Credit union board diversity should include tech acceptance

by: Martin Webster

Many financial institutions are rethinking the makeup of their Board and the possible pathways available to bring different backgrounds, talents, and experience to their institution. Usually, these discussions evolve around getting Board Members who are younger, of a different ethnicity, gender, or profession.

Along with these, I believe that efforts to create a more diverse Board should also include seeking out Board Members that bring an interest in, and a willingness to explore, technology. Technology adoption as it applies to outward facing services is absolutely necessary for continued viability alongside competitors; most institutions realize this and are doing the necessary steps to update their mobile offerings, embrace social media, and so on. But there have also been many advances in technology to support and improve internal processes as well and Board Members who commit to fulfilling the Board’s role diligently should also be aware of and open to these, especially when competitive and strategic insight can be gained.

According to an article by McKinsey & Company, there are critical questions that all Boards should ask in regards to technology strategy. The article offers some valuable takeaways. I’ve spun some of their key points into items addressing technology-related issues strictly from the vantage point of my years of experience working with credit unions and idea5’s area of expertise.

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