Beware: the algorithms and robots are about to invade your credit union. That was the message gameFI Founder Matt Davis put forth to the CU Direct DRIVE16 Conference audience during his "Trends in Financial Services Innovation" presentation. He backed it up by providing a startling stat of 45% of human work activities can be replaced with a robot/computer. In other words, we might be embarking on the "Uberization" of financial services sooner than you think.
Much of this transformation is due to the higher expectations from today's increasingly digital savvy consumers. Companies like Amazon, Apple, Google, and many others have set the service or process bar incredibly high that financial institutions are struggling to keep up -- and when they don't, consumers may go elsewhere.
It was a riveting talk showcases some cool services that credit unions can be a part of from organizations such as IKEA, Zillow, Opendoor, Butter, Rate Reset (episode #565), Wealthfront, Lyft, and plenty more. Check out our conversation when you get a chance and let us know what you think. Really interesting ideas that may spark a few of your own.
Mike Lawson, Host
Married to a beautiful and wonderful wife, raising 5 kiddos (including twins!), enjoy helping others tell their stories, and love surfing SoCal waves. Keep it simple.