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Industry Leaders Predict Massive Changes in Banking by 2025
Banking's future is shaping up to be dramatically different — in as few
as three years. According to a survey of financial institution leaders
worldwide, customer experience improvements, competitive changes, and an
accelerated flight to digital channels, along with several surprising
additional factors, will massively transform the industry.
Credit Where Credit's Due Credit reports 101 Used to calculate credit scores and determine creditworthiness, credit reports are comprehensive documents that detail the credit history of a person or business, including current and former lines of credit, bankruptcy records, and more. Credit assessments actually started in the 1700s as a way to evaluate businesses’ financial standing rather than consumers’. The early 1800s brought efforts to standardize the credit reporting system as more businesses were started that needed loans, and the labor movement’s success in the second half of the 1800s led to an increased need for standardized c...
May 27, 2026 CU Today TORONTO–While AI has been deployed across a host of back office functions, on the consumer-facing side its promise is increasingly being seen in mortgage lending, where lenders are promising mortgage approval decisions in as little as 47 seconds, reporting that up to a third of inquiries are now being handled by chatbots, and slashing underwriting time to just minutes. Toronto-based TD Bank Group said it has also deployed its first agentic artificial intelligence system in mortgage lending, reducing the time required to prepare applications for underwriting from an average of roughly 15 hours to less than three minutes. According to a statement from TD Bank, the new AI model automates mortgage pre-adjudication — the process that occurs before a human underwriter reviews an application. The bank said the system classifies borrower documents, extracts and validates financial information, calculates income, performs policy and consent checks, identifies discrepancie...
WASHINGTON—The Treasury Department on Thursday announced the launch of the new Trump Accounts mobile app, marking the next phase of the Administration’s rollout of its new federally backed investment savings program for children ahead of the program’s official July 4 launch date. Donald Trump The app, now available through major mobile app stores, will serve as the primary platform for families to manage and activate Trump Accounts. Treasury Secretary Scott Bessent said the app is intended to give parents and guardians a “simple, secure way” to participate in the program, which was created under the 2025 Republican tax-and-spending package. Families that already submitted IRS Form 4547 to enroll children in the program will begin receiving phased activation emails between now and July 4, according to Treasury. Under the program, eligible children born between Jan. 1, 2025, and Dec. 31, 2028, can receive a one-time $1,000 federal seed contribution into a tax-deferred investment ac...
Frank Diekmann May 26, 2026 SYDNEY — Artificial intelligence is rapidly reshaping how consumers discover, compare and select banking products, forcing financial institutions to rethink their digital marketing and customer acquisition strategies, according to a new report from Bain & Company . The report, titled “How AI Rewrites the Rules of Brand Discoverability in Banking,” found that AI assistants such as ChatGPT, Claude and Google Gemini are increasingly acting as the first point of contact between consumers and banks, particularly in Australia, where consumers are using the technology to evaluate products, interpret fees and even prepare applications for loans and credit cards. According to Bain & Company, the traditional banking sales funnel — once driven by branches, brokers, advertising and search engine rankings — is rapidly shifting toward AI-generated recommendations and responses. ‘Increasingly Influencing Choice’ “AI assistants increasingly influen...
5/25/2026 08:36 am WASHINGTON—Artificial intelligence is now outperforming humans in some key areas of financial crime compliance, according to American Banker, which reported comments from Revolut U.S. CEO Cetin Duransoy during Semafor’s Banking on the Future Forum in Washington. Duransoy said AI-driven transaction monitoring at the fintech performs “statistically significantly better than human reviews of the transactions,” allowing human investigators to focus on more complex cases. Duransoy said AI has evolved from a supplemental tool into “core infrastructure” at Revolut, helping the company manage regulatory requirements across 39 countries while also supporting know-your-customer and anti-money-laundering functions. He added that every employee at the company now uses AI in some capacity, including customer service systems powered by large language models that generate responses using actual account information. The executive also warned that financial institutions ...
