Mission critical: Enhance your member experience through digital transformation

With member expectations changing rapidly, and the need to optimize the digital channel becoming ever-more urgent, many credit unions feel pressured to go all in on their digital transformation with a dramatic lift-off.

But this approach can often cause the mission to veer off-course.

Alternatively, credit unions can achieve sustained success throughout their digital journey by tackling their top priorities one at a time. By staging smaller projects that offer outsized wins, organizations can more easily and effectively reach their ultimate destination in less time and with far less turbulence.

Taking a staged approach to digital transformation enables organizations to tackle their major technology projects in a series of planned phases, allowing them to stay on course and within budget while generating some quick wins.

A clear view throughout the sales cycle

One challenge with many traditional loan origination systems is that loan underwriting and approval processes are kept separate and siloed from pipeline management. This reduces management’s visibility into all the business development and prospecting activities that occur prior to an application being submitted. Meanwhile, post-application, the pipeline tracker is rarely updated, resulting in it becoming stale very quickly. The team soon learns not to trust the data contained there.

True integration between a cloud-based, end-to-end LOS and the CRM removes such barriers. Ultimately, this level of consistency throughout the loan process ensures not only that the member experience is intuitive and easy to use, but users enjoy a consistent experience across the entire sales cycle.

Adding rocket fuel to the back office

While it is generally accepted that digital technology represents the future of member engagement, what may be less obvious is how digital enhancements can also elevate the back office.

By utilizing the power of the cloud within their internal operations, credit unions can automate manual processes, reduce redundant data entry and eliminate the need for cumbersome paper files. Employees across the enterprise gain access to a secure central repository, enabling greater operational efficiencies throughout the organization. In addition, streamlined processes allow the team more time for prospecting and relationship development.

By focusing on improving and deepening the experience of both employees and members, credit unions will succeed in fostering a positive internal culture while continuing to serve all their members’ needs.

With major transformational projects, it is tempting to build toward a big launch over the course of several years. What’s sometimes forgotten is when it comes time to turn it on, people need time to adopt, and to adapt. If the returns and results aren’t seen immediately, it can be very frustrating for everyone involved.

Conversely, through a staged approach, the organization achieves ROI right away, while also giving staff time to settle in and get used to the zero-gravity atmosphere. With one or two quick wins under their belts, people are naturally more open to change, and the flight path to success becomes more apparent and attainable.

The emergence of innovative cloud banking solutions has established the launchpad for transformational digital liftoff. Today’s successful credit unions are ready to put the member experience first through a staged approach to transformation.

Casey Livingston

Casey Livingston

Casey Livingston serves as the Manager of Business Development with nCino, the worldwide leader in cloud banking. His position includes helping clients along their digital transformation journey, from beginning to ... Web: https://www.ncino.com Details

More News