Author’s note:
I was first introduced to the work and brilliance of Peter Diamandis when he was the keynote at the 2012 International Cooperative Summit. It was his statement,
“You either disrupt your own company, or someone else will. But standing still means death” that resonated deeply with me then and still does today. Click here to read the blog I wrote about this. Diamandis is the founder of the XPrize, Co-founder of Human Longevity Inc, Singularity University, Planetary Resources. He is the author of Abundance and Bold. Both books promote the positive position that technology is here to enhance our lives, not hinder. I absorb everything I can get from him. Enjoy this recent nugget)
XPrize founder, author and innovator Peter Diamandis and Anne Legg at UCSD Science event. (I really need to work on taking better selfies)
In late 2016, Diamandis distributed Top 10 Tech Trends Transforming Humanity. Here are three that have impact on the Credit Union Industry.
1.We are hyper connecting the world.
Diamandis notes that in 2010, about 1.8 Billion people were connects, that number is about 3 billion today in 2022-2025, Diamandis predicts that number will expand to include every human on the planet.
What does this mean to Credit Unions?
Connect now, consistently and frictionless.
As more and more people connect, the will want and expect that their money should connect as well. And this connection should be at fastest and most consistent speed available. This is a direct message to credit union that does not have a mobile app in the market. Do it NOW! Not only is the ability to connect a necessity, but the ability to accomplish connection devoid of friction is equally as important.
6. The year of autonomous vehicles
While this still may seem like a long time off before everyone on the block is riding-sharing to work in the driverless car, it may be closer than you think.
What does this mean to Credit Unions?
While America has had a long standing love with its car, that love is transforming from owning to sharing. And if less people are owning cars, and sharing them, how does that affect the bread and butter product of credit unions – the auto loan?
8. The march of artificial intelligence.
Many think of AI as Siri, or Alexa, but it is much deeper than that. AI is constantly improving the world in its ability to classify and organize data into patterns and build predictions. These predictions are helpful in reducing pain points in our daily lives as well as providing value.
What does this mean to Credit Unions?
A very simple application is voice recognition banking. Where the user can give commands to a Siri or Alexa to perform routine banking transactions. AI will also provide deeper insight to members purchase behavior, demand for product cycles and overall need assessments. This is exceptionally powerful to credit unions because the more a credit union can predict a members needs and then fill it better than expected, the more the credit union is likely to see an increase in sustainability.