This article was originally published on NAFCU.org
Banking’s instabilities came to light in the spring with the crash of Silicon Valley Bank (SVB), Signature Bank, and First Republic. Artificial Intelligence (AI) and the explosion of the online tool ChatGPT are both turning heads and raising concerns. The lack of regulations around the growing number of buy now, pay later (BNPL) programs is raising some red flags. And credit unions are struggling to reach younger generations. Alas, news and conversations around the liquidity crisis, recession, leadership challenges, housing market, and more didn’t subside either. The first half of 2023 has been quite a rollercoaster for the financial industry. We’ve researched the top trending topics for financial institutions so far, and while there’s not enough room to cover them all, here is a quick recap of what’s been up (and down) this year.
#1: Banking Turmoil
If this were a game of Family Feud 'survey says' that big bank failures are at the top of the list of trending topics this year. While bank management and federal regulators were all pointing fingers at one another, credit unions were put in a promising position – if they acted swiftly.
A Gallup study in 1979 reported 60% of Americans trusted their banks. Today, that number has dwindled to only 26%. Not since 2008 has there been a better time for credit unions to...(continue reading at NAFCU.org)