Of all the credit unions on a digital transformation journey, the ones led by a team that is excited about the possibilities of analytics have a huge leg up. You can feel the difference. There’s a buzz in the air, and the positivity is felt at every milestone reached along the journey, as the leadership celebrates even the small wins right alongside the rest of the institution.
There are some indications that data and digital transformations led by the C-suite are becoming more commonplace. Whereas it was once normal practice for a CEO or other executives to be involved only at the outset of an analytics initiative, more often leaders are remaining engaged throughout a project. Take artificial intelligence, for instance, a technology heavily reliant on sound data strategy. The percent of C-suite-owned AI projects jumped more than 30 percentage points in just one year, from 39% in 2019 to 71% in 2020. Talk about exponential change!
Just as every credit union is different, every leadership team is different. That said, almost every credit union executive I’ve encountered over the last two decades has carried a unique set of attributes that make for reliable captains of an analytics ship.
First, they have a wealth of industry experience. Most credit union execs have a tenured understanding of the credit union movement, attuned to the winds of change and acutely aware of modern members’ needs. This is especially pertinent now, as the impacts of COVID-19 vary wildly from member to member. Delivering a highly customized, data-driven experience is how credit unions will claim their position as the modern member’s most trusted financial partner (and keep the financial wolves at bay).
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