Two big blockchain partnerships in the credit union space were announced recently, but the question is, are CU executives finally prepared to do more than just dip a toe into distributed ledger technology?
"...Palacin said it’s not that credit unions aren’t seeing the business case for blockchain, but rather they are “trying to make a sound choice” in a more “global digital transformation” strategy.
“The priority today for them is to improve their member experience, pilot their business by making informed data-driven decisions and be in a position of innovating quickly by having in place an application platform that allows them to make quick changes,” said Palacin. “In that context, the addition of a new technology like blockchain as an entry cost and risk associated might be too significant for smaller structures and not make sense for them in the immediate future.”
Indeed, the real challenge, according to Jack Henry & Associates Head of Research and Director of Strategic Initiatives Ron Mazursky, will be determining which use cases—as well as which applications and providers—will stand the test of time."
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