"In this session, Jon discusses the significant impact of the COVID-19 pandemic on the retail industry and its downstream implications for banking. He shares his insights into the shift to remote work and the resulting change in consumer behavior, leading to an increase in deposits and a decline in new accounts and mortgage purchases. He predicts further declines when government stimulus payments cease, causing pressure on earnings and potential branch closures. Despite the challenges, Voorhees emphasizes the importance of creating a Next Generation Credit Union that caters to both digital and physical channels, giving members choices, and integrating technology effectively. He also encourages financial institutions to focus on Millennials and Gen Z, who will become the profitability leaders for the financial services industry in the early 2030s.

Jon advises smaller players to focus on their unique strengths and markets and offers the example of credit unions thriving by having a significant presence in local communities. The speaker also discusses the potential shift of Gen Z and Gen Y populations moving out of cities and the reinvention of suburbs, suggesting that credit unions with limited resources should consider expanding into these areas carefully. Overall, he emphasizes the need for financial institutions to adapt to the changing landscape and have a plan for the present and the future.