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2016 Technology Trends: What Credit Union Experts See

2016 Technology Trends: What Credit Union Experts See
Posted: Jan 20, 2016
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Author: Tom Davis

What is your credit union seeing as the key technology trends for 2016? Most credit unions will face many challenges and opportunities in the coming year thanks to the fast pace at which technology and innovation continue to transform the way we live, work, play, and bank. There are pros and cons with technology. Think about it, why are your members today both more connected and yet perhaps more disconnected than ever? How often does your average member walk through your doors to deposit a check or make a payment on a loan? The implementation and use of new technology has markedly reduced foot traffic at branches. As a result, some credit unions see 2016 as the year they will introduce ITMs, or interactive teller machines, into their branch offices. The use of tablets in the branch will also be more prevalent. 

Outside the branch, members are currently using mobile banking apps with logins, but biometrics, like facial recognition, will become more common. Credit unions will also need to understand what omnichannel adoption means in order to get members to use new technology. In addition, social messaging apps, which members use to transfer money or pay bills, will be in wider use as the year moves along. What sounds like the story line to a futuristic sci-fi movie that will never make it to movie theaters, will be coming to your credit union soon, maybe as early as 2016!

Check out the article by Credit Union Journal who asked attendees of a recent technology conference what is the top technology trend (or trends) they are keeping an eye on in the financial services world in 2016?

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Tom Davis

Tom DavisTom Davis

Tom is President & COO of Trellance. He joined Trellance in 2004 and today wears many hats as highly respected executive and tireless evangelist on new payment technologies and innovations and how they will positively impact the success and growth of credit unions.

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