Browse by Type

Report #449 | | Members | Sign In

Consumer Insights on Autonomous Vehicles as an Impending Market Disruption

Rising consumer ambivalence toward vehicle ownership and the rapid pace of technological advances are converging to bring new opportunities and convenience to consumers' transportation options. This report explores changing consumer perceptions about vehicle ownership and autonomous vehicles and provides key insights for credit unions to consider when they adapt, pivot, or reorganize traditional auto financing in order to meet members' needs.

Executive Summary

Remember the thrill of finally having a driver’s license and—even better!—your own set of wheels? For decades, these were highly prized markers of adulthood and independence. But today? People across demographic segments are less likely to have a driver’s license in the first place and more likely to opt for a lease, car sharing, or ride hailing. Fewer people are choosing to personally own a vehicle through a traditional loan.

And attitudes toward driving and vehicle ownership aren’t the only things that have changed. Advances in technology and infrastructure will likely make autonomous and enhanced electric vehicles commonplace in the next two decades. Together these changes are likely to impact everything from how vehicles are owned and paid for to how they’re used and insured.

Related Content

  • Blog |

    The Lab Year 2 Tests Underway

    In September 2023, the Filene Lab sponsors convened to choose seven tests for the program’s second year. These initiatives have now been officially launched, and their outcomes will be disseminated to the marketplace by the end of the calendar year. Five of these seven tests are in close collaboration with fintech partners. The pilot projects center around leveraging AI to enhance credit union performance, foster payment and deposit growth, and anticipate industry trends on the horizon.
  • Blog |

    Congratulations to i3 Wave 18!

    Wave 18 of Filene's i3 program graduated on May 14th, 2024. Filene Executive Vice President Christie Kimbell and Incubation Director Megan Freshour shared their reflections of the cohort’s hard work and congratulations to this amazing group of credit union innovators and leaders. We then got a chance to hear from each graduate on their biggest insights from their i3 experience.
  • Report #608 |

    Year One Lab Results: Rethinking Physical Space

    During its inaugural year, The Lab at Filene has completed the testing of four ideas focused on helping credit unions adapt and thrive in today's marketplace. One of the four solutions was Rethinking Physical Space where participating credit unions and The Lab at Filene gathered qualitative feedback from members regarding the physical presence and use of branches.