The NAFCU Journal May - June 2017 - 50

INSIDE NAFCU SERVICES

Top Drivers of Change in 2020
By Stacy Styles, Vice President and Senior Business Leader, Mastercard

T

echnology and other drivers
of change are dramatically
reshaping consumers' lives and
the environment in which we -
and they - operate. As a result, we face
a future that challenges us with evergrowing complexity.

To better anticipate and shape that
future, Mastercard partnered with Kantar Futures to identify and analyze the
changes taking place over the next four
to five years. Our approach was a combination of proprietary research (consumers, financial institutions and merchants),
expert interviews and desktop research,
workshopped with a team of accomplished futurists.
Through this work, we identified 40
drivers of change in areas such as demographics, values and attitudes, technology, consumer experience, macroeconomics and many more.
The key drivers that credit union leaders
should focus on are:
1. Emerging entrants in the financial
services landscape: Smartphones
and digital tech are enabling mobile
operators, tech giants and startups
to jockey for position in the financial
services industry. Fintech firms are
unburdened by regulators, and some,
such as Venmo, have become quite
successful. Where they are vulnerable, and credit unions are strong,
is security.
2. Rising customer service expectations:
People's expectations for more efficient,
human-centric customer service are
50

growing as consumer choice proliferates and it becomes easier to communicate via online platforms. Creating
a culture of service will help establish
the long-term relationships critical
to success.
3. Increasing expectations for anything on demand: Companies are
providing more on-demand solutions,
whether through same-day deliveries
or via mobile apps. Financial services
companies will continue to play an
important role in enabling us to meet
people's desires and expectations and
to recognize them as individuals, not
just accounts.
4. Growing desire for customized and
tailored products: There is a rise in
demand for personalized products
that anticipate consumers' needs. As
one credit union executive we interviewed said, "People aren't looking
for individual items anymore; they
want to have a full-service experience
that will not only solve their problem,
but excite and delight them at the
same time."

don't - about any interaction they
have with a business.
It's imperative for credit unions to provide
clear, consistent, convenient and mobile
experiences - with an added backbone
of safety and security.
On top of that, member service will
become a tremendous differentiator in
a tech-led marketplace.
Collaborate with technology leaders to
become more nimble, and use the data
to really know your members and create
personal experiences for them. If you
can provide your members with that
personalized experience that proves you
know who they are, what they need, and
that you're looking out for them, you'll
have a winning strategy.
Stacy Styles is vice president and senior
business leader for Mastercard. Mastercard is the NAFCU Services Preferred
Partner for Credit, Debit and Prepaid
Branded Products. More educational
resources and contact information are
available at www.nafcu.org/mastercard.

5. Ubiquitous and constant social connectivity: Sixty-six percent of Americans agree that they could not get by
without their smartphones. Mobile
needs to be at the heart of everything
we do.
6. The social path to purchase: Due
to social media and online ratings,
consumers feel comfortable trusting
their peers, despite the fact that they
may be strangers. They are quick to
share what they love - and what they
THE NAFCU JOURNAL MAY-JUNE 2017


http://www.nafcu.org/mastercard

Table of Contents for the Digital Edition of The NAFCU Journal May - June 2017

Our First 50 Years
Events Calendar
From the Chair
Inside NAFCU
The Digital Download
50 Ways to Grow Your Credit Union Professional and operational
Fields of Opportunity
2017 Annual Conference Exhibitor Directory
Getting to Know …
Management Insight
Compliance Central
Inside NAFCU Services
From the President’s Desk
The NAFCU Journal May - June 2017 - Cover1
The NAFCU Journal May - June 2017 - Cover2
The NAFCU Journal May - June 2017 - 1
The NAFCU Journal May - June 2017 - Our First 50 Years
The NAFCU Journal May - June 2017 - Events Calendar
The NAFCU Journal May - June 2017 - From the Chair
The NAFCU Journal May - June 2017 - 5
The NAFCU Journal May - June 2017 - Inside NAFCU
The NAFCU Journal May - June 2017 - 7
The NAFCU Journal May - June 2017 - 8
The NAFCU Journal May - June 2017 - 9
The NAFCU Journal May - June 2017 - 10
The NAFCU Journal May - June 2017 - 11
The NAFCU Journal May - June 2017 - 12
The NAFCU Journal May - June 2017 - 13
The NAFCU Journal May - June 2017 - The Digital Download
The NAFCU Journal May - June 2017 - 15
The NAFCU Journal May - June 2017 - 50 Ways to Grow Your Credit Union Professional and operational
The NAFCU Journal May - June 2017 - 17
The NAFCU Journal May - June 2017 - 18
The NAFCU Journal May - June 2017 - 19
The NAFCU Journal May - June 2017 - 20
The NAFCU Journal May - June 2017 - 21
The NAFCU Journal May - June 2017 - Fields of Opportunity
The NAFCU Journal May - June 2017 - 23
The NAFCU Journal May - June 2017 - 24
The NAFCU Journal May - June 2017 - 25
The NAFCU Journal May - June 2017 - 26
The NAFCU Journal May - June 2017 - 27
The NAFCU Journal May - June 2017 - 28
The NAFCU Journal May - June 2017 - 2017 Annual Conference Exhibitor Directory
The NAFCU Journal May - June 2017 - 30
The NAFCU Journal May - June 2017 - 31
The NAFCU Journal May - June 2017 - 32
The NAFCU Journal May - June 2017 - 33
The NAFCU Journal May - June 2017 - 34
The NAFCU Journal May - June 2017 - 35
The NAFCU Journal May - June 2017 - 36
The NAFCU Journal May - June 2017 - 37
The NAFCU Journal May - June 2017 - 38
The NAFCU Journal May - June 2017 - 39
The NAFCU Journal May - June 2017 - 40
The NAFCU Journal May - June 2017 - 41
The NAFCU Journal May - June 2017 - 42
The NAFCU Journal May - June 2017 - 43
The NAFCU Journal May - June 2017 - Getting to Know …
The NAFCU Journal May - June 2017 - 45
The NAFCU Journal May - June 2017 - Management Insight
The NAFCU Journal May - June 2017 - 47
The NAFCU Journal May - June 2017 - Compliance Central
The NAFCU Journal May - June 2017 - 49
The NAFCU Journal May - June 2017 - Inside NAFCU Services
The NAFCU Journal May - June 2017 - 51
The NAFCU Journal May - June 2017 - From the President’s Desk
The NAFCU Journal May - June 2017 - Cover3
The NAFCU Journal May - June 2017 - Cover4
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