Credit unions are entering a year of significant change. First, potential deregulation, some of which is already unfolding, poses many threats and opportunities for credit unions. On one hand, it’s an opportunity for credit unions to step out of their comfort zone and expand their offerings to improve member experiences and strengthen their role as a trusted financial option. On the other hand, it intensifies competition.

Fintechs, despite being heavily regulated in the past, have continued to push boundaries. In some ways, heavier regulations have slowed them just enough for credit unions to keep up; but if restrictions ease, fintechs will advance even faster, putting pressure on credit unions to adopt new technologies and rethink traditional business models to stay competitive.