HOLLYWOOD, Calif. (9/25/13)--
|Diana Dykstra, CEO of the California and Nevada Credit Union Leagues, addressed Tuesday's general session of the CUNA Technology Council and the CUNA Operations, Sales & Service Council in Hollywood, Calif.|
"Your world is changing very quickly, and you must continually look for ways to remain relevant to members and potential members," Diana Dykstra, CEO of the California and Nevada Credit Union Leagues, told attendees of a combined conference of the CUNA Technology Council and the CUNA Operations, Sales & Service Council Tuesday morning
The conferences, which began Sunday in Hollywood, Calif., end today.
"Sometimes we spend too much time focusing on the way things were and not enough time thinking about what's coming," Dykstra said. "Baby boomers helped credit unions grow, but they're deleveraging now and they're not going to become net borrowers again. They're done. Today's net borrowers are age 18 to 34, but that age group is under-represented among credit union members. We have to do something about that," she added.
"Gen Y is 78 million strong, and they represent your future borrowers," said Dykstra, "but 71% of Gen Y have no idea what a credit union is, and over half of the unbanked belong to Gen Y. This generation represents a tremendous opportunity for credit unions, but a lot of younger consumers just don't want relationships with traditional financial institutions.
"Mobile banking is growing 68% a year," said Dykstra. "It represents the greatest opportunity for credit unions and the greatest threat. You must offer your members seamless access across all delivery channels. Your members won't tolerate disjointed delivery channels.
|Representatives from 15 technology companies who gave seven-minute "speed demos" of their products and services during the CUNA Technology Council conference this week in Hollywood, Calif., took the stage Tuesday as attendees voted on the Best of Show. (Photos provided by CUNA)|
"Branch traffic declined for the first time in 2012," she said. "About 80% of consumers now visit a branch only once per quarter. And their top three reasons for visiting a branch are problem-resolution, to execute a process that's too complex to execute online, and to physically sign a document."
Also on Tuesday, four technology companies made seven-minute presentations or "speed demos" about their products. Five companies did the same in Monday's speed round. Tuesday's presenters included: