Over the past few months, I’ve shared insights via our blog from my opening remarks during the 2015 TMG Executive Summit. In that talk, I discussed the unknowns community financial institutions (FIs) face when presented with exponential technology, rapid innovation and an unprecedented pace of change. When we explore the transformative macro trends reshaping our business, we are confronted with the question: What will it take to thrive in the future? Of course, there’s no single solution.
Fortunately for us, the rapid evolution of the payments industry reveals the first step to survival — becoming a better version of ourselves. Change does not occur in one exponential leap in this industry, nor does anyone expect it to, presenting us with numerous opportunities to adapt. It truly will be an evolution, albeit a rapid one.
Integration is key to the survival of dramatically changing ecosystems. You can see it in the way science is blending with technology; technology is blending with business; business is blending with science. The give and take, the collaboration, the synergy is what will ensure the organizations within each ecosystem can become the best possible versions of themselves.
I would define TMG (The Members Group) as an integrator. Today, we collaborate with a great number of industry-leading partners to bring FIs the most sophisticated, accessible payments products and services.
With each new partnership comes an opportunity for our company to alter our DNA, expanding products and adding specialized expertise. Yet, we have been intentional about aligning with companies that share our values so we stay true to who we are.
WHAT IT MEANS:
Consumers increasingly expect the companies they do business with to integrate. The Big Data revolution is making these types of integrations possible. Groupon knows, for instance, what kind of offers to give me because it has integrated with my iPhone’s GPS and knows exactly where I have been and will likely be in the future.
WHAT’S NEXT:
For credit unions and community banks, integration with the technologies, providers and innovators who have complementary competencies may be the shortest path to get new products and services to market. Consumers have seen the possibilities, and very soon they will want to know why they can’t get an “Uber-like banking experience” from their financial institution. The fact is – standing still (and sometimes standing alone) is not an option.