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CUs must measure themselves against banks and fintechs, not just other CUs.

As Amazon’s potential foray into banking continues to make headlines, it is obvious that competition in the financial services industry looks different than it did 10, or even five, years ago. Financial institutions are now finding themselves being compared to and evaluated against organizations outside the scope of their typical competitors, such as Venmo, Uber and Airbnb. These technology companies are dictating how the customer experience should look and feel, and consumers are expecting their financial institutions to keep up.

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