One of the main goals of every credit union is to consistently have a finger on the pulse of the latest technology trends and developments. The current credit union landscape has become so competitive that reaching members through the most advanced technology is a necessity. As mobile banking and digital wallets advance commerce and service opportunities, the recent surge in popular devices and methods continues to push the horizon of digital expectations into new channels.

When it comes to smart speaker products, it is still early. According to PYMNTS, estimates for the number of smart speakers in the U.S. by the end of 2017 were between 25 million and 30 million, but analysts expect there will be 175 million or so by the end of 2022.

There is a great deal of opportunity in terms of how comfortable people are in talking with voice-controlled artificial intelligence (AI) devices. It is a virtuous cycle – the more comfortable consumers get with it, the more skills and services are added, which then attracts additional users. While the opportunities in the space are huge, there are also challenges to overcome, especially for the credit union industry. According to a report by Javelin Strategy & Research (sponsored by PSCU), 36 percent of credit union members perceive voice banking as not secure compared to 29 percent of overall consumers.