ALEXANDRIA, Va.—NCUA has sent a Letter to Credit Unions ( 21-CU-08 ) detailing the agency's transition to modernized systems. The agency said it will begin this transition in August. NCUA’s efforts will include the implementation of emerging and secure technology that supports the NCUA’s examination, data collection, field of membership, and reporting efforts. “These new applications will streamline processes and procedures and provide significant benefits to credit union users,” NCUA said. Key areas affected: NCUA Connect Admin Portal Consumer Access Process and Reporting Information System (CAPRIS) 1 Modern Examination & Risk Identification Tool (MERIT) Data Exchange Application (DEXA) Training Available To prepare credit unions for the transition to these new systems, NCUA said it will provide credit union user training through various avenues, including: A self-paced training curriculum covering MERIT functionality available through the NCUA’s Learning Management Service An...
Economist says auto loan rates will rise to a 21-year high by year’s end. Interest rates for cars are likely to hit 21-year records by the end of the year, further raising monthly payments and driving down sales as many buyers hold on to aging vehicles a little longer, Cox Automotive analysts said Wednesday. During Cox Automotive’s forecast call, the analysts announced lower forecasts on both new and used vehicles for 2022, compared with its previous quarterly forecast in June . New car sales that in June had been expected to fall 3.4% to 14.4 million this year are now expected to fall 8.1% to 13.7 million. Used car sales that in June had been expected to fall 8.6% to 37.1 million are now expected to fall 10.6% to 36.3 million. The forecast for new car sales was reduced for the third time this year not only because supply shortages haven’t improved as much as expected, but also because higher rates are driving up monthly payments. Cox Automotive Chief Economist Jonathan Sm...
Hanover, Ma, Royal Administration Services , Inc. is pleased to announce it is the Official Conference Sponsor for The National Council of Firefighter Credit Unions Inc (NCOFCU) 2018 Annual Conference. NCOFCU’s 2018 Conference will be held in Seattle, Washington September 19-22, 2018. NCOFCU is the nation’s premier professional association of Credit Unions serving firefighters and First Responders and their families. “We are thrilled to Welcome Royal as this year’s Official Conference Sponsor,” said Grant J. Sheehan, Executive Director and CEO of NCOFCU; we are pleased to partner with Royal’s suite of vehicle protection product offerings to our members, and their families. By stepping up its role at the conference, Royal is further demonstrating their support for Firefighters and First Responders and the Credit Union Community. “We share in the Council’s commitment to providing relevant auto lending protection products and services; Royal Administration Services...
On Tuesday, Senate Democrats distributed an update to the controversial IRS reporting requirements that the credit union industry has been very vocally opposed to since it was unveiled in late June. According to the updated proposal rolled out Tuesday, it would require financial institutions to report inflows and outflows of personal and business accounts, as well as transfers between accounts of the same owner, if it is more than $10,000 per year. The proposal floating around for the past four months had the threshold at $600 per year. The requirements do not apply to payroll deposits for wages or to those receiving Social Security benefits. In response to the updated IRS reporting proposal, NAFCU President/CEO Dan Berger said, “It has become abundantly clear that Americans oppose the IRS obtaining additional information on their financial accounts. The updated plan is nothing more than window dressing in an attempt to shore up support for a flawed proposal. Instead of creating financ...
Important Lessons from the CFPB-Navy Federal Consent Decree On October 11, 2016, the CFPB issued a consent order citing Navy Federal Credit Union for unfair and deceptive debt collection practices. Navy Federal was ordered to pay a $5.5 million civil penalty and to pay affected members $23 million. The CFPB found that the $77 billion Navy Federal violated the Consumer Financial Protection Act of 2010 (the “CFPAct”) in two principal respects. First, the CFPB said NavyFed made deceptive representations to members about its intent to take legal action against delinquent debtors, its intention to contact members’ military chains of command about their debts, and the effect of delinquency or repayment on consumers’ credit ratings. Second, the CFPB charged NavyFed with unfairly restricting members’ electronic account access—blocking debit cards, ATM usage, and online account functions—when the member had a delinquent credit account. Credit unions nationwide are won...
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