The NAFCU Journal January - February 2018 - 58

INSIDE NAFCU SERVICES

2018 Predictions From Our
Innovation Awards Judges
What retail banking innovations
are you most excited about in
2018?
Adele Glenn: Machine learning and
artificial intelligence. Computers can
apply statistical learning techniques to
identify patterns in data, which enables
highly accurate predictions and development of innovative member-facing
financial applications.
Jim Pack: Artificial intelligence and
machine learning could have huge implications on improving member service
and helping prevent fraud.

What hurdles do you predict for
credit unions adopting these
innovations?
Pack: The hurdle to adoption is money
and time. The expenses are high for technology and human resources.
Smith: Knowledge and fear. We have to
keep up with innovation in financial services, become experts in new technologies. The industry must push through fear
and see opportunity in early adoption.

Mike Lawson: Biometrics becoming a
mainstay. Touch ID and eye verification
are going to become increasingly commonplace. 2018 should bring some exciting news with more facial recognition,
voice recognition and retina scanning.

Will 2018 be the year for big data in
the credit union industry? 
Glenn: Big data plays an important
role in exploring and experimenting in
behavioral economics. We've partnered
with the team at Common Cents Lab
(Duke University) to apply behavioral
science to create interventions that lead
to positive financial behaviors.

Randy Smith: Companies such as
PayPal and Venmo have made quick
money transfer a breeze. I'm also
watching mobile payment adoption and
digital currencies. As credit unions, we
need to partner with innovators, not
run from them.

Lawson: Big data is a big deal, and
the industry has to apply it to stay
competitive. Knowing a member's
needs based on their account history
allows credit unions to individualize
their experience. It's the Amazon
experience coming to credit unions.

Adele Glenn, emerging
channels innovation
architect, Credit Human,
a Federal Credit Union
58

Mike Lawson,
creator and host,
CUbroadcast

Smith: Other industries would love to
have as much data on their customers
as credit unions have on their members.
We are not using it effectively yet at scale.
Show people what they want/need, and
you have a member for life. Data provides this in real time.
In 2018, what nonbanking
innovation is the credit union
industry most likely to leverage?
Glenn: The power of voice as the next big
user interface is about to reach a tipping
point. Voice interface isn't a replacement,
but an addition to the other self-service
technologies we consider essential today.
Pack: Fraud prevention tools. The population has become numb to data breaches.
Many don't realize they are so exposed or
how to best protect themselves.
Lawson: Artificial intelligence and/or
machine learning should start becoming
a glaring reality in financial services. It's
really the most exciting time to be in
financial services.

Jim Pack, senior vice
president, chief member
service officer, Coastal
Federal Credit Union 

Randy Smith, co-founder
and publisher,
CUInsight.com

THE NAFCU JOURNAL  JANUARY-FEBRUARY 2018


http://www.CUInsight.com

Table of Contents for the Digital Edition of The NAFCU Journal January - February 2018

Conferences
From the Chair
Advocacy Snapshot
Washington and Industry Briefs
Growth Strategies
Stepping Into the Future
A Clear Path Forward
Economic Outlook: It’s Complicated
NAFCU 2018 Vendor Directory
Executive Spotlight
Management Insight
Compliance Central
Inside NAFCU Services
From the President’s Desk
The NAFCU Journal January - February 2018 - Cover1
The NAFCU Journal January - February 2018 - Cover2
The NAFCU Journal January - February 2018 - 1
The NAFCU Journal January - February 2018 - 2
The NAFCU Journal January - February 2018 - Conferences
The NAFCU Journal January - February 2018 - From the Chair
The NAFCU Journal January - February 2018 - 5
The NAFCU Journal January - February 2018 - Advocacy Snapshot
The NAFCU Journal January - February 2018 - 7
The NAFCU Journal January - February 2018 - Washington and Industry Briefs
The NAFCU Journal January - February 2018 - 9
The NAFCU Journal January - February 2018 - 10
The NAFCU Journal January - February 2018 - 11
The NAFCU Journal January - February 2018 - 12
The NAFCU Journal January - February 2018 - 13
The NAFCU Journal January - February 2018 - 14
The NAFCU Journal January - February 2018 - 15
The NAFCU Journal January - February 2018 - Growth Strategies
The NAFCU Journal January - February 2018 - 17
The NAFCU Journal January - February 2018 - Stepping Into the Future
The NAFCU Journal January - February 2018 - 19
The NAFCU Journal January - February 2018 - 20
The NAFCU Journal January - February 2018 - 21
The NAFCU Journal January - February 2018 - A Clear Path Forward
The NAFCU Journal January - February 2018 - 23
The NAFCU Journal January - February 2018 - 24
The NAFCU Journal January - February 2018 - 25
The NAFCU Journal January - February 2018 - Economic Outlook: It’s Complicated
The NAFCU Journal January - February 2018 - 27
The NAFCU Journal January - February 2018 - 28
The NAFCU Journal January - February 2018 - 29
The NAFCU Journal January - February 2018 - 30
The NAFCU Journal January - February 2018 - 31
The NAFCU Journal January - February 2018 - 32
The NAFCU Journal January - February 2018 - 33
The NAFCU Journal January - February 2018 - 34
The NAFCU Journal January - February 2018 - NAFCU 2018 Vendor Directory
The NAFCU Journal January - February 2018 - 36
The NAFCU Journal January - February 2018 - 37
The NAFCU Journal January - February 2018 - 38
The NAFCU Journal January - February 2018 - 39
The NAFCU Journal January - February 2018 - 40
The NAFCU Journal January - February 2018 - 41
The NAFCU Journal January - February 2018 - 42
The NAFCU Journal January - February 2018 - 43
The NAFCU Journal January - February 2018 - 44
The NAFCU Journal January - February 2018 - 45
The NAFCU Journal January - February 2018 - 46
The NAFCU Journal January - February 2018 - 47
The NAFCU Journal January - February 2018 - 48
The NAFCU Journal January - February 2018 - 49
The NAFCU Journal January - February 2018 - 50
The NAFCU Journal January - February 2018 - 51
The NAFCU Journal January - February 2018 - Executive Spotlight
The NAFCU Journal January - February 2018 - 53
The NAFCU Journal January - February 2018 - Management Insight
The NAFCU Journal January - February 2018 - 55
The NAFCU Journal January - February 2018 - Compliance Central
The NAFCU Journal January - February 2018 - 57
The NAFCU Journal January - February 2018 - Inside NAFCU Services
The NAFCU Journal January - February 2018 - 59
The NAFCU Journal January - February 2018 - From the President’s Desk
The NAFCU Journal January - February 2018 - Cover3
The NAFCU Journal January - February 2018 - Cover4
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