Richard Worzel - Futurist - Speaker - Consultant
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Keynote & Workshop Topics
Keynote & Workshop Topics
Banking & Credit Unions

Beyond This Horizon: The Future of Credit Unions

Everyone can see that change is on our horizon; but what's beyond? In this wide-ranging and challenging keynote, strategic planner, Chartered Financial Analyst, and global futurist Richard Worzel surveys the possible tomorrows of the credit union movement, and offers specific insights as to the forces that are changing the landscape within which credit unions operate, as well as suggesting ways in which they can capitalize on these changes. Among the forces discussed will be:

Technology, and how it will surprise us further;

3D printing, and its implications for society, the economy, and your community;

Demographics, how tomorrow's member will be different from today's, and how your offerings need to change; and

• The financial problems of some of our governments, and how they will affect us.

Richard will end with a discussion of futurist tools, and how they can help in your planning for, and thinking about, the future.



Taming the Wild Blue Future: What’s Next in Finance and Lending

The rate of change in business is not only accelerating, but the rate of acceleration is increasing. This creates the threat of falling behind a rapidly mutating marketplace, as well as the opportunity of grabbing a valuable edge over less nimble competitors. But to gain this requires the exercise of foresight, the ability to size up coming changes and prepare for them, an aptitude to innovate new solutions to both current and future needs, and the capacity to respond rapidly as the marketplace changes.

Richard Worzel is a business visionary, a Chartered Financial Analyst, and one of today’s leading futurists. In this presentation, he both describes the astonishing changes coming to the lending markets, and addresses the ways in which participants can steal a march on their competitors, including:

• How IT is changing qualitatively as well as quantitatively, with important implications in Big Data, customer relations, risk management, and speed-to-market. In particular, new techniques such as evolutionary algorithms combined with increasingly sophisticated applications of rule-based computing, mean that risk assessment of borrowers, risk management relating to loan documentation, and due diligence may all move to a human/computer hybrid model that can respond to client needs and market shifts far faster than traditional approaches.

• Given the increasing acceleration of change in business & technology, and the wide-ranging uncertainties relating to national politics that is driving change in regulation, no one player has a complete view of how the marketplace is evolving. This increases the value of cooperation and collaboration up and down the supply chain so that all parties can respond more rapidly as new developments emerge. There is well-established precedent for this: car manufacturers, which have much longer lead times owing to the nature of their product lines, have had to coordinate their actions with their suppliers, and to share more information about their own future intentions in order to slash the length of the product development cycle.

• Rapid-fire changes, and novel market conditions demand greater innovation, both in products and in internal processes. Yet, despite motherhood declarations of the importance of innovation, most organizations are quite reluctant to actually innovate. Not only does innovation require them to take significant risks and to do things they are not good at, but it forces professionals into a position of asymmetric risk: the potential rewards of a successful innovation are normally far less than the personal costs of failure and dismissal. But there are ways of flipping this asymmetric risk, and creating an environment of consistent, persistent innovation that can lead to major gains in market share if managed well.

• Given the uncertainties of the future, with the political, economic, market, and technological risks ahead, it is foolish to attempt a point forecast of the future and to gamble everything on it, no matter how macho that might seem. Instead, an approach using structured foresight to produce alternative possibilities or scenarios, and the consideration of potential contingency plans, is a more nuanced approach that brings a higher likelihood of success. The well-established techniques of scenario planning bring these advantages, and Richard will close with an overview of how they might be applied to the future of the lending business. He will also provide a toolkit to help participants improve their application of scenario planning to their businesses.

Wonderful and Terrible Times: What’s Ahead for the Financial Industry

America is in the midst of several major transitions that will offer wonderful opportunities, and carry terrible risks, over the next 5-10 years. Those who are prepared for the shocks and potential triumphs ahead will gain disproportionate advantages. Futurist Richard Worzel is a Chartered Financial Analyst and a business visionary. In this overview of the future for financial companies, he will cover:

• The economic environment – Why America is doing well, and should do even better. What’s slowing the growth of developing countries like China and India, and what does that mean for us? How long will this expansion last, and what might bring it down?

• Technology – Not only is the rate of technological change accelerating, but the rate of acceleration is increasing. And disruptive technologies are appearing in a broader range of industries, such as manufacturing, than ever before, widening the problems and potential of disruption. How will this play in finance?

• Shifting demographics – There are three age cohorts that are shifting into new phases of their lifecycles, which means their needs and demands will change. And there are two additional groups that are rapidly emerging as critical markets. Who are these people, and what will they want in the future?

• Black swans aren’t that rare – The shocks of the last financial cycle were partly caused by faulty – wishful – thinking. What are the potential shocks ahead of us, and what can you do to prepare for them?

• Innovation beyond motherhood – Everyone talks a good game when it comes to innovation. What does it take to make it a real part of your everyday business plan?

Richard will provide a roadmap of what’s ahead for financial institutions and their customers, allowing conferees to prepare to capitalize on tomorrow’s business. And he’ll leave conferees with a set of future planning tools that can help them develop a marketplace edge for the future.

Capitalizing on Tomorrow: Wealth Management and Your Future

The future of wealth management is going to be very different from the past, so the needs for high-performance are going to change.

