As another year comes to a close, credit unions across the country are preparing for strategic planning sessions. These conversations often revisit the same priorities: loan and deposit growth, member service, compliance, technology, and community engagement. While these are critical, the reality is that planning in today’s environment requires something more.
It’s time to stop thinking of your institution strictly as a financial services provider. The lines between industries are blurring, and technology has made it possible for almost any company to deliver services that once belonged exclusively to financial institutions. That reality must be dealt with and should shake up how you approach planning for the future.
Why technology must not be an afterthought
Your members don’t live in a world defined by financial institution categories. They live in a digital world where nearly every click, search, or swipe feeds algorithms that decide what they see next. Whether they’re researching cars, homes, credit cards, or investment options, their digital activity is constantly shaping the marketing and financial options and offers they receive.
Here’s the problem: if you’re not part of that digital conversation, someone else will be. Competitors you may not even know you have—fintechs, online lenders, retailers, and more—are actively using the data trail your members leave behind to target them with offers. By the time your credit union gets involved, you may already be too late.
Competing in the digital age
Strategic planning in 2025 must go deeper than broad statements about “digital transformation.” Leaders need to understand and make decisions based on:
- How members are using technology: Where are they searching for cars, homes, loans, rates, and financial products and are you involved in those conversations?
- Who has access to their data: Every online member interaction that’s not on your digital channel, creates opportunities for competitors while you have no visibility to it.
- What role AI is playing: Artificial intelligence is reshaping personalization, marketing, and decisioning at a pace most institutions can’t match. There are ways for you to have a seat at that table so how are you accessing it?
If your credit union isn’t directly involved in these online conversations as your members use technology, you risk becoming invisible at the exact moment your members are making financial decisions.
Finding the right partners
The truth is, most credit unions don’t have the resources to keep up with the rapid changes in technology and AI. That’s not a weakness—it’s a reality. The key is to recognize this and actively seek out solution providers who specialize in the areas that matter most for your institution’s success.
By aligning with the right partners, you can:
- Extend your reach into the digital space without overextending staff.
- Gain tools to track and respond to member activity earlier in their decision process.
- Compete on equal footing with much larger institutions and nimble fintech startups.
The takeaway
Strategic planning isn’t just about setting goals—it’s about understanding the marketplace and your competitive environment and positioning your credit union to thrive in this rapidly evolving environment. That means stepping outside the mindset of “we’re a financial institution” and recognizing that your true competition extends far beyond the credit union or bank across town.
The question every executive should be asking is simple: How will we make sure our credit union has a voice in the digital conversations our members are already having?
If you don’t ask it now, you may not like the answer later.
