The financial world (and the world at large) is constantly changing, and if your credit union or community bank doesn’t keep up with it, you might get left behind. But let’s be honest…it’s hard to keep up with everything!
That’s why we kept up with it for you.
Here are some trends we’ve noticed lately and suggestions on how to deal with the changing industry.
1. Advances in AI Technology
Besides ChatGPT, there are a huge number of other AI chatbots performing similar writing or conversation functions. And taking it a step further, OpenAI’s Dall·E 2 creates images for you based on text descriptions. Programmers train these AI systems on massive amounts of data (a whole internet’s worth), which helps the AI generate realistic text or imagery.
Of course, it’s not foolproof. The fact that it uses a whole range of internet data to answer questions could mean it generates inaccurate or inappropriate content. A human being still must cross-check its work to prevent any mistakes.
Most of these AI programs also require an investment to use. If you invest, they may help your credit union or community bank automate some quick copy or graphics tasks. However, don’t expect to dump your marketing department for AI. It looks like a great gap filler, but it’s unlikely to posses the creativity or quality of experienced human marketers.
2. Digitization of Money
This is a more general trend that shows no signs of stopping. Yes, it includes the cryptocurrency world. It also includes a world where fewer and fewer people carry hard, paper money with them.
Today’s consumers use their cards, their phones, their rings – yes, their rings – to pay for items. This makes a seamless payment architecture and mobile experience all the more important.
You can’t afford to have your systems fail, leaving consumers without access to their cards. You also need to consider journey mapping these digital experiences to remove friction wherever possible. People demand immediate access to their money, and you must give it to them.
3. “Bare Minimum Mondays”
Catchy, right? It’s an extension of “The Great Resignation” and “Quiet Quitting” – a spate of employee-related issues resulting from the current labor market.
"Bare Minimum Mondays" comes from social media, encouraging employees to work less on Mondays in preparation for the other weekdays. However, research shows Mondays and Tuesdays are the most productive days of the week for your employees.
How do you maintain productivity throughout the week?
Start by improving your vision, mission and values. And live them yourself! Give employees a great reason to get out of bed in the morning, and model the behaviors you want to see. Providing employees with training and growth opportunities also helps. Younger employees want to grow, so give them what they want!
Hopefully, this article helped you stay up-to-date. And if you’re looking for ways to satisfy eager employees, then On The Mark Strategies’ leadership training facilitators help provide the opportunities they seek.
