard authentication process,digital identities begin to move past authentication - In 2018, wewill see an increasing number of major banks adopt voice paymentaccess technology using platforms like Siri or Alexa, therebyintegrating these virtual assistants across the customer paymentssystem.

Cryptocurrency and other blockchain enabled technologies willfinally come of age, pressuring financial institutions and otherfirms to increase digital capabilities. Traditional financialinstitutions will also begin to increasingly partner withtechnology companies to develop these capabilities.

WatchGuard Technologies, Corey Nachreiner,CTO:

A major vulnerability will topple the value of a popularcryptocurrency. Each new cryptocurrency brings new innovations totheir respective blockchains. However, these additional blockchainfeatures introduce additional security considerations. As the valueof these cryptocurrencies grows, they will become much moreappealing targets for cyber criminals looking to make millions.

IoT botnets will force governments to regulate IoT devicemanufacturers. IoT device adoption continues to skyrocket, addingbillions of new network endpoints every year. Attackers continue totarget these devices due to their weak or non-existent security,both in development and deployment. “Be on the watch for a majorIoT botnet attack in 2018 that finally causes governments toaddress IoT security.”

For more forecasts by industry observers – on a range of topicssuch as digital, mobile and retail banking; payments andcryptocurrency; data security; application programming interfaces;cybersecurity and fraud; the internet of things; core deposits;credit union bank acquisitions; machine learning and artificialintelligence – read the full predictions article in theJan. 10 issue of CU Times.