Keeping a people-helping-people industry relevant in a digital world

It is undeniable that physical money is disappearing from our financial lives. A lifetime ago, standing in line to deposit a paycheck, stopping by the ATM for weekend cash or viewing payment cards as the physical mechanism for accessing accounts was normal. Now, these representations of money are becoming invisible, replaced by digital transactions that exist as data only. Direct deposits, P2P money transfers and mobile payments are the new normal, and their functionality is measured in terms of effortlessness.

This begs the question: How does an industry built on personalized human service maintain its relevance in a data-dominant world?

“Credit unions have always been strong with developing relationships because so much of what they do is in-person,” says Matt Maguire, chief data officer at CO-OP Financial Services. “But now it’s critical for them to figure out how to pivot, to go where the market and members are going.” Good news: Maguire believes it’s not only possible for credit unions to gain digital relevance, but also to use their member-first philosophy to prevail in a data-dominant world.

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