Technological disruption, increased regulation, changing consumer behaviors and asset growth will all contribute to the reshaping of the global financial ecosystem, according to the report, “Trending: Credit Unions in 2025.”
Retail service delivery will continue its transformation to mobile devices, according to the report.
“Credit unions will be seen as apps on a smartphone more than as a physical location,” said Bruce Cahan, a visiting scholar at Stanford University. “They will include video chat for dialogue and financial counseling, but for all but the most complicated transactions, a credit union will have to deliver service excellence without the human interactions.”
Other areas that will see the most dramatic changes include:
“Credit unions should focus first on the incremental changes that can be made today to ensure sustainability and growth in 10 years and beyond,” advised Ben Rogers, Fillene research director.
As part of this project, Filene asked credit union CEOs nationwide for their predictions for 2025. An example question: If we were to start on just one thing right now to prepare credit unions for 2025, what would that one thing be? Among the answers:
Researchers also examined four possible economic scenarios: continued moderate growth, a credit explosion, rampant inflation, and another financial crisis. Good news for credit unions: Even in the worst scenarios the credit union system holds up.