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Innovation, ideas

Fifty years ago, the first ATM made its debut. Not only did it introduce the convenience of cash withdrawals at any hour of the day, it signaled the significant change technology was going to make in the financial services industry. Now, technological changes in the financial industry are happening at a much faster pace. Mobile banking, peer to peer payments, online-only financial institutions, and other services our grandparents never heard of have all become baseline expectations for the newest generation of consumers.

Institutions that implemented these services first are still reaping the benefits of having attracted members when those services were differentiators. With technological changes in the financial industry happening at an ever faster pace, those financial institutions that fail to innovate are being left further and further behind. In this environment, credit unions must continually adapt and look for better ways to serve members or risk becoming irrelevant to consumers.

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