Taking a breath at year end and peering over the cliff

first_img 7SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr This change thing is exhausting.  In 2017 our capacity to adjust to change has been challenged.   Every day we wake up to see what the Tweeter in Chief said in the middle of the night and who he offended.  We wake to discover which TV or political icon acted inappropriately in his past.   We hold our breath with every North Korean missile launch to see what terrifying threats are going to be tossed about by leaders with fingers on buttons.So assuming we are still alive and can focus on business in 2018, let’s examine the big change issues for credit unions.  The regulatory side looks favorable for 2018.  Now that Mick Mulvaney has taken over the CFPB, we can expect that the regulatory overreach by the CFPB will halt.  NCUA, with Chairman McWatters, is in regulatory cut-back mode.In 2018, more credit unions will begin to escape from the clutches of legacy core processing systems.   The business model for some of the legacy core providers is to sell you technology that was developed forty years ago and charge credit unions through the roof to connect other software to the core.   That model is excessively expensive, slow to adapt and slow to implement.   In response, credit unions banded together and raised over $26 million to form the CUSO Constellation Digital Partners, LLC.   Constellation is developing technology that will enable credit unions to pick and choose which apps they wish to provide to their members and then easily connect the apps to the credit union’s core system.  It is core neutral.  The technology will enable credit unions to both compete with fin tech providers and take advantage of the technology developed by fin tech providers.   Credit unions will encourage software developers to create software for credit unions using code that will enable the software to be delivered inexpensively and efficiently.  Innovators take note of this opportunity. continue reading »last_img

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