Read the original Credit Union Times article here.
Here is a brief summary of the article:
- The financial sector is evolving rapidly, and 2024 will be a transformative year.
- Traditional financial institutions need to adapt to emerging technologies and embrace fintech partnerships to stay competitive.
- Consumers want effortless, intuitive experiences that offer personalized recommendations and gamify progress.
- New data streams beyond traditional credit scores are being incorporated into underwriting to obtain a complete picture of borrowers’ financial roadmaps.
- AI and machine learning will help credit unions identify benchmarks for different member segments and provide personalized recommendations to improve financial well-being.
- Borrowers must prioritize how they’re paying off debt and maintain open communication with their student loan lender.
