Musings from the CU Suite

Written by Anthony Demangone'

Fin-Tech is out to get you.  Wall Street is now going after consumers. Peer to peer lending is gaining steam.

At times, it can seem as if the entire world is lined up, trying to take you down. My friend John Spence wrote a nice piece about how one must deal with change in today's marketplace, and the relentless forces of innovation.

We are entering a new era in the business world, what many people are calling the Second Machine Age, marked by mind-boggling advances in technology, computer learning, robotics, medicine and many other fields that will fundamentally change business on a global scale. As I see it, you really only have two choices: drive the change or be run over.

That's heavy stuff. But I can't disagree. Please read John's article. He gives a road map on how to address change.

Change can be tiring. It would be wonderful work in an industry that is immune to change. But as I look around, I can't say that I see one that exists.

• The grocer is seeing his industry disrupted by home delivery. And a relative newcomer, Wal-Mart, is now the largest grocery chain in the country. Competition is fierce.
• Cable television is under attack by Netflix and Amazon. 
• The first time I saw a Garmin, I thought it was the most amazing technology on the planet. Point-to-point directions are now available via an App on any smart-phone.
• Shaving isn't even safe from change. I no longer get shaving blades at the store. They are delivered to my door at a low, monthly price. 
• Cameras? Gone.
• Movie theaters? Don'g get me started.
• Cars? They soon may be driver-less.
• Taxi? Say hello to Uber.
• Uber? 
• Email a teenager? You better try messaging them. At least if you want an answer.
  
• CDs, to iTunes, to Pandora. To Spotify.
• Tolls are paid automatically. Parking meters take credit cards.
• Universities have moved online. 
• Books have gone to tablets. Newspapers are now free online.
• 3-D printing. Robotics. Solar power. The cloud.

So the revolution in banking? We best embrace it. I can't see the alternative.

Yes, we're under the pressures of change in the credit union industry.

But we certainly have good company.