Greg Inman is convinced the “next big thing” for credit unions will be driven by changes in technology, or come from outside our industry.
Inman, chief operations officer for $710 million asset Neighbors Federal Credit Union in Baton Rouge, La., and chair of CUNA Operations, Sales, & Service Council executive committee, and others share their insights in part three of this series from Credit Union Magazine (click here for parts one and two).
Millennials and disruption
I read an article recently in which more than 10,000 millennials were surveyed regarding disruption and how this demographic feels about multiple companies in several different industries. They believe that of all industries that will be disrupted, banking is at the highest [risk].
It was interesting that more than 70% of millennials said they would rather visit the dentist than listen to what banks are saying. This group believes innovation will come from outside the industry, and nearly 75% would be more excited about a new offering in financial services from Google, Amazon, Apple, PayPal, or Square.
With this being the largest generation in American history, it’s absolutely critical that we as credit unions begin to meet them where they are and stop trying to bring them to us.
Frankly, they are not interested in us—and how can we blame them?
The companies they love and trust the most make their lives easy and connect with them in ways that matter to them. Credit unions must recognize this and begin to act quickly or we will never convince them to do business with us.
GREG INMAN is chief operations officer at $710 million asset Neighbors Federal Credit Union in Baton Rouge, La., and chair of CUNA Operations, Sales, & Service Council executive committee.
Next: Internet of Things