A better credit union for the digital economy
There’s no avoiding it – the digital economy is here. You simply can’t have a strategic plan that excludes the opportunities and risks associated with the digital world we now live in. You must embrace realities that doing business “as usual” is not a plan that will sustain you. Your world is being rocked.
Most of you recognize the need to evolve as culture shifts, the population ages and younger demographics seek new banking alternatives. Your very relevance is at stake. You’re starting to deploy new channels that better meet the needs of your markets.
But then again, so is your competition; be it the big banks, the bank or credit union down the road or the new fintech and neo bank. Members now have more choices, even while the number of financial institutions shrink and branch footprints are reduced. “Banking” is being refined by market dynamics.
But you have a secret weapon already deployed.
Your people are your greatest asset. But, in order to leverage your people, you better have a well-oiled team that thrives in collaboration and the changing environment all of us in financial services face. The very dynamics between the Board and the executive team will very much be put to the test in our digital world. At no time in the history of the credit union movement, will this dynamic be so tested.
Where do you start?
Here are some questions you should address in your strategic plan:
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Does your team and Board reflect your membership and emerging market?
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What impact will automation have on the needs of your members and member households?
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What new skills does your frontline team need to have to remain relevant?
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Will your “frontline” be redefined as members further leverage non-traditional channels?
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In a digital economy, how does your credit union define its value proposition?
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What infrastructure will define our credit union experience?
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What impact will the Gig Economy have on you as ‘employment’ is redefined?
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What does a “cooperative” look like in the digital economy?
An honest conversation at the very top of your organization is required. And the most important question you should be prepared to answers is, “How do we survive?”
