Are You Focused on the Right Cyber Threats?
Best Innovation Group recently partnered with my friend, longtime industry expert and KnowBe4 Defense Evangelist Roger Grimes to discuss the steps credit unions can take immediately to improve their security posture. You can watch the full session here, but let me share a few of my favorite takeaways.
What should Credit Unions be doing about Crypto?
According to a recent Cornerstone Advisors survey, 79% of financial institutions have no interest in offering cryptocurrency investing services. This indicates a significant blind spot; according to the same study 15% of US consumers already own crypto, and 60% say they would use their bank or credit union to manage such assets. Consumers will access these new investment vehicles regardless- it would be a shame if credit unions fumbled their chance to be part of that equation.
Cash? Credit? Both? Neither? Huh?
In a recent blog post I addressed pandemic-driven changes in consumer payment behavior and the apparent confusion over both health factors and the economics of various payment instruments. Since then the plot has only thickened- with lawsuits filed, misinformation propagated, and no sign of clarity on the horizon. Allow me to update the situation through a variety of personal anecdotes and news items.
Forget the Pandemic; What about Population Collapse?
How would a population collapse alter banking as we know it?
Elon Musk and Jack Ma have both publicly stated that their biggest concern for the future is not over-population, but rather under-population. Many thought leaders have raised similar concerns, noting that our current societal structures are ill-equipped to handle such a scenario
Interchange Agida- Mixed Messages at the Point of Sale
As Americans gradually emerge from quarantine- whether self-imposed or government-mandated- it remains to be seen how consumers’ relationship with Main Street merchants has changed for the long run. Conventional wisdom holds that existing market trends toward digitization received a 12- to 18-month jolt forward from the pandemic.
The Keys to Out-Partnering Your Competition
A recent Best Innovation Group webinar focused on the three things your credit union can do now to prepare for the pace of accelerated change. The insights shared by industry leaders John Best and Kevin Sarber are well worth an hour of your time. Here, however, I’ll drill down on one key point that particularly resonates for me.
One Year of Digital Town Halls- and a BIG Anniversary Party
Media coverage of last week’s Visa/Mastercard settlement predictably- and appropriately- focused on the impact to merchants and the card network behemoths. Fortunately most news outlets avoided the dubious claim that consumers would somehow benefit from the estimated $30 billion fee concession (there were exceptions- looking at you, New York Times).
Fintech Talents- for Credit Unions and Beyond
I’ve been flying the “can’t we all just get along?” banner for some time. Credit unions and community banks?- there’s a lot more that should unite than divide us. Fintech firms as friends or foes of financial institutions?- sure, some will choose to compete head-on but there are plenty of mutually beneficial avenues for collaboration.
The Pace of Change- Don’t Just Brace Yourself, Equip Yourself
I think we can all agree that the pace of change impacting credit union operations in 2020 was- without the risk of hyperbole- unprecedented. Branches closed for extended periods. Employees performed core duties from home that conventional wisdom long held were impossible to move off premise.
What’s So Special about SPACs?
My barometer for when an arcane finance topic has crossed into the mainstream tilts when my twentysomething artist daughter asks me about it. We’ve already had two such events this year- first came the “short squeeze” around the GameStop fiasco. Now we have Special Purpose Acquisition Corporations (SPACs), which even Hollywood celebrities are suddenly embracing as the “it” investment vehicle.