Who Sets the Rules for the Gig Economy?
The gig economy is driving one of the greatest labor market transformations in generations. Such shifts rarely occur without havoc and discomfort- which is precisely what we’re seeing today. On November 3 California residents voted on Proposition 22, a ballot initiative designed to reset the rules governing drivers for app-based services like Uber and DoorDash. The story is already compelling, and we’re nowhere near the final chapter.
The People Have Spoken- What Did the Regulators Hear?
As people from both ends of the political spectrum took to the streets Saturday in reaction to election news, many were quietly asking themselves, “Wait- what does this mean for banking and fintech?” (just kidding- sort of)
Global Credit Union Growth continues to flourish- but closer to home, the story is murkier
One of the pandemic’s many casualties was the joint CUNA/World Council of Credit Unions (WOCCU) conference, which had been scheduled for July in Los Angeles. Recently WOCCU released its annual Statistical Report, which presumably would have been cause for celebration at the live event. And there is plenty to celebrate, with global membership growth of 17 million (over 6%) in 2019 alone.
The Crypto Creature from Wyoming
The regulatory landscape for US financial institutions is notoriously complex, a complicated web of overlapping federal agencies and state authorities. The need to comply with so many rule makers is frequently cited as a reason the US lags in financial innovation. Sometimes it takes a bold, borderline crazy move to jumpstart the process. And we may have just seen one in- of all places- Wyoming.
Lessons from the 1918 Pandemic – and What Comes Next
Credit unions – and innovation – don’t exist in a vacuum. There’s plenty to be learned from experiences beyond financial services, as well as the broader context in which we all operate. That’s one of the principles behind BIG’s weekly Digital Town Hall Meetings, at which credit union leaders share best practices and recent developments.
Operating Assumptions and the Great 2021 Budget Challenge
Budget season is among the year’s most stressful and aggravating times under the best of circumstances. Layer on our current uncertainty regarding the economy, public health and election outcomes and the challenge begins to feel insurmountable.
Finovate Fall- Best of Show, Key Themes, and Cool Ideas
The always intriguing Finovate conference followed the rest of society into the digital sphere last week, adapting its tried-and true model of seven-minute demos of cutting edge financial technology just slightly for the new format. While the buzz of a packed auditorium devouring live demos was missing, the ideas being pitched were as compelling as ever.
The Curious World of Checks and Coins
Of all the havoc the coronavirus has wreaked on daily life, disruptions to payments behavior hardly tops the average consumer’s list. Nonetheless these impacts are real, and they matter quite a bit to leaders of credit unions and other financial services firms.
The Debate Continues- How Many Apps Should a Credit Unioan Offer?
A few weeks back John and Kevin initiated a spirited debate over the multiple tradeoffs baked into a credit union’s app strategy- user friendliness, functionality, ease of ongoing updates, etc. Check out our prior post for the first half of this conversation, particularly on whether it’s best to offer a single all-inclusive app addressing every banking need, or a compact ”everyday” app along with a series of others suited for less frequent needs like mortgage applications.
Seizing the Growth Opportunity for Mid-Sized Credit Unions
Last month I wrote about how credit unions’ stagnant market share of 7% of US consumer deposits should not be acceptable to industry leaders. Our member growth stats have been decent, but what really matters at the end of the day is Primary Financial Institution (PFI) status- the goal is for a bank or credit union to establish itself as the centerpiece of daily financial life, the first place a consumer turns when financial help is needed.