Richard Worzel is a Chartered Financial Analyst, and today's leading financial futurist. In this presentation, he will lay out a roadmap of the future for those high performance wealth managers who want to continue their winning ways. To do so, they'll first need to understand how the future of banking & wealth management will change. Such changes include:

• A baby boom generation with many things on their minds: how much they need to save in order to retire; how to generate income from investments without running too much risk; how to help their rapidly aging parents through the ends of their lives; how to help boomer children find meaningful careers and find affordable homes; how to help their grandchildren into successful education; and how to successfully fend off the tax man.

• Economic growth will be slower, so investment returns will be lower. Thus, the challenges of wealth management will be investment selection and asset allocation, a much more difficult task that buying index funds and riding the general rise in the market.

• An aging population will steadily increase the stresses on the health care & pension systems, on government finances, and on the physical well-being of those who are aging. In such a situation, new financial vehicles will be needed to achieve tax efficiency in an environment of rising taxation, and make it easier for those who are aging to manage their financial affairs with a minimum of time and attention.

• Meanwhile, younger generations will be facing a more difficult work environment. Foreign competition for jobs will continue, but the pressures from automation will dramatically increase as massively more powerful and more sophisticated technologies enter the workplace, replacing any worker doing routine work, regardless of pay level or nature of the work. In such an environment, more people will become entrepreneurs, inventing their own jobs. In all eventualities, they will need bankers who can help facilitate their professional ends while helping them secure their personal objectives.

• And as technology advances, social and economic structures will change as well. Think of how much banking has changed over the last 20 years because of technology. The next 10 years will see changes which are much more dramatic than those of the last 20.

All told, retail clients, high net worth individuals, and high achievers will all need a different kind of banker and wealth management partner, capable of looking at their financial picture, professional as well as personal, holistically, and not just in terms of products and services.

The future is going to see a polarization of service providers: those who sell products and services, and compete with everyone else in the market; and those who become trusted advisors through customization, attention to detail, awareness of all the customer’s needs, and an ability to deal with them all instead of just selling off-the-shelf products and services. It is by following this way that this year’s winners can put multiple Oscars on their mantelpieces.

Finally, Richard will provide a set of future-oriented tools for personal and corporate goal-setting and extraordinary achievement.

Focus on the Future: What’s Ahead for the Economy, Consumers, Banking, and Investing

Our future is going to be significantly different that the environment of the past 10-20 years, and those who are not prepared for these changes may not survive. Richard Worzel is one of today’s leading futurists, a Chartered Financial Analyst, and a strategic planner. In this presentation, he deals with several of the major factors that are driving change, including:

• The prospects for both the domestic and international economies, along with the critical turning points to come;

• The future of the labor markets, and how they will affect consumers, business, investors, and the economy;

• What factors are likely to affect investments and corporate finance over the next 3-5 years;

• How the pace of technology is accelerating, and the pace of acceleration is increasing so that we are now entering the second era of technology. As a result, it is fundamentally changing the economy, the workplace, the conduct of business, politics, and society itself.

• How the American consumer is shifting with the changes in demographics ahead, with associated changes in demand, and changing the customers that will be most desirable to the banking community.

To end his overview of tomorrow’s landscape, Richard will also provide a futurist’s toolkit that will allow bankers to capture the uncertainties ahead, and turn them to advantage.

Decision Time: The Future of Credit Unions (Keynote and Workshop)

Credit unions have long agreed that they have several natural advantages in the financial field. Despite this, progress towards capitalizing on these advantages seems to be very slow. Now, with technology offering new avenues of service and member support, it is decision time: do credit unions finally get their act together, or stand by and watch as the growth in their traditional constituencies stagnates? In this wide-ranging and challenging keynote and workshop, strategic planner and futurist Richard Worzel surveys the possible tomorrows of the credit union movement, and offers strategic tools for creating a step-by-step plan to expand the benefits of the credit union movement, both to existing members, and to new constituents.

Can't See the Future for the Fees

The major fault with many financial service providers today is that everyone is busy selling their own in-house products, and no one is providing a complete picture for the consumer. As a result, individuals get pieces of the financial solutions they need, but don't know how the pieces relate to each other. Will I be nearer my financial goals if I pay down my mortgage, or put money into an RSP? Should I buy a credit card that has an annual fee but offers benefits, or a no-fee, no-frills card? How much insurance do I need to protect my family, and how will it affect my ability to retire?

These kinds of problems represent the leading edge of the financial industry: the need to present a clear, integrated complete financial solution to help individuals reach their goals. And with the emergence of the Internet, and the consumer-friendly image of credit unions compared to other service providers, this offers a real opportunity to win the hearts and minds of new and existing members.

Locating Tomorrow

Branches are still the lifeblood of consumer banking - yet everyone in the industry knows that the ground has shifted with the advent of the Internet, wireless technology, and the major shifts in marketing and advertising. How are the techniques of identifying the desired customer, and then attracting and retaining her changing in a world where technology keeps changing the rules? How do you decide what should be in cyberspace, and what in the real world? How are the demographics and psychographics of the marketplace shifting, and how will that affect the products and services you offer? How should your marketing reflect these changes, and how are all these changes affecting your brand identity and value proposition? In this wide-ranging survey of the future of banking, futurist Richard Worzel will not only address these specific issues, but offer a set of tools that will help you reach key decisions in a world of uncertainty and dramatic change.

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