When my brother and I were kids, we liked to build things. We built forts, ramps and anything else we could fashion out of scrap wood. Typically, our projects served a specific function, to ward off rival “street gangs” of preteens from another block, to propel our dirt bikes into the air, or whatever else we decided could or would result in our becoming temporarily disabled. We thought we were good builders, but the greatest evidence that we were not, is that our work does not exist in any form today.
There has been a major emphasis on making banking friendly for millennials. Of course, this is a necessity as millennials make up a larger percentage of the workforce and have different expectations for their financial institutions than previous generations. However, there are bigger changes to prepare for. If you are struggling to please millennials, a generation of adults who were impressed by the ability to send text messages and pictures as high schoolers, how will you be able to meet the needs of Generation Z – the generation who has been operating smart phones and tablets (and in some cases coding) before they could walk or talk?
Financial Technology (Fintech) startups are making waves throughout the financial services industry. Traditionally functioning banks and credit unions are facing a time of extreme change, both competing with and potentially benefiting from these new financial technologies. KPMG recently released, “The Pulse of Fintech, Q2 2016: Global Analysis of Fintech Venture Funding” to accurately paint a picture of Fintech growth and funding.
At OnApproach, we have been talking a lot about the imminent threat of industry-wide disruption of Financial Services spurred by the rise of new start-ups and technology (known now as FinTech). Credit Unions and banks alike are on the cusp of experiencing unprecedented competition in the form of new innovations from non-traditional competitors looking to take a piece of the financial services pie (e.g. Apple). This is the primary driver for our Analytics and Financial Innovation Conference being hosted this June: http://www.axficonference.com/