#3077: NCR Releases Banking Trends for 2023 -- What Credit Unions Need to Watch...

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President of NCR Digital Banking Doug Brown joined us on the show to share NCR's "Perspective on Banking Trends for 2023" that credit unions need to watch for heading into next year.

We conducting a kind of rapid fire interview with Doug on each of the trends and here is what we covered:

1. Data and AI
(Credit unions will make more progress in transforming data into action through leveraging sophisticated AI)

2. Evolving payments
(Providing more comprehensive payments capabilities will be critical to competing with a broadening and intensifying competitive landscape)
 
3. Digital-first branch and banking
(The trajectory of branch reductions will flatten after several years of significant change. Priority will be placed on transforming and optimizing physical touch points, infusing digital elements.)
 
4. Voice banking
(A customer’s ability to use their voice instead of a keyboard will see a significant resurgence — esp. w/ chatbots and virtual assistants) 

5. Focus on security
(Security will continue to take center stage, as advanced biometrics and AI become mainstream to better protect the end user)
 
A few of the other trends NCR provided but didn't make it into the discussion:

Brand reach and branch experiences trending to outweigh branch reduction efforts
(The trajectory of branch reductions will flatten after several years of significant change.)
 
A continued shift to consumer-directed money movement and payment methods
(Integrated, one-touch solutions are winning over “new to wallet” or “new to phone” offerings.)

Changing Demand Deposit Accounts (DDA) propositions have issuers revisiting existing customer development
(Integrated, one-touch solutions are winning over “new to wallet” or “new to phone” offerings.)

Check it out and let us know your thoughts. And be sure to watch the entire interview below for all the details.