PHOENIX — Despite competition from nonbank providers like Google Wallet and a growing consumer shift away from traditional checking accounts, credit unions are best positioned to provide what the consumer of the near future will demand. So said ProfitStars Director of Strategic Insight Lee Wetherington during his May 21 general session at the CUNA CFO Council Conference, held at the Wild Horse Pass Spa.
The financial services consumers of the future will demand transaction services that better enable them to make better financial decisions, including nudges against potentially harmful behavior, Wetherington said. Only their financial institutions have the data to enable such a service, he said.
Nontraditional providers like Google Wallet collect a lot of data, but they strive to be present during a consumer's "zero moment of truth," he said, when the ultimate decision to buy is made. In Google's case, the data collected during a purchase can be used to leverage ad sales.
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