It will be an exciting 2018 for credit unions if just a percentage of the industry forecasts prove foretelling. However, expect continued cybersecurity incidents and threats to steal some attention.

Here is a sample of some pertinent 2018 predictions offered by industry experts and technology companies.

Symitar, Ted Bilke, president:

More credit unions will advance artificial intelligence from the consideration and planning stage to deployment. Engaging with members in a more meaningful way may lead this effort as a revenue driver. Fraud prevention will lead the way from a cost savings perspective.

Fiserv, Scott Hess, vice president of user experience, consulting and innovation:

The fast pace of change in mobile payments will intensify, driven by advances in technology and changing consumer habits.

Capgemini:

Voice payments will become a standard authentication process, digital identities begin to move past authentication - In 2018, we will see an increasing number of major banks adopt voice payment access technology using platforms like Siri or Alexa, thereby integrating these virtual assistants across the customer payments system.

Cryptocurrency and other blockchain enabled technologies will finally come of age, pressuring financial institutions and other firms to increase digital capabilities. Traditional financial institutions will also begin to increasingly partner with technology companies to develop these capabilities.

WatchGuard Technologies, Corey Nachreiner, CTO:

A major vulnerability will topple the value of a popular cryptocurrency. Each new cryptocurrency brings new innovations to their respective blockchains. However, these additional blockchain features introduce additional security considerations. As the value of these cryptocurrencies grows, they will become much more appealing targets for cyber criminals looking to make millions.

IoT botnets will force governments to regulate IoT device manufacturers. IoT device adoption continues to skyrocket, adding billions of new network endpoints every year. Attackers continue to target these devices due to their weak or non-existent security, both in development and deployment. “Be on the watch for a major IoT botnet attack in 2018 that finally causes governments to address IoT security.”

For more forecasts by industry observers – on a range of topics such as digital, mobile and retail banking; payments and cryptocurrency; data security; application programming interfaces; cybersecurity and fraud; the internet of things; core deposits; credit union bank acquisitions; machine learning and artificial intelligence – read the full predictions article in the Jan. 10 issue of CU Times.

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Roy Urrico

Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).

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