Adam Smith introduced the world to the Industrial Revolution. Centuries later, this revolution has now entered its fourth phase. Termed the Exponential Age, it is defined by the velocity or speed of change found in this new era. Disruption is everywhere. Firms of all types are being put in and out of business every day.

The New Competitor

In order to survive the Exponential Age, every credit union must recognize that the definition of its competitive set has changed in an unexpected manner. In this era, no credit union competes against a class of competitors, a peer group or even the fintech sector. Rather, in the Exponential Age, each credit union competes against a single, identical competitor. And this common competitor is time. Therefore, survival in the Exponential Age is all about slowing down the clock, and each credit union is confronted with this shared challenge and opportunity.