New research out of Juniper smacks most credit union leaders in the face. That’s because 50% of us now say we would consider switching to a digital-only bank. Indeed, many households already are actively contemplating a move to a digital-only bank.
The recent Harris Poll numbers are a splash of icy water on our faces: three in five Americans believe identity theft will likely cause them financial loss in the next year.
Just when you thought ATMs had to be going down for the count—and, honestly, who didn’t think that as the pandemic took hold?—the rumbling is loud that ATMs are emerging as a low cost branch replacement option.
Just when you thought business couldn’t get tougher—most credit unions now are wrestling with collapsing loan revenues as interest rates continue to tumble. And yet, more non-bank competitors enter the fray.
In a very few minutes—under three—on a slow Friday afternoon, I opened and funded a banking account with Lili. Lili is a startup that has won a lot of buzz (plus $25 million in venture funding) in the space of a few short months.