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Staying abreast of the technology curve is vital for credit unions to remain competitive and relevant. At Catalyst Corporate’s 2023 Economic & Payments Forum, renowned futurist Jack Uldrich shed light on transformative tech trends that are reshaping credit unions. Uldrich encouraged credit unions to develop a posture of asking questions and to embrace innovative technologies to serve their members and thrive in the digital age.

The future is conversational banking

Uldrich highlighted the importance of interactive artificial intelligence (AI) and machine learning in the financial sector. Investing in AI-driven solutions, he said, can potentially help credit unions enhance customer service, streamline operations and develop more personalized financial products.

“By leveraging these technologies, you can begin to nudge your members to do what they want, but also help yourself [credit union],” added Uldrich.

Interactive AI's ability to communicate with members and identify their preferences can help credit unions make data-driven decisions and improve overall member satisfaction.

“If you’re not leveraging this technology to get members their credit cards or loans in 60 to 90 seconds, you know who is? Your competitors,” said Uldrich.

The future is biometric

Biometric authentication methods, such as facial recognition and fingerprint scanning, are on the rise because they enhance security while simplifying the member experience, Uldrich said.

“You may not like facial technology personally, but that doesn’t mean your members won’t like it,” said Uldrich.

Credit unions should consider implementing these technologies to fortify their authentication processes and to make transactions more convenient for their tech-hungry members.

The future is digital banking and mobile apps

The rise of digital banking and mobile applications has fundamentally changed the way people manage their finances. Uldrich stressed the importance of credit unions providing user-friendly, secure and feature-rich mobile apps to meet members' evolving needs.

Seamless and convenient digital experiences help credit unions attract and retain a tech-savvy membership base.

“For example, Catalyst is working to create an exceptional experience with mobile payments,” Uldrich said referring to Moli, Catalyst’s new multi-rail mobile person-to-person payments platform.

“If you can’t do these things for your members, they will go elsewhere,” Uldrich hinted. “Whether we like it or not, this is our world.”

The future is leadership

“As a leader of your credit union, one of your primary responsibilities is to never stop asking questions,” stated Uldrich.

Technology can help credit unions adapt to the changing financial services landscape, remain competitive and continue providing members exceptional service and value.

Incorporating these trends is not an option, according to Uldrich. It is the pathway to survival and success in a tech-driven future. He hopes that embracing such technology will better equip credit unions to meet the evolving demands and expectations of their members, ensuring their long-term relevance in the financial industry.

Have questions on how to best incorporate tomorrow’s technology today? Contact one of Catalyst’s knowledgeable and experienced experts.