Amazingly enough, there are only a handful of weeks left in this year, I KNOW?! In many ways, 2021 felt fast and slow at the same time. While 2021 was the year of the COVID vaccine, it was also the year of the Delt variant. While the US is moving forward in pandemic recovery, it is safe to say that 2022 will be about adjusting to new economic and pandemic realities.
Here are a few trends that will impact how credit unions perform their business
1. Inflation
While the Fed has repeated that the current spike in prices is transitory, not everyone from those caught in supply chain disruptions and the consumer believes them. For credit unions, consider watching for inflation-based consumer behavior and communicating supportive messaging to ease concerns.
2. Increased rates
Many economists have stated that 2022 will continue the holding pattern on rates, and many support a 2023 early rate hike. This is a great time to start creating a future pricing strategy.
3. The future of work
The consensus is that the future of work will be of the hybrid model. A model where employees spend some days in the office and other workweek days at home or remotely. This is causing concerns by employees for a potential backlash for choosing to stay remote and being passed over for promotions. On the other hand, employers are concerned about renewed tax debates on the rules that govern and monitor remote work.
4. The continued growth of crypto
While the value of crypto keeps bouncing around like a lost ball on an elementary school playground, the interesting part is how it impacts finance's future. Crypto, blockchain, and DeFi are all becoming stronger players in the world of finance, with each one pulling and pushing the boundaries of established finance. This "dance" will only intensify in 2022.
While none of these trends can be considered revolutionary, they are still ones worth being prepared for.
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