Does your credit union have a future?
There’s the blunt question.
Welcome to the CU2.0 Podcast with your host Robert McGarvey. Today’s guest Jon Ogden, head of strategic content at digital firm MX which has recently released two provocative reports, The Ultimate Guide to the Future of Banking and the Ultimate Guide to Digital Transformation.
Read them, they are free.
But know they may keep you up at night.
That’s because many, many institutions – thousands of credit union among them – just don’t get it. They cling to an analog, physical world where consumers – most of them and more daily – crave better digital experiences.
The MX reports – filled with consumer research – prove this. Today 86% of us say our primary contacts with our FI are mobile and online. Just 14% say it’s via branch or ATM.
59% of us say we would take a loan from a tech company.
49% of us predict “far fewer branches.”
This is a fast ride through lots of numbers but the bracing take away from the numbers is that now is the time to transform – or perish.
In this podcast Ogden talks about work MX has done for credit union giant BECU. Hear our podcast with retired CEO Gary Oakland.
Know that some of the opinions in the reports come from banking futurist Chris Skinner. Hear our podcast with Skinner.