People will determine credit unions’ digital transformation

Due to rapid changes in our business environment combined with digital transformation, the rules of business are being rewritten. The credit union industry needs to quickly evolve and continuously reinvent itself, or it runs the risk of watching as it gets disrupted.

Many factors are driving business transformation, including industry consolidation, increased member and employee expectations and, yes, the war for talent. However, arguably nothing will impact the future of the industry more profoundly than the availability of new technology and our ability to leverage it to meet the evolving needs of credit union members. If we are not already looking at how to hire, engage and lead digital talent, we are already behind the curve. Embracing new technology is only the first step to becoming a digital organization. It also requires new processes, skill sets, mindsets and talent.

First, we must agree on what defines digital transformation and digital talent. For discussion purposes, let’s define digital transformation as leveraging technology – such as data analytics, machine learning, robotic process automation, AI and new digital products and services – to solve problems and create the future of business to ensure credit unions can compete. Digital talent encompasses individuals who are skilled at using today’s digital technology and adaptable enough to quickly learn and leverage emerging technology to keep credit unions relevant.

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