The NAFCU Journal March-April 2020 - 29

Increasing DEMAND FOR
SEAMLESS EXPERIENCE
with an interface that is
easy to use and accessible
anytime, anywhere

ACCESS
ON THE GO

CAR OWNERSHIP will continue to
evolve in the coming decades
The proliferation of AUTONOMOUS
VEHICLES will have a lasting impact
on future transportation needs

THE
DISAPPEARING
CAR OWNER

VOICE
AND
VIDEO

NEW VOICE AND VIDEO CAPABILITIES
act as interaction bridges between
in-person branch experiences and
mobile or online experiences that
do not involve direct, face-to-face
human interaction

Ambient banking. "Money is just a
facilitator of other activities, so don't get
in my way," one interviewee explained.
Yet this seamlessness cannot be
achieved by taking separate pockets of
the banking experience mobile. Instead,
the credit union of the 21st century may
ultimately become fully ambient, even
atmospheric, combining Alexa-style

PAYMENT TRANSACTIONS
represent most of consumers'
interactions with financial institutions

ALL ABOUT
THE DATA

Sophisticated AI means
CREDIT UNIONS WILL
BENEFIT BY AUTOMATING
OPERATIONS and by
leveraging data for
member engagement

voice interaction with a skillful mix of
artificial intelligence-driven chatbots
and human handoffs.
Automated banking. One of the key
promises of data is in automating
processes to smooth the member's path
through the credit union. Member data
is the fuel of automation - from the

PAYMENTS
AT THE CENTER

The growth in MEMBER
DATA WAREHOUSING
and use presents both
opportunities and risks

robotic processing of routine tasks, to
natural language processing, to more
advanced decision-making and risk
assessment driven by AI and machine
learning. The researchers suggest that
by automating large parts of financial
services delivery, credit unions can
concentrate on specific member needs
and relationships.
Concierge banking. As the researchers
explain, consumers in the early 21st
century want to save more, but they are
stymied by instability and uncertainty
in their day-to-day financial lives. They
want to improve their credit and start
investing responsibly, with carefully
personalized loan and investment
recommendations; but when they
start looking, they are confused and
exhausted sorting through the numerous
complex options that pop up on Google.
They want good financial advice to help
them plan for tomorrow and for the
future, but they don't know whom to
trust. By combining data-driven recommendations and human financial advising, the 21st-century credit union can
become a member's financial concierge.

How to Grow in This Century

Regulatory structures will also have
to evolve alongside operating models
THE NAFCU JOURNAL  MARCH-APRIL 2020

29



The NAFCU Journal March-April 2020

Table of Contents for the Digital Edition of The NAFCU Journal March-April 2020

The NAFCU Journal March-April 2020 - Cover1
The NAFCU Journal March-April 2020 - Cover2
The NAFCU Journal March-April 2020 - 1
The NAFCU Journal March-April 2020 - 2
The NAFCU Journal March-April 2020 - 3
The NAFCU Journal March-April 2020 - 4
The NAFCU Journal March-April 2020 - 5
The NAFCU Journal March-April 2020 - 6
The NAFCU Journal March-April 2020 - 7
The NAFCU Journal March-April 2020 - 8
The NAFCU Journal March-April 2020 - 9
The NAFCU Journal March-April 2020 - 10
The NAFCU Journal March-April 2020 - 11
The NAFCU Journal March-April 2020 - 12
The NAFCU Journal March-April 2020 - 13
The NAFCU Journal March-April 2020 - 14
The NAFCU Journal March-April 2020 - 15
The NAFCU Journal March-April 2020 - 16
The NAFCU Journal March-April 2020 - 17
The NAFCU Journal March-April 2020 - 18
The NAFCU Journal March-April 2020 - 19
The NAFCU Journal March-April 2020 - 20
The NAFCU Journal March-April 2020 - 21
The NAFCU Journal March-April 2020 - 22
The NAFCU Journal March-April 2020 - 23
The NAFCU Journal March-April 2020 - 24
The NAFCU Journal March-April 2020 - 25
The NAFCU Journal March-April 2020 - 26
The NAFCU Journal March-April 2020 - 27
The NAFCU Journal March-April 2020 - 28
The NAFCU Journal March-April 2020 - 29
The NAFCU Journal March-April 2020 - 30
The NAFCU Journal March-April 2020 - 31
The NAFCU Journal March-April 2020 - 32
The NAFCU Journal March-April 2020 - 33
The NAFCU Journal March-April 2020 - 34
The NAFCU Journal March-April 2020 - 35
The NAFCU Journal March-April 2020 - 36
The NAFCU Journal March-April 2020 - 37
The NAFCU Journal March-April 2020 - 38
The NAFCU Journal March-April 2020 - 39
The NAFCU Journal March-April 2020 - 40
The NAFCU Journal March-April 2020 - Cover3
The NAFCU Journal March-April 2020 - Cover4
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