IRVINE, Calif.-With financial services becoming much more of a commodity in 2109, CUs may evolve into organizations that do not even provide products.
That's Neil Goldman's prediction. The Member Research senior partner told Credit Union Journal he doubts "the idea of a PFI will exist in 100 years. Credit unions might be more like brokers today and not even have products and services."
Goldman compared the concept to what many consumers do now by shopping for a car through auto brokers. "They will tell the credit union what they need and the CU will find it for them," Goldman explained. "I envision a world in which credit unions will not be able to cost effectively provide any unique service better than niche players, but will be the the trusted advisor that is the conduit to finding and delivering the financial services members need."
This arrangement could be very beneficial to the underserved, offered Goldman, who otherwise would not know where to best find the financial services they need. "In many ways this will a return to purpose."
If credit unions do not evolve to become financial advisors, they will certainly be niche players, insisted Goldman, serving very specific needs of their memberships. "We see the value of this focus today. During the recession, many of the credit unions that have had the last laugh are those that have not been multiple service providers, but plain vanilla credit unions offering niche things."
Goldman is another who foresees a cashless society that's highly electronic, including portable account numbers that can be used between financial institutions. "Virtual 3D meetings will eliminate any need to stop by the credit union," he said, adding that a dramatic shift will also take place in marketing. "You will serve members based on their attitudinal and psychological perspectives and needs rather than how old they are or where they live."
