Right now, the Web 2.0 world is brimming with financial innovation. I wrote about this constant onslaught of new offerings back in October and the pace of innovation is not letting up. The upcoming FinovateStart-up in San Francisco on April 29 features 40 more players to add to the pile. I like to think I am pretty plugged in, but to be honest, I only recognize 11 of these companies.
So what will your credit union do with these and other new services? The next time you strategize as a team and you update your SWOT analysis, you have two choices for each of these financial start-ups and the countless more around the corner:
- Opportunities: external conditions that are helpful to achieving your objectives.
- Threats: external conditions that are harmful to achieving your objectives.
There is no excuse for your credit union to continue to ignore this constant flow of innovation. Your members aren't. Get involved and look for ways to innovate on your own or ways to collaborate with these start-ups. Your future may depend on it.