10 Years Ago...
Written by Anthony Demangone, Powered by NAFCU
10 years ago…
- There were about 8,080 credit unions. Today there are 5,500.
- Our industry held $832 billion in assets. Today? More than $1.4 trillion.
- 11 percent of mobile phones were “smart” phones. Today? More than 80%.
- Netflix was less than a year into streaming content to users. Hulu was launched.
- The iPhone was a year old.
- In 2008, roughly 50 million Americans received a Sunday paper. Today? Less than 34 million.
- The sharing economy really didn’t exist as we know it. Airbnb started in 2008, and Uber started in 2009.
- You didn’t own an iPad. No one did.
- 10 years ago, there were $6.2 billion of travelers' checks outstanding by the largest six issuers. Today? $1.8 billion.
These are fairly big changes, but none of them seem shocking to me. Perhaps I'm just like the frog in a pot of water. If the heat is increased slowly, I never see the big changes taking place.
Where am I going with this? I'm not sure I even know. Perhaps it just makes me ask more questions.
- If I would have known that these changes would have happened with certainty, what would I have done differently?
- Looking at the changes in the past 10 years, do they seem to predict what will happen in the next decade?
- Are these changes caused by technology adapting to human changes, or technology changing human behavior?
All I know is this. Ten years ago, I was ten years younger. I hadn't changed a diaper yet. I had never driven a minivan. I had never said, "Because I said so," to any other human being.
A lot can change in ten years.
About the Author
Anthony Demangone, NCCO is Executive Vice President and Chief Operating Officer at NAFCU, where he oversees day-to-day operations and manages the association's education, marketing, membership, human resources, building facilities, finance and information technology functions.