New technologies change business models

Emerging technologies are expected to create new standards for member convenience and change the fundamentals of the credit union business model. According to surveys conducted by Credit Union Executive Journal and Callahan & Associates, credit union members consider Internet banking as their minimum standards of convenience. The same surveys show that over 1,000 credit unions are predicted to offer Internet banking by the end of 1999. Member demand for a new definition of convenient service through these technologies provides both credit unions and members a win/win situation.
Today's emerging technologies promise to create new standards for member convenience and will fundamentally change the credit union business model. During the past 20 years, credit union history has provided [...]