SINGAPORE—Credit unions must adapt to a new world in which “no one controls anything anymore-except the customer,” according to one expert.
Speaking to the World Credit Union Conference here, keynoter Chris Skinner, a fintech expert and best-selling author, told the meeting, “We have finally reached the point where technology is the game changer in financial services.”
What that means for credit unions, he said, is that helping people with technology equates to building the business around consumer engagement but delivering using digital channels.
“Today we are about product, platform and experience and we have to build digital institutions with digital change,” said Skinner. “Teenagers are reinventing money by writing code. Knowing how to leverage that is the secret sauce.”
With the consumer now in control, Skinner said data is where the battlefield is for the winning over consumers in the next decade. The real battle of the future is in the back office where all the data sits and credit unions should be questioning how fit their back office is to handle that demand, he said.