The relationship between credit union and member will look very different in the coming years, says Neff Hudson, vice president of corporate development, USAA. He addressed the AXFI Conference in Minneapolis.
Some of the key trends in consumer interactions, according to Hudson, include:
• Personalization: Users are in control and their preferences are respected. This helps them make better decisions.
• Embedded experiences: Context is king. Experiences are greater than products. Partnerships are critical in this regard.
• Conversational user interfaces: Interfaces use natural language and are powered by artificial intelligence. They’re hardware-independent.
Hudson rolled through some of the reasons for these trends, including:
• The unbundling of financial services. Fintech companies can focus on only one thing at a time, while traditional financial institutions focus on dozens. They raise the game on what consumers expect.
• Changes in distribution channels. The pace of change in channels has been “really crazy.” And it is not good enough to be good on one channel, you must work across all channels.
• Digital assistants. These are a confluence of advances in many different technologies coming together at the same time. They’re enabled by cloud, mobile, and voice technologies.
• The rise of bots. A lot of companies are diving into bots. They’re becoming very useful and human-like. You can see them being used for influencer marketing, transferring funds, and insurance sales.