Forecasting the Future of Finance

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.