Woman in self-driving car Source: metamorworks/Shutterstock

With the dawn of a new decade come fresh and exciting technological innovations. But when those developments shake up your industry and potentially threaten your organization’s bottom line, the last thing you want to do is put your head in the sand. After all, we all know tech advances are ubiquitous and stop for no one. For credit unions, two recent disruptors are the rising popularity of ridesharing services and self-driving cars, which have the potential to encroach on what has been the industry’s bread and butter – car loans. However, these trends also represent an opportunity to credit union executives, who would be wise to implement innovative ways to adapt and scale up operations. This is a smart strategy and one that can keep their institutions successful and thriving for years to come.

Consider the recent changes technology has wrought in the automotive sales and transportation industries in just the past several years. Rideshare companies like Uber and Lyft have taken the world by storm. According to a 2018 Pew Research Center survey, 36% of American adults said they use ride-sharing services, and a whopping 61% said they were aware of the services but hadn’t used them. By comparison, in 2015, only 15% of American adults had used ride-sharing services, and 33% were unfamiliar with them. Just imagine how those numbers will increase in the coming years!

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Dig Deeper


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.