Credit Unions making Strategic Shifts for Business Development

Banking CIO Outlook | Friday, May 13, 2022

Combination of technology, visionary leadership, and business strategy is a win-win formula for credit unions.

FREMONT, CA: Digital transformation in earlier days used to be an IT department strategy focused on process efficiency. The focus is now shifting to a more holistic concept of digital transformation centered on the wants, needs, and expectations of credit union members. The ability to meet those needs isn't as simple as just investing in a software solution. There are a few areas where credit unions are making strategic shifts to affect change in their organizations.

•    Board of Visionaries

Board of directors holds management responsible while overseeing operations and assuring a company's executives are moving the business in the right direction. Credit union's vision included digital transformation and knowing whether or not a visionary is equipped to move the organization forward on that path are different.

•    Business Strategy

Some credit unions are realizing that business maneuverings can no longer be completed without acknowledging technology. With the expanding amount of consumer interactions that win a place on mobile devices, customers have double the interactions with brands over mobile devices. With advanced technology, the right can be placed in the hands of the customers.

•    Digitizing Customer Journeys

Digitizing specific processes can help to speed member interactions, but digitizing entire customer journeys is where financial institutions are finding the most value. For a credit union, the customer journey is a member journey, a path where a member goes down from discovering a product or service to making a purchase or taking the desired action.

It can be challenging for companies to get into the minds of the customers. The credit unions have achieved sophisticated technology-focused marketing tactics, and the solutions required to create entirely digital customer journeys. Businesses can now consider that digital transformation is a big idea that backs an organization.

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