Digital transformation on the horizon?
Four things to focus on now.
Competition in today’s financial services space is like nothing we’ve seen before.
Consumers have been conditioned to expect Amazon-like functionality in every aspect of their lives. And this means credit unions can’t focus only on their conventional rivals—traditional banks; they’re also up against fintech innovators and deep-pocketed digital companies. For example, in a recent Bain survey, 65% of Amazon Prime customers said they’d be willing to try a free online bank account offered by Amazon and 37% of non-Amazon customers said they would too.
The “what” credit unions need to accomplish—digital transformation—is crystal clear. The “how,” less so. But it’s safe to say one thing will be essential: your leadership. Your staff is counting on you to provide a strong and compelling strategic vision to guide their efforts.
Ready to drive a culture that embraces digital disruption? Keep these four things in mind.
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