In a new Finopotamus series, experts weigh in on their technology predictions for 2024. Find out what Doug Brown has to say about why he expects 2024 will be all about data—and why everything hinges on the power and quality of data.
I expect 2024 to be all about data. The current challenges facing credit unions– including widespread financial anxiety, disruptive new technology and member expectations that are continuously increasing – require more personalized member interactions than ever before, which all hinges on the power and quality of a credit union’s data.
For example, personalizing financial fitness and offering contextually appropriate resources will be a top priority this year as members continue to face inflation, interest rates, a rising cost of living and, most recently, the resumption of student loan payments. Data must be used to curate valuable and effective programs, offerings and resources, improving member trust. This is especially critical as younger generations – millennials, Gen Z and Gen Alpha – decide where their loyalty lies.
Data should be the cornerstone of all strategy decisions. For example, as money movement options continue to multiply, with mobile wallets to real-time payments and FedNow, credit unions must be able to determine how to optimally enable choice. This means being able to identify the payment methods that are most critical to their unique risk profile and member base – which all hinges on being able to properly analyze the data.
More credit unions will take the steps necessary to make their data actionable, which means embracing a digital-first strategy and investing in the systems and resources necessary to accurately leverage data, establishing baseline metrics, identifying trends and tracking progress and growth. This is one area where new innovations in AI will play a key role, as this technology has the power to effectively organize, mine, and analyze vast amounts of available data across the enterprise.
Credit unions that prioritize the ability to effectively and meaningfully leverage data this year will be strongly positioned to strengthen member trust and competitively differentiate themselves.
Doug Brown, President of Digital Banking, NCR Voyix
Original Article: https://www.finopotamus.com/post/hippodrome-experts-panel-2024-predictions
NCR Corporation (NYSE: NCR) is a leader in transforming, connecting, and running technology platforms for self-directed banking, stores, and restaurants. NCR is headquartered in Atlanta, Georgia, with 35,000 employees globally. NCR is a trademark of NCR Corporation in the United States and other countries.
NCR VOYIX Corporation (NYSE: VYX) is a leading global provider of digital commerce solutions for the retail, restaurant and digital banking industries. NCR VOYIX transforms retail stores, restaurant systems and digital banking experiences with comprehensive, platform-led SaaS and services capabilities. NCR VOYIX is headquartered in Atlanta, Georgia, with approximately 16,000 employees in 35 countries across the globe.
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NCR Corporation
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NCR Corporation
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