The Financial Brand Insights - Fall 2022

Forces Reshaping Financial Services 10

By Theran Colwell VP, Corporate Strategy at CUNA Mutual Group

Like many industries forced to reinvent themselves for digital consumers, financial institutions are weighing their options for change. With no shortage of choices for retooling the business model, traditional financial services providers must place their bets smartly, and most importantly, in areas likely to have the greatest value for them and their members or customers. To learn how credit unions are prioritizing their responses to various trends in banking, CUNA Mutual Group conducted a survey of 82 credit union executives between March 1 and March 11, 2022, regarding the forces reshaping U.S. financial services that were identified in collaboration with McKinsey & Company. The goal of the survey was to better understand how credit union leaders view the external forces strategically impacting them and what actions they plan to take to address those forces. Due to the use of convenience sampling methodology, the survey findings are directional in nature. A survey of 82 credit union executives uncovered how these leaders view the external forces strategically impacting them and what actions they plan to take to address those forces. High on the list of trends to act on: harnessing technology and data and identifying new revenue sources amid economic pressure.

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THE FINANCIAL BRAND INSIGHTS FALL 2022

THE FINANCIAL BRAND INSIGHTS FALL 2022

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