Don’t let new technology determine your strategy

Recently, I was addressing nearly 300 credit union leaders at a conference, and I caught myself saying something that I thought bears repeating.

The topic was Interactive Teller Machines (ITMs) and I was giving the group an update on our progress in integrating them with our core processing software. I noticed that several of the credit unions for which we completed an integration project had varied business strategies for the technology. Some were using them as kiosks, others as video tellering platforms alongside the kiosk functionality. Still others completely replaced their teller lines with ITMs.

I went on to commend them on not just taking the technology at face value, letting a vendor sell them a shiny object, but rather they thought through just how they would utilize the technology within their individually diverse memberships and to accommodate their strategic initiatives to benefit their members and the credit union. In other words, they did not let the technology determine the strategy.

New technology should have a purpose

All too often I get contacted about building something to accommodate the latest trend or new technology. Everyone wants to be a “cool kid” at all costs, and they go tactical. Meaning, they do things for the sake of doing things because it’s trendy, or they feel out of touch if they don’t, or they let a vendor convince them they need the technology.


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