Credit unions need to double down on data integration as a first step to prepare for competition from Facebook and other tech giants in the fields of payments and loans, according to a Filene report released Thursday.
In June, Facebook announced its intention to create Libra, an international cryptocurrency aimed at the 1.6 billion people in the world who are unbanked—nearly half of all adults worldwide, especially women in developing countries.
The company's ability to follow through with a plan of such massive scale is underscored by the fact that 2.4 billion people in the world already use Facebook, according to the 10-page report from Filene Research Institute, the credit union non-profit think tank in Madison, Wis.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
